House of the Day: 289 Garfield Place
289 Garfield Place was an Open House Pick last month shortly after it hit the market with a price tag of $1,950,000. It’s a nice house in a nice Park Slope location, but it feels to us like it lost a bit of its soul when it was recently renovated. It’s also a four-family house,…
289 Garfield Place was an Open House Pick last month shortly after it hit the market with a price tag of $1,950,000. It’s a nice house in a nice Park Slope location, but it feels to us like it lost a bit of its soul when it was recently renovated. It’s also a four-family house, which takes it out of the running for a lot of family buyers. Of course, having three rentals does help take the sting out of that monthly mortgage payment.
289 Garfield Place [Corcoran] GMAP P*Shark
Discounts:
Track lighting 50,000
recessed Lighting 75,000
Exposed brick 25,000
Lack if architectural detail $150,000
phenomenal location and pretty house, though I prefer the classic brownstone facade. Other than that, not much to add. Can’t begin to guess at the cost of turning this back into a one family, or perhaps a garden rental home.
Seems like a tall order at nearly 2 million.
MrJoist, there are some here who think that prices will never again go up!!!!
I’m no perma-Bull but if you just look at “6% cash-on-cash return” you are losing the impact of capital gains on a property.
If you’re going to compare the “all in†returns of holding a Treasury to maturity versus buying this place, you need to include a long-term capital gains assumption for the house over the same period.
If you think the capital gain on the house will be zero, then your numbers are correct.
The house has been sold. I don’t know how much, but know it’s in contract–I live on the block, spoke to the owner who told me he expects a quick January closing. It was on the market for less than 3 weeks.
591 2nd Street (asking 3.2 million) has now gone to contract after less than 3 months on the market.
Somewhere, sometime bho will be right. Right now, for this house 10X is a pipe dream.
you can’t really compare cash returns. for the headache of managing the investment and all the maintenance, you’d have to be nuts to buy an investment ppty at a 6% clip.
the multiple clearly accounts for an expectation of rising rents and price appreciation.
whether you or i want to pay that multiple, there are those that do (see comps above).
Minard, I know we’ve had our differences in the past, but you literally seem to be one of the only people who post here who seem to grasp the concept of location reigning supreme.
The brownstoner crowd reminds me of those horrible parents some of you talk about…you know the kind who say that their kid is #1 even after they flunked their math test.
These are the same people who don’t seem to grasp the fact that all locations are not equal and there’s a reason why certain locations demand more than others…they are simply better. This would be one of those locations.