So Long -- Off To Harlem!

I’ve followed Brownstoner for 6 years, and almost bought a house across the street from him. I’ve enjoyed my three decades in Brooklyn, but at some point (especially during the 06-08 period), the excessive droning on about high-end features and ever-rising prices became insane and irritating. Watching junky, non-descript houses on Garden pl for millions convinced me that the bubble wouldn’t end anytime soon. So I’ve purchased a fully renovated 3-family Harlem townhouse for less than 1MM, at around $260/ft. The financing was incredible — thanks to the FHA and the Greeks, I got a 95% loan for 30 years at 3.875%. With current rents, taxes, tax credits, and expenses, I expect my half of the building to be almost free, and considering how little I have invested in this, I should be earning 30% on my initial down-payment in the first year. Costs on this will actually go down for a few years, as the FHA insurance premium gradually goes away. Central Harlem is gentrifying rapidly. It has better subway access than most of Brooklyn, better cultural resources, and much cheaper housing. It is 1-2 miles away from the UES and UWS where the price per square foot is 3-5x higher, and with the Columbia expansion, it should get even better. So to Brownstones Half Off and the other commentators– thanks for helping me resist buying in Brooklyn! And for the rest of you, good luck!

thwackamole

in Mortgage 12 years and 11 months ago

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pigthree | 12 years and 11 months ago

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HPD lottery. there is something that needs some investigative reporting. for starters, shouldn’t a “lottery” take place in public view – not behind closed doors?

dorkofwindsor | 12 years and 11 months ago

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been there done that. but i think many people would go to where the deals are if something like this were available to them. the cultural resources comment is a little much, the harlem hype is big and never lived up to it. but who cares if you’re getting a great deal, it doesnt have to live up to anything. i felt plenty resentment and outward hostility towards me for all five years i lived there; i went through the honeymoon phase like you are probabaly about to enter. pretty much everything was a massive hype and pat on the back for people who had little basis for comparison. i would pick fort greene and clinton hill *any day* over harlem. and, i prefer being much closer to downtown manhatan here in BK. Having said that, you could do a lot worse. Enjoy your new investment.

Putnamdenizen | 12 years and 11 months ago

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Congrats on your happy decision. Not quite sure of the point of the tone of post. While I don’t agree that Harlem has “better cultural resources” than the once independent city of Brooklyn, it is great that you are excited about your new home. And if you are willing now to live in a still transitional neighborhood there, I am not sure why you would have ever been looking at houses on Garden Places. Should’ve been looking over near Wasder and me at the Putnam Triangle area. Enjoy!

callalily | 12 years and 11 months ago

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Great! Didn’t realize there are HPD lotteries for whole houses. What a deal!

Kateruba | 12 years and 11 months ago

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lucky you! congrats!!

thwackamole | 12 years and 11 months ago

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I got one of the crazy HPD lotteries. 20 year tax abatement too, and if I sell the house, I can sell the loan too! Area isn’t great, but isn’t bad. Block seems nice enough. Shells on the block go for 700-800, depending on condition, size, and SRO status. Renovated houses are bizarre — they all start with crazy numbers and sell for much less. Kind of like the wild-west pricing in Brooklyn in 07-08.

callalily | 12 years and 11 months ago

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Congratulations. I thought unrenovated townhouses in Harlem were north of $1 million and renovated ones at least double that.

daveinbedstuy | 12 years and 11 months ago

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Apples & oranges I’m sure. You can’t be in a really great area at that price.

So Long -- Off To Harlem!

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So Long -- Off To Harlem!

NEIGHBORHOODS