Strong Showing for 49 Rutland Road
Take that, market bears! Remember 49 Rutland Road?
Take that, market bears! Remember 49 Rutland Road? The four-story brick and limestone house hit the market last November with an asking price of $1,450,000. It popped up recently as being in contract on Brown Harris Stevens. The contract price, we hear, is $1,425,000. It took a few months, but that sounds like a pretty strong vote of confidence in the townhouse market to us. Or at least for PLG!
HOTD: 49 Rutland Road [Brownstoner] GMAP P*Shark
49 Rutland Road [Brown Harris Stevens]
I also have to agree with the What. Also, in his calculations, he failed to add the mansion tax, which is I think an additional 1% on properties over 1MM.
5:23 said maybe the OP got the mortgage under $729K thereby making it conventional under the new FHA rules. Yeah, right. No puts 50% down. Second, that isn’t fiscally smart. Why not then just buy a brownstone in the $700-800k range and use the rest of the funds to renovate to taste?
About the people getting foreclosed on the Hamptons… just because these may be second homes, the point is that ANY foreclosure hurts the resale market and the neighborhoods they are in.
jc is a cesspool.
crime is out of control there.
that house in JC is beutiful. Im gonna have to go check that out.
for all the naysayers, you could be right IF you are assuming the house isn’t going to appreciate in value.
when the buyers sell this beautiful place for $2 plus million in a couple of years, all the chit-chat about how much they were putting out a month will sound pretty dumb.
don’t think prices will rise over time? keep on renting.
you could be right. I think you’re wrong
@5:09. When you paid 400k, you weren’t paying double the building’s value to a rational investor or twice the cost of creating another one or twice the cost of comparable alternative housing. Someone who buys it from you at $2.8m will be.
In markets, prices tend to return to equilibrium. While the (recent) past is not a predictor of the future, over time anomalies tend to correct.
If 5:09 were a rational investor, s/he’d be selling now and finding an alternative investment with appreciation potential
jersey is for suckers.
and the taxes are insanity.
whatever you save on home price, you’ll make up for in taxes.
and to top it off, you have to tell people you live in jersey city.
hell no.
I hate to say this, but I agree with The What. It is a beautiful house, but to spend $1.4M dollars/$8k+ a month in this location is crazy.
I realize that this house would be $3M in BH or PS, but to spend so much for this location seems really silly to me. There are some beautiful townhouses in Jersey City at far lower prices with good commutes to Manhattan. I realize that most of JC is a pit, but there is definitely better value there.
example: http://www.jerseyhomes.com/properties_detail.php?property_ID=45
5:19: Thank you for the info
As other posters have recognized, we can’t assume the down payment made by the prospective buyers of 49 Rutland Rd, but odds are its well above 25%. If they can get their mortgage below $729K, then they aren’t looking at a jumbo rate anymore. We just closed on a house–in PLG no less–with a rate of 6.25% with a loan amount that would have formerly been a jumbo.
As for this particular house, I went to the open house, it’s a nice house and in move-in condition and it’s on a great block.
PLG is an attractive area for people who are committed to being in the neighborhood long term. PLG is today what Prospect Heights was in 1997. Within 5-10 years, these PLG rowhouses will be the envy of everyone who is presently hating on this area. It’s close to the park, the Botanic Garden, the museum, etc. Yes, Flatbush Ave has some issues, but north Flatbush Ave had issues too! (That Key Food on Flatbush and Sterling was too scary for words!) If you have the money to buy now, you best do it. Parks will ALWAYS command a premium in NYC sooner or later, get in while the getting is good.