House of the Day: 233 Garfield Place
We absolutely love this house at 233 Garfield Place that just hit the market. In fact, we’d rather buy a place like this that has all of its architectural details in place but is a little rough around the edges than a similar place that’s been too fancied up. Assuming the former was priced at…
We absolutely love this house at 233 Garfield Place that just hit the market. In fact, we’d rather buy a place like this that has all of its architectural details in place but is a little rough around the edges than a similar place that’s been too fancied up. Assuming the former was priced at a sufficient discount to the former, of course. And that’s the question here: This three-family place is beautiful but it’s been in the same family for 60 years and so may not appeal to people who need brand new kitchens and bathrooms. Given all that, is the asking price of $2,500,000 realistic?
233 Garfield Place [Heights Berkeley] GMAP P*Shark
Apparently, IB, you were late to the party. You were not a “legendary pioneer” and therefore not responsible for bklplebe’s “illumination.”
He forgot to mention Ironballs.
Incidentally it is an honor to be confused with legendary pioneers such as what, bho, brickoven, cornerbodega etc who sacrificed their time illuminating us 🙂
Posted by: bklplebe at September 30, 2009 6:16 PM
ROTFLMMFAO
bkl-
you previously conflated the entire real estate world (537p) with your own personal problema (610p).
instead of saying nyc real estate is tanking, it would’ve been more accurate to say your personal balance sheet has tanked. hopefully for you, you don’t need to convert your paper loss to the real thing.
good luck and try to enjoy your home.
“Is your alter ego brickoven? Or perhaps cornerbodega…?”
Many people here lack the imagination to believe that there are more than a handful of people who see that re is a losing proposition.
Incidentally it is an honor to be confused with legendary pioneers such as what, bho, brickoven, cornerbodega etc who sacrificed their time illuminating us 🙂
For somebody who bought a 1mil property last September with 100K downpayment and now costs 900K with similar expectations for next year, this is TANKING. Unfortunately, it all depends where you are looking from and obviously your point of view is advantageous.
“…maybe that $500k is down to $350k.”
Well put, because this is my number exactly as one of the people in this situation. Leaving 200K in cash for potential lean times ahead is a must.
I suspect the majority of people in my position are thinking similarly.
Let’s also not forget that the last 6-9 months represent a serious reflation trade financed by stimulus rolled off the printing presses in unprecedented quantities.
We’ve hooked up electrodes to the dead frog to twitch it.
Everyone has seen how the economy responds when there’s over a trillion dollars in stimulus, primarily aimed at the finance industry here in NY.
Nationally, it’s been accompanied with zero in the way of job or wage growth. The stock market is up, nothing else. The sustainable fundamentals of financially healthy Americans are not coming along for the ride. It’s a trade.
What we don;t know is how it responds when it ends, and rates rise.
Both soon to come…
“Further, it is not the month to month change but the year to year one and this is about -10%. ”
So let me get this straight…your idea of “tanking” is down 10% year over year…?
Is your alter ego brickoven? Or perhaps cornerbodega…?
Cause you don’t make much sense, dude.
Either that, or you need to do some homework on the definition of a tanking real estate market.
Up .9% month to month (no matter how you want to spin it) is NOT a tanking market. It might not be good, and it might be worse in NYC than the NYC metropolitan area, but TANKING it is not.
“On a seasonally adjusted basis, home prices in San Diego were up 2 percent in July; Los Angeles rose 1.2 percent; and San Francisco increased 2.9 percent. New York rose 0.9 percent, ….”
you are not the best in interpreting data. The uptick was in all NYC area that includes properties sensitive to the first time buying where the 8k applies. Unfortunately the CS condo index for NYC decreased despite the fed, gov and bank never seen before support actions. Look it up.
Further, it is not the month to month change but the year to year one and this is about -10%. Most important however is the fundamental analysis of unaffordability which shows clearly where things are heading. Open your eyes to what moneyfornothing says.