vinnie_barbarino's Profile
Author's Posts
November 3, 2009
Mortgage Questions
Hi,
I was hoping someone can help. I am bidding on a 3 family 4 floor unit but plan to occupy the triplex and rent the garden apartment. The property is solid but needs a $200k renovation - new 2 kitchens, 3-4 bathrooms, new wiring, flooring. How should we pursue the mortgage?
Here is are the stats: -
- looking to close on the property at $1.1M
- want to place 25% down payment ($275k) which will leave a mortgage of $825k.
I already have a commitment from my credit union for $950k+
Question is how should I go about financing the renovation? Do I have to take a $1.15M mortgage - would I need to put more money down?
Thanks!
November 16, 2007
Property Tax Variations?
I've been looking at houses and noticed that property taxes have varied wildly from $3k -$8.5k year for a four floor brick/brownstone. Why? Some of these houses were poorly renovated or not renovated at all yet were assessed very high taxes. What determines the tax rate?
November 7, 2007
Cost for converting a 4 family to 3
We are looking at buying a four family brownstone and converting the garden and parlor to our apartment. In order to do this we will want to add a private staircase to connect the garden to the parlor floors, as well as a new kitchen. Any idea how much this would cost? Not looking for a high end renovation.
Thanks...
Author's Comments
Not good that only 1 of 4 sold. The sunset park sold because it was priced right.
I think the 8th Street house had a contract that fell apart. $799k is still too expensive since the smaller Ditmas Park asks are falling to low $800s. Meanwhile the modest houses in Kensington on the other side of Ocean Parkway are now below $600k.
Posted by: vinnie_barbarino at September 4, 2009 5:20 PM in response to Open House Picks: Six Months Later
and Toll Brothers will be building a mixed income condo community by 1st and 2nd Street? This is crazy!
Posted by: vinnie_barbarino at June 15, 2009 9:49 PM in response to More Gowanus Goop
This is a good example why the real estate market is in trouble in Brooklyn. You pay $1.5 - $2M for a building. After putting down 20-30%, you end up with a $7500-8000 mortgage, struggle to get a tenant at over $3.5k/month and still end up with only half the building and an outrageous mortgage.
Posted by: vinnie_barbarino at May 7, 2009 1:09 AM in response to House of the Day: 433 Pacific Street
Adam,
The big problem is that for a multifamily I have been quoted that I need to put down a minimum of 35% downpayment despite a good salary, credit history etc.
Despite what other people on this blog are saying, I think this is going to put a lot of downward pressure on prime Brooklyn, since most people will need to put down $400k minimum on two or three family home. Unless somoeone is trading up with a huge windfall, how many people will be able to drop so much money on a house during these uncertain times.
Vin
Posted by: vinnie_barbarino at March 24, 2009 6:21 PM in response to Last Week's Biggest Sales
Bad timing for the Sackett Street house. The Sackett Street house has a nice reno, but why would anyone spend nearly $3M to be 2 blocks from the projects and zoned for PS 32 - not a great school. This house is not off of Clinton Street. The sellers or folks at Corco need to cut the price considerably. It is overpriced by nearly a $1M.
Is the Vanderbilt house really in Windsor Terrace> it is on the Greenwood Cemetary side of the Prospect Expressway.
Posted by: vinnie_barbarino at March 20, 2009 1:44 PM in response to Open House Picks
The WT house is way overpriced. It appears that the owner bought at over a million in 2006 and then did a renovation. $1.5M for 2400 square feet. In this neck of the woods, it should be $1.2M tops.
Posted by: vinnie_barbarino at March 13, 2009 6:53 PM in response to Open House Picks
The Warren street house was a disaster. It needed a gut reno plus it was only 35 feet deep.
Posted by: vinnie_barbarino at March 13, 2009 12:56 PM in response to Open House Picks: Six Months Later
Chicagoan is right. Lobo is a drink and snack place.
The food is really not great. California Tacqueria and Buddy's have better food.
Posted by: vinnie_barbarino at March 11, 2009 7:10 PM in response to Brooklyn Food & Drink Round-Up
Chicagoan is right. Lobo is a drink and snack place.
The food is really not great. California Tacqueria and Buddy's have better food.
