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
“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
MFN, that’s a bit severe for 396 VB. I went to the open house and it definitely needed TLC, in fact it looked as if someone had started and then ran out of energy (not even just about money, because some of the stuff could have been fixed with paint and materials lying about.) Anyway, I thought it was too much money for a project. I haven’t seen the HOTD, but from the pictures and description, I think there is just about the same amount of money and effort to be put into it, even if at first glance it’s cosmetically more together.
“With $800,000 you could get a house for $1.2-1.3 MM and the rent from a ground floor one bedroom would pay half the mortgage (@ $1,400-1,500 in this nabe) and you’d have far more space and a yard than you would for what you are currently most likely paying in rent…unless you are living in a studio.
Furthermore, you can pay the mortgage off in 15++ years and live rent free for the rest of your life.”
You forget maintenance, property taxes, renovation costs, closing costs, private tuition, time spent in being landlord, etc.
You forget that people stay on average 7 years in a house during which neither the mortgage will be paid off nor your equity is assured (most probably your 1.3m will cost less).
If it made sense people would have jumped in just like 10 years ago.
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.
I think that history tells us that the Fed will keep short-term rates low.
> How long are you willing to wait Snark?
My current timeline is two years. I’m currently in no rush.
It seems to me that past history indicates that these sorts of corrections are multi-year affairs, and any cries of “we’ve hit bottom” are premature.
However, if it looks like the market has stopped dropping and is going back up before then, I’ll jump sooner.
antidope, that’s fair point
“With this money you could have bought a brownstone in Prime Brooklyn in perfect condition with cash ten years ago. These people here ask you to get a debt of as much as you saved, be a landlord, pay private for a so so building needing a reno in a fringe area. All in a much worse economy than 10 years ago.”
Posted by: bklplebe at September 22, 2009 4:00 PM
With $800,000 you could get a house for $1.2-1.3 MM and the rent from a ground floor one bedroom would pay half the mortgage (@ $1,400-1,500 in this nabe) and you’d have far more space and a yard than you would for what you are currently most likely paying in rent…unless you are living in a studio.
Furthermore, you can pay the mortgage off in 15++ years and live rent free for the rest of your life.
making money- no problem.
getting rich- no problem.
needing to tell other people how much you have- pathetic.
Some people’s lack of understanding when it comes to interest rates, cost of money, opportunity cost, long term financial planning and real estate in general ON A REAL ESTATE BLOG is truly mind-boggling.