HOTD: If You Only Buy One House This year...
Today’s HOTD is the most table-pounding buy we’ve seen in a long, long time and we bet that, slumping market be damned, this will be gone within a week. The two-family Greek Revival woodframe house has been carefully maintained by the same owner for the last twelve years and sports a sweet front porch and…
Today’s HOTD is the most table-pounding buy we’ve seen in a long, long time and we bet that, slumping market be damned, this will be gone within a week. The two-family Greek Revival woodframe house has been carefully maintained by the same owner for the last twelve years and sports a sweet front porch and back yard. The place has plenty of original architectural charm, though we’ll admit that the kitchen and bathroom aren’t anything to crow about. The location on Adelphi just off Lafayette is prime Fort Greene, just a couple of blocks from the park and the majority of the best restaurants in the nabe. Honestly, except for the aforementioned lackluster kitchen and bathroom and perhaps the slightly shallow lot of 75 feet, we’re surprised this isn’t priced at least $200,000 higher. If we were in the market right now, we’d be all over this.
331 Adelphi Street [Aguayo & Huebener] GMAP P*Shark
6:13
Flip Flip Side: With all the transaction costs, real estate is a long term investment. I bought my house 5 years ago after renting for 15+ years. I didn’t mark my houe to market every year when the market is strong and won’t do it now that the market is soft. Over 10-20 years, the odds of a NYC house appreciating are overwhelmingly strong. I was lucky and had nice rentals. It’s still not the same as owning. As a renter, it never made sense to make improvements to the apartment (even if you had the owners position). You also could never had that extra bedroom, separate dining room, garden etc. If you want to own a home, you’re going to have to make an onwer a fair offer at some point. There is no point in selling at a discount in a soft market. As an owner, you always have the option of rent out your house (likley for above carrying costs) until the market improves.
4:56,
Flip Side: Hope sellers enjoy holding on to their depreciating assets. They will do so for a while at these prices.
2:13–One staircase, no sep entrance, means that the tenant would have to go thru your apartment to get upstairs. Better as a one-family unless you know the tenant, no?
I lived directly above the G train on Lafayette and South Portland. I was never bothered by a train rumbling. I think the above poster who mentioned the depth of the trains in this location was right.
Hope every one that thinks they’re going to get 30% discounts by throwing out low ball offers enjoys living in their rental, because they’ll be their a long time. If this house isn’t worth $1.5 its worth $1.3-$1.4 (about 10% off of ask).
Brownstoner, how do you REALLY feel about this house??? I like it too — but I think I’m stuck on stone.
For 1.325, here’s a skinny FSBO between Willowby and Myrtle, but nice and looks in pretty good shape.
http://realestate.nytimes.com/Sales/View_Ulisting.asp?Lid=253-NS6092042&CId=&p=W
This house is not even close to worth 1.5m. With the change in the market, I would wait, if I was interested, and eventually offer 1.1 to 1.2. If I loved it, which I don’t, maybe 1.3.
What about the B38 that goes by every few minutes. IT is loud..
If you don’t think this house is well-priced, note that an under-renovation brick townhouse on the same block has just been listed with Brooklyn Properties at $2.25m. It’s insanely overpriced, but this one is underpriced, IMO.