House of the Day: 225 Garfield Place
This brownstone at 225 Garfield Place in Park Slope was an Open House Pick on Friday but it clearly deserves the full House of the Day treatment. Exterior? Great. Location? Great? Gut renovation? Extensive and probably expensive. Does it work for you? More importantly, can it fetch the $2,290,000 asking price? 225 Garfield Place [Corcoran]…
This brownstone at 225 Garfield Place in Park Slope was an Open House Pick on Friday but it clearly deserves the full House of the Day treatment. Exterior? Great. Location? Great? Gut renovation? Extensive and probably expensive. Does it work for you? More importantly, can it fetch the $2,290,000 asking price?
225 Garfield Place [Corcoran] GMAP P*Shark
Very few kids go to local middle schools – they’re all trying out for “magnets” by that age.
dittoburg – exactly the idea that the people in the market for this home would “automatically” be private schoolers too is frankly asinine. The reality is most people who SHOULD be in the market for this kind of home are forced to suburban areas because 321, 107, 24 etc… are the exceptions rather than the rule – and while (relatively) many two income families could afford the house – they cant afford the house PLUS the school.
guess $2M USD just don’t have same buying power as not too long ago. Anyhow, agree completely that if you’re going to pay $2M or more, you shouldn’t have tenants in there. $2M or more = you’re conveying you’re rich. have 2 tenants in there = you’re stretching so you’re at best a wannabe rich
frsq, don’t forget to point out that the private school tuition is not tax deductable. So that 35K is actually probably over 50K of before-tax income. So with two kids, thats over 100K of your 500K income just on schooling.
I would seriously consider this as a one family, but you know there’s $200,000 minimum to reconfigure the top floors and really convert from rental to single home. It’s way overpriced as a single family option – and as tyburg and others have so eloquently noted already the economic and logistic reality of two rentals overhead with the pleasure of a dark bedroom on ground floor doesn’t work at $2.3 MM. Price it below $2 million and single family buyers can legitimately entertain this.
“Who do you think can “afford” a 2M home”
I’ll post an example since I know a couple who are eagerly looking to buy in Brooklyn right now for about this price point.
Both make around 350K combined (which isn’t outrageous considering they are in their 50’s. Neither work in finance, both are arts professionals). Both have lived in NYC for 30 plus years, both bought their most recent property in the mid 90’s (one bought a 1 bedroom in the West Village for 200K which is now valued at 800k, the other bought a 2 bedroom in Midtown for 150K which is now valued at 900K).
Combined, they have 1.3 million in equity from their home purchases, plus substantial savings.
They will be paying all cash.
Any questions?
Which New Jersey public school did you attend tybur6?
Think again Tybur6 – Who do you think can “afford” a 2M home (and lets exclude the rentals and pretend it is a single family. Using all “conventional” numbers – if you buy it 20% down (maybe you sold an apartment you bought right), your Mortgage payment and taxes will be about 11K a month; if you say that it is 28% of of a families Gross Income, then you are looking at needing an income of 500K – to “afford” this place – which while clearly alot but far from filthy rich – especially when you consider net current NYC/NYS taxes.
Now ask yourself – do you think private school at $35K A KID annually is really irrelevant to these potential buyers (especially if the Public School is good)
I thought PS 321 was oversubscribed and the little rich brats were being sent to crappy schools in other neighborhoods anyway?
And what about after they are older than peeing-in-their-pants age? I’ve never heard anything extraordinary about the high schools and middle schools in the park slope area.
So, when do they transfer to Berkeley-Carroll, Brooklyn Friends, Poly Prep or Packer Collegiate?