Big Turnout for 437 Waverly Auction
There was a big turnout and lots of bidding yesterday at the auction for the shell of a house at 437 Waverly Avenue in Clinton Hill. The first round of bidding was done privately on paper, with the highest bid coming in at $415,000. At that point, the public bidding started at $415,000 and quickly…
There was a big turnout and lots of bidding yesterday at the auction for the shell of a house at 437 Waverly Avenue in Clinton Hill. The first round of bidding was done privately on paper, with the highest bid coming in at $415,000. At that point, the public bidding started at $415,000 and quickly worked its way up to a winning bid of $540,000, well above what we thought it would go for (and far above the pricing widget average of $382,448. Surprised?
Waverly Shell Coming Up for Auction [Brownstoner]
437 Waverly Avenue [Brooklyn Properties] GMAP P*Shark
There is not a historical 1:1 correlation between state of the economy and crime. Interesting article about the metrics of this in last weeks’ new yorker. But i guess you can always hope for the worst, right BHO?
Pure garbage, Minard. Most people would not afford brownstones if not for the rental income.
Posted by: Brownstones Half Off at November 13, 2009 12:17 PM
Which makes them affordable.
QED
Pure garbage, Minard. Most people would not afford brownstones if not for the rental income. The few single fams you see, sometimes come in the form of a rental listing because the primary residence long haul scenario didn’t quite play out for such owners. If you overpaid, using leverage, by the 10 x rent fundamental, you’d be all in the red.
***Bid half off peak comps***
I said towards the 80’s/90’s, wasder, not necessarily ll the way there. Common sense. Recession/depression, rising crime.
Mopar, if you paid near peak comp in Stuy, I understand your denial.
“right now, today, we could not rent our place in a similar good location for even close on a monthly basis”
Damn, not again! Add hypothetical loss (half off) divided by hypothetical months of ownership. You’re likely paying more (upkeep and fees more than cancel out tax benefits). Conversely, if RE goes up +200% from here in real terms, you can subtract. The former is dangerously realistic while the latter is pure fantasy.
“dumb to compare to rent roll!”
Dumb not to if you don’t want to lose. The long haul is just as hypothetical as my ‘half off’. If you couldn’t get your sale price and wanted to rent it out instead, you’d be faced with this fundamental. Why do you think so many developments are going rental now and having a hard time filling vacancies? They relied only on the Ponzi resale price that is now breaking down. You have no idea about historic RE fundamentals.
Granted, not everybody wants to win. Some just want a home regardless of price. But then you get all these complaints in the forums about trouble renting out properties and broken leases. And rising maint/cc’s, taxes, energy, defaluts, lis pendens and foreclosures. Much desperation trying to keep up with Mr/Mrs Jones. For most of us, buying a home needs to be an informed financial decision, not an emotional one.
***Bid half off peak comps***
And, of course, by “pigeon” I meant “perhaps”
Minard — I’m really not sure what the “take away” from your comment is supposed to be… just a bit on the cryptic end of the spectrum without any obvious intent.
Pigeon — that is an EXCELLENT continuation of my idea. It could even be the “guest house” of this sort of place. The living quarters are the house to the left and right with a courtyard and guest house in the middle — three facades, one property. Ahhh… if I only had a few million!
I agree with wine lover. rent roll is how one traditionally values commercial property. Where did bho get this idea of applying rent roll valuation to a house? It’s where you live with your family, rent rolls don’t come into the equation.
BHO – man you are not living in my world brother. spouse has job offer for 2x current salary. my firm had our best month in a year and half last month. and my condo was just appraised (for a re-fi) for $100k over what we paid for it 3 years ago. we now pay a fixed mortgage with minimal taxes and cc charges. we are in for the long haul (15-20 years) and feel incredibly happy that we have a fixed overhead (our condo charges could change but will never increase like rents will). let’s talk 3 years, 5 years, 10 years from now and see where rents are vs. my mortgage payment. sure, we have money buried in our house, but our mortgage payment is low. right now, today, we could not rent our place in a similar good location for even close on a monthly basis.
this shell was a good deal even figuring in $400K in construction if owners plan on living there. dumb to compare to rent roll!
“I was pure as the driven snow, but I’ve drifted.”
Mae West