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My Dear Friends & Neighbors: Please hear me out, don’t throw this away – I realize there are many papers arriving at your door daily nevertheless I ask PLEASE HEAR ME OUT? Several people in this community have caused housing to skyrocket by FLIPPING real estate!! They buy houses from long time residents and flip the homes for astronomical profits. They compete with other members of the schunah for the sole purpose of flipping for a huge profit! Years ago when a friend or neighbor was looking for a house and we knew of one we were thrilled to pass on the information. Today unfortunately there are yungelight canvassing the neighborhood for available homes so they can FLIP for profits ranging from $50,000 to $380,000. Once ‘Mr. Roberts’ becomes aware of the price his new neighbor paid he will seek the same or more. There is NO excuse for this shameful greed! This is not like selling a container of milk for a higher price. This cannot be considered “regular business practice”.

Open Letter From Shimshon Stock: Flipping Houses

My Dear Friends & Neighbors:

Please hear me out, don’t throw this away – I realize there are many papers arriving at your door daily nevertheless I ask PLEASE HEAR ME OUT?

Several people in this community have caused housing to skyrocket by FLIPPING real estate!! They buy houses from long time residents and flip the homes for astronomical profits. They compete with other members of the schunah for the sole purpose of flipping for a huge profit! Years ago when a friend or neighbor was looking for a house and we knew of one we were thrilled to pass on the information. Today unfortunately there are yungelight canvassing the neighborhood for available homes so they can FLIP for profits ranging from $50,000 to $380,000. Once ‘Mr. Roberts’ becomes aware of the price his new neighbor paid he will seek the same or more.

There is NO excuse for this shameful greed!

This is not like selling a container of milk for a higher price. This cannot be considered “regular business practice”.

If one merchant in the neighborhood sells an item for a higher price then there is always an option of going to another shop. The same is not true with housing. If a Lubavitcher wants to buy a house in his or her schunah there is no other schunah to shop in. Obviously not the same as the guy selling milk or potatoes.

Therefore to excuse oneself with the warped logic that it is business like any is totally unacceptable.

Some of you are reading and thinking “oye, what’s it my business” either because you already have a house or you have no intention of buying one. You are so wrong! It is your business! Yungelight are buying houses at these inflated prices because they have growing families and need a place to live. However, they can hardly make the monthly payments. Each mortgage payment becomes a huge struggle.

Eventually this filters down to many of you. The one struggling cannot pay tuition for their kinderlach. The grocer, butcher, baker etc are not getting paid so they in turn cannot pay their tuition and suppliers (many of which are from this schunah also). This financial drain and strain filters into many more areas than you can imagine. Marriages are suffering and children are not getting the attention they NEED and DESERVE! THAT IS WHY YOU CANNOT SAY “WHAT’S IT MY BUSINESS”!

Years ago Machne Israel wanted to buy three private houses behind 770. They offered between $200,000 and $300,000 to the owners – then a well known gevir with the best of intentions offered more money and the Rebbe did not allow it. The Rebbe did not want to start this trend of paying exorbitant prices for housing. Not because the Rebbe was overly frugal ch’v, the Rebbe was very realistic and practical. Now we have the so called Chassidim causing the very difficulties the Rebbe looked to avoid. The FLIPPING must stop and each one of you should shun those committing this selfish -disgraceful practice!

Ask the flippers if they have been donating some of this BLOOD MONEY to the Mosdos that are all suffering as a result of their selfishness.

Remember – the Melamdim and teachers who are with your kinderlach for many hours each day are suffering from this and their money worries detracts from their quality of teaching. If teachers get paid – their worries are eliminated and in turn this filters down and benefits the students.

The flipping problem IS YOUR BUSINESS and BUYING from FLIPPERS must be STOPPED!

My best regards,
Shimshon Stock
593 Montgomery Street
Brooklyn, NY 11225

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128 Comments

  • A litlle too late

    Bravo for speaking out!

    This letter should have gone out years ago. With the real estate market softening, I think this will resolve itself. No "flipper" will want to get caught holding the bag as prices inch down/flatten.

  • a crown heights resident

    thank you for this letter.
    I thought I was wrong when I refused to buy from flippers, it just bothered me.
    my family said : what is the difference buing thru a realtor for ($$$) or from (this) yid for the same price?, whom happened to buy a bargain and is making over 300.000 profit, ( and wouldn’t negociate).?
    I just felt anger and walked out , out of many deals .
    I,ve been looking to buy a house for over a year ,I saw more then 15 houses, and many times people outbid us , even after we had a wordly commitment from the sellers.
    boruch hashem , we were able to buy a house and are very happy now, but the agravation and feeling that one can’t compit with this people, will always be there, I feel for all of the people out there looking to buy, and wish you much hatzlacha.

  • NECHA

    ITS TIME TO STOP THIS INSANITY OF OUR "FRIENDS" PRICING US OUT OF THE MARKET!! SO MANY YOUNG , HARDWORKING, GROWING FAMILIES ARE DESPERATE TO FIND HOUSING IN THE NEIGHBERHOOD BUT CAN ABSOLUTELY NOT AFFORD IT! UNLESS THINGS CHANGE VERY SOON, ONLY CERTAIN FEW VERY WEALTHY CROWN HEIGHTSERS WILL BE KEEPING EACH OTHER COMPANY!

  • Very Sad Situation

    WHOEVER KNOWS THE NAMES OF THE PEOPLE COMMITTING THIS ATROCITY, TELL THE COMMUNITY WHO THESE SHARKS ARE. PERHAPS THIS WILL MAKE THEM THINK TWICE, INSTEAD OF CONTINUING THIS DISASTROUS PRACTICE.

  • Kol Hakavod!

    I think Shimshon is ‘right on the money’.

    The only thing that I wonder is why he does not attack the people that are willing to pay such crazy prices. After all the sellers are not creating the demand.

    But Kol Hakavod – Shimshon, Once again helping out community!

  • PLEASE LISTEN TO SHIMSHON STOCK

    G-D BLESS YOU SHIMSHON!!
    I JUST HOPE AND PRAY THAT THE FLIPPERS WITH LISTEN TO YOU!!!

  • Menachem Blau

    Shimshon, KOL HA’KOVOD!!!

