House of the Day: 475 8th Street
It’ll be interesting to see what 475 8th Street ends up selling for. The three-story brownstone is well-preserved and has plenty of nice original detail but it’s definitely doesn’t have the “wow” factor that some houses in this part of town have. Of course, at $1,700,000, it’s also priced lower than such houses. Given its…
It’ll be interesting to see what 475 8th Street ends up selling for. The three-story brownstone is well-preserved and has plenty of nice original detail but it’s definitely doesn’t have the “wow” factor that some houses in this part of town have. Of course, at $1,700,000, it’s also priced lower than such houses. Given its location between 7th and 8th Avenues, we bet this will fetch within 10 percent of the asking price—which has to be considered a win in this market!
475 8th Street [Brown Harris Stevens] GMAP P*Shark
Team bear always pulls these very precise numbers out of their asses….where does the 23% come from????
It will be worth a lot more in 40 years, probably a lot more in 10 years and we may go through 3 cycles between now and 2049.
“More4less…
You just want me to fight!! ;-)”
– Posted by: 11217 at April 28, 2009 2:16 PM
Someone has been reading the OT!! Otherwise how do they know that More4less wants ‘him to fight’!!!
Would you like a Walnut, 11217?
I don’t think DIBS is suggesting real estate will appreciate 23% a year at all.
I think he’s saying the same thing I am saying…it was as unfathomable 40 years ago that this house would sell for this price today as it is that it will be worth a ton more in another 40 years.
(If you take ANY 40 year stretch in U.S. history, the price of housing has increased significantly in those 40 years, so I’m not really quite sure what your point is more4less)
DIBS, if you believe 23% is possible then you’re investing in wrong area. 23%/yr and you can live in it – don’t know what investmt would beat that
Well –what per cent of national wealth would housing be in forty years if it appreciated at the same rate as the previous forty? Would that per cent, ceteris parabus, make any sense at all?
11217 is the one who said the 46 bagger is possible (30k – 1.4M something that can be replicated in another 40 yrs) and I chimed in slim odds
“the people buying this for 1.4M aint going to be enjoying those kinds of profits 40 yrs later.”
I’d call that a prediction. Its always so bizarre how Team bear members know with such certainty, so far out what the market will look like.
This place has the same floorplan on the top floor as my building. You incorporate the bathroom into the large shared WIC and make it an ensuite bath for the front bedroom and you add an additional bath where the office is in the back. No additional soil pipe necessary, a relatively easy plumbing job. Closets can be built for the rear bedroom and still be a large bedroom and there’s more than enough space for closets in the front room especially after incorporating that hallwau WIC.
DIBS, I make 250k a yr. I’m a reasonable guy, so I’ll just take $1M / yr salary (no bonus needed).
I can’t predict where things will be 40yrs later but I can sure can tell when a 40yr+ prediction looks like low odds