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
“one the other hand, you get to have a house exactly the way you want it,”
Only if you can stretch it 5ft wider.
BHO, you live in a fantasy world called the past. The current market continues to prove you wrong. When will you start to face the facts???
Rates are low and have been falling. Wake up and smell the affordability.
“BHO will disagree and will say that it can NEVER be worth more than 10X the rent roll despite the fact that most owner occupied homes in Brooklyn haven’t sold that cheaply for about 20 years.”
More bullshit. As I told you before, and I invite ANYONE on here to challenge me with information to the contrary, decently updated brownstones in this hood were valued as such (10 x annual rent) as recently as ten years ago.
Floor-throughs went for way under $1,500/mo but even if you use this figure, your average 20′ x 4 story brownstone on streets like St. James went for $720,000. And that’s what they were going for.
Let me ask you this, when was the last time property values tripled within a decade and drove the overall economy? There’s no free lunch for that. The piper will get paid.
***Bid half off peak comps***
$540k is more than I would have spent, considering that buying at auction entails extra costs, this is really a $600k purchase. However consider that the shell next door was bought a bit over a year ago for $745k, and the shell next (granted that one was 20ft wide) for $1,203k a year earlier.
Maybe the buyer overspent a bit, but still a much better deal than his neighbors. Well done, this house will be worth about a million? Not much of a discount for the privilege of doing all the work, and you have to assume the risk prices might get lower yet, one the other hand, you get to have a house exactly the way you want it, and there isn’t that much available at this price point.
“What is this property worth in a finished state at that location???”
$500K tops. If as little as $250K to renovate, buyer will still be fucked.
“a fully renovated rental unit iin that neighborhood will still command $1,500, perhaps even more”
That’s bullshit. With all the rental inventory coming online (didn’t you see the other thread about this), you’d have to be seriously retarded to pay that in rent for 2/3 a standard width brownstone floor-through. This collapsing economy will bring these rentals down to $1,000/mo.
10 x 12 (months/year) x 4 (# floors) x 1,000 ($/month) = $480,000 (an income of $160K/year with 20% down affords this). Oh damn, I was 4% over in my above estimate.
Standard width (20 feet), renovated brownstones here will bottom at $750,000 (an income of $250K/year with 20% down affords this).
***Bid half off peak comps***
I agree, it’s worth more to someone who wants to design their own custom single family.
BHO will disagree and will say that it can NEVER be worth more than 10X the rent roll despite the fact that most owner occupied homes in Brooklyn haven’t sold that cheaply for about 20 years.
Wow — I never expected anyone to spend that much on me! I’m flattered. But I still don’t know where to send my info so the deed and such can be sent to me…
Who buys a property like this to rent out?
market is well into defrost mode.
this will be a custom single family, i don’t see a rental here.
follow the construction loans…