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.
“effectively pay 3500”
Add hypothetical loss or hypothetical gain by hypothetical months of ownership. Unless you break even, property costs more or less than just holding it. ‘Duh’ but just clarifying.
That said, the 6th Ave listing seems considerably lower than 20% off peak comps ($2.5M, no?). What was ask? Gut reno?
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It seems like a year or two ago 800sqf floor thrus were 2400 and now depending on if they’re one or two bedrooms range around the 2200 range. If they’re in awesome shape and have nice stuff in them them more and a yard would bump one up into the 2600ish range if your lucky.
the problem is that most the time the bed rooms are tiny if its a 2bed room.
i dont think you could get 2500 for each floor thru on the 6th avenue house, more like 2200. Good to see OBBP start to sell some
ringo you fool. dont you know we’re going back to 10x rent roll for prices? throw out your old math. we got new math.
“Really doesn’t sound like a good price. Sorry.”
Tybur–I am sensitive to your general outlook and definitely can relate to the feeling that one will never make enough money to own a home in NYC. I lucked into one myself and don’t let myself forget that. However, given all of the comps and other reality-based factors, this still qualifies as a good price (if not very good) in the North Slope for a reasonably in tact brownstone. I haven’t seen many cheaper certainly.
In the olden days, most investors didn’t expect their multi-family brownstones to be profitable upon closing. You figure the rentals would pay a substantial portion of your mortgage and you’d pay a chunk too. and then as the mortgage would get paid down, the rent get raised. 30 yrs down the road, you could retire on the income. It’s a newfangled idea that renters pay the whole thing from the minute you close.
According to ACRIS, the mortgage on that purchase is less than $700k. So monthly is about $4k + tax.
is there anything you don’t have an opinion on, mr tsix?
six ave comes with very little information.
but if you could rent two upper floors for 2500 each and effectively pay 3500 pretax (plus carry costs) for a lower duplex with garden and full basement, i think there are a lot of people that will take the risk that price appreciation happens over the ownership period rather than the imminent collapse you want and others around here so loudly predict.
Is that really a good deal on 6th Avenue?
It’s a 3-family home. With 20% down, the mortgage payment alone would be about $8,500… no? How does that make business sense?
You can rent each of the 3 units for $3500 (minimum)? And consistently… and not have gap months… no special expenses like replacing a toilet or fixing a roof?
Really doesn’t sound like a good price. Sorry.