House of the Day: $8.75 Million in Cobble Hill?
Holy Moly! This has got to be the nicest house on the market right now. It’s a 25-foot-wide Greek Revival house overlooking Verandah Park in Cobble Hill with a stand-alone carriage house in the rear. All in, it’s got 7,000 square feet of living space and enough parking space for four cars. Judging from the…
Holy Moly! This has got to be the nicest house on the market right now. It’s a 25-foot-wide Greek Revival house overlooking Verandah Park in Cobble Hill with a stand-alone carriage house in the rear. All in, it’s got 7,000 square feet of living space and enough parking space for four cars. Judging from the photos, there’s recently been a top-of-the-line renovation as well that preserved the house’s many original details while creating a beautiful, huge modern kitchen. Okay, so the desirability of the house ain’t in question. How about the price? Think $8.75 million will fly? This would have to be a record for Cobble Hill, wouldn’t it?
Magnificent Townhouse & Carriage House [Brown Harris Stevens]
Both the Merrill Lynch & the Wamu mortgages are listed as concurrent on the deed to the National Architectural Trust.
5:48 – yes, but a 25 year old 3 years out of school can. seen it many times.
Beautiful home. Most of the homes/condos sold are not worth their asking price so I do not blame the owner for asking 8 million, join the rest of the bunch,why not?And who the hell is Parker Posey?
5:35 – Release probably didn’t get recorded properly. Happens. Happened to me and I had to get another release from the original bank when I sold. Otherwise WaMu couldn’t have gotten a first mortgage which is what they have.
And 5:22’s point makes the gain even bigger as he put less than 500k down when he bought the house.
anyone know what happened with the Pierrepont co-op FSBO? wondering if it sold
5:22pm and others, not to be snarky but I see this math error all the time and I think it needs to be corrected.
You said: if it was worth $7MM now and $12MM in ten years, that’s a 5.54% annual rate of return.
That is mathematically correct but all any homeowner (or investor) cares about is return on EQUITY, not return on ASSETS (your math).
Assume a 70% mortgage – 30% equity structure. That’s 30% x $7 million = $2.1MM of equity invested at closing with a $4.9MM mortgage (70% x $7MM).
If he sells for $12MM in ten years, he gets $12MM – $4.9MM mortgage (assuming no amortization) = $7.1MM cash payday.
That’s an annual rate of return of 13%! Better than the average return of the stock market … not bad!
I still think it’s waaaay overpriced but we should all be using the same math.
5:23–
“This is a special property, thus priced accordingly.”
You sound like a broker.
“Brooklyn Heights sucks. Lots of people don’t want to live there for the same reason that lots of people don’t want to live on the Upper East Side.
Too conservative and stodgy.”
Forget “lots of people” – guess what, the people who can afford $8.75 million DO want to live in Brooklyn Heights or the UES.
no way a 22yr old just out of school makes a million bucks at a hedge fund
that just retarded
and i know since i work for one
priced double the market