House of the Day: 526 Carlton Avenue Reduced
When we featured 526 Carlton Avenue as a House of the Day last September, the Prospect Heights brownstone had just hit the market with an asking price of $2,300,000. The price was knocked down to $2,100,000 a couple of weeks ago, and then to $2,000,000 earlier this week. As we mentioned back then, we think…
When we featured 526 Carlton Avenue as a House of the Day last September, the Prospect Heights brownstone had just hit the market with an asking price of $2,300,000. The price was knocked down to $2,100,000 a couple of weeks ago, and then to $2,000,000 earlier this week. As we mentioned back then, we think the extensive renovation that was recently done looks pretty nice but wondered whether the proximity to Atlantic Yards would hurt its chances. Apparently it has.
526 Carlton Avenue [Douglas Elliman] GMAP P*Shark
House of the Day: 526 Carlton Avenue [Brownstoner]
The layout is nice if it were just re-labeled.
The rear parlor should be labeled “rear parlor” and the “living room” downstairs labeled “formal dining room”.
Voila! Problem fixed.
“fallacy of BHO’s 10x rent canard”
Actually, FLH, it’s the price that’s still the falacy, not the rent (that’s the whole point!). Why don’t you pay 1.7 and see what the appraiser says in a few years or whenever the market bottoms.
“It would never, ever sell for $780K”
Nice snapshot! Say cheese, market!
***Bid half off peak comps***
BHO, you’re not buying a rent-stabilized building and the interest rate is not 11%, so your x10 multiplier is not current. Still, if the rent is $6,500, why would people buy it for $2M? The cost should be roughly equivalent for people to commit the 25%+ downpayment.
I think $1,600,000 would work, assuming they don’t mind living next to a construction for 7-10 years, followed by the pleasure of dealing with herds of beery sports type pissing on their stoop.
This demonstrates the fallacy of BHO’s 10x rent canard. This house would easily rent for $6500/mo. I know of a garden apartment on this block that gets $2K. It would never, ever sell for $780K, even so close to AY (to the north, so not technically in its “shadow”.) $2M is also too high. This place was bought for $1.23M in 2006 and reno’d. Say it goes for $1.7M, which seems about right, the owners wouldn’t make much if anything after transfer costs/reno costs/broker, etc.
BHO, why don’t you bid at 780K? See what they say.
re: the new HOTD ad trivia, a small pet peeve.
Factoid (n.): something resembling a fact; unverified (often invented) information that is given credibility because it appeared in print.
Norman Mailer coined the word in his biography of Marilyn Monroe. Somewhere along the way CNN and Fox News conspired to make it mean “an insignificant but true piece of information.” Much less fun word that way.
i really hate it when they seperate the dining room from the kitchen. who does that? what century do we live? that is so impractical! bad layout. otherwise than that – i like it!
You oughta lick some up, BHO. Then you’d understand why your never going to get a brownstone at half off peak comps.
I think the seller spilled vanilla koolaid on the floor.
***Bid half off peak comps***
“Available for rent $6500.00 per month.”
10 x annual = $780,000. Half off peak comps. And that’s assuming they get $6,500/mo!
http://tinyurl.com/yb8hft9
***Bid half off peak comps***