House of the Day: 285 Park Place
We suspect this new listing at 285 Park Place will last about two seconds on the market so you better get cracking. The two-family limestone has beaucoup de-tails and is located on one of the nicest blocks in Prospect Heights. Some buyers will want to sink some dough into modernizing the kitchen but we’re finding…
We suspect this new listing at 285 Park Place will last about two seconds on the market so you better get cracking. The two-family limestone has beaucoup de-tails and is located on one of the nicest blocks in Prospect Heights. Some buyers will want to sink some dough into modernizing the kitchen but we’re finding the retro cabinets to be quite fetching. The asking price is $1,600,000.
285 Park Place [Townsley and Gay] GMAP P*Shark
I went to yesterday’s open house.
My thoughts:
Very narrow and not well maintained. This house will require $250-300K, after which expenditure this could be a lovely home on a great block one day. Biggest issue — given the tenant situation (upper triplex tenants, who are basically trashing the place, have a lease option through July 31, 2012), that one day could be pretty far off.
Thoughts from others?
House needs significant work…kitchen reno, both bathrooms, etc. Also unclear about status of plumbing, electric, and garden/basement both off limits.
It really depends how much you had to spend upfront vs. the amount of the rent. There is a great calculator in the NY Times to compare the expenses of buying vs. renting. Taking this example (buying for $1,6000,000 vs. renting for $6,500), you break even after 15 years. So if you are planning to live there for 16 years (or longer), it makes sense to buy. Of course, that’s assuming property prices will appreciate at 1% above inflation, which may or may not happen.
You still need to save for your retirement though!
I can never understand these rent vs own models that expect the monthly output for each to be equal as if renting gets you what owning does. At the end of 25 or 30 years of renting you have nothing but the need to come up with the next months rent. At the end of that time owning, your mortgage is paid and you have an asset. I hope you renters are socking away for your retirement.
“Is that Lincrusta in the hallway?” (Amzi Hill)
Looks like it, doesn’t it?
I didn’t mean to say there isn’t a consumption bump, because there is (at least for now.) Break-even may be $1.25M, but market price is 20% over that.
i think this will go for more than $1.25 million. i am calling $1.55mm.
I agree snowbunny. I’ve been watching the rental market in PH for 7 months, and $4,500 is quite a strong price (probably because it’s such a nice block.)
That means a break-even price for the house is $1.25M, assuming the garden rental can get $2,000. I don’t know why the comments are so enthusiastic, this place has lovely bones, but it’s narrow, and the AC units on the front windows and the beat-up floors don’t exactly say top shelf.
I rented the parlor/2nd floor duplex in a beautiful brownstone a few houses up from this one 15 months ago at a rent of $3500/month. I can’t imagine that you could get much more than $1,000 more for the extra 2 BRs on the 3rd floor. $6500 is a ridiculous estimate. I think that $4500 IS market rate.