Posted by: vinnie_barbarino at March 11, 2009 7:10 PM in response to Brooklyn Food & Drink Round-Up
Very interesting that Murdoch is expanding to micronews/blogging space. He must have gotten it for slightly less than the WSJ since ad budgets have gone down the toilet ;-)
Posted by: vinnie_barbarino at March 10, 2009 6:11 PM in response to BREAKING: Murdoch Buying The Brooklyn Paper!
11217,
Prices don't drop that quickly. If these properties were bought recently at a high, owners are typically reluctant to sell at a loss, unless they must move. This is why real estate prices aren't as volatile as stocks or commodities. This is going to take years to sort out.
Vin
Posted by: vinnie_barbarino at March 6, 2009 5:33 PM in response to Open House Picks: Six Months Later
Beware. It is a scam. I have a friend whose former brother-in-law was in this business and I know that it is a racket. They try to con you into buying flu parts and mason work. I don't know why you'd need a chimney sweep for natural gas.
Posted by: vinnie_barbarino at March 3, 2009 10:55 PM in response to Chimney Sweep for Gas Boiler?
DIBS and LincolnLimestone,
Real estate prices are a function of the wealth and high paying jobs in a given area, as well as housing supply and demand. In 1987, 2008 and every broad based recession (1973-1981), wealth declines and housing demand falls over time as high paying jobs leave the city.
What's important is that this is a broad scale recession affecting the number of high paying Wall Street jobs and a tremendous reduction in everyone's wealth. Housing prices aren't going to go through a quick correction, like the stock market. They will fall over time. It doesn't matter that the early 1990s had strong stock market gains, because Wall Street didn't add many jobs.
I don't know how much, but expect prices to decline for the next few years, not months. Not trying to be hysterical about this, but this is going to take years to work itself out.
Vin
Posted by: vinnie_barbarino at March 3, 2009 1:50 PM in response to Brownstones, Co-ops Outperformed Condos in Q4
After the 1987 Stock Market crash, real estate in NYC hit bottom in 1992. It should be a long slow decline that will take years, not months.
Posted by: vinnie_barbarino at March 3, 2009 10:18 AM in response to Brownstones, Co-ops Outperformed Condos in Q4
Is this house empty?
Posted by: vinnie_barbarino at February 24, 2009 1:49 PM in response to House of the Day: 657 East 24th Street
vinnie_barbarino wrote a review about Tini on February 5, 2009 4:46 PM
This is a great little place. The food is high quality and it is a good place to have a small meal with a friend. It is quiet and comfortable.
vinnie_barbarino wrote a review about Tini on February 5, 2009 4:46 PM
This is a great little place. The food is high quality and it is a good place to have a small meal with a friend. It is quiet and comfortable.
The mongabay article is about metro areas, not cities: New York-Northern New Jersey-Long Island, NY-NJ-PA
There aren't any other cities in the US that can match New York's transportation infrastructure and carbon footprint. If people in NYC drive it is if they have a commute to the suburbs.
Posted by: vinnie_barbarino at January 29, 2009 7:04 PM in response to House of the Day: 370 Clinton Street
People seem to think that markets react very quickly like the stock market. People forget that it took over 4 years for the city to hit bottom after the 1987 Crash. IsnIt will happen again now.
The thing is that the flipper market is dead and all recent buyers are now stuck with a small loss since the financial meltdown (say 5%). Most people are waiting it out. Give it some more time and people will be forced to sell due to relocations, divorces and job loss. The average person moves within 5-7 years in the US.
Sad to say that this is a natural phenomenon. However, home prices increasing 20%+ year is not natural in the long rrun.
Posted by: vinnie_barbarino at January 28, 2009 6:57 PM in response to Knakal: Supply, Not Demand, the Problem This Time
DIBS,
However there is inherently nothing kosher about produce.
The reason for the store to list Kosher on the sign is to let the religious know that they are stocking "non-traif" merchandise. Typically you would pay more for koshered meats or a store that is observant of the sabbath (closed on Friday sundown to late Saturday.)
If you've ever been to Rossman Farms on 3rd Avenue (and 26th?) and their Avenue M shop, you'll note that the two stores have similar prices and merchandise. The Avenue M store, which is located in the midst of Midwood is closed on the sabbath.
Vin
Posted by: vinnie_barbarino at December 29, 2008 6:10 PM in response to Streetlevel: Produce Market for Myrtle
Sebb,
I saw them unloading Wolf and Subzero appliances for the 3rd street property. I would assume that they did a decent job.
