Saturday, September 21, 2013

The Real Estate Market is NUTS in BROOKLYN_COBBLE HILL

The Landlords are going crazy.  Jordan found out that our landlord just raised her rent by 800 dollars!  She lives downstairs but she did it by email and has been very sheepish since then.  Jordan's been looking for an apartment, 3 bedrooms, but missed out on a few good ones.

But the "landlords" are drunk with their real estate.  They are charging outrageous princes for two bedroom, or 3 bedroom, dumpy apartments-4500, 5000.  These are places that are nothing to write home about-they throw up a couple of walls on one floor and say its a three bedroom-no closets, no charm, no space.
Oh, but you are in Brooklyn.  Half the people I talk to are moving on.  My neurologist said he had a place in St. Petersburg and one outside it before he came to America.  But he has a son, 20 months old, and he can't take the city.  "It's impossible with a boy" was his reply and thus the migration to other parts of the NY area.
Jordans good friends, Mary and Jeremy, are professional  actors.         They now have 4 boys and have left NY.  It's the middle age migration, comfort for family life, betters prices, more room.  

Jordan will have none of that, nor will she move further out in Brooklyn.  She'll miss an hour with Gigi and Tess.  No way.
I looked up our old house on 32 Hobart Ave. in Summit, New Jersey.  It's valued at 2 million.  We did so much work on it-tearing out walls, adding on to the kitchen, carrying bank vault glass from St. Louis to summit, redoing the doors, the floors, adding a laundry room upstairs, etc. The new owners have added a pool, redone a lot of the rooms, kitchen, upstairs bathroom, etc. It looks very nice-huge.

But back to the term "landlord"-that's from the English and one is called a "landlord" because you always own the land, and every 100-1000 years you renew the lease on the land.  Renters are just throwing their money away because they never get part of the equity in the land.  ANd here in Cobble Hill they are going from 3-4.5 for plain old brownstones! Robbery I say!  Off with their heads!

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