New Contruction Rentals?

The days of 1 million plus homes in PLG are probably gone for now, maybe in a few years it will start again. The $800,000 Clinton Hill place has lots of potential, though it's currently set up as a strange three family (but only 2 kitchens?). Probably cost easily over $600,000 to renevate, so it's still a little pricey. Maybe at $500-600K it would be a good deal.

Posted by: LOL at October 17, 2008 1:37 PM in response to Open House Picks

And the ones that did sell, sold before the credit market seizure and plunge in the DOW. The prices that they got, though below ask, will likely seem like dream prices in another 6 months.

Posted by: LOL at October 17, 2008 12:48 PM in response to Open House Picks: Six Months Later

I live on this stretch of this street, and while it is busy (lots of traffic coming off the BQE and heading north), it's not so bad -- you just shut your windows in the morning when it's loudest from the trucks.

We also looked at renovating a similar brownstone (and we're not professional contractors) and found that it was going to be at least $200-300 p/sq/ft to do a basic, nice but not fancy, job. And, those were the estimates, so it proabably would come in on the high end of that.

If this place needs a real renovation, wiring, plumbing, kitchen, bathrooms, etc., figure it's going to be around a million dollars (at least) and a year to do it.

Posted by: LOL at October 14, 2008 5:06 PM in response to House of the Day: 156 Hicks Street

Foreclosures are an extremely trailing indicator.

Remember, the downturn in Miami and Phoenix started over 3 years ago, and only in the last year have the foreclosure statistics really spiked. The downturn in NYC and Brooklyn really started this year, so you wont see the foreclosure effect until another year to two. Maybe wall street will pull out by then and we'll be booming, but if not, as prices continue to drop around the city, the banks will start to reposses some of the homes that they own, and you will see a change in foreclosure statistics.

Posted by: LOL at October 3, 2008 10:03 AM in response to Third Quarter Report: Foreclosures Down in Brooklyn

What's the deal with making the F train an express to 9th street? Weren't they going to do that? That would really help the south slope / windsor terrace commute.

Posted by: LOL at September 10, 2008 11:12 AM in response to Is the Q Train the New L?

Beautifully done and a nice garden. Looks really narrow though. Also, at that price, you're probably going to be signficantly subsidizing your garden level renter, unless you're thinking the one bedroom is going to offset more than $2500 of your $10K monthly mortgage interest payment (plus heating, maintenance, etc.). That said, it's a beatufil renovated house, and so it will find a buyer, probably around the 1.7 - 1.9 range.

Posted by: LOL at September 9, 2008 2:04 PM in response to House of the Day: 293 Prospect Place

Wasder -- I'm not suggesting that he identifies the person by full name, just say "per buyer" or "per seller" or whatever. If it wasn't public before, that won't give anything away.

Posted by: LOL at September 4, 2008 12:50 PM in response to Open House Picks: Six Months Later

Mr. B --

It's fine if the source doesn't want to be Id'd. But, if that's the case, you should say so. If you're putting it up as a "fact," and nobody wants to have the "fact" attributed to them, that should be known.

For whatever it's worth, your blog has become a source of news, so facts without attribution, should at least be identified as such. Maybe just say "per anonymous tipster" if there is no attributable source.

Posted by: LOL at September 4, 2008 12:26 PM in response to Open House Picks: Six Months Later

Glad to see this feature is back. I think it's really helpful and interesting.

One suggestion, for those identified as "in contract," it would be good to identify the source (e.g., per broker, per seller,), since I don't think there are official records until the deals are closed. (right?) Also, maybe a date the contract was signed, since it could be anywhere between February 30 and Sept. 3, and it would be interesting to know how long it took to sell.

Anyway, thanks for bringing this back.

Posted by: LOL at September 4, 2008 11:50 AM in response to Open House Picks: Six Months Later

Wasn't there a foreclosure moratorium, or hold period? Or a planned one? What is the situation with that?

Posted by: LOL at September 4, 2008 9:41 AM in response to August Foreclosure Report: Queens Still Hurting, BK Better

A year or two ago, it didn't matter if the person "buying" the house could actually afford it. Banks didn't care. Now they do. People who really want to live in this area can't afford that price. People who can afford that price, generally don't want to live there. It will need to come down.

Posted by: LOL at August 28, 2008 1:37 PM in response to House of the Day: 1094 Park Place

No where near 50%, closer to 10% sold, some more in contract, but even counting that, still only about 30% --check streeteasy. Also, if they are counting the "affordable housing" component as part of the % sold or in contract, then they are really in trouble. On the upside, expect more parties to celebrate the building (and attempt to generate some sales interest).

Posted by: LOL at August 26, 2008 4:29 PM in response to Closing Bell: Top of the Toren

This property makes no sense as an investment (or any type of purchase anywhere near that price).

Sam, your statement that "One of the beauties of income producing properties is the depreciation write off and the other many write-offs one can take as owner." does not work for this property. These "write offs" such as depreciation are written off against taxes that you would pay on any profits from renting this building. Unless you could rent each floor through for $4000 a month, you have no profits to write anything off against --- after payment of mortgage and other expenses, you would be operating at a loss. Accordingly, the "beauties" of investments don't work here. No rational investor would get anywhere near this property at this price. Needs to come down by at least 40% before it starts to make sense.

Posted by: LOL at August 11, 2008 3:55 PM in response to House of the Day: 531 11th Street