    This letter is LONG OVERDUE…

    I couldn’t agree with you more…

    A Yungerman today, cannot afford to buy a house. Unless he has rich parents or in laws.

    Why should this be allowed to continue?!

    Where are our Rabbonim & where is our Vaad Hakohol?!

    Do they have more important issues then this?!

  • Yossi

    Yes I really agree on everything you say… why is it most of these young dudes are clean shaven and by no means G-d fearing????

    Move to Uganda

  • resident of CH

    Shimshon I applaud you for voicing your opinion. I agree 100%. You are absolutely right. We MUST not let this issue go by.
    Shame on "flippers" Go make money elsewhere.

  • SHOLOM

    COULDN`T OF SAID IT BEETER kEEP UP THE GOOD WORK SEND IT TO ALL THE HOUSES

  • community member

    its very nice of him to write this

    and its very nice if friends let other ppl know when houses become avil

    but business is business and if u know u can make 700,000 on a house why sell it for 500,000 nobody would ever do such a thing not any owner and not shimshon stock

    i dont think it was nice to call this money blood money its a legit way of making money and good luck to anyone that can do it

    we all buy and sell for as much as we can get

    if nobody buys the price will go down

  • go shimshon

    g-d bless shimshon stock, if only we would have more people like him in our commnuity we would be much better off

  • Mendy

    These people should be publicly named and humiliated. The shame would then not be worth any profit.

  • home owner

    w\hat shimshon means to say is that you can flip as many houses as you want, just make sure to give tuns of tzedaka and help out our fellow residents in ch.

  • Zalman

    As a young couple looking to buy a house, and unable to pay the outrageous prices, all I can say is how right you are, and Kol Hakavod for speaking out. Lets hope some good comes from this.

  • A Flipper takes advantage of the seller

    He is totally wrong and here is why.
    the reason housing is so expensive has nothing to do with flippers.

    A flipper doesn’t buy a house at the top of market and then go and sell it for more. A flipper buys a house below market value and then goes and sells it for the market value.

    A flipper is someone that buys something for cheap and then goes and sells it for market value.

    If you buy a diamond off the street from a Goy at a bargain and then go and sell it for market price it is the same principle as flipping. It’s the simple concept of commerce, which is common practice in all western countries.

    It is the simple meaning of business. When someone buys jewelry in China and then goes and sells it for a profit to someone living in Crown Heights, has the same trickle down effect on the buyer/tuition/mossad as one who spends money on a house.

    It’s sheer nonsense written in a letter to the people of Crown Heights that has the level of intelligence of a three year old.

    Besides Mr. Stock is the last person in the world to be concerned with whats right and wrong in our community.

    This same Mr. Stock who has zero clue about business in general and especially real estate, sided with Dovid Fisher against the Rebbe.

    When the Rebbe was screaming that Dovid Fisher should go to Beis Din this same Shimshon Stock laughed and sided with Fisher.

    Mr. Stock even has buildings till today in his own name, that belong to the community, and is holding on to them for his dear friend Dovid Fisher.

    And besides it seems that the majority of people flipping are the ones working in the Crown Heights Moisdes anyway……From the Rabbis and principal in Beis Rivkah….. To the Oholei Torah, who are best friends and relatives of you, Mr. Stock.

    Don’t get me wrong. They are entitled to flip just like all the other flippers in the hood. But don’t start telling me of that the problems in the Moisdes is because we have flippers.

    Why don’t you cry about the recent bidding wars your dear Dovid Fisher has been up to in recent months, causing prices to skyrocket with the proceeds going to Goyim.

    Granted he wants prime property for his children, but to outbid another Jew is against Halacha.

    Anyway going back to high prices, The reason prices are so high is simply because people are willing to pay these prices.

    And don’t think that the prices are high only in Crown Heights. there are parts of BedStuy that the starting prices are way above one million not to mention Boro Park Flatbush Williamsburg etc.

    And besides there are plenty of outsiders including people from Williamsburg and Lakewood that are doing a good portion of the flipping in our lovely neighborhood. Don’t think that its the few Lubavitchers that will solve your issues. There are tons of Goyim doing it, so why not let a yid do it as well.

    Again, just to clarify. A flipper doesn’t buy a house for a million and then try to sell it for two million. No. That’s not what a flipper does. A flipper buys a house from a neighbor who he has a good relationship with for 350,000 and goes and sells it for the market value of 850,000 or a million, depending on its actual value.

    The flipper is not taking advantage of the buyer, he is rather taking advantage of the seller who doesn’t know the real value of their home.

  • Mark

    This guy doesn’t know his head from his toe, and he is telling me what a flliper is.

  • AB

    I agree 100%. Let eveyone who agrees with this voice their approval, and then the ‘flippers’ can see how many people disaprove of their actions.

  • apalled

    yeh, but ppl who are sick enough to do it in the first place are sick rnough to ignore this letter too… I am sure the ppl involved are sure their case is different and he is not refering to them.

  • Chona Nosson

    There are also many flippers from outside of our shechunah (both Yiddin and l’havdil Goyim) who know of the profits they can make by flipping houses in our shechunah. I agree with Rabbi Stock that we should not take advantage of our brothers and sisters, but I doubt that refraining from all flipping would solve the problem (because outsiders won’t refrain). Perhaps local flippers could limit themselves to a 10% markup.

  • MC

    I think we should post or make public all of these disgraceful people so every can know whom they are.

  • anotherCE

    Unfortunately Shimshon, you couldn’t be more wrong. The high price of homes in Crown Heights has not been caused by people flipping. If you have been reading any news publication for the past 5 or 6 years you would know that all of the New York City metro home prices have appreciated tremendously and mainly by people needing a place to live b/c NY is a safer place than it once was and b/c there are more jobs thanks to the Giuliani administration, not to mention low interest rates.

    Most of the home in Crown Heights as the same in the rest of New York City also appreciated and not because of "flippers" but b/c of people needing a place to live and a lack of inventory which resulted in numerous bids and in effect raising the home prices.

    As a fact New York City has not experienced inflated prices like Miami because here most are homeowners, whereas in Miami they are investors.

    Essentially a "flipper" buys a house at a reduced price sometimes fixing it up other times not and then selling it at market price. I don’t see anything worng in that. In fact a lot of times they get houses that would have went to goyim and then they sell them to yidden.

