Open House Picks
Park Slope 97 Park Place Slope Heights Sunday 1-3 $2,350,000 GMAP P*Shark Prospect Park South 1423 Albemarle Road Brooklyn Properties Sunday 12-2 $1,650,000 GMAP P*Shark Prospect Lefferts Gardens 201 Midwood Street Corcoran Saturday 1-3 $995,000 GMAP P*Shark Kensington 11 Kermit Place Douglas Elliman Sunday 12-1:30 $699,000 GMAP P*Shark
Park Slope
97 Park Place
Slope Heights
Sunday 1-3
$2,350,000
GMAP P*Shark
Prospect Park South
1423 Albemarle Road
Brooklyn Properties
Sunday 12-2
$1,650,000
GMAP P*Shark
Prospect Lefferts Gardens
201 Midwood Street
Corcoran
Saturday 1-3
$995,000
GMAP P*Shark
Kensington
11 Kermit Place
Douglas Elliman
Sunday 12-1:30
$699,000
GMAP P*Shark
8:23,
That is simply not true. You can get a mortgage on a house without a kitchen without getting a construction loan. Of course as with all mortgages these days, you must be credit and income worthy and the house must appraise. This house does however have a kitchen but it doesn’t have appliances.
Brenda, you’re killing me w/ those numbers, but back then the only bank I could go to was shaped like a pig, so I guess it doesn’t matter.
We bought a house 2 blocks from the one on Albemarle in MUCH worse shape, no working kitchen either, and infinitely worse location and almost no detail, and we got a mortgage.
Oh, wait, that was 21 years ago, and the mortgage was for $120,000.
Anyway, if they were asking what we paid for ours (I’m not telling, but we put 20% down), I’d take this baby on in a heartbeat! Basically, when I see a turret…I lose all reason!
The Albemarle Road house, I have not been inside but have driven by it many times and the exterior needs a complete over haul and that alone would cost you a min of $150K. I am sure this house is great and has the potential to be an amazing home.
But from the looks of the exterior and 2:51 posting, I would be more scared of the unknow! What you do not see cost more money then what you do see. Once you start a renovation on a grand home like this, you can’t stop and if you are going to do it you need to do it right. $$$$
Now if I am correct the other listing 2:51 saw was 169 Stratford. I saw this house when it was for sale maybe 2 years ago. Seems they spent a whole a lot of money on a kitchen that they are not going to get there money back on, come on a built in coffee, espresso maker. What do one of those things cost???
If the Albemarle rd house has no kitchen, house will not be appraised as habitable and therefore you CANNOT get a mortgage. You have to get a construction/rehab loan which are almost nonexistent right now. If you can find one, the rate will be horrible. Bid low and only if you have seriously perfect credit and are willing to deal with the whole thing falling apart.
FAR (an acronym for Floor Area Ratio) is one of the tools used by city planners to effect regulation the density of buildings. A particular zoning district may have an allowable FAR of, say, 2.5. That means that if you have a plot size of 20′ x 100′ (i.e. 2,000 SF) you would be allowed to build a building of 5,000 SF on it (2,000 SF x 2.5). Some portions of a building actually due not count toward this ratio; for instance, areas entirely below grade and mechanical areas on any floor. Thus, on that 20′ x 100′ site you could build a building of 6,500 plus cellar, if 500 SF of the above-grade space was devoted to a mechanical room. If you already have a 3,500 SF house on the hypothetical lot, you would be allowed to add 1,500 SF to it.
Of course, there are many other constraints (and loopholes, actually) on how much you can build: Height restrictions, lot coverage and rear yard depth limits, commercial overlays, quality housing incentives, etc. etc., so you can’t work out how much you are allowed to build solely based on the allowable FAR.
The difference between allowable FAR and built FAR is known as “air rights” when it becomes a marketable commodity. A developer who has assembled a development site may ask owners of contiguous properties (and even “contiguous” has some flexibility) if they want to sell their air rights to him so that he can build additional SF on his building. Of course the sellers will then give up their right to expand their own homes.
The going rate for air rights is anything between $80 and a little under $200/SF (or was pre-credit crunch when buying a vacant site was a bit over $200 per buildablesquare foot).
can someone please explain to me what FAR is, and how it is calculated, and what the value it is (or will be) to a person’s home/property?
thanks much!
Commenting traffic looks to have dwindled to 20% of what it was 3 months ago.
2:52, the server is still being configured so we haven’t switched over yet….fixed the pshark link. As it turns out, there’s another 4,500 square feet of buildable on this!