House of the Day: 73 Willoughby Avenue
This new brownstone listing at 73 Willoughby Avenue isn’t perfect but it’s still pretty nice, nice enough that we suspect its $1,499,000 asking price will attract some interest. Two negatives: The house is only 40 feet deep and it’s been cut up into three units. Two positives: Nice bones and good location. Now for the…
This new brownstone listing at 73 Willoughby Avenue isn’t perfect but it’s still pretty nice, nice enough that we suspect its $1,499,000 asking price will attract some interest. Two negatives: The house is only 40 feet deep and it’s been cut up into three units. Two positives: Nice bones and good location. Now for the market to decide.
73 Willoughby Avenue [Douglas Elliman] GMAP P*Shark
“Prices may well come down, but in order for them to get much lower in many parts of brooklyn, rents are going to have to come down significantly too…”
Uhh…no. 20x annual rent, peak prices, have to come down to the historical and sustainable 10x (see link below). Rents can stay the way they are (but probably won’t, they’ll probably drop slightly more as this economic depression deepens) and the market would still collapse in half. The peak was 20x. Today, we’re only at about 15x.
http://tinyurl.com/yb8hft9
***Bid half off peak comps***
Ciabatta is bread, wasder. Not sure what his pack reference was.
On a more important note, it’s clear he’ll never, ever own a brownstone.
Don’t think ciabatta comes in a loaf or a pack…
“I agree. And if they waited ’till after Summer they’d get more as prices start to rise.”
Yeah, like waaaaaaay after summer. Say 10+ years! And nominally, when ciabatta sells for $250/loaf or pack.
***Bid half off peak comps***
Location wise block may not look so great but it is one block from each of the Myrtle and DeKalb commercial strips so amenities are great.
With where prices are in many neighborhoods, you can just about cash flow on many properties right off the bat with minimal down and renting out the whole thing.
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Hmm…. maybe on some select properties, but definitely not on the majority. No way!!!
Prices may well come down, but in order for them to get much lower in many parts of brooklyn, rents are going to have to come down significantly too, or loan availability drop to about zero (which could happen with TARP ending).
With where prices are in many neighborhoods, you can just about cash flow on many properties right off the bat with minimal down and renting out the whole thing. If rental prices don’t drop, it provides a bit of a floor for housing prices, and since better than 80% (maybe 90%?) of New Yorkers rent, the rental market is somewhat captured, unlike many other parts of the country.
Just looked at Streetview. No, it’s not the prettiest of blocks but that bay window on the left is in a space that’s at least 10′ wide, a driveway for the building next door. Also there are side windows in both the brick and the top floor mansard roof. Facing south, as this building does, it probably gets a fair amount of light inside. The big building to the left is a huge eyesore though.
And if they waited ’till after Summer they’d get more as prices start to rise.
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by rise, you mean go down, right?