House of the Day: 615 2nd Street Revisited
The owners of 615 2nd Street gave selling their Park Slope limestone a go last year but packed it in after six months when the $3,495,000 asking price proved to much for the market to bear. Now the house is back on the market with a new price tag of $2,950,000. It’s a great house…
The owners of 615 2nd Street gave selling their Park Slope limestone a go last year but packed it in after six months when the $3,495,000 asking price proved to much for the market to bear. Now the house is back on the market with a new price tag of $2,950,000. It’s a great house to be sure but, as we noted last time around, the kitchen finishes seem a little out of place. What do you think the market-clearing price is on this baby?
615 2nd Street [Brown Harris Stevens] GMAP P*Shark
House of the Day: 615 2nd Street [Brownstoner]
Hey Brownstoner,
Please install an “ignore” button so I can better sift through the useless drivel that now makes up much of this website.
“It apparently doesn’t matter to many others.”
Then why the rental income analysis every time brownie features a 2 plus fam brownstone, DIBS?
“I think it breaks down at some point”
Yes, Brokedeveloper. RE oscillates between overvalued and undervalued.
“How many 4 story limestones in PS are listed for rent these days?”
Not many, but the abundant amount of floor-throughs can be modeled to make up the whole. No excuses. Coops, condos, it’s all related.
What are DIBS’ good points, Pigeon?
***Bid half off peak comps***
Home values are generally measured by an affordability scale that takes into account incomes and interest rates.
i think that is about right, bd. however, i’d like to know what the right number is. is there a historical median? will we settle above/below it? kind of like a discussion of p/e ratios in the equity market.
i feel pretty comfortable that bho’s metrics are useful but that the stated medians are not…medians. perhaps they are close to the numbers at the bottom of the last cycle, but i have no idea if that is true and bho’s never offered any evidence anyway. i think median incomes or precentile incomes are an important factor in upper end purchase of homes. but why 3x? why not 1x? or 6x? seems to me that it is a long term asset and should be expected to be paid off like an auto loan in 7-10 years. i also think that despite the current lack of jumbo financing liquidity we will ultimately settle in a world where it is available at more conservative ltvs and higher dps will be part of the story. there is still a lot of wealth in the world.
“Secondly, bonuses come out of operating profits, not the taxpayers.”
Operating profits THAT WOULD NOT HAVE BEEN POSSIBLE if it weren’t for the bailout. AIG might as well have been a Goldman Sach’s subsidiary.
“This is the time of year that all the hedge fund managers and bankers get together to plot and collude as to how to screw the middle class and those below.”
Real Sex, Take two! Very creative role playing, DIBS.
***Bid half off peak comps***
“Secondly, bonuses come out of operating profits, not the taxpayers.”
Operating profits THAT WOULD NOT HAVE BEEN POSSIBLE if it weren’t for the bailout. AIG might as well have been a Goldman Sach’s subsidiary.
“This is the time of year that all the hedge fund managers and bankers get together to plot and collude as to how to screw the middle class and those below.”
Real Sex, Take two! Very creative role playing, DIBS.
***Bid half off peak comps***
I love to read DIBS and BHO (and stevieb) debate the factors warranting buying a home.
BTW, I think both sides have good points.
I’m generally a big believer in a return to a reasonable relationship of rents to purchase prices, but I think it breaks down at some point, even as the real estate world returns to “normal”. This is especially true for super high end properties, which is what big brownstones in prime areas of PS and BH have become.
How many 4 story limestones in PS are listed for rent these days?
Now, co-ops and condos, that’s a different story. Those will return to a price/rent equillibrium that does not reflect expected short term appreciation.
If the amount of rent you can bring in is important to your purchase of a home then so be it.
Good luck in your search. It apparently doesn’t matter to many others.