    One, New York City is becoming a city for the very rich and the very poor. The middle class is being squeezed out. Two, Crown Heights is actually ONE OF THE CHEAPER NEIGHBORHOODS IN NYC, you can check what current homes are selling here to compare to other neighborhoods and you will see how Crown Heights is all the way at the bottom of the list.

    How in the world is this "BLOOD MONEY"???? No one is forcing anyone to live in Crown Heights; this is a free country the last time I checked. Especially with all the crime who would want to live here. We have to do what the Satmars had foresight to do a long time ago 1) Expand the community with low income housing, 2) Build another community in Monroe. The problem is with Lubavitchers 1) We are scared to go one block out of what we consider Crown Heights 2) We don’t have unity and perseverance to get our act together and do things that are constructive.
    Last but not least Shimshon, I hope when you sell your house that you sell it way below market price because you want to help out all our yungeliet.

  • the emes!

    sounds good but where was shimshon when fisher was ripping off the simple people of crown heights? he was getting paid off by that ganuf. where was shimshon .. he too was ripping off the good people of the shchuna… all big talk…

  • so unfair

    its a huge shame that these money hungry people are pushing all the young couples and growing families out of crown heights, eventually crown heights will be for the older people who have lived here and owned homes for years, the rich people who can afford to buy houses at astronomical prices and pay huge mortgages; and the poor people who are rent subasidized or those who dont mind staying in section 8 with ten kids in two bedrooms. For those of us who want to live a ‘normal’ life and give our kids some idea of a real home….well we’re going to have to find elsewhere to live.

  • Depressed and Resigned

    Because of this most of us don’t have a chance to ever own a house in this community. You mention in your letter that it’s young people flipping the houses. That is a big mistake. Most of the flipping is being done by the middle age crowd and all the outbidding is done by the rich and older crowd. Why isn’t anyone speaking to them? Can it be they feel they are above the laws of mentchlichkeit?

  • Way to go Shimshon!

    Get the flippin flippers fliped and flyin’!!! We ain’t need them here! Vote for Shimshon for president!!!!

  • Your friend, Monica

    Yasher Koach Shimshon! I’m glad somebody finally spoke up. Maybe now I’ll be able to find a house after looking for so many years. Just maybe.

  • Truth seeker

    While he means well and has a golden hart, the fact is that the goyesher brokers are the ones who realy push up the prices as much as possible. I would rather a yid get that broker’s fee.

    One way to keep prices down, is not to offer more than the asking price or bid against anouther yid while the owner enjoys it. Its called menchlichkite. The problem with that is that nice guys finish last. As we saw with rishemas habatim.

    In regards to unafordable tuition: Why don’t the schools activly higher fund raisers? Are they scared that these new fundrasers will cut into thier potential 50% which they get when fundrasing?

  • Itzik_s

    It is more dangerous than even Reb Shimshon says. What can happen is that elements who are not up to our standards, and who we do not want as neighbors – Park Slope types with their open gilui arayois, Israeli, Bukharan and Russian erev rav who pretend to be frum while running who knows what kinds of disgusting businesses – but who have more money than your average Lubavitch family, will be the ones who end up buying the houses from the flippers.

    Flipping and warehousing is just fine at the edges of Brooklyn Heights or Park Slope, the artist parts of Willy, or on blocks like S Marks where no one from Anash will go. We have enough problems in our neighborhood as it is.

  • Sammy2

    I believe the inflated price of houses in our neighborhood has to do more with market volatility rather then Yungerlight “flipping”, while Shimshon makes his point I believe that we must learn from other neighborhoods such as Williamsburg and others, were when a house comes on to the market they help one another buy it the house versus here in crown heights were each man is outbids the other and each man is out for himself etc.

  • frustrating yo-yo ride

    Shimshon hatzadik, thank you, thank you for voicing the concerns of so many.
    We should also add to the list of the things that need to be stopped: People who go to foreclosures, when they arise every now and then, and bid way higher than most people can afford, seal the deal with a check on the spot (required), and then flip it. People should allow anash who are buying for their personal use to purchase the foreclosures. In addition, it can be made-up between the anash present that they will go up to a certain price only, whereupon one of them will ‘buy the house’, and they’ll continue the bidding in front of some yidden that they all trust. This way, the money above their ‘cutoff’ price can go to some tzedaka or something similar, rather than paying it to the city and training them to milk us for money.
    If you hear about a foreclosure that you are not interested in, let people know about it.
    craigslist.com has crown heights listings sometimes, it pays to check out. (once on the site, click on the NEW YORK link, then REAL ESTATE FOR SALE then type in CROWN HEIGHTS as a KEY WORD)
    Much hatzlacha to everyone, and as hard as it may sometimes be, we need to keep things in perspective and thank Hashem for our health, happiness, Yiddishkeit, and the fact that we have some roof over our head at all. May each of us speedily find the home that we are looking for, and until the second that we do, a lot of how you and especially your children will deal with our tight living quarters here in CH depends on attitude. We need to try and be happy-it affects so many aspects of our lives. Moshiach NOW!!! And then we’ll have our dream homes in Eretz Yisroel.

  • AlkeSeltzer for Shimshon

    Whom is Shimshon Kidding?

    Who does anyone expect is going to listen to Shimshon?

    If a greedy Real Estate person can make $50,00 to $400,00, is he going to give up all that money because Shimshon said it’s not nice?

    People who are the type not to mind bilking other yidden until now, aren’t going to quit all of a sudden only because Shimshon said so.

    Likewise, the people who purchase homes are desperate to find homes in short supply. If they were willing to overpay, until today, they have no reason to stop tomorrow (and live in the street instead) just because Shimshon told them to stop buying.

    Shimshon has a very legitimate Belly Ache and I agree that he is 100% right in his argument but no one is going to listen to Shimshon, not the buyer and not the seller, so Shimshon will be much better off just using an AlkeSeltzer instead, to ease his pain.

  • moved out

    Why dosent someone approach Rabbi __ and tell him how much he can effect the kehillah if he would just make his new places on Crown street affordable!!!!!

    I am not trying to start a slander conversation on him, or his family…. they have given lots of tzedakah to the mosdos,If he is approached by the right people in the right way (not by some schlepper who davenes at the rebbes minyan) this can make a serious difference hundreds of families can be affected, thousands of children can have normal stable, happy homes,and it will bring down the rest of the CH market.

