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 did major work in 2005 which stated that the plumbing, electrical & heating were all upgraded AND, the permit references a garage as well!!!!
don’t we need to determine the peak comp before we give BHO the prize? i can’t imagine the sale price for a place like this for in 2005-2007 would have been $1.8m – so how far off is the mansion-tax avoiding just-sub $1m sale here? i have no idea – but it seemed to me that in 2006, houses in this condition and of this size were asking between $1.3 and $1.4 (except in PS and BH, where we didn’t bother looking). In better areas, they got snapped up right away, at around that price $1.4 or $1.5. In CH, they stagnated at ask, with apparently very little interest, for some time before I lost track of them.
there’s no mortgage listed on property shark. but it was bought by an LLC.
According to propertyshark, the owners bought it in 1967 and paid off their mortgage (which was held by the seller) in 1982. They must have made a very handsome profit even at $990k.
Hey BHO there’s your 50% off.
hope mkt shares the sentiment here, cause 65% off is even better. it would be itching toward “affordable”
If they rent each one out at $1,000 a month, the gross yield before utilities, taxes, etc is 8.5%, not bad. Will they get that much for what must be incredibly small apartments???
When you say a dirty rental, you are talking about some HUD building? That would most likely be there only shot to make money on it. The rental market for landlords is awful and is supposed to get worse this coming year. There is a glut of avail. rentals, and they landlords wil suck youre toes if you sign a two year.
And its Landmarked so add more money to the costs.
You can’t give Brooklyn condos away today. More likely this will be studio rentals. They already have a c of o for a 7-unit flophouse. There is always a fresh supply of Pratt students nearby.