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Prospect Heights Property Value — Brooklynian

Prospect Heights Property Value

breuckelen
breuckelen
edited November -1 in Prospect Heights
In light of the Corcoran Group Scandal. What do people attribute their rising property values and rent to?

It's a touchy subject, but you are anonymous on this poll. People are just going to get an idea.

If you don't answer, it just shows that people are affraid to subject themselves to what they are really feeling... that is your right.
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Comments

  • whyfi
    whyfi
    In the strictest sense, your property value is defined by recent comparable sales in the neighborhood. If I have a 2 BR condo at about 900 sq ft and someone else buys a 2BR condo at about 900 sq ft, well, that's a reflection of my property value, be the new buyers white, black or green.
  • breuckelen
    breuckelen
    WhyFi wrote: In the strictest sense, your property value is defined by recent comparable sales in the neighborhood. If I have a 2 BR condo at about 900 sq ft and someone else buys a 2BR condo at about 900 sq ft, well, that's a reflection of my property value, be the new buyers white, black or green.
    I am not denying the points that you have made by the mathematical economics of real estate, but there are other factors that are not as lucid. If it was only based on this theory then there would be a lot more rich people in real estate.
  • dailyheights
    dailyheights
    The issue of "minorities" is a bit complex in Prospect Heights, don't you think, Breuckelen? The neighborhood is even more astoundingly diverse than ever, ethnically and racially. It's the economic diversity that is disappearing.
  • doctorj
    doctorj
    Breuckelen wrote: [quote=WhyFi]In the strictest sense, your property value is defined by recent comparable sales in the neighborhood. If I have a 2 BR condo at about 900 sq ft and someone else buys a 2BR condo at about 900 sq ft, well, that's a reflection of my property value, be the new buyers white, black or green.
    I am not denying the points that you have made by the mathematical economics of real estate, but there are other factors that are not as lucid. If it was only based on this theory then there would be a lot more rich people in real estate.

    On the contrary, if real estate were fungible and all values were strictly mathematically defined rather than a haggled price between individual buyers and sellers case by case with a multitude of factors, there'd be no one in real estate because no one would need a 6% real-estate broker, just a cheap deed-broker.

    By the way, I don't think much of the question or the options you've framed. It is by no means clear that prices are rising at the moment. There is no majority in New York, only larger and smaller minorities. And I don't understand what you mean by a "safe" idea, since whether an idea is safe or not depends on its ability to change things and your personal investment in the status quo.
  • escap
    escap
    I wasn't sure what the "safe" comment meant either. Care to clarify?
  • smokin joe
    smokin joe
    did you intend this to be a poll or a polemic? the questions are stacked and the way they are framed betrays an agenda. which is maybe what you meant to do. seems to me if you want to make a point, just say it, and if you want to measure opinion, ask neutral questions.
  • leeho
    leeho
    According to the miserly cythren, safe means this:

    As a single woman living alone, I'd rather not have to constantly be on guard and worry about walking home at night. It does limit my freedom.

    Don't we all feel that way? Again a rhythmless clap! :oops:
  • armchair_warrior
    armchair_warrior
    my definition of safe is when you see a girl jog by daily without thugs running after her. its a safe area in my book.
  • leeho
    leeho
    obviously, cythern doesn't feel that way. maybe she does get chased cuz she is sooooooo hot! :oops: prrrrrrrrr
  • armchair_warrior
    armchair_warrior
    LeeHo wrote: obviously, cythern doesn't feel that way. maybe she does get chased cuz she is sooooooo hot! :oops: prrrrrrrrr
    hot girl being chase is a diffrent thing :p. any luke warm blooded person.

    edited: for pc people.
  • whyfi
    whyfi
    Breuckelen wrote: [quote=WhyFi]In the strictest sense, your property value is defined by recent comparable sales in the neighborhood. If I have a 2 BR condo at about 900 sq ft and someone else buys a 2BR condo at about 900 sq ft, well, that's a reflection of my property value, be the new buyers white, black or green.
    I am not denying the points that you have made by the mathematical economics of real estate, but there are other factors that are not as lucid.

    It IS only based on what I've stated. I worked in the residential lending industry for years and worked very closely with home value appraisers on an almost daily basis. What I've described is the pared-down version, but accurate.

    You're familiar with the statement 'put your money where your mouth is'? That's what it's all about. Home value doesn't take in to account WHY someone feels that it's worth the price, just that someone DOES feel that it's worth the price - In fact, 3 someones, at a minimum. There's no compensating factors for race or ethnic origin of the neighbors, just the all-mighty dollar, voting with money - How much did they pay? End of story.

    Maybe you're asking, in a convoluted way, "what makes a given neighborhood more desirable to home-buying white people, thus driving the values up?" To that, I would say, "I honestly don't know, but the fact that you ask that question is an insult to all of the home-owning minorities out there, because they're just as capable of driving home values as anyone else."