    [Comment Edited]

  • alka retort

    alka seltzer,

    You take a cup of water, and you put in an alka-seltzer pill and a war erupts amongs all the bubbles who can get to the top. Problem is that none of these bubbles realize that once they hit the top they evaporate.

    We all live together in Crown Heights, but we’re competing amongst ourselves to make it "to the top," and we’re killing ourselves and our children.

    if we competed FOR each other (against outside elements), if we united against price-mongers, we might just be helping ourselves.

  • impressed

    Wow, this is unbelieveable, this guy Shimshon generated so much excitement! Maybe he should run for Vaad Hakol, he has a lot of fans!

  • realbrains

    Now i know why all the problems in chinuch are occuring. Its those FlippingFlippers. I should have noticed it. Yes now it all makes sense. don’t worry Shimshon. The market is stabilizing so hopefully the level of chinuch will improve now.

  • Moved Way Out

    Folks look at the bigger picture. There is very little of a "community" left in crown heights. If people truly cared for another this type of behavior would not happen. Not to mention all the other crap that goes on there. Oh yea what’s up with peoples spelling??

  • shimshon hatzadik

    shimshon ur a great guy i live next to you

    but for the first time in ur life u are wrong

    this is todays market

  • fuming

    Here’s some real proof of greedy, money hungry flippers.
    Check out propertyshark.com for plenty more "real proofs". —

    On 12/28/2004 a money hungry flipper purchased 516 crown street for $350,000 – from a goy. He sold the house on 3/28/2006 to a Lubavitcher for $850,000.

    So tell me, does he need to make FIVE HUNDRED THOUSAND DOLLARS off another yid? If he wanted "a little" profit for "getting" the house, couldnt he have sold it for $400,000 or at most $450,000.???

    And mind you, this guy has a bankfull already.

    Regardless of whether shimshon stock did this himself years ago – it DOESNT MAKE IT RIGHT for anyone else to do it. Is this what you want to answer to the beis din shel maalah after 180 years? Your goal in life was to flip houses and have MORE money?! Ribono shel olam!!!!

  • twisted logic

    All those flippers who are trying to legitimize themselves by saying that they buy the houses at below cost then sell for market value are full of hogwash. I personally know of three houses where the ‘flipper’ went to contract and even before closing was already advertising on Shmais or elsewhere for 125,000 more then the original price which by the way was at market value to begin with. One such house is on president street where the owner is asking for 775,000 (too much already) and the lubavitcher who is trying to broker it is asking 850,000. If you go direct through the owner you’ll save 75,000!. Or the house on Carroll that the owner was asking around 600,000 and then someone went to contract for that money but still hasn’t closed because he can’t find anyone to take it off his hands for 700,000+ and why should HE pay the closing costs or the mortgage?! V’kohena V’kohena rabos.

  • Out of Towner

    If anyone else is as nautious as I am after reading all of the above comments, I have a suggestion:

    MOVE AWAY!!!!

    Try Houston, we have cheap, nice houses, backyards, pools, cars, garages, etc… and we actually like the other people in our community! Plus, we don’t live in debt OR on food stamps and in section 8.

    In the meantime, stop attacking each other, it’s not pretty!

  • CH

    How about all the landlords hiking up the price of rent on the poor people of Crown Heights. Why do they need astronomical profits and then give a little tzdakah to look good

  • Chaim T

    I never liked an option buying from flipper because it makes me thing that I could have gotten it for the same price. For few 100K of difference I can get as friendly to Mr. Roberts as flipper do.

    Shimshon a bit too naive about flippers role in price raising. They gone up EVERYWHERE and people from midwood and boro park tell me that what we suffer is not as bed.

    Personnaly I call fllipers parasites. They dont produce anything for society, they don’t provide for any services. They only suck money, your money. With price freezes they will learn lesson and turn into landlords, at least providing rentals to people.

    Lets place some blame on the system that prevented flippers from getting any other proffession. Learning proffesional skills should be encouraged in CH.

  • the original ce

    The fact is: New York is a city where the rich get richer and the poor get poorer. If you are middle class or below, and you want "quality of life" then you can’t live in Crown Heights, or New York at all! And wake up- there are Lubavitch communities other places in the world besides Crown Heights. If you aren’t happy with the way of living here, then you’ve got to do what’s best for you and your family.

  • the original ce

    Don’t be jealous that someone is making more money than you and that it’s legal!

  • anotherCE

    SHIMSHON, BEING THAT YOU ONLY PAID LIKE $35,000 FOR YOUR HOUSE IN 1973, I HOPE YOU DON"T CHARGE YOUR FELLOW YIDDEN MORE THAN LIKE $55,000 whenever you decide to sell. I THINK YOU CAN ONLY MAKE LIKE $20,000 PROFIT ON YOUR HOUSE THATS AN ACCEPTABLE AMOUNT.
    Put your money where your mouth is. AN I’M SURE YOU WILL GIVE LIKE $10,000 OF IT TO THE MOSDOS.

  • Chabad Chofetz Chaim

    Granted the flippers are doing a disservice to the community, but watch the Loshon Hara, please!

  • original CE

    You know what it’s enough! Jews pay your dues! Everyone has to make a living. This is not about real estate at all. This is about Jews taking advantage and thinking that we rightfully shouldn’t pay this or that,or maintentance etc.! This is what’s happening: We think that just because we are Jews and the businesses we deal with are with Jewish that we only have to pay 1/2 price, basically that we can get away with whatever we want because: "how can a jew charge another Jew money". This is foolish and selfish. Everyone "mind your own business" and act like a normal society acts. You pay the price. If you don’t want to pay the price, don’t buy it!

  • Flipper Corner

    http://brooklyntidbits.blog…
    A blog created to share flipping inside information. Who paid cash under the table? what is behind the lis pendence on your neighbor’s property, email us, will post it!

  • Just a thought!

    Hey, how would the flippers feel if they were on the receiving end of the flipping? Would they also feel this is proper? Maybe they should try being in the shoes of those desparate for housing and can’t afford it because someone else is trying to get rich on them. Remember after 120 years you don’t take your money with you, IT’S THE CHESED AND TZEDAKAH THAT WILL COUNT NOT THE MONEY YOU HAVE MADE BY CAUSING AGMAS NEFESH TO OTHER YIDDEN. What’s wrong with making $10,000.00 to $20,000.00 on a deal? The ill will that is caused by making so much money and the cursing that is wished upon you by others is just not worth it. May Hashem grant those people who stop this horrible practice the money they want in a different way!

