423 Clinton Sells for Half Price
When 423 Clinton Avenue was a House of the Day last October, we called its asking price of $1,800,000 a “bit of a stretch.” It’s now looking like the price was more than a bit of a stretch: The four-story brownstone closed for just $990,000 on March 25, 2009. That’s quite a discount, but not…
When 423 Clinton Avenue was a House of the Day last October, we called its asking price of $1,800,000 a “bit of a stretch.” It’s now looking like the price was more than a bit of a stretch: The four-story brownstone closed for just $990,000 on March 25, 2009. That’s quite a discount, but not a great surprise given that the house was in need of quite a bit of work. Still, the original details could make it quite a catch for an intrepid restorer at this price. GMAP
They bought as an LLC because its a commercial property (c of o 7 fam) 99% of commercial properties are purchased in LLC. Some banks require that your purchase commercial properties as an LLC and will not lend to an individual.
Askign prices have no basis. Half off asking just means that the seller was daft. This is basicaly a shell and needs a gut rehab. Even at the top this wouldn have not gone for more than 1.2 million.
It’s still overpriced and makes more sense at 700k-750k plus 400k in work and you have a nice 1.2-1.3 value depending on the renovations.
WHERE?????????!!!!!!!!!!!! Wasder!!!!!!!!!! Remember who your neighbor is! The retards ASKING for that rent have their apartments sitting empty!! 2 bedroom 1600 a month and falling! Plus wait until the spring the retard are moving to Manhattan!
The What
Someday this war is gonna end…
Posted by: Return of The What at April 13, 2009 12:57 PM
ARE YOU MOVING TO MANHATTAN, WHAT??????
“brickoven–rents for two bedrooms in that area are about 2000-2200.”
WHERE?????????!!!!!!!!!!!! Wasder!!!!!!!!!! Remember who your neighbor is! The retards ASKING for that rent have their apartments sitting empty!! 2 bedroom 1600 a month and falling! Plus wait until the spring the retard are moving to Manhattan!
The What
Someday this war is gonna end…
brickoven–rents for two bedrooms in that area are about 2000-2200.
I would guess that the one floor-through apt. could go for more than $1,000 but the other six????? Highly doubtful.
more4less do people really pay that much for rent in this area? That wont last for long, if it is true.
“here we have a clear example where the Mutant Asset Bubble is going and still….. Sad…”
The problem here is this is not a clear example of much except that condo conversions are not a very good way to make money these days. This house presents a very complex and difficult road to renovation and profitability. No single person in their right mind would have bought this house with a seven family c of o and 11G annually in taxes (hence why it was a great sale for the seller). But to extrapolate from this to the state of one, two or three family homes in this area is a big stretch.
What…I can still type with cock in my mouth. Talk about a retard!!!
rents for are over 2k for 2bdrm on clinton (lafayette & greene) but that’s besides the point. to handoff (big deposit & renov $$$) and commit this much debt to earn a skinny profit % on rental income, it doesn’t make sense unless buyer is assuming some juicy appreciation down the road. If an LLC is in the rental business, one has to rent units out but can’t believe prices are that juicy on this ppty. Current prices are still so high that if one isn’t buying it to live (ie ignoring the buy vs. rent math) but for rental income, then that buyer needs some basic math lessons & concept of opportunity cost (ie tons of investments come to mind as being better; some are much much better than real estate at these prices)