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
I bought in 2000 and sold in 2006. Looking at the real estate landscape right now I feel pretty happy about the timing.
I’ll gladly rent for another couple of years because we haven’t hit bottom yet.
Back to the house, they’ll get close if not ask . It’s a prime spot and enough building to work with.
Why isn’t it delivered vacant?
If the tenants can be nicely asked to leave and the seller can offer the house vacant, he could ask a higher price. Then the buyer could either rehab the units and re-rent or convert the house back to a single-family.
I am alwys suspicious of properties that the agent describes housing “high rent” and month-to-month tenants. If I am going to pay a high price, I want it delivered vacant. Period.
Even a renter with no lease at all who refuses to vavate can cost you legal fees and months in court.
3:40…
Here’s an example…10 years ago I was making less than 100K a year. I bought a place in Hells Kitchen for 175K. Now I am making almost 500K a year and sold my place for 1.6 million dollars.
Just bought a house in North Slope for a little under 3 million.
My mortgage is only a million bucks (put down a million from my home sale purchase and another million in savings), which is nothing considering mine and my partners salary.
We still have appoximately 750K in savings and have two tenants which pay $5,000 of our mortgage.
youd be surprised how long you have to make 500k a year to buy a brownstone safely.
ive been doing it for 3 years now ( i started a company 4 years ago) all of my assets combined would be 600k.
600k of combined assets is nothing to sneeze at… but buying a 2 million dollar home is not an option.
2 million dollar home = 400k down (good bye savings & 401k), 50k in related costs, insanely high mortgage rates, and a shitload of risk (company dies?).
you must understand 500k after taxes and living expenses and everything else, your lucky to have 150k saved (of which 40k should go into a 401k).
it takes a LONG time of making a lot of money to really have SAFE leverage to buy such an expensive property.
3:34 —
“If you buy this and plan to raise a family here, there is a 90% chance you will make serious dough in 25 years.”
Every study that has ever been done concludes that investing in equities is a better way to “make serious dough” over the long term than investing in real estate. The last 7 years have been an unusual irrational bubble, and that is ending now.
Kuroko — the point of the 2:09 post is that it is madness, based upon what rents one could recover. It assumes that the renters out there won’t pay $5000 a month.
3:26= Kuroko
Save it for your pillow talk at night when you’re explaining the reason why you renewed your rental lease for another 2 yrs.
“You really think it makes sense to shell out that money now so you can live in a one-bedroom?”
YES. Because you own a home. And you know what…in 2015 or maybe sooner, you won’t even know it, but before you look prices will be going back up as they do in ALL major world cities and then you’ll be fine.
No one is buying this house to live in for less than 10, 20 years or more.
Come on now.
If you buy this and plan to raise a family here, there is a 90% chance you will make serious dough in 25 years.
Potentially life changing dough.
I like those odds a lot.
Considering how many people throw money away on the lottery, I’d rather buy a house any day.
As someone else siad…you can’t live inside your 600K savings account.
“Let’s be clear: even if you make $500K a year, a $2 million home is not “spare change.”
We must assume that someone making 500K a year has been making a hefty chunk for quite a few years now.
That means one of two things…that have a tremendous savings account, they already owned property (if they bought before 2000, they are LOADED) or they have more Jimmy Choo’s than they know what to do with.
If you make 500K a year and aren’t feeling loaded, you are doing something wrong.