Last Week's Biggest Sales
1. PARK SLOPE $1,695,000 247 6th Avenue GMAP (left) A 3,420-sf, 3-family, per Property Shark. Entered into contract on 7/14/09; closed on 10/15/09; deed recorded on 10/28/09. 2. GRAVESEND $1,500,000 1710 East 5th Street GMAP (right) This 2-family house on the Gravesend-Midwood border hit the market in May ’07 asking $4,250,000, according to StreetEasy, and…
1. PARK SLOPE $1,695,000
247 6th Avenue GMAP (left)
A 3,420-sf, 3-family, per Property Shark. Entered into contract on 7/14/09; closed on 10/15/09; deed recorded on 10/28/09.
2. GRAVESEND $1,500,000
1710 East 5th Street GMAP (right)
This 2-family house on the Gravesend-Midwood border hit the market in May ’07 asking $4,250,000, according to StreetEasy, and was asking $2,699,000 as of May ’08. Entered into contract on 9/30/09; closed on 10/26/09; deed recorded on 10/27/09.
3. BROOKLYN HEIGHTS $1,415,000
One Brooklyn Bridge Park, #540 & T8 GMAP
Condo unit 540 at 1BBP is a 1,709-sf, 3-bedroom that was last asking $1,295,000, according to StreetEasy. The sale included a second “condo unit without a kitchen,” #T8, but it’s unclear from listings what that is. Entered into contract on 8/31/09; closed on 10/14/09; deed recorded on 10/29/09.
4. BRIGHTON BEACH $1,300,000
253 Corbin Place GMAP
A 3,048-sf, 2-family house, according to Property Shark. Entered into contract on 8/12/09; closed on 10/23/09; deed recorded on 10/29/09.
5. MIDWOOD $1,250,000
3403 Bedford Avenue GMAP
This 4,070-sf 2-family was listed for $1,499,000. Entered into contract on 5/5/09; closed on 8/12/09; deed recorded on 10/29/09.
Photos from Property Shark.
oops, “you’re” not “your”…
yes mr bitter of course you do.
the numbers i throw out on the rr side are, i think, conservative.
over the long haul, and you shouldn’t be buying a re investment ppty unless you plan to be in it for years, the numbers get better: forced savings go up, interest cost down and despite your hollering rents are sure to go up.
also if you manage the ppty well and not act like a slumlord you can probably reduce your turnover and associated costs of repairs (tenants upset leave a trail of broken crap), vacancies (offer a fair rate) and turnover (good ll can attract long term tenants). just a tip since i know you’ve been having trouble with all 3 issues.
Why does everyone assume that people onlyl put 20% down in their hypotheticals. Sounds like 6th Avenue put a lot more down (in excess of $1MM) – though they do sound like they need to do some real repairs, and a tenant is in place (which likely explains the good price) – plus your in a 3 family and on a busier street.
antidope you also have to figure in vacancies, repairs, and now broker fees.
so ignoring the hissy fits here.
assume upper two floor thrus earn $4500/mo together (2250/each).
assume lower duplex rents for $3000/mo.
that is $7500/mo vs 8,700/mo in mortgage.
however, you are forgetting that over $2,300 is principal repayment or forced savings, so real cost is $6,400 leaving about 1100/mo to cover costs (tax, maintenance).
of course, you still have to believe in re to make this trade. your 20% dp is not earning a return until you sell at a price higher than you pay today. but the rr is covering basic expenses (you just need to have the financial wherewithal to cover the forced saving part of the equation AND be bullish on real estate).
is this a heated discussion to you? If I called you a fuckin idiot that would be heated but this is just you looking dumb
And yes, I will admit that Brokedeveloper.
Truce.
So what’s next?
Price of 3 bedroom rentals in Clinton Hill? 🙂
BBB – Take a cue from Brokedeveloper on how to have a heated discussion with someone while still using brain cells and bringing something to the table.
I take back what I said…I didn’t make you look dumb.
You do that all by your lonesome.
11217 stop are making us all feel dumb BWHAHAHAHAH