    As an aside - what did you mean by this?
    If it was only based on this theory then there would be a lot more rich people in real estate.
  • breuckelen
    breuckelen
    WhyFi wrote: As an aside - what did you mean by this?
    If it was only based on this theory then there would be a lot more rich people in real estate.
    I meant that there is a financial gain to the idea of real estate. People don't always make money in it.

    The idea of this poll is in lieu of the Corcoran Group Scandal, and if people think that this is a valid option to increasing their property values. This being stated, regardless of the ethics issue.
  • whyfi
    whyfi
    Breuckelen wrote: [quote=WhyFi]As an aside - what did you mean by this?
    If it was only based on this theory then there would be a lot more rich people in real estate.
    I meant that there is a financial gain to the idea of real estate. People don't always make money in it.

    The idea of this poll is in lieu of the Corcoran Group Scandal, and if people think that this is a valid option to increasing their property values. This being stated, regardless of the ethics issue.
    I still don't quite understand...no offense. Yes, there is money to be made in RE. Yes, a lot of people have made money in RE. Yes, you're right that people don't always make money in RE. I don't see it as being much different than stocks - if you're in it primarily for the money, you're placing a bet, pure and simple. Some people make more informed wagers than others, but it's never a forgone conclusion. Are you saying that demographic steering by Corcoran is akin to 'insider trading,' ie a way of cheating and essentially insuring a positive return? I still don't understand why it would be to their advantage to not sell the most expensive home that they can, regardless of the race of the buyer, hence my bafflement with the whole thing...
  • doctorj
    doctorj
    Breuckelen wrote: [quote=WhyFi]As an aside - what did you mean by this?
    If it was only based on this theory then there would be a lot more rich people in real estate.
    I meant that there is a financial gain to the idea of real estate. People don't always make money in it.

    The idea of this poll is in lieu of the Corcoran Group Scandal, and if people think that this is a valid option to increasing their property values. This being stated, regardless of the ethics issue.

    I'm having no success working out what you're trying to say here.
  • breuckelen
    breuckelen
    doctorj wrote: I'm having no success working out what you're trying to say here.
    Read the post : NYTimes: Corcoran steered whites to PH. Then you might get it?
  • whyfi
    whyfi
    Breuckelen wrote: [quote=doctorj]I'm having no success working out what you're trying to say here.
    Read the post : NYTimes: Corcoran steered whites to PH. Then you might get it?
    We understand that, but what do you mean by this? -
    The idea of this poll is in lieu of the Corcoran Group Scandal, and if people think that this is a valid option to increasing their property values.
    How is this an 'option' for us? How does Joe Homeowner have control over this?
  • breuckelen
    breuckelen
    WhyFi wrote: [quote=Breuckelen][quote=doctorj]I'm having no success working out what you're trying to say here.
    Read the post : NYTimes: Corcoran steered whites to PH. Then you might get it?
    We understand that, but what do you mean by this? -
    The idea of this poll is in lieu of the Corcoran Group Scandal, and if people think that this is a valid option to increasing their property values.
    How is this an 'option' for us? How does Joe Homeowner have control over this?

    I am not saying that the average home owner has control over these actions but does the home owner really care if their investment increases in value, due to the Corcoran Group. Thats all...
  • alafairnadia
    alafairnadia
    Breuckelen wrote: I am not saying that the average home owner has control over these actions but does the home owner really care if their investment increases in value, due to the Corcoran Group. Thats all...
    I don't think the average homeowner is going to draw a connection between the value of their property and the actions of some racists at the Corcoran Group.
  • whyfi
    whyfi
    Breuckelen wrote: I am not saying that the average home owner has control over these actions but does the home owner really care if their investment increases in value, due to the Corcoran Group. Thats all...
    ...are you asking, "are these discriminatory practices okay with the average home owner as long as it results in an increased property value?" If so, I would say, no. By keeping qualified buyers from the area, it's not doing my home value any favors. By all means, steer qualified buyers this way, but steer all of them, not just some. Again, bad sales practices.
  • breuckelen
    breuckelen
    alafairnadia wrote: [quote=Breuckelen]I am not saying that the average home owner has control over these actions but does the home owner really care if their investment increases in value, due to the Corcoran Group. Thats all...
    I don't think the average homeowner is going to draw a connection between the value of their property and the actions of some racists at the Corcoran Group.

    Some people in this post have already revealed that they have heard this to be a valid idea.
  • whyfi
    whyfi
    Breuckelen wrote: [quote=alafairnadia]I don't think the average homeowner is going to draw a connection between the value of their property and the actions of some racists at the Corcoran Group.
    Some people in this post have already revealed that they have heard this to be a valid idea.
    Who? Where? I looked, but I'm not seeing what you're talking about...
  • breuckelen
    breuckelen
    WhyFi wrote: [quote=Breuckelen][quote=alafairnadia]I don't think the average homeowner is going to draw a connection between the value of their property and the actions of some racists at the Corcoran Group.
    Some people in this post have already revealed that they have heard this to be a valid idea.
    Who? Where? I looked, but I'm not seeing what you're talking about...

