House of the Day: Brooklyn Heights Clapboard
We’re not sure exactly where this is (but we’re sure someone will tell us) and we bet it’s pretty pricey on a per square foot basis, but we can’t help but get excited about this 1830’s (Yowza!) clapboard house in Brooklyn Heights. We’d love to get a look at the inside, especially to see the…
We’re not sure exactly where this is (but we’re sure someone will tell us) and we bet it’s pretty pricey on a per square foot basis, but we can’t help but get excited about this 1830’s (Yowza!) clapboard house in Brooklyn Heights. We’d love to get a look at the inside, especially to see the center stair. And, ah, to drink a beer on that porch! It could just be worth the $2.1 million asking price.
Brooklyn Heights Character [Sotheby’s]
I’d like to point out that this “subway issue in the heights” is really along a couple of blocks in willowtown and there has been a lot of posts about houses there lately
Had asbestos removed from office I bought 10 years ago. Fell for ‘not a big deal ideology’ when bought it. Really big deal. Time consuming. $$$ consuming. All around nightmare. Better to stay clear of buying homes with asbestos.
While I was surprised to see this house listed again, I do wonder whether the seller is going to make a killing even if the house does sell for the asking price. Assuming for argument purposes that the house does sell for $2.1MM this time (and that the current owner bought it for $1.8MM), that would mean that he/she would have a gross profit of $300M, or 16.6%. That is before the seller pays the broker (assume 6%), closing costs and closing taxes (say 2%), paid to get a mortgage when he/she bought the place (assuming that he/she did get a mortgage, this would probably be at least 3% including mortgage recording tax), attys fees plus taxes on any actual profit (since one has to live in a house for a couple of years before one can take advantage of the $250M/$500M in free profits that the tax code gives). Thus, unless this place goes for over asking or there is no mortgage, I don’t see the seller making a ton of money here. Plus, there is the risk that several posters have pointed out of this place not selling for the asking price.
I looked at this house when it was on the market earlier this year and thought the $1.6 million price was fair. If it were up the hill (more into the heights), and not over the subway, it would be worth more. Can’t comment on the physical condition.
Re asbestos, if there is some asbestos insulation on some of the piping it is not a big deal. Anything that is flaking can be removed at a nominal price. Anything that is encapsulated can just be left in place. We’re all exposed to small amounts of asbestos in the City, particularly in the subway stations. If the asbestos is in the floor tiles, it is a bigger job.
Interestingly, I viewed this property too. First post is right. Number of brokers touring house at time. Not one pointed out asbestos until pointed out to them. Our broker said we could live in it while renovating! Why are there no truth standards set up for brokers. I feel sorry for the person who bought this, thinking it could be fixed up for $100,000 a floor, which is what we were told. It really annoys me how buyers can be misled.
I said it was an example. It is my belief in general that the market is troubled. I can find many more examples to back that belief up.
If this house did sell for that much 6 months ago and it needs that much work, that means in this case someone with too much money and not enough brains tried to get in the game. It does not reflect the market. It is only one house.
This isn’t worth $2.1mn even with the “loving restoration”. This is an example of how troubled the housing market is. Buyer overpaid 6 months ago and is looking for another buyer to overpay even more. When the prices finally start to really slide, someone’s getting duped…
I’d rather get a shell in Harlem for a million and renovate it.