  • shmuli

    all of you can be right, yet if someone is looking into buying a specific house, nad before he turns around, it is baught by a flipper who comes to you tommorow and asks if you want to buy it from him, that is not bussiness, its not normal, it’s plain out disgusting, ruthless and out right dirty.
    SHAME ON ALL WHO WOULD RATHER MAKE MORE MONEY THAN DO CHESED FOR YOUR NEIGHBOR. you should give away your own food to a needy person, yet to rip $500.000.00 from a fellow is bussiness?!

  • Mit Mazal

    For all of those who have the amazing talent of becoming flippers, by finding those homes and then finding people whom to sell it to, why don’t you use your talent and alleviate another problem that is plaguing this community, Shidduchim. Instead of matching home to buyer match boy to girl. Not only that, I understand that the Community Council will pay $3000.00 for anyone who makes a shidduch for a girl in this community over the age of 24. That is a way to make nice money and help solve the shidduch problem.

  • Another point...

    Good point Mr. Stock.

    However, the damage has already been done. Because of certain individuals in this neighborhood, who have actually gone knocking door to door to non Jewish houses in this neighborhood and have told them that, "when you are ready to sell, come to me, I will get you any price you want", all the non Jews know they can get over inflated prices for their houses.

    At this point, they will not sell for anything less than 6-7 hundered thousand! So even if there were no flipper involved, the community members still could not afford these prices.

    Unless everyone boycott these prices and force them to come down, things will never change.

  • Seymour

    I think people have no college education and this is what they are left to do, if they do not go on shilchus. That’s the problem we are becoming a bunch f peddlers

  • Tamir

    IT MAY BE LEGIT BUT ITS WRONG. The difference between buying a diamond from a goy and selling it at market value to a yid is that WE WANT TO LIVE IN AND SUPPORT THE SCHUNAH.

    the flippers are playing with the fact that all the young couples want to live in Crown Heights. Sadly enough, that’s changing…and the more people dabble in real estate and connive the market value – the quicker young couples will settle elsewhere.

    Your playing with fire, our community, our youth, and our future are getting out of here and YOU KNOW WHO YOU ARE, ARE RESPONSIBLE.

  • just wondering

    Why the fustration Mr. original CE, do you fell you are doing something wrong? Is the guilt getting to you? Where is your real name? if there is nothing wrong with it?

  • Staying in CH

    Leaving CH is not an option for most of us. This is where The Rebbe left us and hopefully real soon this is where he will pck us up. So please stop advising us to leave. We are not here because it’s beautiful. We are here because the fact is that this is The Rebbe’s shechuna..period.
    I would like to hear more about this place on Crown street. Maybe this wil be an answer to our prayers,
    I would advise Webby to censure any one who writes NAMES. Yes we have the first amendment but as Jews we also have a higher calling. This is forbidden.

  • Shmuel Berkowitz

    Don’t mix brokers and flippers in the same sentence.

    A Broker is entitled to make a living. A Broker does not flip. He simply matches buyers and sellers and get his rightfully earned commission.

    On another note.

    A flipper looks to buy for cheap and then goes and sells the property at market value.

    There is no reason a flipper should limit his profit to what someone else thinks. If I buy a house for 350K and sell it for 850K I am a lucky man and deserve every penny.

    I wish such a deal came my.

    But to say that I should sell it for half its value just because I paid a third of its value is sheer nonsense.

  • Shmuel Heber

    If I knew that 516 Crown was for sale I would of paid 950K for it, I think its worth at least 950K, and would of been very lucky had I bought it.

    Not only that, I feel that the seller has every right to sell it for whatever price he wants. Why should he give away his property for even one penny less that its worth.

    What you foolish people are saying is, lets go to Bancraft hatters and tell the store owner sell me a Borsalino for $55 being that he only paid $35 for it. Ridiculous.

    Every should sell their property for what its worth not one dollar less.

  • twisted logic 2

    for all of you talking about ‘business is business’ and ‘western world ideas’ etc etc. Please be aware that these thoughts do not take place with a truly Torah observant Jew. The Torah dictates what is right and wrong, not practices accepted by society at one point in time or another. There is a concept of Ono’as Momon and to make such exorbitant profits off another Jew is unequivocally wrong according to the Torah even if your ‘western ideas’ or ‘legal business practices’ determine it to be permissible. To say that people agree to the price so it removes it from being Ono’as Momon, you see here how people don’t agree, just they realize that we live in Alma D’shikra and are desperate and have no choice.

  • typical

    typical crown heights, kill the messenger.
    why do you care who is giving the message?
    its The message, stupid!

  • condo

    i think there is a 1000 sf condo on lefferts for sale, is that a good price?

  • ajl

    the reality is such.
    Yes its tough.
    however you can’t stop them.
    good luck with ____

    I think the solution is that we need to start a new community that is in poximity to CH i.e. in NJ
    this is what other yidden have done due to high NYC prices
    they started monroe, waterbury, and more.
    we need to educate our our yungerlite with a trade you dont have to go to college (but ask a rov if you can ), programming, accounting, day trading otherwise if you dont have a family business you can go into the only profession you are qualified for is shlichus or you get $10 an hour jobs that wont support a growing family
    what is the stance of the bies din?

    what do our community leaders hold?

    Does the rebbe want us to pay $850 to live here or $400 in another place?

    any ideas?

    [Comment Edited]

  • Trickle down economics

    People: there are certain facts that we all must accept.

    1) Prices will rise
    2) Politicians will philander
    3) When people grow old they will convince themselves that when they where young, prices where reasonable, politicians where honest and children respected their elders.

    Bottom line: people always thought housing was unaffordable even when it only cost 30 thousand to purchase a house.

    Prices will ALLWAYS rise and for good reason: INFLATION!

    If prices don’t rise that means our general economy is going down the drain.

    When rich people make more money, they have more to buy from poor people it’s called "Trickle down economics".

  • lost on president st.