However, regardless of the quality of the reno, this property is going to sit at this price. The building isn't over 40 feet long and its location by the corner of Smith and 3rd Street is noisy. It would be better to buy a 3 story property on a place block and not deal with the rental.
Vinnie
Posted by: vinnie_barbarino at December 19, 2008 5:54 PM in response to Open House Picks
vinnie_barbarino wrote a review about The Moxie Spot on December 18, 2008 1:07 PM
The food is okay, but remember this is a place for kids to play. The service is so so at times, but getting better. The owners are really nice. It is a place where you can go with your family, let the kids play games, do art etc. and you can have a conversation with your partner. I don't think that there are many places that are like this. Chuck E Cheese is noisy, annoying and the food is worse.
Sebb,
I wasn't being negative. I think 83 Woodhull, which needed work, was asking $1.55M after a price cut. Not sure if it sold. Another house on the block was sold for a similar price. This house can be fixed up, but considering its location, is still expensive. To spend $1.8M,add $200k in improvements, and live less than 200 feet from the BQE is not a good deal.
The former CG Bstoner 36' HOTD on 2nd Place is a better deal at $3M. A far better block. More rental income and upside.
Posted by: vinnie_barbarino at December 17, 2008 7:33 PM in response to House of the Day: 87 Woodhull Street
It is also between Henry and Hicks near the BQE - not optimal. A few houses on this block sold during the last year for less than $1.4M.
Posted by: vinnie_barbarino at December 17, 2008 1:50 PM in response to House of the Day: 87 Woodhull Street
The 2nd Place building is a case where the owner really has unfortunate timing.
If a 34ft building is overpriced at $3.1M on a really special block, then how much should a 25ft, 20ft or 18ft brownstone go for?
Posted by: vinnie_barbarino at November 7, 2008 8:43 PM in response to Open House Picks
The photo is gross!
Posted by: vinnie_barbarino at October 15, 2008 6:12 PM in response to Closing Bell: Mmmmmmm, Pig Roast
The picture should include hipsters wearing gas masks or nose plugs. The area near the canal stinks.
God help the suckers who buy these condos.
Posted by: vinnie_barbarino at September 11, 2008 9:30 AM in response to Toll Brothers' Gowanus Rezoning Certified by DCP
The owners are in their late 70s. If they were doing renovations, I'm not sure that they would be fancy upgrades. Still it looks to be a great house. I'm curious why they didn't try to sell the place.
Posted by: vinnie_barbarino at July 23, 2008 2:29 PM in response to Foreclosure of the Week: 445 East 19th Street
I agree. I can understand that prices should be higher in the city because of the cost of real estate and transportation expense but they are ridiculous. I bought flowers there and paid on average $6 to $10 a plant.
Posted by: vinnie_barbarino at July 17, 2008 5:49 PM in response to Brooklyn tree nurserys are rip offs
11:03 is right. The retail on Smith Street continues to decline as the rents rise. The recent wave of stores (Starbucks, Lucky Jeans, Amazon Cafe) are for most part, very lame. Looks like this will continue...
Posted by: vinnie_barbarino at July 1, 2008 3:53 PM in response to Closing Time on Smith Street; Redevelopment Comin'
I saw the Rapeleye house when it first went on the market. The building needs work. It is also not in a great location across from the school and near the entrance to the BQE. Still it is not a bad deal.
Note that the house next door was sold last year for $1.75M after a substantial reno.
Posted by: vinnie_barbarino at June 13, 2008 8:45 PM in response to Open House Picks
Use a snake. Drano eats through hair by burning it which will affect your pipes. I unfortunately had a costly repair in my bathroom due to drano. It deformed the pipe and we had to break through the tile to fix the pipe.
Posted by: vinnie_barbarino at March 11, 2008 8:45 PM in response to Vinegar / baking soda vs. Drano?
Brooklyn Bread is not so bad. Yes, the service is very very uneven. However, the sandwiches are actually very good. Italian style tuna, fresh mozzerella etc. on homemade whole wheat Italian bread.
The bagels are really cibata rolls. I'm not sure if there is anything like this on 5th Avenue now.
Posted by: vinnie_barbarino at December 5, 2007 9:01 PM in response to StreetLevel: More Bread, Brawn on 5th Avenue
Thanks for your comments. I wasn't clear with the post. I would keep the property as a 4 family. My concern is how expensive and risky it is to add a staircase.
