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Prices are back to 750-800 psf. I got in at 560 psf.
Should i sell and plunk down all my cash into Sprint?
Sell, but don't plunk down all your gains into any one thing.
challenge that you can sell and cover your costs
show some buildings with resales of apts or good comps where it can be done
aint no such thing
If the new psf is really about $200 higher than his purchase price. For a 800 sqft apartment will get him $160K gain. There should still be some meaningful money left behind after everyone taking a share out of the sale. The only question is, can he sell for those prices?
but vic--if you look at buildings where there were sales in 08/09, and there are resales now (or fresh sales of legit comps), the uptick is < 10%-- 10% being barely enough to cover costs
in fact i'd bet one cant produce a resale for any prop in LIC bought after 2005 with a gain in excess of 10%, break even at best
"in fact i'd bet one cant produce a resale for any prop in LIC bought after 2005 with a gain in excess of 10%, break even at best"
27-28 Thomson Ave, #132
Bought 1/15/08 for $415,740
Sold 7/26/12 for $550,500
ericho. w67 thinks you should sell for $800psf and buy the listing above for $599psf. 3bdrm 2.5bths duplex with washer/dryer allowed.
I know I know.. it's a walk up.. but your wife could use the exercise.. have you seen her arse lately.... but of course not, you are too busy working those cold calls to feed that pig of a mortgage.
as to sprint, $2.40 to $5.75 in 4 months... 375K shares plus sold 1000 put option.... gonna expire worthless for some poor LIC owning idiot that took the other side of my trade. $300K extra option income... my "gamble." Why don't you ask me again if sprint is worth buying at $10/share when it hits $10.
Definition of Financial RETARD : "once the company can show lots of earnings, stabilize its cash position and re-finance its debt load THEN WE BUY the stock!"
LIC Definition of FINANCIAL RETARD: "Let me pump up LIC RE for 5 yrs, but make fun of this joker that thinks RE IS still a bubble and sprint is a buy at $2.40"
4 Years to make 10%.... 4 months to 130%..... hmmmmm... opportunity cost anyone?
that 10% came whilst IO mortgages went from 7% to 3%... if a bond did that, I'd have to kill the financial advisor that sold me a bond that didn't show any capital appreciation with 7% to 3% happening...
IF YOU DON'T UNDERSTAND.... buy MORE RE.
But w67th, I had a 0 down 100% mortgage. I only plucked down 30k for closing only for my 1,500 square feet unit. At 800 psf, I have paper gain of 192k based on my entry price of 560 psf. With only 30k out of my pocket and a net gain of 192k my return is 640%.
So lock it in or ride it too the moon?
ah my troll, of course. odd exception youve found. likely a sweetheart deal on the 07 trade. here's more the rule, same building:
27-28 Thomson Avenue #603--trades 497k in 07, 515k last week--clearly an awful investment by any measure
Previous Sale recorded for $496,860.
Previously Listed by Modern Spaces NY at $625,000.
Modern Spaces NY Listing is no longer available.
Previously Listed by ROOM Real Estate at $539,000.
ROOM Real Estate Listing is no longer available. Last priced at $585,000.
Previously Listed by ROOM Real Estate at $539,000.
ROOM Real Estate Listing is no longer available.
Previously Listed by Corcoran at $599,000.
Previously Listed by ROOM Real Estate at $585,000.
Delisted by ROOM Real Estate.
Delisted by Corcoran. Last priced at $560,000.
Listed by Corcoran at $560,000.
Price decreased by 2% to $550,000.
Listing entered contract.
Sale recorded for $515,000.
they certainly hung the apt out there, in hope of covering costs!! fail
Sold for almost 800psf...
ericho.. you live in a $750K 3bdrm in LIC.
Just get me a black coffee w/ one sugar. The natural kind.
So sell and buy shrimp...I mean sprint?
640% return based on $750 to $800psf... that's quite a range there. Sprint is at $5.59.. oh wait $5.60.... Oh wait $5.59...
OKAY go.. .let's see who can get out and back into their position faster! GO!
Fk, if the Fed gave me 10 to 1 leverage w67 would be up 1500% in 4 months in a $1MM investment... THINK REALLY HARD ABOUT THAT RE HUMPER.