    B"H
    Funny– no one is touching one of the underlying causes of the C.H. inflated housing market; the Section 8 f.f.b’s. Years ago they installed themselves with 1/2 marriages and squirreled away $ (taxpayers) and then bolt onto the real estate scene. From Section 8 to President St. in 1 generation HA ! HA ! HA !

  • berl, crown heights

    I don’t believe this! Where was the righteous indignation when for years there was a communistic corrupt øùéîú äáúéí in operation in CH!

    The scam ran thusly: certain people related to the members of the Vaad Hakohol would be automatically placed "#1 on the list" and were ‘flipping’ houses that everybody else was barred from bidding on (at the same time these øùòéí were shamelessly harassing ‘list jumpers’). Where was Shimshon with his letter when it was truly needed? (To clarify: I am not insinuating that he had any connection to øùéîú äáúéí )

    Today the forces of the free market run the day. And fine, I admit, it would be nice if CH was an ‘utopian oasis’, but in reality the present situation actually represents a MAJOR progressive move from evil corrupt communism toward greedy but open-market free-for-all capitalism.

  • BrookAve

    As what what said in previous posts, there are other affordable towns to live in. CH prices have spiraled and are NOT going down anytime soon. Williamsburg has a new section called Williamsburg South. In about 8 years there are blocks of Yidden living, butcher, baker school, etc. Think Maple, Midwood, Fenimore. Less pricey and Shuk is nearby. Shimshon, you are good at flipping latkes and index cards for your Shiduchim, but leave the flipping for the big guys.

  • lefferts

    I think there is a 1000 sf condo on lefferts for sale, is that a good price?

    I think thats for $450K

  • kantziva

    Guidelines need to be put in place in the community on how much a house can be sold for or how much profit, if any, can be made. The same goes for apartments-which are also exhorbitantly expensive.

  • CH resident

    Shimshon’s letter got the majority’s approval which it well deserved. I would like to respond to a comment that was posted. Shimshon has nothing to do with Section 8 and is no cover up for Fisher. Being that you mentioned this issue about subsidized apts show me another individual who provided subsidized housing to our community in desirable locations? Who else built beautiful and luxurious homes on Montgomery bet Albany and Troy for affordable prices?? Expaded the Shchuna with beautiful condos on Brooklyn Ave adjacent to Beth Rivkah with fair and good prices. Fact: Fisher has only enhanced our quality of life for us and our children who are benefitting from the subsidized housing. Fact: Fisher recently purchased a building on Empire and Troy and filling the vacancies with desirable tenants. Fact: He has only improved our housing issues and we have only benefitted from him. Look at other landlords that are part of the Shchuna that have real estate in prime locations Kingston between Empire and Lefferts what kind of tenants live there?? Let the neighborhood prove themselves and expand section 8 and affordable housing.

  • anon

    When we got married in 1971, the rebbe told us to buy a house instead of wasting money on rent. When in 1973 we were getting ready to go on shlichus, my husband alov hashalom, refused to sell the house at a profit, claiming that he wasn’t going to make money off a fellow kolel yungerman. We sold the four family (on 2 floors) for about $29.000!!

  • Itzik_s

    On another note.

    A flipper looks to buy for cheap and then goes and sells the property at market value.

    There is no reason a flipper should limit his profit to what someone else thinks. If I buy a house for 350K and sell it for 850K I am a lucky man and deserve every penny.
    __________________________________________

    Yes, but do it somewhere else please. Like in Park Slope where the person who pays you that extra 500K is a Wall Street broker who could care less about it. Not here in CH, where many families of Anash struggle to put food on the table. We need to look out for each other, because besides everything else, if prices here get too high for Anash, people who do not share our values will be the ones buying the flipped houses. That will eventually mean the end of "kan tziva Hashem es habrocho," as people move out to avoid living next to neighbors who make noise all night Friday, s**upp in public, dress objectionably etc.

    Incidentally I saw a notice in the mikveh about Persians and Israelis buying to flip to elements who are not from the community and could do damage. Anyone know anything about this or is it typical mikveh trash?

  • goid

    well said
    i never thought of it in that light
    but i do know that unfortunately i probably wont be living here and will have to find more affordable housing in manhattan

  • TO CH RESIDENT:

    TO CH RESIDENT:

    Rubashkin got a majority of votes that doesn’t mean the guy is normal.

  • Inspired

    Anon, your husband is an inspiration.

    "My husband alov hashalom, refused to sell the house at a profit, claiming that he wasn’t going to make money off a fellow kolel yungerman."

    Absolutely beautiful. We should all aspire to this level, and at least try to minimize the profit-chase– after all, it is our brother and sister.

  • Smiley

    To Webby,
    I think its only fair to remove the names posted in this section.
    It doesn’t help us as a community to post negative Loshon Hora.

  • Seymour

    "well said
    i never thought of it in that light
    but i do know that unfortunately i probably wont be living here and will have to find more affordable housing in manhattan" ???
    Manhattan is at leased 3 times as much as here

  • Yossel

    B"H

    People are greedy. There are rich people in this community with millions of $$$ but it’s not enough. They want MORE. They don’t care what they do to their fellow residents, they just keep piling the bank accounts up and their kids will be rich. The heck with the rest of us. Some of them get food stamps and welfare, etc. and there are SOME people in this hood who actually work and their earnings are reported to the government and we pay taxes! So guess who pays for their welfare benefits? They could use their money to help out the community in many ways, including keeping the prices of houses down, but they don’t.

    I just wish Hashem would send Moshiach already so we could get out of this steenkin’ golus already and we could have the Rebbe back and the world would be perfect already.

    Yidden, we’ve suffered enough!

    As far as Shimshon goes, I have lots of respect for him. He makes a lot of sense and he has gone out of his way to help people in this community, of all walks of life and in all income brackets. He gets my respect as an upstanding Yid with a good heart, and his advice is always worth listening to!!!!

  • homeowner

    just a bunch of crooks who cant earn an honest living and have no guts to sell drugs….

    Worthless parasites… disgusting creatures…

  • some1 who cares

    i would’nt bring up anything concerning
    the Rebbe and fisher…for you have no clue
    about the kesher he had with Rebbe …what
    the Rebbe told him vechulu
    when you do- feel free to confront Rabbi Fisher
    actually you prob would be emb to.
    find out who advised fisher to get involed in the crownheights inyunim….
    bottom line he did more then anyone else around here…
    can you name anyone that came close to his work?
    even one person….
    zei gezunt…

  • 16765445676789900

    Shimshon Hatzadik.. What a tzadik. Before you write Loshon Hara like that, You should get your facts straight. More disgusting then the flipping on the houses in CH, is the jealousy that goes on here. That is somthing to be ashamed of.

