House of the Day: 275 12th Street
This house on 12th Street in the South Slope has been on the market for more than three months but we didn’t hit it until now because the listing doesn’t reveal the address. But through the magic of Property Shark we were able to deduce that the address is 275 12th Street. Aspects of the…
This house on 12th Street in the South Slope has been on the market for more than three months but we didn’t hit it until now because the listing doesn’t reveal the address. But through the magic of Property Shark we were able to deduce that the address is 275 12th Street. Aspects of the house are attractive, but we’re not so keen on the kitchen, the yard or that weird awning thingy out front. The asking price was—and still is—$1,385,000. Does that sound reasonable to you?
275 12th Street [Douglas Elliman] GMAP P*Shark
“Do you think people may be depressed in NY because it costs over a million dollars to buy a little old house…”
Nah … it’s more about being taxed at a 50%+ all-in marginal tax rate to fund back room deals in Albany and the US Senate.
Why isn’t it unconstitutional to tax based on an “all-encompassing nominal graduated tax bracket†when the cost of living here is 3x what it is in some tiny town in Louisiana?!
The Feds say you’re rich if you make over $200k. What does that get you in New York? What does that get you in West Texas? And both are paying the same federal tax rate.
rob, do you think people may be depressed in NY because it costs over a million dollars to buy a little old house in the outskirts of park slope that will require a lot of time and money to fix up after they buy it? I for one think that it may have a lot to do with it.
Mr. Joist is spot on here. This is a slightly larger than average 3 story building just off 5th Avenue in what I always traditionally considered the “South Slope” (i.e., 9th Street to 15th Street – or maybe the Prospect Expressway if you wanted to really push it). Although it doesn’t have a formal stoop, it has a nice little one. I actually like the brick wall next to the east side of the garden. The kitchen is a downer, but that is cosemtic. As someone else pointed out, at least they won’t try to negotiate based on a kitchen reno that stinks.
Unless there are structural issues there is no way this is going for less than a million.
quote:
I’m surprised Stoner hasn’t posted the recent poll that found that New Yorkers are the least happy people in the country. Did you hear about that? I would like to know more about that because it may have some relation to future home prices here in the land of the miserable.
it’s because we are a WELFARE STATE! so is NJ and they are #49th most happy in the poll! just one state happier than us who are in LAST place! also did like taxes totally go up? i just got my paycheck today and i think they went up!
*rob*
“Lets say you pay an extra $200,000 for an extra floor that you will rent out.”
“Am I missing something?”
Maybe. It’s been a long time since you could buy a floor of one of these peripherally located conditionally challenged houses for 200. Not even in 2001-02 could you get under 250 per floor for one in need of a gut job.
There are things about the numbers that do often make it work though, as the rental is a leveraged investment, provides some tax advantages, and often returns a decent return on invested cash. You really have to feed all the numbers into a model that you know works and isn’t based on unrealistic assumptions. Sometimes the results are surprising. At one time there was a three story three family and a four story four family on the same block for sale. The three family looked like the better deal, but when you ran the numbers the fourth floor of the four family was carrying more weight than you would think, and made the difference between break even and positive cash flow.
anti – i completely agree with you. i would much rather have a 3 story single family, which i do. we had a 4 story with tenants and moved to a smaller brownstone to live in a single family. the tenant income used to be great – it covered our entire mortgage but i’m much happier not having to deal with tenants at all.
It’s a 20’ x 45’ with 3 floors + cellar. It has a nice looking façade. Inside is blah and needs a substantial Reno. Block is not that great. I say it goes for ~$1.1 million if there aren’t any structural issues. This would make a nice single family home (2,700s/f above, 900s/f below + ~900s/f yard). All ya’ll clustered around $900k and below are dreaming.
Also, this type of building (3 above a cellar) has nothing to do with its location further “down the hill’ … it’s just a building style like any other. The classic damp Park Slope cellar has more to do with lack of improvements (ThorSeal, Sump Pumps, Check Valves) than location.
It seems to me that three things drive residential real estate:
location, condition (great renovation or original detail), price.
When you find any two together it gets interesting, all three is next to impossible.
From what we can see here this house has none of the three. Location is fair, condition is nothing special, price assumes the other two are spot on. Next.
I’m surprised Stoner hasn’t posted the recent poll that found that New Yorkers are the least happy people in the country. Did you hear about that? I would like to know more about that because it may have some relation to future home prices here in the land of the miserable.