House of the Day: 396 Vanderbilt Avenue
It’ll be interesting to see what 396 Vanderbilt Avenue ultimately sells for. A pristine brownstone in this location could probably fetch the asking price of $1,995,000, but this place falls a little short of that description. The four-story, two-family house has the requisite old moldings and marble fireplaces but some details have been lost and…
It’ll be interesting to see what 396 Vanderbilt Avenue ultimately sells for. A pristine brownstone in this location could probably fetch the asking price of $1,995,000, but this place falls a little short of that description. The four-story, two-family house has the requisite old moldings and marble fireplaces but some details have been lost and the house as a whole will definitely need some renovation. Given all that, we think this is off the mark in the current market by at least 10 percent. If not more.
396 Vanderbilt Avenue [RJ Chappell] GMAP P*Shark
“Go buy something and stop complaining.”
Or the terrorists win!
Renters are so bitter. Get a life. Go buy something and stop complaining.
The interior of this house is horrible looking from the pics. So many things wrong with it (or is it just the pics. You would think that taking better pictures would benefit all.
Exposed brick – YUCK!!!!
Is painting a brownstone considered a good thing in Clinton Hill? Seems a little odd, to paint a stone house.
Ok you’re right also, 4:50.
There have been some pretty bad one liners on here.
Sorry to jump down your throat.
Yeah I take your point 4.17 and this would have been better added to some of the other treads I’ve seen.
My beef: “Inner City Dump” if you walk past this place that just couldn’t be further from the truth.
“signal “minorities present!”, I doubt this person even knows he insulted anyone.
“So hideous. 1.25M at most” yeah right keep dreaming, everyone including renters are in trouble if this goes for that.
But 4.17, I agree tame in comparison to other comments I’ve seen.
Some people would rather take their chances, 4:39.
The alternative is to throw money down a toilet and make your landlord ever richer.
I lucked out I guess.
But I do still think that owning property is financially better than renting for the long term.
And while 250K bid over asking is certainly not a bellweather for the entire market, I have heard more than one crazy story that leads me to believe the market is doing just fine.
And if there were enough homes on the market, there would be NO REASON to bid 250K over ask on ANY property.
To me it’s a sign of low inventory, thus a market not oversaturated with product.
As we have here in Brooklyn.
The reason things are so bad in other parts of the country is the increased pressure to lower prices because as was released today, there is an average of almost 11 MONTHS WORTH OF HOMES SITTING ON THE MARKET.
As opposed to a month or two here in Brownstone Brooklyn.
One bid for 250K over asking is evidence of nothing. It’s applicable to one house, but you’re trying to use it as applicable to the market as a whole.
As for the absolute worst-case scenario, it’s not apocalypse for you, who bought a home ten years ago (or whatever). But if you put 20% down on a $2 million house last year, and it’s now worth 15% less, you’re going to pay the bank $1 million in interest over the next decade, during which time that house is only going to appreciate in value at a minuscule rate. So at the end of that decade, you’ll have spent $1.4 million for a $2 million house, and you’ll still owe the bank $1.6 million in principal and another 20 years of interest at $100K a year. Good luck with that.
4:23…
I can answer your post quite clearly.
30 homes in an area the size of Park Slope, Ft. Greene, Carroll Gardens, Cobble Hill, Brooklyn Heights is MINUTE. Smaller than minute, actually.
15 years ago, at any given time there were 200 houses on the market in those same areas at one time. At least!
So yes…inventory is at HISTORICALLY low levels.
You just have to know more about New York than has happened in the last 8 years. Which more and more it seems a lot of people think the world began in 2000.
Everyone can make excuses to validate their own soapboxes, but it does help to throw a few facts into the mix. 30 homes and bidding 250K over asking show that the market is still quite healthy.
It is defying other areas of the country, but that doesn’t mean it’s not happening. The market is becoming more “normalized” which for New York is still quite good as compared to other areas suffering right now.
That may or may not change, but one thing is for sure. MANY of us have seen 200%, 300% increases in home appreciation over the last 10 years here in Brooklyn.
If the absolute worst case scenario of a 15% drop happens in NYC, I and many others will continue to live our lives without the prospect of the apocolypse.