Lots O Woe in Williamsburg

link

http://www.nypost.com/seven/07062009/news/regionalnews/lots_of_woe_in_wburg_177780.htm

Never mind the LES.

petrozitz, a somewhat sensationalist piece in the Post isn't really news. Of course there are stalled projects in this economy, and with all the construction in Williamsburg, no surprise that a bunch are there, but there are a ton in Manhattan as well, so not sure what your point really is. I can tell you that at least one of the listed projects is no longer really stalled (144 North 8th) and that Bloomberg cut the ribbon at the "official" groundbreaking at Bushwick Inlet Park this morning, where they'll be building a soccer field and adding more green space to the waterfront. Yeah, bound be to plenty of hiccups along the way, but I think Williamsburg will be just fine in the long run. More than I can say about Pitt Street, unfortunately.

Steve I just had 3 properties appraised for refinance. I bought these properties in 2003. They were ALL just appraised at 2.5 times my purchase price. Now granted you could argue that in 2007 they may have been valued at 10-15% higher. However, I dont want to sell them. I rent the hell out of them and get a really nice income from them. I draw positive cash flow from each.

Now Steve in your genius please tell me how you did better than me while you were PAYING RENT for the past 5 years? Steve please explain how you are such a real estate genius that you can criticise everyone. You must have made seeral million dollars over the past 2 years....explain

bjw - one of the properties i just spoke of is on Pitt St. Do you want to place a wager and compare the delta of your W burg property from 2003 to now against my Pitt St property? lets say $1K bet.

Then I will bet you another $5K that my Pitt St property out appreicates you w burg property for the next 5 years.

Care to put your money where your mouth is?

"I rent the hell out of them and get a really nice income from them. I draw positive cash flow from each."

You've not exactly been a paragon of honesty, but if this is all true, then that's great petr. Why you feel the need to constantly attack others though, I'll never understand.

petr, a few things: one, I did not buy a pure investment; I bought myself a home. Two, if we were to place a bet, this would require you to reveal your actual identity to me, and I'm not sure you're prepared for that, are you? Third, the building I live in did not exist in 2003, so I'm pretty confident that the net increase in worth from that plot of land to now is considerable. That's a bit unfair, but if you insist, I'll take your $1k and invest it in my woeful neighborhood. Lastly, I'm pretty sure that if we had a 5-year bet I'd have a hard time finding you should I come out on the winning end. And why just 5 years? Why not 10 or 20?

excuses excuses. good luck ever selling that gem!

Help me out here, petrfitz. You seem to do quite well for yourself, so that's good.
But, renting is foolish, and buying except where you buy is foolish too?