House of the Day: 19 3rd Street
This four-family house at 19 3rd Street in Carroll Gardens changed hands for $1,235,000 in 2007 and is now back on the block for $1,645,000. The exterior is very charming, but unfortunately it looks like the process of carving the house up into four apartments has had deleterious effects on the original integrity of the…
This four-family house at 19 3rd Street in Carroll Gardens changed hands for $1,235,000 in 2007 and is now back on the block for $1,645,000. The exterior is very charming, but unfortunately it looks like the process of carving the house up into four apartments has had deleterious effects on the original integrity of the interior, though it’s hard to make sweeping generalizations based on just two photos. Think this could make sense for an owner to occupy or will it trade as a pure investment property?
19 3rd Street [Syrett] GMAP P*Shark
It is a legal 4 family. I know this from the last time it was sold.
There’s a bit of an issue regarding the rent roll, as it counts a fourth, illegal apartment.
maly- indeed there are mortgages for what you describe (confirmed in acris). i would probably assume they spent the full amount, but it is possible that it is a wholly or partially unused heloc.
at any rate it doesn’t matter. i don’t think an investor will do anything other than look at the rent roll and apply a cap rate or multiple based on his/her view of the market and ppty.
if the rent roll described above is real, then i’d say this owner has at least a decent chance of making the bank whole, though i think it unlikely s/he will escape with anything more than a rescued credit rating.
BH, is Property Shark wrong on 19 3rd street? I see a 3-family with a DOB violation for work and demo without a permit, and a grand total of $1,645,000 worth of loans. It looks like the current purchasers bought a 3-family for $1.2M with zero down, borrowed another $400k to convert illegally to 4 apartments, got caught by the DOB and are now trying to sell for what they owe.
There is a clothesline ladder in the back of the yard, Im sold.
Small question, just ’cause I’m curious about opportunities like this – $3k for water???
here is link from when was HOTD back in 2006.
http://bstoner.wpengine.com/brownstoner/archives/2006/06/house_of_the_da_162.php
Of course it makes sense. Every time a house changes hands it ALWAYS goes up. You could buy this tomorrow, sell it a week later and add 400K. Eventually this house, nay ALL houses in Brooklyn are going to be 50 million each. Real estate in this city never goes down. Guaranteed. Just ask anyone on this board. Once the economy recovers and they hand out alt-a and no doc loans again every house here will double in value every night at midnight. Everyone in the country wants to live here, and eventually they all will. Then what will we do?!
Yet another ridiculously priced house with greed at the root of the sale, and as long as there are stupid buyers who will pay these prices (and default on them later) no sanity will exist in this borough. If it burned tomorrow how much could it possibly cost to rebuild. Ridiculous.
Good catch, BoerumHill.