    Sorry I meant the other post on the article. This is a poll on the article.
    NYTimes: Corcoran steered whites to PH
  • whyfi
    whyfi
    The only thing that resembles what you're talking about (that I see) is nenee's post. If that's what you're talking about (the 'white wave' idea), I have to reiterate that I don't think that Corcoran is doing my home value any favors by failing to steer qualified buyers this way.
  • sweet tea
    sweet tea
    armchair_warrior wrote: [quote=LeeHo]obviously, cythern doesn't feel that way. maybe she does get chased cuz she is sooooooo hot! :oops: prrrrrrrrr
    hot girl being chase is a diffrent thing :p. any luke warm blooded man or lesbian would agree.

    um, i don't think this is okay, even as a joke.

    not gonna go on and on about it, since it's not the topic, i know, but i also felt yucky for letting it slide.

    and armchair, not every lesbian would agree, evidentally.
  • jjb
    jjb
    Yeah, as a lez, I agree with sweet tea—those comments about chasing hot girls are not funny. I also think it is sleazy to drag someone's name (in this case, cythren's) into a thread where that person has not even posted, and then talk about her in way that vaguely implies that she HAS, in fact, said something foolish or disagreeable about the thread topic.


    And as a PH resident—and to get back to the topic of the thread—sorry, but I find this poll too flawed to be worth answering. Just for starters, I don't think that the rise in property values in this area (if they're even rising right now, which they may not be), can be attributed to a single factor, such as a "choose one option" poll would suggest.
  • armchair_warrior
    armchair_warrior
    i sometimes think you guys are way over pc about things.

    its okay for me to say luke warm blood guy to chase a girl but not a lesbian? come on its a joke but anyway i edited it out.
  • pitu
    pitu
    armchair_warrior wrote: i sometimes think you guys are way over pc about things.

    its okay for me to say luke warm blood guy to chase a girl but not a lesbian? come on its a joke but anyway i edited it out.
    I think the objectionable part is the chasing, armchair.
    The womens are not amused by being chased, and if you don't know that, I think you need to add a little Ani deFranco to that treasured "chick music" collection of yours...
    :D
  • armchair_warrior
    armchair_warrior
    pitu wrote: [quote=armchair_warrior]i sometimes think you guys are way over pc about things.

    its okay for me to say luke warm blood guy to chase a girl but not a lesbian? come on its a joke but anyway i edited it out.
    I think the objectionable part is the chasing, armchair.
    The womens are not amused by being chased, and if you don't know that, I think you need to add a little Ani deFranco to that treasured "chick music" collection of yours...
    :D

    yeah true. but my joke was refering to to leeho's comment about chase, i just added my bit in there.
  • jjb
    jjb
    its okay for me to say luke warm blood guy to chase a girl but not a lesbian?
    Um, no, that wasn't the point at all. The point was that LeeHo snagged somebody's quote from another thread about why she feels unsafe in her neighborhood (CH) and posted it here—in a different thread, about a different neighborhood—in an attempt, i'd guess, to make her look like an alarmist or a racist ass*, or whatever. Then, from there, the conversation devolved into a bunch of offensive jokes about how maybe she just gets chased 'cause she's sooooo hot, and gosh, who could blame somebody for bothering a hot chick? Which is about halfway down the slippery slope to the "she's just ASKING to be raped in that outfit" mentality.

    *And just ftr, if you do happen to think somebody's an alarmist or a racist ass or whatever, fine—i'm not suggesting that you shouldn't say so, only that you should go to the thread where you saw the offending comments, and respond to them there, in the context in which you saw them, so that everbody can see WTF you are talking about, and draw their own, informed conclusions about the matter.

    and now, back to the topic at hand ...

    ps, editing to add, Armchair, I do realize that you were not the person who quoted cythren in this thread—my comments on that subject were directed toward LeeHo and just in general.
  • ana.log
    ana.log
    i haven't yet read the corcoran group article, but here is my two cents;
    • I did not buy my apartment through Corcoran
      I moved here because I was priced out of Manhattan and happened to find a great deal here randomly, plus my sister had been living here for a while and so I had some familiarity with the area (she also did not buy via Corcoran, and was more or less priced out of Park Slope)
      My apartment was on the market last year via Corcoran and the one buyer who went to contract was hispanic
      My co-op board, which is mostly non-white, then rejected the buyer's perfectly reasonable application for reasons they did not reveal to me
    Moral of the story? Realtors will sell to whomever has the cash. Realtors are not the only ones benefitting from and exploiting gentrification.
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