Brooklyn Prices Climb as Buyers Lured to Shop

I guess they basically said it with this sentence:

"Sales could slow again since the federal home-buying tax credit disappeared, Miller said."

Gary Parker, director of government and community affairs for New York University, used the credit to buy "gorgeous views of the Verrazano bridge and sunsets" from his $277,500 one- bedroom co-op in Brooklyn's Kensington Park neighborhood.

This says it all. I know the building (370 Ocean Pkwy). It's a Jr 1 Br, so an alcove studio converted. He paid $227,500 as per ACRIS, so there's a typo. He paid the same price as a person who purchased in 5/2007 and the best part yet, in 2007 it only appraised at $210K. Since the same in 2007, the highest price paid for a similar unit in similar condition was $195K. Let's call him for what he is "an idiot walking".

a 2 Br/2 Bth in the same building, not in good condition, was just sold for $330K. so he got a little over 1/2 of the square footage. i guess NYU hires some people who have no clue what "economics" stands for.

Guess in his mind that it was a good deal for him. What was he thinking. Based on what ab_11218 findings are he got hosed.

Like I was saying all along. There were many suckers walking around trying to get their $8K for signing a contract before April 30th. If you consider that in the math, he bought for $227.5-8= $219.5K. Now, since the apartment is worth about $190k-200k, he only overpaid 20-30K, not bad.

I had intended to buy in Bklyn but since prices are so out of line there with reality I am instead considering putting my savings into my own little start up business.

Risky yes, but at least there is a chance of positive returns. Unlike Bklyn real estate, which is just a way to lose money.

Graffiti, I guess I see what you mean, but generalizing too much, no?