  • a girl

    to CH resident wrote
    sure you got your facts about fisher, yet its also a FACT TAHT FISHER IS ASSERED FROM THIS COMMUNITY FOR A REASON, MIND YOU.

  • chosid

    Are you rediculous? Is someone defending Fisher? The rode to Hell is paved with good deeds?

    Find out what you are saying, read with both eyes, listen with both ears!

  • Earned a comfortable but honest living..

    I just hope the Flippers who read this realize how many lives (and future lives) they have ruined in their selfish and greedy quest for personal wealth.

    Do you people have a single bit of human decency? How can you look yourself in the mirror when your life and almost everything you own is aquired by hurting others?

  • Mikee

    What does it mean that Fisher did good? He did good for his own pocket.

  • CH Observer

    hmm such excitement. Only Shimshon can do that.

    WHile I like Shimshon a bunch, and the general message is correct…..I gotta say I disagree. A flipper can ask whatever he wants. If someone is willing to pay what the heck? I don’t understand the argument whatsoever.

    For the record you may not know but in most other parts of the City the prices have risen more then you think. Park Slope is well over $1M++. So is Boro Park. Flatbush (Midwood/Madison) is also over $700K and that’s for a needs work/typical attached 3br home. Look at BedStuy as someone pointed out – common sales are well into the 700’s.

    Crown Hts in my opinion is underpriced actually in comparison. The prices as you say are not retarded.

    SOmeone mentioned R. Driz. regarding Crown St. What do you want from him now? Sell his condos for 200K?? Hello ? As it is, Condos are cheaper here then in other areas. I understand in CH a SF(square foot) today is about $300-$350.
    But a SF in Flatbush is well over $400!! Forget the other areas with SF of $800. like Park SLope, WIlliamsburg North etc etc.!!!

    Seems to me CH is underpriced and savvy people know that. I know that deosn;t help many that can’t afford it but then many can’t afford home/condos in many other neighborhoods too.

  • Drizin-s project

    We need to petition Drizin to make his housing EXTREMELY affordable. This is the highest level of Tzedaka: When you give in a way that allows a person to retain her/his dignity to the fullest. Also, we need to stop on the bashing a bit. Just because somebody that lives in Crown Heights is wealthy, does not mean that they made their money by ripping people off through flipping or anything else for that matter. There ARE people out there who have made their money through HONEST, HARD work and of course HASHEM’s help and brochos. We should never judge the lot of others, because we don’t know what else a person might be going through. Being wealthy doesn’t mean that you have everything.
    There are many who just bash-bash-bash, but are not willing to be PROACTIVE and help solve the problem. It’s easy to blame everything on the rest of the world around you, but ask yourself: What have I done to help fix the problem that I’m venting about? You’d be amazed what you can do if you put yourself to it.
    Maybe we should start some sort of big factory/business that can employ many in Crown Heights who need a job?
    Moshiach NOW!!!

  • caring

    shimshon stock is a hero! No one has done more for the community than shimshon. He takes care of poor families, helps couples with their marriage and geniunely cares about every Lubavitcher. Shimshon stood up for truth in the Fishcher story even if it wasnt the popular thing to do. Kol Hakovod to him!!!

  • Itzik_s

    i would’nt bring up anything concerning
    the Rebbe and fisher…for you have no clue
    about the kesher he had with Rebbe …what
    the Rebbe told him vechul
    _________________________________________
    Many of us know what the Rebbe said to him regarding going in front of a Bais Din, rather than ending up the way he did. Something like "there is someone here who is laughing at me" (if I recall correctly).

    Fisher sounds like a classic case of mitzvah sheba beaveiro. Everyone would have been better off had he done the right thing and not cheated his investors and the community. He started off on the right path and then got very greedy.

    Still, he did do good for Anash in CH, unlike landlords who rent to scum of the earth, keep their buildings in horrible shape, and thereby contribute to the crime problem here.

  • a resident

    Wow! A letter goes out to the neighborhood describing a geniune – serious problem and the floodgates opened!! The name calling is unnecessary – that will not help. The nay sayers do not help either. Oh, it is real easy to say "it’s not going to change, or help, etc."
    That is definitely NOT the way our REBBE raised us though. Remember how we were always enthused and ready to conquer the world after the Rebbe talked about a new Mivtza or project? Where would we be today if we responded with "it can’t work" ? We are the Rebbe’s children and he raised us with "lichatchila Ariber and Yageiti Umatzasi- let’s give him nachus and prove we can make a change! We know for sure the Rebbe did not want price gouging and to attempt to justify this with reasoning that ‘others’ are doing it so why not us?!?! Woa, that ain’t our Jewish Chabad philosophy and please DO NOT say that again! If my kids come home with "everyone else is ding that" my response usually follows with "if everyone else will stand in front of a moving train – will you do that too?"
    Please let’s all try to be nice and go back to helping one another – in the end everyone will benefit! I promise!

  • chossid

    here in nj u can buy a nice house for 600,700k. It is less than CH prices, but the prices went up everywhere, almost the same %.
    but now ,prices r so hight and interest rates r going up, sales r slow, wich means , prices r start going down

  • NO EXCUSE

    there is no excuse no matter how you package it, to snatch a house from another for the sole purpose of selling for a huge profit – this borders on ginayva..
    you cannot call this simple business behaviour.
    The majority of the flippers have been doing this! While someone is negotiating the flippers are dealing and offering a bit more so they can earn their 50 to 300 thousand.
    To compare them to brokers is ridiculous! A broker’s fee ranges from 4 to 6 percent.
    come on guys you can all use a calculator!
    500 thousand cost plus maximum 6% broker fee is 30 thousand. But the flippers were not business people (brokers) they are greedy flippers.

  • clarification

    Firstly there is a big difference between a flipper and broker. Everyone’s entitled to make a buck. A broker is upfront about their commission – whether it is 1% or 5%.