FLMAOZzzzzz... your fking apartment is about the price of my 50 ft sailboat and my Audi R8. My wife's wedding ring cost $100K... WTF r u giving ME financial advice for? Like a YMCA swim champ giving swimming advice to Mike Phelps. FLMOAzzzzz
Sorry correction..my return on the 30,000 is actually 1,200%!!! 800-560 = 240. 240 * 1500 = 360k. 360k / 30k = 12...
So 1,200%return in 3 years isn't very good? Okay, I will hold for 2,400%. Thanks for the advice.
Go swim some laps ericho .. you pasty assed cold calling bucket shop financial dude. OBTW, did find out from facebook a dear old friend of mine from Harvard and her harvard educated husband and 2 kids are living in LIC. YOU ARE IN GOOD COMPANY in LIC.
Wtf! My neighbors are Harvard gra with 2 kids....pm me their names. What as all world!
2400% return on $3,000.00 over 4 years
150% return on $1,000,000 over 4 months
my name is ERICHO. I'm goodum in MATH. I PLAYER IN LIC. MY DAUGHTER's FRIENDS ARE THE BEST THAT LIC HAS TO OFFER. I LIKE PARKING LOT IN FRONT OF MY PHAT PAD FOR THE 4 HR MORNING COMMUTE and 4 HR AFTERNOON COMMUTE. I SMART. I RICH. I MAKEUM GOODUM RE BUY! EVERYONE AROUND ME MAKE GODDUM RE BUY. WE ARE RICH BICTH. WE ARE ALL RE HUMPING RICH BITCHES. WE ALL MADE 2,500% RETURN IN 4YEARS.
Just STFU Ericho and buy 2x maybe even 4x LIC CONDOS.... I'M SURE YOU'LL MAKE 2,500% RETURN AGAIN. GO ON.... put some REAL money on BLack.. not $30K. FLMAOzzzzzz
you dope ericho--your ex perfectly validates my point
apt 502 at PH was held for 4 years and sold at what is clearly a LOSS after transaction costs. Note the history:
Previously Listed by Douglas Elliman at $750,000.
Douglas Elliman Listing sold.
Previous Sale recorded for $712,775.
Listed by Nestseekers at $775,000.
Price increased by 1% to $785,000.
Sale recorded for $750,000.
And the s&p doubled during those years--oh well
So 1,200% on 30k isn't as good as putting 30k on sprint at 2.60? Okay, I will wait for 1,000 psf on my place. Thanks for the advice. You suck...I mean you rock!
what would the transaction costs for a buy/sell of SPY been, even at your bucket shop?
maybe 50 bux a trade?
so, i guess the answer is that you should sell, if you need a loss for tax purposes or sumpin.
Many people sold their property for different reasons. With so many negative reports on LIC property. I can understand why some owner did get out when they can get even or with small gains. At the same time, those new buyers might think that they are really getting a good deal. If the Op did pay so little as he presented. He does have a heck of gain with that kind of leverage. Good for him.
ericho, sell it if you can find a better place to live. If it is an investment property for rent, then you may consider selling it this year. There will be a new 3.8% medicare tax starting Jan 1,2013 for unearned income such as gains from selling an investment property. (Couple with AGI over $250K will qualify for this new tax)
Yikes, you are the biggest idiot out here.
W64th own sprint. It's gone down from 30 to 2.60 over the past 2 years.
Does it mean he lost money? It's all about entry you focking moron.
"With so many negative reports on LIC property."
Where are you seeing these negative reports?
New school, new parks, new infrastructure, sky high rent, population growth explosion and hot a$$ woman laying around everywhere on Summer days. If i sell, then i'll need to rent. 2 bedroom starts at 3,600 a month. 3 bed starts at 4,200.
Again, i'm going to take W64th advice and hold for more since prices have gone from mid 550psf (spring 2009) to 800psf (Fall of 2012).
If Sprint can double, LIC can double!
Going to sign off for a few months and check back prices again..
