House of the Day: 297 Vanderbilt Avenue
The four-story brownstone at 297 Vanderbilt Avenue was on the market for a while in 2007, but never sold. That might have had something to do with the asking price at the time, which started at $2,000,000 and dropped to $1,800,000 before begin pulled off the market. The odds are looking must better now for…
The four-story brownstone at 297 Vanderbilt Avenue was on the market for a while in 2007, but never sold. That might have had something to do with the asking price at the time, which started at $2,000,000 and dropped to $1,800,000 before begin pulled off the market. The odds are looking must better now for the two-family house: It just hit the market asking $1,495,000. Seems pretty reasonable to us for a classic brownstone in this location with all of its original details intact. Agree?
297 Vanderbilt Avenue [Douglas Elliman] GMAP P*Shark
relax–I appreciate your home ownership ideal–not at this price point.
Posted by: bklplebe at September 22, 2009 4:58 PM
Will you be ready to buy when you think prices have bottomed. And how will you know they’ve bottomed? You can only know that after they start rising so, by definition, you will have missed hte bottom. Will you have a mortgage commitment in hand. pay all cash???
Will the right place even be on the market then??
BTW, how old are you?? it does make a differeence as to whether you should or should not buy yet, to a certain degree.
Maly,
I just thought the house was a complete wreck.
I’m not sure when you visited it, but I went early this year, and it was in shambles. Staircases falling apart, every room but one bathroom a complete wreck, kitchens on both floors a disaster, front door didn;t even work, the broker had to slip me the key through the mail slot to open it.
Asking price then was $1.5 Million.
Great bones, but I’d guess $500K in renovations needed head to toe to make it a polished property, and that’s without considering what might be lurking in the mechanicals. And it is *not* on a great block. The housing stock there is nice, but it is sketchy and I wouldn’t feel safe having my little girl walk around late at night there.
For that commitment of money (and time) plus risk, it needs to go for under a million. It’s way too close to other properties that need little to no work in the nabe to be taken seriously.
I’m not saying they will start to go up then, Snark, just stop falling by the end of the year.
“If you want to read some real jokes, go back and read some of your own analytical nonsense on whether or not long term home ownership is a good idea.”
relax–I appreciate your home ownership ideal–not at this price point.
I started in 1985. There was quite a down market in the early 90s. I still did well.
Perhaps you are too young to remember, but that’s no excuse for not knowing the history of the market if you are going to talk about the history of the market.
> brownstone prices will have bottomed by the end of the year.
Hmmm, no, not seeing it. You seem to have just chosen a date with no real data or thesis to support your assertion. But I will happily eat my hat should you be proven correct.
“I’ve been doing it since 1985 in many different places and have made money on every single one of them. Some as little as two years. That may or may not happen right now but if you think that a buyer now will not make money over the next seven years then you are truly clueless.”
you forgot that the re bubble was the highest recorded and this economy/unemployment is the worst since the war. Otherwise what a great opportunity. hurry, hurry!
“I reiterate my belief that brownstone prices will have bottomed by the end of the year. I think they will start climbing in late 2010, gradually.”
this could have been a good joke if you were not posting it twice daily
Posted by: bklplebe at September 22, 2009 4:45 PM
If you want to read some real jokes, go back and read some of your own analytical nonsense on whether or not long term home ownership is a good idea.
No renovation necessary. Taxes included in that estimate of monthly at $2,800-3,000.
Tuition needs to be paid wherever you are…not a part of the real estate transaction. I’m a landlord in my unit…virtually no time spent doing anything. Maintaining my yard is the biggest thing.
For $1.2-1.3MM in that nabe you can get a fully rehabbed building, all new roof, plumbing, heating, elctrical…virtually no outlays for many years.
The averages of how long people stay are just that.
don’t knock it until you’ve tried it. I’ve been doing it since 1985 in many different places and have made money on every single one of them. Some as little as two years. That may or may not happen right now but if you think that a buyer now will not make money over the next seven years then you are truly clueless.