House of the Day: Carroll Gardens FSBO
Everyone knows we’re a sucker for a FSBO listing, so no surprise that we’re taking a look at this one at 306 Union Street in Carroll Gardens. The four-story brick house has 3,900 square feet above grade and another 800-square-foot English basement. It’s currently configured as a four-family and looks to us to be in…
Everyone knows we’re a sucker for a FSBO listing, so no surprise that we’re taking a look at this one at 306 Union Street in Carroll Gardens. The four-story brick house has 3,900 square feet above grade and another 800-square-foot English basement. It’s currently configured as a four-family and looks to us to be in decent shape–though some of the kitchens and bathrooms leave us feeling a little limp, though if you’re going to convert to a one- or two-family, most of those will get ripped out anyway. (See for yourself at the open house on Sunday from 2-4.) The current owners did a lot of work on the place when they bought several years ago–including restoring the parquet floors (our favorite from the photos) and tin ceilings. The owners’ favorite detail? The original crown moldings. The location–a block from the trains and restaurants–is appealing as well. Given that this place will most likely need some dough plowed into it (whether to improve some of the finishes and fixtures or to change the configuration), the $2.2 million ask may be a bit of a stretch, but it is a 22-footer in an increasingly desirable area, so who knows. How do people think this stacks up against Monday’s HOTD on Dean Street?
Carroll Gardens FSBO [306 Union Street] GMAP P*Shark
I am the owner of a 6 family rent stabilized building, because the oil bill is so high the rents dont cover my expenses and the tenants are forever asking for repairs. This is the worst case scenario for an owner who must work two jobs in order to subsidy the tenants who have good jobs and are taking advantage of the rent stabilized laws.
I think a lot of you are confusing rent control and rent stabilized. I was rent-stabilized for over 20 years. My landlady, as I’ve said before, was wonderful to me especially when times were bad. However rent stabilized apartments get price increases every year and it is up to the landlord if they give you a 1,2 or 3 year lease. The allowed increase for a 2 year lease is a higher percentage, and it is paid over the entire time of the lease so you are paying a lot more if you have a 2 year lease. And when an apartment is vacated, the landlord can raise the rent so many of them want a high turnover. They can charge full market rate with improvements. You don’t have the same protections as rent-controlled places and it is up to the disgression of the landlord if they want to give you a mult-year lease or not. They can also not renew your lease, but let you continue to live in the apartment. After a certain amount of time non-eviction of a tenant without a lease is presumed to be an acceptance of another year’s lease. I can’t honestly say that the laws may not have changed on that in the last few years.
And by the way, Jake- tenants are taxpayers too, and often without the tax breaks nad loopholes the rich get.
Unless the improvement is building wide and an MCI rent inrease is applied for and approved, the tenant must sign off on the improvement and subsequent 1/40th cost per month rent increase. If the apartment is vacant, no sign off is nessessary.
Of course, this stuff only applies to rent stabilized apartments.
The rent stabilized information posted above is correct. You are allowed to increase a certain % based on renovations you make to the apartment.
Carroll Gardens is better…Park Slope is better…Cobble Hill is better
It’s all so transparent and and and STUPID
this just went to contract for under 2.2
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=827063
The Sidney place is a 9 unit rent-stabilized bldg (with $25k year taxes).
Not freemarket and cannot easily or quickly or cheaply make yourself a home. Can’t compare.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=850996
The $1.75m Baltic St – is on inferior block to Union (across from noisey schoolyard and steps off Smith) – and cost is more than $100 per square foot
pricier (20%).
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=850996
this just went to contract for under 2.2
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=827063
For an analysis of why rent control does not really help those it was meant to and hurts everyone in the long run open any freshman economics text.
ok – I looked on BHS and Corcoran.
Nothing on Corcoran – a smaller house on Sackett one block north for more money, a much smaller house on Baltic for much less so I don’t think that is comp (or even ‘Cobble Hill’ per se).
BHS has one on Baltic (better block) for $250,000 more which appears very nice probably close in sq ftage.
Thats it.
The elliman could be very slightly better block but very nearby and probably needing same amount of work – so they are comparibly priced per sq foot. So I don’t think this FSBO is ‘way off’ in asking price.
And if negotiable will find a buyer.