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]
Oh, and bean-counters like 2:42 RULE!
“Buying this house is economically equivalent to renting for about 13k/month. So the question is why it is worthwhile to spend that much to own EVEN IF YOU CAN AFFORD TO when you could rent an equally nice place for less.”
Good question. I think it’s so that in 30 years, you are done paying for your house and so that at the age of 65, you aren’t renting a place for 15K a month on a fixed income.
Ever heard of planning for the future, buddy?
I don’t think anyone should EVER be financially irresponsible. A one bedroom is plenty for a couple, a two bedroom if they have kids. That’s what bunk beds are for. If you have a lot of kids you can get a bargain on Navy-surplus triple of quadruple-level bunks from submarines. Anyone who thinks a house is something to live in, rather than an investment, is a fool.
Bah, humbug!
2:19 and First Post have a very valid point. This and MANY other brownstones in the “prime” spots of BK are mathmaticly nightmares.
Rule of thumbs, as a rule… tend to suck… but heres one for you, if a building cant go revenue neutral inside ten years for ALL units (including your own), and simultaneously doesn’t stand to gain significantly in value as an investment… its not worth it.
The very basis of our housing crash is people NOT following the above.
Now you can take The What’s numbers and make them even more favorable, a split loan… or even some magical way of getting 6% for the whole thing… and even renting out all the units your still paying more on interest alone than comparable rent in the area, with a building whose real estate value is not likely to increase for a decade.
Obviously, PS is chock full of people with more money than fiscal responsibility… long term, the best fiscal position you can be in is to take minimum down payment, thro the rest into stocks/bonds, etc… and pay out intrest against some rental units. So while you could roll a Manhattan 2br sale into a new 600k mortgage, its fiscally a long term looser.
So then the question really becomes… if your looking for a place to be a little financially irresponsible with (which is fine for those who can afford it)… is PLG the place to do so? Or is this more of the same behavior weve seen thats led to our current crisis?
2:19 people think the prices can only go up and that is why the market is soo mispriced. everybody thinks they are going to be the next Donald Trump.
If you’ve made enough money selling your Manhattan apartment at bubble prices or if you have enough salary to cover the mortgage, of course you can afford to overpay for a Brooklyn house.
But the What is actually a little HIGH in his calculation of VALUE. If you assume 7% — which I think is a low — for mortgage and opportunity cost, add in maintenance and taxes and subtract out the maximum tax break (on the maximum deductible mortgage), after-tax costs of owning this place are about 13k/month.
Buying this house is economically equivalent to renting for about 13k/month. So the question is why it is worthwhile to spend that much to own EVEN IF YOU CAN AFFORD TO when you could rent an equally nice place for less.
Sounds like a happy seller, a happy buyer, about 30 bitter whatevers, and one poser whose message is bigger than his writing skills.
First off anybody who is moving a family from the upper west side to brooklyn is trading down and I dont think the people I know who live there would ever even consider Brooklyn. They are snobs and would move to the burbs first. If you moved from the UWS to Brooklyn you are in denial that you are moving the right way in life. Its supposed to be the other way around. You are supposed to move up and move from Brooklyn to the UWS. Schools in Brooklyn are horrible
“Que my theme music…” ?
The What is illiterate, whether it’s English, ebonics, or Spanish he’s attempting to use.
In case you’re not up to it in your GED studies:
Queue – is the correct spelling for the word meaning a line
Que – is Spanish
Cue – is the word for a musical or theatrical signal