I'll ask the same question when prices are hitting 850-900 psf.
yes, look at history as a guide. NYC RE was $300psf in 1999 went to $2000 psf in 2007. Sprint was at $70/share in 2000. Sprint was at $15 a few yrs back. $5 for a long long time... capitulated to $1.9/share. It is now on the RISE. NYC RE not so much... EVEN WITH IO going from 7% to 3%, you are barely eecking out a gain...
Those data points gives w67 a reasonably good chance of making huge $$$$ shorting NYC RE and longing sprint.
ericho?, long LIC RE and zero position in sprint...
OK chk back in 8 qtrs... I hope your daughter gets my McD order in correctly for my kids. IT's TWO 4 piece HAPPY MEALS.
Sprint can double off of $5.70. Nyc re absofkinglutely NOT. Nyc re and by extension LiC RE will be halved in 4 yrs. no doubt in w67. W67 prays every nite to my god of money that my LL does not learn to do simple math.
I think you should wait for $1000 per sq ft.
I think ghetto chic is coming back, and since LIC is home to the largest housing project in North America you'll be ahead of the cool meter.
THe next Capone-N-Noreaga could be practicing on your street right now!
thanks for the lesson about entry--only a genius like you could explain such a thing
six seven's sprint entry was well-advertised at 2.40, the day he bought
what/when re your entry--bet you got nuttin, like most/all who bought LIC since 05
only a genius like you would gloat about nuttin
must be the fumes from newtown creek
So, are you done sucking on w67th cock yet? Yikes!
Hope he didn't make a mess all over you.
For the sake of humanity, learn to read. I already said i got in at 560 psf back in the Spring of 2009, why do i need to lie? If you want to wager money on this and we make a side bet on the side where i can prove it to you, let's do it.
Just realized this..just a newbie here.
34 minutes ago
Member since: Mar 2012
ignore this person
Thumbs Up Thumbs Down"
And w64thStreet, why do grown-A@@ men like to suck on your cock? Are these all your secondary accounts or do you really have this big of a fan base even though you've been dead wrong about everything for the past 4 years?
What's worst? The clown or the people that follows the clown?
ill keep it clean, thanks--seems you got some raw nerves--must suck owning in LIC, trying to talk it up, and failing so abysmally
1200% on 30k....beautiful
30k down, huh? big boy? must be youre not getting much pump and dump done
maybe you should drive a cab? put some food on the table for chrissakes
guys guys.... let's be civil.
he bought for 0% down and paid $30K in closing. his mortage rate is 7% and every month he's been paying $1K more than rent. so..... 6 yrs later he has paid almost $150K more to live in an undesirable place that he's trying to get out of. unfortunately, when you try to catch a falling knife, that falls a little more each month, it takes a lot of practice to get it right :)
you can always pick a single apartment out of thousands to show increase. for all you know, they spent $100K+ on reno to make them stand out from the rest and ate a loss on paper and real life.
"ah my troll, of course. odd exception youve found. likely a sweetheart deal on the 07 trade."
Only in bottoms' universe is posting a simple fact equated to trolling. I'll also point out it's the very first apartment I looked up. Does seem like a decent return, all things considered, but highly unlikely I stumbled upon the lone exception to your nothing-gained-10%-rule. Think before you type, please.
Aaaaand for the record, I would also much prefer the return on Sprint, so thanks w67th (there you go, buddy - can't forget your ego)!
so bjw and apt23 bought Sprint, but inododo, columbiacounty and yikes/Wbuttocks didn't?
"Does it mean he lost money? It's all about entry you focking moron."
Sounds like an admission things went down.
"27-28 Thomson Avenue #603--trades 497k in 07, 515k last week--clearly an awful investment by any measure"
That's certainly not good.... that's a loss when you add it all up.
> So 1,200%return in 3 years isn't very good?
Well, let us compare. Say you are even correct, and can sell, and can ignore the transaction costs.... If you are calling 30k your investment, on a $560k apartment... that is 28 to 1 leverage.
If you took just the last year of S&P returns (30%) at 28 to 1 leverage... 840% return.
If you take the full S&P runup in the last few years (150%) with that kind of leverage...
Hell, just my double longs are up +326.56% and +324.23% down to +238.07%, and I had a lot more than 30k in there... imagine triple longs and/or margining those at all.