Thanks
Posted by: vinnie_barbarino at November 9, 2007 1:36 PM in response to Cost for converting a 4 family to 3
I saw that place in CG. It was a decent 4 story 20 x 45 house. The bottom duplex was in good shape.
To be honest, it is not a bad deal. They were asking $1.55M. Most 3 story houses are now asking for $1.3-1.5 - even some on the other side of the BQE!!!!
Posted by: vinnie_barbarino at October 29, 2007 11:05 AM in response to Rent-Regulated Tenants: A Boon for Buyers?
7:39:
Note that Cobble Hill and Carroll Gardens are a fraction of the size of Park Slope. PS 29, 58 and 146. BH has 261 too
Posted by: vinnie_barbarino at October 26, 2007 8:13 PM in response to Open House Picks: Houses
I have exposed beams in the living room in my garden floor in CG.
The last tenant removed the tin ceilings in order to open up the room-- the landlord was not happy! This floor is only 6' 6' high so it was kind of helpful in making the room seem more airy. I do not have any problems with dirt. The only problem is that there is no material that serves as sound insulation to the bedroom above.
Posted by: vinnie_barbarino at October 24, 2007 1:10 PM in response to Video: Exposing the Wood Ceiling Beams
Seems like there is still a very tight market. DeGraw street house is on the the other side of the BQE and the Butler house is near the projects. Yet the discounts are minimal.
Should be interesting what they get for these properties.
Posted by: vinnie_barbarino at October 19, 2007 1:35 PM in response to Open House Picks: Houses
Right now there is a huge shortage of convenient rooms below $200/night near a subway. The Holiday Inn by 4th Aveunue is so overbooked that I last got a quote of $279/night.
Posted by: vinnie_barbarino at October 18, 2007 11:43 AM in response to Hotel Le Jolie Checks Into The Burg
Overpriced. Should be around $650k. I had a friend who just bought a very nice similar house (same size/layout) on the other side of Ocean Parkway for $637k a few months ago. This is still West of Coney Island Ave.
Posted by: vinnie_barbarino at October 17, 2007 2:49 PM in response to House of the Day: 328 East 7th Street
I agree with 1:59. This is a nice house and good renovation. However, the area near Brooklyn College is really a step down in comparison to prime areas in DP.
My question with this area is how it will hold up in comparison to other areas in NYC near a subway like Forest Hills. This house in Forest Hills (not FHG) would be $200k or more. FH has more solid schools though. Wonder what this would be in Bay Ridge by PS 185.
Posted by: vinnie_barbarino at October 16, 2007 3:56 PM in response to House of the Day: 795 East 19th Street
The Midwood house is actually quite expensive when you consider that it is nearly $600 a square foot - approaching PS, CG, BH prices. Not a bad place, but it is half a block from Foster Ave (not great) Most other houses that are 1.3-1.5M are between 3-4000 sq feet.
Posted by: vinnie_barbarino at October 12, 2007 2:03 PM in response to Open House Picks
2:01 PM:
Carroll Gardens is south of DeGraw.
Posted by: vinnie_barbarino at September 26, 2007 2:06 PM in response to House of the Day: 273 Baltic Street
Price is still too high. Should be around $300 a sq/foot = $825-$900k. Nice building but not near any yuppie amenities, schools or parks.
Posted by: vinnie_barbarino at September 20, 2007 2:36 PM in response to House of the Day: 1265 President Street Reduced
Responses to Author's Forum Comments
I agree with most of the posts... When they call you it’s usually a scam. However, dirt accumulation in your chimney usually is not a result of you having gas or oil boiler. In most cases it’s because the chimney is old and going through a process of erosion where the loose bricks and cement particles break loose in the chimney and block the passageway.
I recommend that you at least get the chimney expected or clean to make certain that your chimney is not blocked.
You can call me at 718-953-2836 for more info.
Andre
A&A Chimney & Fireplace Co.
Honest & Reliable
Posted by: aafireplace at July 20, 2009 10:11 PM in response to Chimney Sweep for Gas Boiler?
I saw this place a year ago. It went to contract and the buyer couldn't get financing. The place needs a lot of reno dollars - probably $200-300k. The question is whether someone would want to pay $1.5-1.6M with a renovation for this location. I don't think so.
Assume that this should be $1.3-4M with the reno and get a 2600 sq ft apartment with $2000 in income, so this place should come in at $1M-1.1M tops.
Posted by: vinnie_barbarino at November 18, 2009 12:00 AM in response to House of the Day: 121 Rapelye Street