Open House Picks: Six Months Later
Comment: Wonder what the deal with that transfer on Vanderbilt is. Open House Picks 10/30/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Wonder what the deal with that transfer on Vanderbilt is.
Open House Picks 10/30/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
I see what you are saying, housebywe, about the $900,000 buyers.
In our own renovation, the structural and mechanical issues turned out to be the cheap and easy changes. I wouldn’t want to get into correcting lots of layout/SRO changes or putting in new baths and kitchens.
One factor to consider re: Stuy Heights area and inventory is that many homeowners have lived and owned in these buildings for several generations. When they eventually do sell (not very often), these houses inevitably need renovation. As we all know, it takes planning and vision (and $) to update while preserving the charm. That generally leaves inventory with two animals: the unfortunate-but-all-too-common cheap flip and the old beauties saturated with elegant detail but in need of all new plumbing and electric (roof, SRO issues, etc). Rare indeed is the elegant Stuy heights area townhouse that comes to market ready to move-in except for a cosmetic lift here or there and maybe a kitchen/bath reno that many buyers are eager to undertake. Give me that house and I will wear it in my heart’s core, nay in my heart of hearts (for about 1M).
Mopar, not really. It’s supply and demand–we have had two buyers looking to drop $900K on the right balance of detail and size in Stuy Heights area for over a year. These houses dont come to market often and, when they do they are priced unrealistically into the 1.1-1.2M range. Give us one for under $900-ish in the right condition and it should move.
BHO….You’ll never buy a house if you think that they will sell for 10x rent roll. NEVER. NEVER. NOT IN NYC.
Additionally, you can’t seem to figure out that the cap rate has something to do with the prevailing interest rates for an investment property.
“How much longer do we have to wait?”
A fraction of the time you’ll have to wait before you see peak comps again.
“You’ve been singing that song for almost three years now!!!”
Stop cheating! Clock started post Lehman, late ’08. 1.67 years. PreLehman, I was calling the stock market.
***Bid half off peak comps***
Re: Macdonough east of Malcolm.
670/3 = $223,000/year, median income including rental?!
670/(10×12) = $5,583/mo, total rent collected?!
People wanna talk about low, allowed inventory but not about the growing, shadow, non allowed (for now) inventory / warehoused, off balance sheet defaults that will inevitably hit the auction block or get vultured for all cash for 62.5 cents on the dollar (still comps).
Fundamentals (see above) win everytime.
***Bid half off peak comps***
You’ll see.
***Bid half off peak comps***
How much longer do we have to wait? You’ve been singing that song for almost three years now!!!
‘farm – I think you misunderstand me. Comps are pure and preferred. But in their absence or inconvenience, ask history is the next best thing in the overwhelming majority of cases. Asks tend to rise/fall with comps.
“What is the case in Bed Stuy is that there is VERY LITTLE inventory in the nicer sections and people who can’t afford to pay over $1MM to live in Ft greene/Clinton Hill are coming here.” – DIBS @ 3:16
There is low price. And then there is value. Neither are connecting in this case when you consider rent roll (even if it doesn’t fall) and/or median neighborhood income (even if it doesn’t fall). The effects of the credit expansion/hyperinflation are still in that price. Credit contraction, debt defaults and foreclosures will most certainly purge 37.5% of this comp right through that ’04 figure. Inventory is on the way up and will BE way up. You’ll see.
***Bid half off peak comps***
We are seeing increased hipster renter activity in very far East Bed Stuy. Including two beautiful girls walking around with a pet rabbit and talking to everyone.