House of the Day: 485 4th Street
This unusual-looking house at 485 4th Street in Park Slope hit the market in the last week of the year with an asking price of $2,495,000. The location and exterior are great and there are some preserved details on the interior, but the house has certainly suffered from being cut up into three apartments. Given…
This unusual-looking house at 485 4th Street in Park Slope hit the market in the last week of the year with an asking price of $2,495,000. The location and exterior are great and there are some preserved details on the interior, but the house has certainly suffered from being cut up into three apartments. Given the fact that this will require some dough to turn back into a one- or two-family, the price seems high to us. What about you?
485 4th Street [Corcoran] GMAP P*Shark
i’d love to hear a clear, concise and logical description of real estate fundamentals that at least vaguely adheres to what we actually see in the market of the last ten years, say. bho qualifies on the first phrase but is dq’d on the latter one, for example.
antidope, you’re giving quite a bit of ammunition to the bears out there with your admission that prices will need to come down 30% or rents will increase the equiv. Just goes to illustrate the irrational exuberance that remains in the New York market.
I do not believe that prices will come down another 30% like some of the doomsayers on here (in fact in my mind, prices have troughed at least in the near term), but your comment certainly suggestes that if prices have troughed, it is for some reason aside from fundamentals.
Per tiptoe, 10 x 2k x 4 x 12 = 960k. Even if tiptoe is wrong, 1.2M. Very risky at 2 – 2.5M.
***Bid half off peak comps***
antidope, that was the metric we used when we bought a home more than 8 years ago. In fact, the rents paid for significantly more than half the mortgage, and I knew people who bought just 2 or 3 years earlier who covered their entire mortgage. I believe prices will return to that kind of metric — otherwise, what’s the point of buying a 3-family and living in it? I’d certainly never do it in the hopes that in 30 years I’ll make a profit.
“is 16x rent roll the going figure in brooklyn?”
Going…going…gone! Moving target down to the sustainable 10x.
http://tinyurl.com/yb8hft9 [NYT RE 2003]
Keeping ’em honest…
***Bid half off peak comps***
Across from the HS…no thanks!
I believe this property is directly across the street from the John Jay school yard. 7-8 block but not prime. Nonetheless, a nice house except for the chop up. It will move but a reduced price. 2-1.9M.
(sigh) It’s all chopped up! And to add insult to the already heart breaking injury…IT’S OVERPRICED!
Do people really think 1 plus bedroom apartments in Center Slope can really command $2,500 in this market and economy? I’m thinking around $500 less for a 3rd floor walk up.