House of the Day: 163 Maple Street

Today’s House of the Day, a limestone at 163 Maple Street in Prospect Lefferts Gardens, comes with an unusual stipulation. It is a “life estate sale,” which means the current owner will live in the house and pay .4 percent of the purchase price in rent every month “until she moves on,” in the words of the agent. She is 100 years old, he said.

The house was designed by Axel Hedman in the Neo-Renaissance style and seems to have all its original details as well as upgraded kitchens and bathrooms. There is plenty of elaborate wood work, moldings, parquet floors, pocket doors and original mantels.

If the house sells for the full $1,600,000 ask, the buyer will receive $6,400 a month in rent until the end of the life estate. What do you think of it?

163 Maple Street [Fillmore] GMAP

13 Comment

  • If the monthly rent is 4% of the purchase price the figure is off by a factor of 10; 4% of $1,600,00.00 is $64,000.00 /month, which seems unlikely. Perhaps the monthly rent for the life of the owner is actually 0.4%?

  • This type of sale is pretty common in France, but I don’t know that I’ve ever seen it in this country. Is it eligible for bank financing here?

  • I love that block. Beautiful place.

  • Hey, I’m the broker.

    It is .4% of the purchase price which would equate to $6,400 a month and they’d pick up the utilities. It is a very unique and sensitive situation for obvious reasons. 160 Maple Street closed last year for $1.670, basically the same house, it is a weird situation but over a years time you’d collect $76,800. The house is pristine, no original detail has been damaged or removed and they upgraded all the electric, plumbing, roof, water heater and boiler about 3-4 years ago as well as the kitchen and the four baths, totally turn key. This is only the 2nd owner of this home. We’ll be there tonight from 6-7 & again on Sunday from 1:30-2:30 I normally don’t comment on my listings that are picked as HOTD but because this is such a unique scenario I feel the need to interject and answer any questions that may come up. You can reach me via email louisbelisario@fillmore.com

    Thanks!

  • I’m sure I’m missing something obvious but why wouldn’t the owner opt for a reverse mortgage? That way, she’d be enabling her heirs to sell at full market value come the time…

  • 0.4% a month… so that’s 4.8% annually. between mortgage, insurance, taxes, maintenance and other miscellaneous whatnot, sounds like you could end up out of pocket as long as grandma stays in your new house. might need to sweeten that deal a bit.

  • I think this is great – I’ve only heard of these types of sales in France – quite common and called “Viager” – and there are various types. I didn’t know one could do it in the US. V. cool. Are there any others out there in the NY RE market????