House of the Day: 430 10th Street Revisited
This house at 430 10th Street has been on the market for-effing-ever. After selling for $1,200,000 in 2005, the new owners started out trying to get $1,865,000 last year. By August of this year, the ask was down to $1,650,000 and in September it was reduced further to $1,595,000. Since the broker doesn’t even have…
This house at 430 10th Street has been on the market for-effing-ever. After selling for $1,200,000 in 2005, the new owners started out trying to get $1,865,000 last year. By August of this year, the ask was down to $1,650,000 and in September it was reduced further to $1,595,000. Since the broker doesn’t even have his own website and only tiny photos are available on StreetEasy, it would be interesting to hear from someone who’s actually seen the interiors.
430 10th Street [Timothy Norton] GMAP P*Shark
House of the Day: 430 10th Street [Brownstoner]
Capn (Underpants) of Team Bear throws in the towel and buys the Toyota thinking it was a Benz (as described by ex-fellow bear). So much for your headwinds / tailwinds bs, eh? how many comps did you see at that peak price? i hope you saw more than one idiot buyer overpaying, otherwise your 26% discount might really only be 10-15%, especially if the comps weren’t perfect (have you really seen them?). i can hear the jersey bloggers from hear hollering about the stupid idiot overpaying in hoboken. i thought that market was off 30% anyway? it’s an endless cycle, really. but you’ve just become the latest victim.
thanks for the income and bank statement infor mfn. i have to say rob 315p was his best comment i have seen him/her/it make. but i’m sure your hoboken dinner party guests will enjoy such exchanges of 1040 info in the future.
goodluck in jersey. if you hadn’t been such an a**hole in the past i might even mean it.
The “Heights” In Jersey City has nice brownstones. I haven’t been there in years though and don’t know what it’s like now. Hopefully it was landmarked protected. Another adorable town in Jersey is South Orange. The street lights are still gas lights. It has good early-20th century houses. All those old communter towns have good housing stock and ancient old trees. High re taxes though. Worth it if you have kids.
Wasder, my understanding is that there is no tax issue if you sell your primary residence, as long as you don’t make more than 250K per individual or 500K as a couple in capital gains. I believe you used to have to buy again within 5 years, but I think that’s no longer even the case. With rents soft, and landlords eager to keep good tenants, I don’t think families really have to worry very much about going from “rental to rental” in this climate. For me, money is much more of the essence if I can save a few hundred grand by waiting a bit longer to buy!
Hi Miss Muffet, thanks for the feedback. It sounds like a very viable option could be to keep renting until your youngest gets into the school that you want. After that, you can buy somewhere else where you get more for the buck. You could probably buy 5 brownstones on stuyvesant street in bed stuy for the same money. LOL
“You’re only paying -26% off that peak comp. Pretty consistent with where we are in Brooklyn. ”
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Agreed, but BHO, I was not willing to continue to wait (who knows how long) to *maybe* get another 10-15% off peak. And post 25% peak in brooklyn is still an INSANE amount of money, and nothing I would consider. I suspect brooklyn falls harder than Hoboken, which is only a one-square mile town. There’s very very little brownstone inventory.
Rates are just so damn low, and getting below the max conforming limit was a big hope for me (saving abt 500 bucks a month in interest by doing so). So you pull the trigger.
Monthly payment is $4K ($3200 of it is deductible for the first 7-10 years), plus $1K prop tax (40% deductible). So you’re looking at post-tax $3,100 or so to own this place. Way less stress to own, and 15-ft wide or not, after 12 years in a 600SF rent stabilized apt, believe me, it’s plenty large.
I do think it’s going to drop more, fully expect it. But in the end it’s a very high quality property on a prime block. We’re in it for 10 years at least, so not so concerned.
In the meantime, we saved ourselves a very serious sum of non-retirement cash that we can deploy elsewhere if bargains appear.
Also, in my case, I was concerned about the massive tax liability from the sale of our coop…
“The idea that you have to buy is absurd. I know you knew that but I just wanted to point it out.”
Should have said, for those with kids who want to buy, who can wait 5-7 years. How is that BHO? Nobody has to do anything of course but as we have discussed ad nauseum if one is in the market and wants to buy and doesn’t want to move from rental to rental for their children’s childhoods, time is somewhat of the essence. But to each their own.
Stevieb, As many people on this list know, a key reason we sold our last property was that we wanted to live in a more “prime” public school district, so we are renting in one now, and have our oldest in that school. We have to be careful with our youngest – that is, she has no guarantee of a variance, so in looking to buy again, we have to choose to live in a place that has a decent back-up school in case she does not get into our older kid’s school. Or, we could keep renting in our current place til she gets in, and then we’re “free” to live anywhere (though we are also trying to understand the middle school issues, though it’s hard to plan around DOE rules may change by time we get to that point).
Congrats MFN. I hear what you’re saying about the long slog to find a place. I am still amazed by the ballsy asking prices on lots of places, but at least am comforted when the actual selling prices reflect things coming down. Prime hoods are still expensive, but the direction of the market is definitely continuing to head down, so I think potential buyers, especially those with cash, are in a good position. But yes, one must be patient.
If I knew NJ more, I’d consider it but for various reasons (read: husband) we are committed to Brooklyn which I don’t mind since we are fortunate enough to at least be in the ballpark of being able to buy a house here, and I do like this city. But I can *totally* see why others would choose alternatives – there are great ones out there, and Jersey sounds like one of them.
“If you have kids, who can wait 5-7 years.”
Financially, some families have no choice, wasder, but are still very successful in raising their kids. The idea that you have to buy is absurd. I know you knew that but I just wanted to point it out.
***Bid half off peak comps***