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January 30, 2008
Clinton Hill Four Family
The Subject? 242 Washington Ave:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1163417
I realize this property was house of the day'ed already but the comments got a bit off track from what I want to focus on, valuation. We were thinking of putting a bid on this place. Where would you come in? There aren't many comps on four family's in the nabe.
Thanks gang.
Comments
Start at 15% less than asking. This is pretty standard, unless you know there is a bidding war.
Posted by: guest at January 30, 2008 6:06 PM
With Minsky listings you need to go lower than 15% if that's actually a standard.
Posted by: guest at January 30, 2008 6:19 PM
I believe this house sold at $1.8m at the peak of the market in 2005. What improvements have the new owners done? If very few, I would come way down. Obviously, they will feel they need to get a premium on what paid back then but I would start at $1.9m and go no further than $1.95m. But who the f*** am I to tell you? Truly, you shouldn't be asking this question on an online forum. If you don't know what your budget is or what the house is worth to you, you're gonna get taken.
Posted by: guest at January 30, 2008 6:25 PM
^true.
Only problem I see is that current owners overpaid when they bought it at $1.787 in 2005. If on top of that they reno'd (did they?) then it might be tough to go too much lower, but you never know.
Posted by: guest at January 30, 2008 6:26 PM
"^true." referred to 6:19.
I think it's fine to ask an online forum. I've wanted to do the same many times before making an offer. It's a nerve-wracking process and it helps to get opinions from people who follow the market.
Posted by: guest at January 30, 2008 6:28 PM
theres another one on St James for 2.125M -three family I was considering what do people think? http://www.brooklynproperties.com/house149.htm
I like the four family mentioned above but like that this one has two duplexs in it..
would you still do 15% below or more?
Posted by: guest at January 30, 2008 8:40 PM
i would go 1.7 max on the place. you could find prices like this in park slope a better area. same goes for prospect heights.
Posted by: armchairwarrior at January 30, 2008 8:45 PM
2 things to consider when coming up with your price.
1) You can count on your taxes (already high)going up faster that 1,2 or 3 families.
2) You are not going to get a very good mortgage rate on a 4 family.
Should be discounted accordingly.
Posted by: guest at January 30, 2008 11:22 PM
you may want to do your homework on the propert itself. I called minsky several times and he said the backyard was 60' dee por so. It may very well be as of today, but be aware the fence was installed by the neighboring owner. 242's backyard is 30' or so too deep. It's only a 100' foot lot.
Posted by: guest at January 31, 2008 5:46 PM
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