House of the Day: 55 Cambridge Place
Fire sale! This four-story brick at 55 Cambridge Place in Clinton Hill just got its second major price cut, one that should put it on the radar screen of many buyers. The three-family house was listed in early December at $1,500,000 before getting cut two weeks later to $1,300,000. Then just last week the price…
Fire sale! This four-story brick at 55 Cambridge Place in Clinton Hill just got its second major price cut, one that should put it on the radar screen of many buyers. The three-family house was listed in early December at $1,500,000 before getting cut two weeks later to $1,300,000. Then just last week the price was whacked down to $1,095,000. At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner’s duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down.
55 Cambridge Place [Warburg] GMAP P*Shark
A simple spiral staircase and you have a private owner’s duplex. Don”t you people watch This Old House?
I have never thought people should buy real estate with less than 20% down. Why are people whining about this? If you can’t come up with the 20%, move on and find something cheaper. The old fashioned concept of working your way up with real estate seems to be lost on buyers today. Everyone wants to go in high.
Perhaps I’m missing something, but if you have 25% for your down payment, why do you need to deal with Fannie/Freddie?
So now you’re europhobic too. Is there any group that you don’t discriminate against?
Hiya Adam Lookie here!
Fees stack up for Fannie Mae, Freddie Mac borrowers
http://www.tampabay.com/news/business/realestate/article975445.ece
WASHINGTON — It’s not what homebuyers, sellers and refinancers want to hear, but they need to know: Both Fannie Mae and Freddie Mac are ratcheting up their mandatory fees and toughening credit score and down payment rules as of April 1.
Most major lenders already are pricing in the higher fees, effectively raising costs to consumers immediately and reducing the impact of housing stimulus efforts from Congress and the Obama administration.
Under Fannie’s and Freddie’s new guidelines, even applicants who assumed that their FICO scores would get them favorable rates will be charged more unless they can come up with down payments of 30 percent or higher. For example, a buyer with a 699 FICO score who can bring a sizable down payment of about 25 percent to the table will now get hit with a 1.5 percent “delivery” fee at closing under the new guidelines.
Say goodbye Adam. No more bottom fishing…
“In fact our own family members want to come visit from Europe we’ve hype the hood so much. Love, PDT:)”
Thanks for the Eurotrash PDT!!! More tourist to rob…
The What
Someday this war is gonna end…
What- for someone that claims to be in the mortgage business you sure do not know anything about loans, do you? You try to insult me but all you do make yourself look like a fool. Time and time again I have to put you in the corner with the dunce hat.
Now please be quiet, Adults are talking.
girlongrand62, no worries here. As we stated we suspected that was an emotional rant that doesn’t reflect who you are.
We didn’t see that cartoon but if what describe is true be rest assured we will not touch the NYPost again…well never really bought that stuff since its usually filled with tabloid garbage on the few occasions we’ve flipped thru it @ work. Heck we may even send the POST an email protesting that grotesque cartoon.
Anyways as an aside just want you to know that there are tons of folks in Manhattan who can’t wait to move to Fort Greene once the market levels off a little. In fact our own family members want to come visit from Europe we’ve hype the hood so much. Love, PDT:)
pierre de taille, i am sorry. i just get so tired of people’s subtle comments about fort greene and why it isn’t a good neighborhood. sometimes, enough is enough. so, i do apologize for my rant. i am glad you called me out and do hope that you call out and boycott the new york post for including that racist cartoon with two police officers shooting a chimpanze with the words stimulus package above their heads. maybe in seeing something like that you can understand why african americans get so very upset. despite enormous progress, it always goes back to the same thing.
Girlongrand62 we just read your racist outburst from yesterday’s Fort Greene thread. What happen to you? Are you okay or was that just an overly emotional moment? We hope the latter which by the way will be a lame excuse for such pathetic nonsense.
In fact we are certain that was a comment made without much thought but it still needs to be called out.
PS: we loved Fort Greene!
I don’t think it is really one of the nicer blocks of Clinton Hill, I think its on the borders.