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
No chance it will sell at this price.
The Lycee Francais is an excellent school and is free for French citizens.
$3.5MM would also get you a decent family sized apartment nearby on the upper east side.
We looked at the French program at 58 (we’re a bilingual fmaily) and I agree that it’s not good enough to merit spending this kind of dough. Someone with that kind of money does not want their kid stuck in a class of 24 with only 1 teacher – and while the teacher may be perfectly fine, the talent pool to fit that slot is pretty slim.
I think this is another exmample of Mr. B finding one of the most outrageous listings he possibly can, to give the illusion that the market is still sky high, but there are plenty of more reasonably priced places, or places getting price cuts – why not feature those more often??
2.19, you obviously don’t know any Europeans or European financial markets. 3.5mil USD works out to roughly 2.2mil Euros (which is still a ton of money and would go very far in most districts in Paris). If you have that sort of cash around I don’t think you’re going to spend on this place, just to be next to a mediocre French school. There are some buyers in the market for this place but I don’t think the rich Euro trash is one of them.
Daveinbedstuy: wow! you must be a big-spender. how much would you need to live on a shoreline? ten million? Palm Beach or nothing?
You can’t get a mortgage that size with only 20% down anyway.
Oh, and a little cake molding (or even a lot in this case) is not nearly enough original detail.
2:00 what are your tax-free return assumptions? Even with $3.5 MM you can’t live on any nice shoreline…maybe some lake in Western Pennsylvania!!!
In this case, the owners would be renting out 3/5 of the house.
It makes sense if you want to live on rental income in your retirement, but not if you have to shell out 3.5 million dollars. that’s mega-bucks. you would have to charge 6,000 or more for each unit to cover the mortgage. It’s pretty preposterous.
Good for an affluent polygamist Mormon family though.
The house was purchased for 1.54 in 7/04. The almost identical house to the right was purchased for 1.95 in 9/05. The owner of that house did an extensive renovation and sold it as condos for a total of about 4.5 mil. It certainly does not make sense to buy it and make condos. 3.5 is a lot of money but you also get a huge house. I don’t know.