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
Adam Dahill is a Choad Sucking Asshat that bottom feeds on Brownstoner! Adam you don’t have the magic product for this property you lying Asshead!
Team Bear:Encourage the Asshat to take 300k and sink it into the hellhole!!! Please just do it and don’t be a poser, just follow your fellow retards into the abyss!
Fed’s Evans: Economy shrinking at disturbing pace
http://www.reuters.com/article/newsOne/idUSTRE51H5N520090218
ROCKFORD, Illinois (Reuters) – The U.S. economy is still contracting at a “disturbing” pace, underlining the need for more stimulus even with interest rates already set near zero, a top Federal Reserve policy-maker said on Wednesday.
“We likely are in for a protracted period of poor economic performance,” Chicago Fed President Charles Evans said in a speech on the economic outlook to the Rockford Chamber of Commerce in Rockford, Illinois.
Team bear trust me you will be ROTFLYMMFAO this fall…..
The What
Someday this war is gonna end…
You can buy a multi family with 10% down and 75% of rental income will count as income in addition to your salary.
Not saying all banks will do it, but some will.
I had 2 different ones offer me the same package (I just bought a 4 fam bldg with 10% down and 75% of 3 rental units counting toward overall income).
Before 5 years is up rents will be back in the 500’s for places like this as well as UES. Unemployed and underemployed people cannot pay $1500/month in rent. The new banking rules are already expecting this right here in our area so that is why they will not allow you to count rents in your mortgage, because chances are you may not even have renters in a few years. Of course some of you seem to think this is still 2007. Buy away!
“Honest question, how long do you folks think such a trend will continue?”
Dunno exactly but it will last at least five years. The 90’s “L”-shaped collapse lasted that long. And those were the good ole days.
Prevailing asks are absurd and supported by a dwindling herd of sheep. Anybody paying anything near ’em will be very regretful.
***No bottom until NY Case-Shiller YOY passes through zero***
Ah, got it, Wasder. Thanks.
this one is certainly better than #51 two doors down. at least this one has floors and walls and running water and electricity and doesn’t have trash piled up outside. the money from the sale of this one, i heard, is going to howard university in dc which will help someone go to college. this one is a MUCH better deal.
Great block and the house has nice floors & some details but how is it 3 floor thrus and an owner duplex? Guess they are counting the cellar. Can one remove that horrendous awning legally? It really destroys what could be a nice brick facade.
But holly Skittles that is one heck of a price cut don’t you think ? DIBS what do you make of this? (27% and counting). And this is a real nice block in Clinton Hill right? Where is Ms Muffet when you need her? Funny thing is this place still appears expensive by @ least another $100K which begs to question how much is 51 Cambridge Place worth now? Remember that Shahn Anderson gutted property a few doors down (recent HOTD).
Yep not the end of the world but this sure signals the bears have it right in our opinion. Too many folks here just 6months ago were vehemently saying such a thing will never happen here right Sebb? Honest question, how long do you folks think such a trend will continue?
“I have seen it range from 40-65% and I wouldn’t characterize that as a ‘very limited amount.'”
I would. Especially that 40% limit of the range. And when rents finish their decline this summer, it’ll only be a drop in the bucket towards the affordability calc.
“If a buyer’s expected rental income is make or break for a mortgage then perhaps he/she shouldn’t be buying that property.”
The same thing said differently: At least 3 out of every 4 brownstone “owners” who bought within the last five years will be broken.
Rent is always paid on time and only goes up!.
***Bid half off peak comps***
“People like cornerbodega and others will be stymied as to how anyone could possibly come up with $300k downpayment though.”~dibs
more one of a kind commentary from a guy who speculated in the ghetto. Hahhahahaha. You’re the topic of jokes all around the city and here you are talking economics. Whats the word on fringe speculative properties? 50%+ down. OUCH!