    What flippers are doing are "Establishing the Market Price" They aren’t buying anything "wholesale" and then selling at market price…don’t believe that! They are buying at market price (because any seller in NY sells at market price, which is perfectly reasonable) and they are then establishing an INFLATED market price – way more than the house is actually worth!
    I’ve been on the buyer’s end of the market long enough to realize what’s happening! I don’t mind paying a broker a certain percent if they find me the right house.
    What kills me are the flippers who inflate market value.
    Everyone should become familiar with http://www.PROPERTYSHARK.com and do some homework before they shop.
    For example there were 2 houses advertised on Lamont Court for a few weeks in the community links going for $515,000.
    Look them up (23 Lamont and 28 Lamont) and you will see how much this is being flipped for. And make sure not to pay it – because it is an INFLATED PRICE. It is not MARKET VALUE!! Again, everyone’s entitled to make money but do it honestly please.

  • Proud to be a flipper

    Just because Your not smart enough To make a good business deal and make some money, dosen’t mean that other people can’t.
    I MEAN, USE YOUR BRAINS. At least This way Fellow Chasidim are making a profit! instead of some Satmer or lihavdil a non-jew making the same profit!!!
    GET IT INTO YOUR HEADS!!!! do you think that if people wouldn’t flip houses then you would be able to by a house for $30,000?

  • reisenb.

    To all Whom Hate the fippers:

    This may not be the best thing but I know ts not the worst thing.

    To ppl who live in section 8 and then buy million dollar houses 5-6 years later they are wrong. section 8 should only be for ppl who cannot afford to pay $800 month rent.

    Look at grocers like KolTov and others, their prices are so high, way to high, residents cannot purchase brad and milk w/o giving up money for rent. they are the ppl you should focus on

  • An old timer in Crown Heights

    Years ago when we heard of a house that was for sale, we called our friends and relatives to bid on the house. There were so many homes for sale and we did not want it to go to Goyim…

    My friend called me to tell me about a house on President and Kingston… We went to look at it but it was not suitable for us.. So we called our neighbor and B"H he bought it. We were so happy to help out a fellow yid. It did not dawn on us to ask for a fee.. AHH THE GOOD OLD DAYS…..

  • CH resident

    To the editor of CH News and to all readers.

    We don’t need your news and all the smutz, insults, Rechilus and Loshan Horah you are bringing to our community and houses. Every day that you have this site running your a "Choite Umachtie es horabim". We have enoght problems without you. If your need to keep bussy, go and do some Mivtzaim and bring Moshiach Closer. Ther are no words to the damage your doing. We do not need it.

    Thank you,

    A Real Crown Heightser

  • David

    CH resident: what’s your issue? Yes it’s a shame all this Machlokes is going on in the community. We’ve all had enough of brushing it under the carpet. We should all be ashamed of what’s going on. Y

    Yes, the problem is you ARE a "Real Crown Heightser"!!! Right on the spot! You want to brush it all away. We need to know what **** is going on day in day out. Enough of the fake smiles and "all is great" attitude. No it’s not, and it STINKS!!

  • Itzik_s

    Just because Your not smart enough To make a good business deal and make some money, dosen’t mean that other people can’t.
    I MEAN, USE YOUR BRAINS. At least This way Fellow Chasidim are making a profit!
    ______________________________________

    making obscene profits at the expense of fellow Chassidim may be smart, legal and mutar but it is not exactly ahavas Yisroel. We need to keep CH ours, and flipping does not help the situation.

    As for Satmar and goyim doing it instead, well, this is where our community is failing. We need to find a way to make sure houses that come on the market are sold at a fair price, to Anash.

    Go flip in Park Slope or on S Marks – you’ll do better and who cares about the people who will pay more there – as it has been said "Why did Hashem create the goyim? Someone has to pay retail!"

  • Shimshon Stock

    My Dear Friends:
    Last week I sent out a letter regarding a very serious issue.
    Unfortunately people have gotten sidetracked
    and have been voicing old alleged complaints.
    This was not my intention – past is past – and we MUST concentrate on fixing whatever we can for the future.
    Let’s try to work together – one simple solution is to NOT BUY from flippers. They cannot hold onto more than one or two houses at a time.
    gut Shabbos my love to you all!
    Shimshon

  • Anonymous

    To All Readers And Commenter’s:

    A Gutten Erev Shabbos, as you can see I have had some of the comments edited, the reason being that names are not necessary to be published.

    I received numerous phone calls from people named begging to have their names removed as they weren’t true, or named people that have long passed.

    I ask of you all; please keep the comments clean on this unclean subject. I will not be approving any more comments.

    A Gut Shabbos,
    Webby.

  • I Agree

    A Flipper takes advantage of the seller wrote:

    "It’s sheer nonsense written in a letter to the people of Crown Heights that has the level of intelligence of a three year old."

    I’m sorry to say, but your letter also had the intelligence level of a three year old. You have the right to disagree, but try to resist making a complete fool out of yourslef when doing so.

  • A Flipper takes advantage of the seller

    To I agree Shlucha770@gmail.com,

    Why don’t you make your point as opposed to just screaming and crying. If you think I am wrong then point out why you think I am wrong. Don’t just say I am wrong without giving any reasoning.

    You don’t seem to be that bright, so I really shouldn’t pick on you. After all its not your fault.

  • fraida

    its truly unbelievable.
    my husband and i bought a house in crown heights for top dollar hoping that when our children get married we can give them the house as a gift and believe me thats everyones wishes. we bought the house put tonz of money into it so that we can rent it out and try to cover our mortgage. we had tenants that moved in Mordechai Friedman and his wife and they lived in the apartment for ten months without paying a dollar rent plus they massared on us in court that we have illegal basement (wich between me and you everyone in ch who ownes a home has) We reached out to the community for help, because if the building department would come down they can check the whole block and then the community. from a whole community there was only one family friends of ours that spoke to the friedmans to tell them what they are doing is totally against hallacha and they told them according to the torah a mosarer is bad. where was the community then. unfortunately my husband and i were forced to selling our house. we lost so much money and owed family and friends plus the bank from the story. just our lawyer fees cost us thousand of dollars.
    you call that flipping a house?
    i call that chutzpah on the community for allowing such a thing to happen to someone in the community.
    yes we sold the house and we never yet recieved one dollar from mordechai friedman and his wife who lived there on my husbands sallary
    so what does the community have to say to that?