House of the Day: Stuy Heights Grandaddy
This glorious architectural specimen in Stuyvesant Heights has it all going on–5,000 square feet of wood-paneling, parquet floors and stained glass. The first viewing is at today’s open house (quick, you’ve got about half an hour to get over there!) though you’ll get another chance on Sunday. It’s currently configured as a two-family with the…
This glorious architectural specimen in Stuyvesant Heights has it all going on–5,000 square feet of wood-paneling, parquet floors and stained glass. The first viewing is at today’s open house (quick, you’ve got about half an hour to get over there!) though you’ll get another chance on Sunday. It’s currently configured as a two-family with the rental apartment on the top floor. The pictures tell the story–our only question is what kind of comps are there for this place? $1.2 million does not sound outlandish to us for the quality and location. What do people think?
416 Stuyvesant Avenue [Corcoran] GMAP P*Shark
That’s an introductory rate. It doesn’t stay that high.
There is no way this building while nice looking is worth 1.2MM in that area. It’s not a great area, ala Park Slope or Brooklyn Heights, or maybe the up & coming Prospect Heights or maybe there already.
These brokers are greedy, this area is not proven, you have to be crazy to pay that in that neighborhood. I bet it is some flipper who bought it, fixed up a little and wants to resell, but you can check that on PShark
Ledger, please direct me to this brokerage house and their website. I eagerly await your response with bated breath.
Ebomb! What world are you living in?!?! There is no money market account on the planet earth that gives you an annualized return of 4.75% a year!!!! Over the past two years, the vast majority of HEDGE Funds, let alone MUTUAL FUNDS, could not beat this benchmark !
That’s why I’m selling some properties Ebomb, but holding on to what makes sense as a long term play.
Dude, I own a lot more NYC property than one Brooklyn brownstone. I’m whining because I want to buy more buildings buy nothing makes sense.
Wow, want to say thanks so much for the post up above by BK Federalist. It is good to be reminded of how many different amazing neighborhoods there are in Brooklyn.
What if the market doesn’t bounce back? The market could easily keep going down for five years and then stay stagnant for another five.
When I mentioned a money market as an alternative, I was referring to a risk free investment alternative. Investing in real estate right now is very risky.
For a conservative ten year investment, I suggest buying and holding some index funds. At least you’re not gambling all your eggs on one horse, or should I say, one house.
Not to get all fiscal-ly on you, but to ebomb. . you have obviously never seriously thought about buying a brownstone.
First of all, you;re only going to pay 6-plus percent on your mortgage if you want a 30 year fixed rate (which i dont know why anyone wants). Think about a 5 ARM and it;ll be like 4-7/8.
And anyone who can afford a million dollar house-plus house is probably looking at 28% AMT tax bracket, meaning you can slice nearly a third off whatever you pay in interest.
Re-do the numbers and you might figure out why others are buying beautiful houses like this one while you whine on ‘Stoner!!!