House of the Day: 418 11th Street
This charming four-story brick house at 418 11th Street in Park Slope has a charming, idiosncratic exterior. (What style would you characterize this as?) As for the interior, well, we couldn’t say, as the broker has not provided any photos. The house is configured as an owner’s duplex topped by two floor-through rentals, each currently…
This charming four-story brick house at 418 11th Street in Park Slope has a charming, idiosncratic exterior. (What style would you characterize this as?) As for the interior, well, we couldn’t say, as the broker has not provided any photos. The house is configured as an owner’s duplex topped by two floor-through rentals, each currently generating $2,300 a month in income. The asking price? $1,995,000, which is potentially a reasonable price, though it all depends on what kind of shape the interior is in. How can a broker or seller rationalize not including interior photos in this day and age?
418 11th Street [Orrichio Anderson] GMAP P*Shark
Dear 8:06am who said:
“When are you people going to wake up and realize that real estate prices in NYC are way overpriced and bound to collapse? … Prices have gone up by three or four times in the last ten years ALL OVER Manhattan and Brooklyn … Rent increases, on the other hand, have gone up modestly.”
Here’s the analysis from someone that just bought a townhouse.
My old rent was $3,200 and showed no signs of going down, only up, up, up.
My marginal tax rate is about 40%. That means I’m break-even on a mortgage payment of $5,300.
I had the down payment money.
I don’t care if I only make 3% on my down payment for the next 5-10 years and with my mortgage (30-year fixed) I’m even on my monthly costs.
The extra “maintenance” on the house (insurance, fixing things that break) is nothing compared to the sense of pride in ownership, back yard, THREE times the space, etc.
The chances of losing a portion of my down payment over 5-10 years are very, very small.
This is about opportunity cost and “next best alternatives.” I am not unique in this regard (or math). Make sense to you now?!
It was an Open House pick last July at nearly the exact same price: http://bstoner.wpengine.com/brownstoner/archives/2007/07/open_house_pick_132.php
First things first, South Slope is not different from Park Slope it is the same neighborhood!!
Railroad layouts can actually be great, not sure why people are against them. To me this actually looks like a good deal, if you’re into this sort of thing. I mean, stuff doesn’t get any cheaper for this much square footage in PS, does it?
“Collapse”? Come on. Prices may and are leveling out a bit in key Brooklyn nabes (Park Slope last), but they ain’t collapsing, particularly with all the Euros and Manhattanites finding “deals” left and right.
Agree, the extraordinary price tags on some of these pieces of doo are confounding and someone at some point soon may not make a 200% profit of the sale of their former stinker, but I don’t foresee any Gary, Indiana style “collapse”…maybe a “waning” or a “subtle shift”…
When are you people going to wake up and realize that real estate prices in NYC are way overpriced and bound to collapse?
Prices have gone up by three or four times in the last ten years ALL OVER Manhattan and Brooklyn, yet so many of you continue to defend these crazy prices.
Rent increases, on the other hand, have gone up modestly.
I don’t get it. So many of you are successful, educated folks, how can you buy into this craziness with a straight face?
(I’m a landlord, by the way. . . not a “bitter renter.”)
it’s not my style
9:28 – why is this place not moving? Try – market shift… And more lingering properties coming….
The seller had this treasure for sale last week for $1.99 mil. He had crazy signs up all over the lovely scaffolding which now completely covers his building.
At $1.9 this seemed like a deal on this block which is one of the better ones in the South Slope (soon to be Park Slope). Regardless of what the Park Slope purist at 6:08 pm says, this block is solid and way better than many, many blocks in Park Slope. Just in case, watch your wallet when you cross 9th street 6:08!
Place half the size across the street sold for 1.4 and another place up the block was $1000 sq. ft. Hard to fathom, other than “crazy owner” syndrome and bldg aesthetic re-do, why this place is not moving.