House of the Day: 145 Bergen Street
From what we hear, the market for nice houses in Boerum Hill is still pretty tight. And compared to some houses in the area that have been on the market recently, the $2,000,000 asking price for 145 Bergen is not particularly high. That said, there are too many question marks with this place to feel…
From what we hear, the market for nice houses in Boerum Hill is still pretty tight. And compared to some houses in the area that have been on the market recently, the $2,000,000 asking price for 145 Bergen is not particularly high. That said, there are too many question marks with this place to feel optimistic about its chances of selling at this price. The house had its last major makeover back in 1968 and, given the fact that it’s a four-family rental, it’s unlikely that the interiors are in great shape. (The lack of photos lends credence to that theory.) Has anyone been inside this place?
145 Bergen Street [Craigslist] GMAP P*Shark
Existing tenants = prior owner’s problems you are buying from him.
3:59
if the cost to rent is less than 60% of the (monthly mortgage intrest \ maintenence & taxes) subtracting any rent income you would pay on the house… your gonna be better off putting your money in the market long term than the house.
so, if you pay out 8666 a month (after a 400k deposit) on a 2 million dollar home, + about 1500k a month in maintainence and taxes, your paying 10k a month on that home…. subtract your tenants rents… 7k… now your paying 3k a month…. since you can expense your 3k… your actualy out of pocket cost is gonna be about 60% of 3k… 1,800k.
if youo can rent a place that is nicer for 1800k… youve pretty much lost… since you could have instead put your money into the market and earned better returns. (also note how hard it is to get 7k a month out of 3 units in brooklyn.)
Kuroko:
You really need to read this:
http://www.theatlantic.com/doc/200803/subprime
Pretty great article.
Who cares if it isn’t empty? If the tenants are market rate and don’t have leases, then a buyer could ask that it be conveyed to them empty – or choose to start owning with tenants in place. No problem.
Yeah…there’s a magic wall surrounding New York that’s going to protect it from all the bad people 4:03…
anyone who bought in 2000 and sold in 2006 is a fool.
also doesn’t sound like a very stable person, if you ask me.
You are really bitchy, Kuroko. It comes across in every single one of your posts.
Did renting for the past 2 years make you this nasty or have you always been like that??
I made an absurd amount of money and didn’t see that trend continuing in real estate. I’m betting that those who buy over the next three years will do better than those who bought during the past three years.
Buy high, sell low is ass backwards.
“Anyone see this: The CEO of Freddie Mac said housing price drops are only 1/3 done!!!!! 2/3 more of the way to go!!!”
Well since they haven’t dropped at all yet in New York, what’s two thirds of ZERO??