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]
stevieb, hoboken, and nj is NOT like nyc. public schools in new jersey are GREAT and GOOD even in the hardcore ghettoes because in NJ property tax is evaluated fairly, unlike in nyc where people who own houses pay basically nothing in property taxes, yet get tax benefits to boot! that doesnt fly in nj, which is why the schools are good. personally one of the reasons i like living in nyc is BECAUSE the public schools are bad tho lol. i just wouldnt want to live or walk near one tho
*rob*
Went to see this house a few weeks ago. The asking is totally delusional. The owner’s layout is really disjointed feeling and, as someone else remarked, it feels small. There’s something seriously off about the whole flow of the space. He seems like a nice enough (and eager to sell) guy but he needs to get a grip with the price.
DIBS–I love the federal bricks better as well, I’m with you)
Wadser,
There comes a pt where you might not get that dramatically reduced price anytime soon. As inflated as I believe NYRE to be, I got sick of waiting. A year and a half looking (originally hoboken, then a year in brooklyn) made us realize that. A real estate correction takes 5-7 years typically, and I’m not willing to wait that long.
The part that makes it an even better deal is that the loan is at 5.25% for the max single-family rate of 729K. That is an insane bargain, and .5-.75% below the loan once you get over $729,750. Huge savings. We saw a place we really like, and financing it will literally never be cheaper.
Unless you’re willing to put down another 100+K, you’ll never get that loan in brooklyn now. I decided holding onto additional cash in this environment was a smart idea.
Identical properties on this block were selling at $1.275-$1.325 million in late 2007 early 2008, the peak. And this house is in pristine, and I mean pristine condition. Almost nothing to do.
So we got it at 25% off peak, and with a dirt, dirt cheap loan that will save us thousands. Maybe not the value I was looking for, but the value I will take nonetheless.
Alop, since I run my own business, NYS Unincorporated Business Tax takes another 4% on top of the 4% city tax. I’ll include the $20K in annual savings I project as part of the value.
Everything’s a trade off. After 18 hard months of grueling looking and hoping, this trade off felt 100% right.
quote:
The price is insane vs the inanity we were looking at in Bklyn. When a couple w/ 550K min the bank and 300K in income
lol it’s pretty tacky to tell people how much money you have in the bank and you and your partner’s combined salary too hahahah. couldnt you have just said “it’s f;ing crazy when two stinkin’ rich people cant buy a crappy house in bumblef*ck brooklyn?”
*rob*
MFN, what are you doing about schools for your daughter? Are you sending your daughter to private school?
dont be ashamed it’s hoboken rather than park slope. for the most park hoboken is a lot cooler than park slope anyway.
and yeah, gay guys do tend to pour lots of money into their places, but often the result is overly tacky decor. and like seriously, just how many people really a built in dild0 rack in every room!?
*rob*
I agree; I would want as many gay guys to move into my neighborhood if I owned a house. They are great!
One other thing MFN, a million (or just under) in Hoboken doesn’t sound like such a steal. Not bad but not the kind of deal I thought you were angling for.
Wow–congrats MFN! Great news. Hope you will still visit us from time to time across the two rivers.
DIBS–didn’t Montrose just post a story about Federal style brownstones on here last week?