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]
the garage alone is worth a million bucks.
Wall Streeters w/ real money live in Greenwich, CT – the thought of Brooklyn living does not enter their minds.
Anyway, only one or two firms will be paying bonuses for this year, the rest of them will payout gaurantees only and stock options. The young wall streeters are not getting paid this year, as they have not delivered!
Only the entertainers will entertain this house and location. Still IMO the property is simply too richly priced! But, I hope it get’s it or close to it, because that would be great for my pocket down the line.
We looked at this house when it was originally on the market about 2 years ago. It was 1.5M and needed a total gut, which the buyers obviously did, and now they are flipping it.
8M is NOT unreasonable, as the yard is huge, and the carriage house, which is currently a 4 car garage, is zoned both for being a stand-alone house and for building an apartment on top of the carriage house.
Not impressed by the reno. Then again, it seems this was an investment purchase, rather than a real home.
Hi 5:17 There is no sat for the first 1.312 mtge just the York mtge, at least as I read it. He gets the 2,250mm but pays off the York not the initial Merrill one.
This house will go for 20 million in 2015.
house is worth 2.75-3.15. carriage house in worth 1mm assuming you can build on it. 3.75-4.15mm. he’s asking DOUBLE.
you can’t list a house like this and expect it to do anything but get stale.
maybe he knows that ol’ Wall Street saying: bulls live, bears live, pigs get slaughtered.
People buying 8 million dollar home actually don’t pay all cash, or not always. I know this for a fact. (They want the tax deduction; they model out how well their money will outperform invested elsewhere, even after making large mortgage payments; and yes, some big swinging dicks are income rich but relatively cash poor, and need to borrow to live large.)
The point is that the demand for such houses shrinks when no one –literally, no one –can finance the purchase with debt. That leaves a reduced market for super high priced homes, and so only those homes with perfect pedigrees will sell; anyone with eight million dollars and a brain ought to know all this going into negotiating a sale price. I think some of the big talkers here have never seen the inside of anything but a Chase branch, much less been granted real proximity to the culture of the very rich.
I just walked by the warren street place, and it is entirely possible that someone, for occult reasons, will pay that price, or near it, to live in a nice townhouse and off-street park four cars. that’s a different question from: what will said house be worth in three, five, ten, twenty years? What would 8 mm have been worth, on those same time horizons, invested in gold, the DAX, ringgit, whatever? And, of course: what will the house actually sell for, if no greater fool emerges?
5:17 – you’re adding all the mortgages and ignoring the the satisfaction of mortgage you get when you refinance. He got a new mortgage for 2.250mm and paid off the earlier ones. Adding the later ones, total is about 3.3mm. So no matter what anyone thinks about why he got the 25k mortgage at 12%, looking at the low end of opinions here on price, he still clears nearly $1.5mm. Not bad.
5:17 yes your right (5:05 here)
Mortgages are
1,312,500
55,000
2,250,000
250,000
500,000
250,000
25,000
Also the new deed was transferring ownership into joint names as previously only the husband was on the original deed from 2003.