Cendrillon was delicious, the atmosphere cozy, and the owners so friendly. Can't wait to trek over to Ditmas Park for hopefully more of the same.

Posted by: sharpg at November 10, 2009 3:58 PM in response to Purple Yam Opens Today

blilly3- Have been looking at the possibility of a TIC myself, so my most pertinent advice to you is this: at $1mil price, you're looking at minimum 25% downpayment as well as the 1% mansion tax added to your closing. Liquidity is everything in NY, unfortunately. (at least unfortunately for me)

Posted by: sharpg at October 6, 2009 3:36 PM in response to Buying 3-Family w/ 2 Others

wine lover- We would only want a yard, but have found that the interior space is usually too small for 4 people. It's been struggle... we've been looking since February.

Posted by: sharpg at September 29, 2009 5:55 PM in response to Tenancy in Common

h t- Email me at sharpg@live.com so we can discuss. Thanks.

Posted by: sharpg at September 29, 2009 2:28 PM in response to Tenancy in Common

Interesting ideas, thanks all!

Posted by: sharpg at September 29, 2009 1:59 PM in response to Tenancy in Common

*rob*- Yes, it's really difficult for us to imagine leaving Park Slope... we've made many connections here, esp. since our family lives elsewhere. It's just frustrating to see the prices soar out of our reach, and think about the ridiculous amount of money we've spent on rent and made someone else rich. We're doing what we can.
Deda- Thanks for the insight on the financing. I'm thinking being an LLC and therefore pooling our resources will hopefully help us get through it.

Posted by: sharpg at September 29, 2009 1:18 PM in response to Tenancy in Common

cmu- my email is sharpg@live.com. Would love the lawyer rec and any other advice you have. Thanks!

Posted by: sharpg at September 28, 2009 5:13 PM in response to Tenancy in Common

We looked at this place as well and found the work a bit shoddy. We could look past it if it was all cosmetic, but make sure you look at the roof deck with the standing water beneath it, and the basement with the water damage in places and the make-shift "insulation" on the pipes. According to one of the agents, the developer usually works in lesser-income neighborhoods, which would explain the cutting corners. However, with all that said, I would assume that a good inspector would find any real problems, so good luck with it all if you choose to go forward.

Posted by: sharpg at September 1, 2009 4:35 PM in response to Park Slope - 353 6th Street

iwannabrownstone, just an idea, but do you think the RE agents are using a strategy of list at the low and then when they get a bite, re-list at the high?

Posted by: sharpg at August 28, 2009 9:35 PM in response to How to buy a house?

My slightly educated opinion-- I agree with StuyMom-- check out Windsor Terrace. The prices are coming down on the houses much faster than Park Slope (will PS ever really come down??), and it's on the F line. Good luck!

Posted by: sharpg at August 25, 2009 7:51 PM in response to what to do with all this equity?

Brownstoner-- The New York Transit Museum Day is actually on Saturday, SEPTEMBER 26.

Posted by: sharpg at August 24, 2009 4:27 PM in response to Weekday Events

It's stories like that that make me love NY... thanks John.

Posted by: sharpg at July 23, 2009 2:49 PM in response to The Whistler of First Street

Saw these a few months ago and agree with previous posters: completely useless layout for anyone with children or wanting privacy at any time. Hubby saw the basement, which was a completely raw space. It did have a window at the back, which could be changed for a door to the back yard, so the deck off the kitchen could be removed to preserve the backyard space.(big run-on) But, seriously, for the price, it's insane how much work would be needed to make it livable, so you're not tripping over your children. Looked it up on property shark, and the owner paid way too much for it to be able to do any real renovating, like $2.5m, I think.

Posted by: sharpg at June 10, 2009 4:24 PM in response to Condos of the Day: 707 Carroll Street

I agree with all other posts... modern would be a great mix to the traditional. Drive the point home with a deep modern color on the walls to contrast with the beautiful moldings and maybe large, yet traditional chandelier/ lighting for even more contrast. Good luck!

Posted by: sharpg at April 11, 2009 12:28 PM in response to decor advice needed-dining rm

Thanks for the recommendations, everybody!!

Posted by: sharpg at March 31, 2009 9:18 PM in response to good mortgage broker?

I've done this in NY but financing was tricky, the bank wanted only one of us on the mortgage, then both names went on the deed. It worked for us, but doesn't help your situation since on paper you have to be able to afford it individually, even if the partner is paying for half. Maybe you can find more flexible banks.

Posted by: Deda at September 29, 2009 11:08 AM in response to Tenancy in Common

*rob*, are you boycotting the OT? Please come back.

Posted by: CarrollGardened at September 29, 2009 11:45 AM in response to Tenancy in Common

*rob*- Yes, it's really difficult for us to imagine leaving Park Slope... we've made many connections here, esp. since our family lives elsewhere. It's just frustrating to see the prices soar out of our reach, and think about the ridiculous amount of money we've spent on rent and made someone else rich. We're doing what we can.
Deda- Thanks for the insight on the financing. I'm thinking being an LLC and therefore pooling our resources will hopefully help us get through it.

Posted by: sharpg at September 29, 2009 1:18 PM in response to Tenancy in Common

I think you should talk to a good mortgage broker about this plan first. Going the LLC route may mean you're only eligible for higher commercial interest rates which will increase your monthly payment / decrease the price point you can afford. We had a good broker, who in the end recommended only one of us should apply, which got us an FHA loan with a smaller downpayment and a great rate.

Posted by: Deda at September 29, 2009 1:28 PM in response to Tenancy in Common

Also, if you do go the LLC route there is no need for the TIC, as the only owner of the fee is the LLC. From a cost perpective that is probably easier to accomplish than a TIC, but as noted you may not have access to traditional mortgages at FHA rates.

Instead of the LLC taking out a commerical mortgage, you could have each LLC member borrow individually, but again I would guess the rates will be higher.

Posted by: Boerumresident at September 29, 2009 1:52 PM in response to Tenancy in Common

Interesting ideas, thanks all!

Posted by: sharpg at September 29, 2009 1:59 PM in response to Tenancy in Common

My partner and I have been renting in Park Slope for 7 years and we've also been discussing trying to do TIC in the neighborhood. sharpq - how much would you be looking to spend on a building. and cmu - how much are you selling your duplex for?

Posted by: h_t at September 29, 2009 2:23 PM in response to Tenancy in Common

h t- Email me at sharpg@live.com so we can discuss. Thanks.

Posted by: sharpg at September 29, 2009 2:28 PM in response to Tenancy in Common

h_t: I'm beginning to think I got a low appraisal! But my ad said 740k for 45% share. 2 floor, 2 bath, 1400 sq ft.

You don't need LLC except for personal liability reasons, which may be chimerical anyway. TIC can be a private agreement between 2 or more.

Posted by: cmu at September 29, 2009 2:45 PM in response to Tenancy in Common

cmu - that seems like a reasonable price for the neighborhood, but unfortunately it's above our range!

sharpq - i'll be in touch! thanks.

Posted by: h_t at September 29, 2009 2:49 PM in response to Tenancy in Common