House of the Day: 280 Carlton Brownstone Condos
We’re going to boldly predict that 2006 will be the year of the brownstone condo. Even with the slight easing in prices over recent months, the only way for anyone to make a quick buck on a brownstone now is to turn it into condos–which will often fetch a good 20% more on a per…
We’re going to boldly predict that 2006 will be the year of the brownstone condo. Even with the slight easing in prices over recent months, the only way for anyone to make a quick buck on a brownstone now is to turn it into condos–which will often fetch a good 20% more on a per square foot basis. This place at 280 Carlton is a good example. As far as we can tell, there are three units in building listed at a combined price of just over $2 million. As a single family, this probably would only fetch around, what, $1.7 million? It sold last July for $1.325 million and, if it’s the house we’re thinking of, it was in decent shape at the time. If the buyer put in another, say, $100 a foot, her cost would be a little under $1.7 million. That $300,000 spread is not a bad year’s work for a small-time developer–though mortgage costs would have eaten up another $50,000 or so in the meantime. Do our guesstimates sound about right?
280 Carlton Avenue #1 [Corcoran] GMAP
280 Carlton Avenue #3 [Corcoran]
280 Carlton Avenue #4 [Corcoran]
You’d have to get a copy of the financials and monthly carrying costs. $850 (total common charges for the 3 apartments) plus another 300 or so for the owner’s place would likely cover the normal monthly bills (heat, hot water, common electric, building/boiler insurance, prop taxes). The issue would be the extra stuff- random repairs and maintenance. It is a question of how large the reserve fund is and whether that fund will need to be augmented occaisionally by an assessment if there is a large repair to be done.
While the Brooklyn Heights co-op someone posted here does have a maint of a grand, I’ll betcha that includes tax and heat and water and someone to clean the fireplaces annually and check the furnace and maybe even some for a reserve fund. I don’t see how this condo thinks it can run on a grand a month for the whole brownstone. Unless of course, it doesn’t include taxes and heat and water and….
Yes, one can get a house in Crown Heights for $799. One can also get a similar house in Manhattan for $7M.
One can get a beautiful house in Crown Heights for a few bucks more (look on Corcoran’s site, there is one going for $799K and it’s 2,880 sq. feet!). Don’t know why anyone would spend this much, even though FG is very nice. Please don’t start a thread about how bad Crown Heights is, I’m just making an observation!!!
Just because a broker says the housing market is still strong does not prove that it is not.
I going to boldly predict that.
BTW: did Jerry sell Brownstowner his abode?
I deal with brokers only when I’m buying or selling a property, as anyone else does. Everyone would prefer to sell properties on their own and save the commission, but I’ve gotten buyers from brokers that I couldn’t get on my own. I’m not so new to the game that I haven’t heard brokers lying blatantly about the market. P.S. My name is not Neo.
Actually, yes brokers do do exactly that. Maybe not the brokers you deal with, but my suspicion is that you don’t really deal with brokers too often. Your probably very new to the real-estate game and will become as much of a myth as all the 20 year old brokers at Corcoran. Get out of the Matrix Mr. Andersen.
Anonymous 04:08, the problem isn’t when one person offers their piece of shit for $7.5 million when it is worth only $250,000. The problem is when everyone does. I think prices are coming down because when everyone is asking too much for their properties, no one will buy them. When no one is buying, prices come down. I never said brokers COULD keep the market afloat, just that they try to. Have you ever asked a broker how the market is and he said, “Really lousy, no one is buying. I think you should sit on your building for a few years and wait for a better time to sell”. Yeah, that’s what I thought.