306 Washington Sells for 26 Percent Below Initial Ask
When we last checked in back in November, the price on 306 Washington Avenue had already been reduced from $2,300,000 to $1,900,000. Not far enough, it turns out. The five-story brownstone just closed at the end of last week (not long ago enough to make it into public records or the Top Sales list) for,…
When we last checked in back in November, the price on 306 Washington Avenue had already been reduced from $2,300,000 to $1,900,000. Not far enough, it turns out. The five-story brownstone just closed at the end of last week (not long ago enough to make it into public records or the Top Sales list) for, get this, $1,680,000. The four-family brownstone went to contract in January just shortly before one of the rent stabilized tenants vacated, creating some instant value for the new owners. GMAP
crimsonson — I am an owner, not a renter, but I agree with rob for the following reason: If you buy a building with stabilized units, the price you paid reflects the discount in rents. If the rents are below market, you are not being shortchanged because you paid less to own the building than you would have paid if all the units were renting at market. The only “shortchanged” owners are those who owned when the units were stabilized in the fist place.
but who is being short changed? obviously rent controlled and stabalized buildings and houses cost less. no one is being short changed and from what i see, hear, read, most rent stabalized tenants are close to market rate to begin with.
*rob*
Rob –
and if they are not?
No owner likes to be short changed. If you are paying market rate, you want your tenants to do the same.
slope–good suggestion. Some actual facts would be a nice change of pace.
“I willing to bet the comp on this disaster is 1.1 million!”
ROTW —
Why don’t you do the research? Look up the house on zillow, find those you think are comparable in size, make-up and location, and post them in this thread? Curious what you come up with.
agreed the buyers lucked out on that purchase
I mean wow to start at 2.3 and get it for 1.68 is a deal!
remember – these people were looking at it when it was around 2mil so they obviously had that sorta dough from the beginning and to get it for 380K less is a deal for sure!
it’s a rent-stabalized tenant people, not a rent-controlled one. why do people act like that is SUCH a big deal. perhaps the owners met the tenant? perhaps the tenant is not some “problematic scourge on society” that so many people think them to be. chances are that the rent stabalized tenant is paying closing to market rate to begin with.
*rob*
I seriously doubt the tenant move was a coincidence.
“That was one great house. Those buyers lucked out.”
Really??????!!!! Based on what???? I willing to bet the comp on this disaster is 1.1 million!
The What
Someday this war is gonna end…