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
its far enough away from the brooklyn inn that the new owner likely won’t hear the annoyingly loud drunkards standing on the corner latenight. that crowd at that bar has taken a turn for the worse lately…very sad…
hey mr. b, can we have an update on what’s going on with that condo reno at 231 bergen? it feels like that thing has been on the market foreva…
It’s fine if you want to say that it’s a bad investment but I love it! Just be aware that you are counting on someone else saying that and buying it from you. What’s happening now, is that people are looking at prices and figuring out the inherent value (as compared with rents), and determining that it’s just much cheaper to rent. That’s the situation with this place. If you can’t live without it, go for it. If you want to be fiscally prudent, rent.
Sure it can. A fancy car is a bad investment – in that you will not recoup the cost later on – but may still bring you joy to drive. Similarly others may by a house because they like it, and can afford the carry-costs, without it being an “investment.” You can’t live inside your stock portfolio.
Can we stop with the name calling?
” no real estate investor in their right mind would buy this house at this price”
a person can buy it all cash or all euros throw his friends and family in there for 5 yrs or so. Then kick em all out and sell each floor for 2 million.
Im no broker but lots of “avenues” in real estate. think outside your wallet.
2:36, I actually think you are the idiot.
Pre-2000, almost no one thought of their home as an investment like they do today.
They were buying a place to live.
If more people start once again thinking that way, we’d all be a lot better off.
I couldn’t care less if my property value drops. I love my home and plan to stay put.
This house will be worth $3 in 5 million years
2:32 — think about what you just said:
“No real estate investor in their right mind would buy this house at this price. This is a price that only makes sense in comparison to other single residency offerings in this area.”
So, its “insane” to buy this place as an investment, but it makes sense to live in??? You are the idiot. It’s a bad investment, whether you live in or rent it out. It can’t be one, but not the other.
Idiot.
This house will be worth 3 million in 5 years.
“Otherwise, all you are doing is subsidizing your rentals.”
Idiot.
Real estate prices (not values) have outpaced inflation and therefore the expectation that there is a pool of individuals out there that can pay rent proportional to the prices paid is absurd. You’d have to charge 5K a month rent for these apartments for that calculation to work out.
Owners are not subsidizing their tenants in cases like this only facing up to the fact that they have overpaid.
No real estate investor in their right mind would buy this house at this price. This is a price that only makes sense in comparison to other single residency offerings in this area.