House of the Day: 296 Degraw Street
One thing’s for sure: This one-family house at 296 Degraw Street would not have been listed for under $2 million a few months ago. The charming four-story brick building has lots of original charm as well as renovated bathrooms and kitchen. To top it off, it has its own garage, something that really matters in…
One thing’s for sure: This one-family house at 296 Degraw Street would not have been listed for under $2 million a few months ago. The charming four-story brick building has lots of original charm as well as renovated bathrooms and kitchen. To top it off, it has its own garage, something that really matters in this part of town. The current owners paid $1,595,000 for the house in 2006 so, assuming they were the ones who did the recent renovations, they’re unlikely to make a whole lot of dough given the current asking price of $1,900,000. That said, we bet they will get pretty close to the asking price, even in this environment.
296 Degraw Street [Brown Harris Stevens] GMAP P*Shark
“The only price that makes sense is if mortgage payments are less than or equal to equivalent rents.” – IronBalls
Fair enough, however…
… a 3 bed 2,000sqf rental on 4th Place/Clinton is asking $6k a month. Plus $150 a month for parking.
Lets say $1.8 million. A 30 year mortgage with 25% down would cost roughly $9k a month.
So it’s higher than a $6k rental, but it’s also a lot closer to transportation, many would consider Degraw more desirable than Clinton/4th Place. And you get your own parking. and you own as opposed to rent.
Using your metric of mortgage close or equivalent puts the Degraw house pretty close to satisfying that. Drop $100k or so, to about $1.8, and you’re right at that metric.
“It’s all over” refers to rapid price appreciation.
The only price that makes sense is if mortgage payments are less than or equal to equivalent rents.
There’s nothing wrong with buying a house. There’s A LOT wrong with paying twice what it’s worth because market prices haven’t yet fallen back to earth.
No, my argument is not a joke. Regardless of the market people still get paid. More when it goes up, but they still get paid even if it goes down.
You are right, millions of people are losing jobs, but not everyone. Right wrong or indifferent there are people who prosper no matter what, and some people/businesses prosper even in recessions.
Sure the economy is in bad shape, but not every citizen of this city or country is in exactly the same boat.
My argument is this, YOU may not want it or find value in it, but I have no doubt that SOMEONE somewhere does see value in it and does want it. Will it go for asking? Probably not, I’m just saying that this “it’s all over” ranting is not necessarily an accurate depiction of everyone in NYC or the USA.
ZEE sky is falling again, an overpriced brownstone, good lord help us all. We are doomed we are doomed. What a bunch of pansies on this site try living in Cleveland or fucking Indiana that is where the fucking sky is falling. Fuck.
Christopher,
Is your “commission argument” a joke? MILLIONS of Americans have lost their jobs in the last year — MILLIONS. Along with the stock market tanking, retirement accounts have been slashed in HALF.
NYC happens to be the financial capital of the world. Ummmmmm. . . we’re screwed.
Only a complete and utter moron would pay much over one million for this house in this economy.
It doesn’t matter if they have kids or whatever. It would be INSANE to pay anything remotely near asking price.
I could afford this house, but instead I’m renting a much nicer place somewhere else for much much less than a mortgage payment would be on this house. When asking prices drop significantly, maybe I’ll buy a place. But what’s the rush? We won’t see price appreciation in real estate again for years.
The game’s over even though Brownstoner is pretending it’s not.
And unlike the What, I’m not glad things are falling apart. I’m a landlord and personally stand to lose a lot of money. I’m just calling it like I see it.
It’s adorable, I just think it must suck to live through renovations and then sell. Doesn’t look like it was renovated as an investment… the bathroom is too distinctive. (Which I like.)
Will it get asking? I don’t know.
Does it have zero value like sam said? No, not even close.
What people, like IronBalls, fail to remember is that even if the stock market is falling traders still get paid per transaction. Even if it’s all sell off someone is making a commission. And then there are the lawyers doing closings (sales were up in December) and foreclosures, doctors, etc.
No matter what shape the economy is, or has ever been in, someone always makes money.
Someone out there will see value in this building. That is why Brooklyn Heights, Cobble Hill, Carroll Gardens, etc have been pretty decent neighborhoods overall, throughout numerous downturns.
Someone with a few bucks in cash, a kid or two at school age, maybe a car, will find value in this and pay pretty close to asking.
My .02
ironballs is right.
things are down the toilet.
right now this house has close to zero value.
I think we need to fasten our seatbelts.
B’stoner sez:
“The charming four-story brick building has lots of original charm”
Gee…guess it’s really CHARMING.
Time to invest in new thesarus!