House of the Day: 241 Carroll Street
Unlike some of the other absurdly-priced houses in Carroll Gardens to hit the market this year, this one at 241 Carroll Street actually has a fair bit of grandeur and charm to back it up. Is it still overpriced? We think so, but check out those plaster crown moldings! If this we’re already configured as…
Unlike some of the other absurdly-priced houses in Carroll Gardens to hit the market this year, this one at 241 Carroll Street actually has a fair bit of grandeur and charm to back it up. Is it still overpriced? We think so, but check out those plaster crown moldings! If this we’re already configured as a two-family with updated kitchens and baths in the right places, we could see someone bite at, or close to, the asking price of $3,500,000, but this is a four-family house and the economics just don’t add up. If you put 20% down to buy this place planning to live in the duplex and rent out three floor-through apartments, your monthly mortgage payments alone are going to be close to $20,000. If you’re lucky, you’ll make back $10,000 of that on the three rentals, so you’re left paying $10,000 a month (plus taxes, maintenance, etc.) for a duplex in Carroll Gardens? Seems like a stretch to us.
241 Carroll Street [Douglas Elliman] GMAP P*Shark
definitely a place for wealthy polygamists. perfect.
thanks to others on the muni bond tutorial, which was instructive. bet you 3/4 of us hardly barely almost don’t even know what a muni bond is.
maybe its me.
in any case, headlines sell. mr. b. liked the crazy headline, so he put it up.
timber? how about bon-voyage?
I don’t understand the valuation of Carroll Gardens places. There was a house on 4th St. in Park Slope a few weeks ago, of similar size and with similar original details, already configured as a 2-fam. A block from Prospect Park and near the 2/3/5 as well as the F. The Brownstoner verdict? Would never go for more than $2.5M.
This is chopped into four apartments, who knows what the kitchens & baths are like, it’s only on the F, not anywhere near a decent sized park, and it’s in a flood zone. The verdict? “We could see someone bite at, or close to,” $3.5M.
Not saying a 2-fam in the Slope should go for more than $2.5M unless it’s truly exquisite; just saying, neither should something in Carroll Gardens. How did we get sucked into this seeming mass hallucination about 3+ million-dollar needs-TLC houses in that neighborhood?
Don’t like the Slope? How about, say, Cobble Hill. It’s a lot like Carroll Gardens, except 1) better school district; and 2) closer to, well, everything. Yet you’d never be able to sell a 4-fam house in Cobble Hill for $3.5M.
What, exactly, does Carroll Gardens have that makes people throw away millions of dollars to live there??
NYC, the only place in America where you have to be a millionaire to live in squalor.
7:19, 9:10, and 9:23 are all either the same person or the same kind of person – broker/owner/person with a vested interest in propping up insanely inflated property values. NY is not immune to current economic forces and this house is vastly overpriced, even at 3million. The current insanity feels like the final froth before the bubble bursts.
I think this house could get support there is a comp that sold on Henry street that i am aware of on the Corner of Degraw that sold for over 3mill.
I love the look of this baby. I guess if the renters or those that don’t want to buy think it is overpriced they should move to New Jersey Or Florida. LOL you people dont understand this is NYC. Wake up.
“not the What”
$3 million is the new $2 million – it’s called inflation baby.
6:03 raises some excellent points. Wall Street, globally, has lost 83,000 jobs, according to Bloomberg, with maybe 20,000 of those occurring in NYC. And, sure, the Fed is likely to raise rates rather than lower them. If there is pain for the next, what, year and a half, how much in percent do you think Brooklyn prices have to come down from the absurdist levels we still see on the major realtors’ web sites? Is it, look at those prices and knock off 20%? 25%?
anyone else get the sense that this thing is about to go …. timber? i mean bear stearns is dead, lehman is dying, all of the other major banks are getting killed. the rest of the us housing market is getting bodyslammed.
i appreciate the there’s “only one ny/bk sentiment”, but come on? the only thing that i see sustaining this market at this point is the equity that existing ny homeowners have built up over the years — it gives them the abilty to go in to other properties, and the fear of loss isn’t as much. for first time homeowners, forget about it. the rent/buy calculations are totally out of wack.
outside the condo market, i don’t really buy the foreign buyer influence — i like bk, but not sexy enough, and too much of a pain, to maintain a house from abroad. plus, as the inflation continues to set in, the fed will need to raise interest rates, which will have the double-hit — increased mortgages costs coupled with a strenghtening of the dollar. a climb in the dollar will send the euros running for the exits — their monthly-ownership costs would be going up, while the value of their properties are going down.
good night and good luck.