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
dave – you can buy 30 year munis at 5% easily. With a $3.5mm investment, your interest income is $175,000 a year which is equivalent to a pretax income of approximately $350,000 if you’re a New Yorker. I would bet you that amount that not even .1% of the posters here make that much. I think you can find a pretty nice beach place on a monthly nut of $14,500. May be not the Hamptons, but you could afford a $1 milllion dollar beach house somewhere else and still have plenty of spending money.
“If I had 3M to spend I def would not want tenants to support my lifestyle! That is a huge ‘what if’ is something goes wrong & you can’t afford the mortgage.”
If you had 3M to spend you would need neither tenants nor a mortgage.
So, this house is almost as expensive as the highest priced, nicest houses currently on the market in Park Slope, half a block from Prospect Park? I don’t see it. Makes no sense. And I don’t even like Park Slope as a community. But I can appreciate the architecture, park, and amenities.
If I had 3M to spend it def would not be here! If I had 3M to spend I def would not want tenants to support my lifestyle! That is a huge ‘what if’ is something goes wrong & you can’t afford the mortgage.
I agree with 2:05pm -“I just don’t understand why people would buy and brownstone – and then rent half of it out.”
I have a brownstone – no tenants and enjoy it so much more. This is my 3rd brownstone, I used to have tenants and hated it. So I downsized from a 4 story to a 3 story, used the profit to live alone and enjoy my space. My mortgage is affordable and will still provide me with a very comfortable retirement!
I don’t know. This is a lot of house, and seems nicely preserved and in good shape.
It’s over-priced, but perhaps not that much over.
I could see this being a fantastic one family for someone with deep pockets (or the sale of a two bedroom condo in Tribecca or the UWS jingling about in their pockets.) I like the width and depth of this place and it seems sunny and well laid out. I prefer kitchens on parlor floors – because it suits our family and our entertaining style. Plus there is a bath that could be easily turned into a half bath – would Make for good pantry space in the revamped & enlarged kitchen.
Though I’m not personally a fan of CG, there are those who love it and will, apparently pay for it.
I don’t think it’ll go for 3.5, but I think it’ll get north of 3. Maybe 3.15 or 3.2.
This house is massive.
Then again, no kitchen or bathroom pictures…
Hmmmm. Dunno.
I think this place is really overpriced, but don’t buy tthe arguement that a current owner’s cost basis in a property has much to do with today’s market value. This house cost someone $50K 30 years ago. If a could buy it for $1 million I’d do Cartwheels.
This house was only bought 4 years ago for 1.5M. There are no renovations that could be done to substantiate a 2 million profit in 4 years.
HOLD UP!!!!
WAIT A MINUTE!!!
Since when does Mr. Stoner care about how people are going to pay their mortgages. I’ve seen many houses less charming then this one and all he says is “This one should fly”. Why the change of tune Stoner? SHIT!!!! you even have a COOP up for less the $500K in Clinton Avenue. What Gives???
If it wasn’t an outrageous listing it wouldn’t generate the same level of page views!!!