Open House Picks
With Easter weekend upon us, there are slim pickings in the open house department. Here are three we were able to dig up. Feel free to list any more you can find in the comments. Carroll Gardens 150 Summit Street Corcoran Saturday 2:30-4 $1,475,000 GMAP P*Shark South Midwood 678 East 22nd Street Brooklyn Properties Saturday…
With Easter weekend upon us, there are slim pickings in the open house department. Here are three we were able to dig up. Feel free to list any more you can find in the comments.
Carroll Gardens
150 Summit Street
Corcoran
Saturday 2:30-4
$1,475,000
GMAP P*Shark
South Midwood
678 East 22nd Street
Brooklyn Properties
Saturday 2:30-4
$1,199,000
GMAP P*Shark
Park Slope
289 14th Street
Some Dude Named Richard
Saturday 1-3:30
$985,000
GMAP P*Shark
With enough manipulation,etc someone could qualify to succeed RC tenant.
But rare for it to happen.
Who wants to live with grandma’s in old floor thru railroad apt?
Relatives are long gone to LI, NJ, Florida or StatenIsland.
You can’t easily buy out a rent controled tenant, even for 100k.
Think about it, it costs much more than that to buy a place, and the maintenance alone is way more than his or her current rent controlled rent.
My experience is that they simply won’t leave for anything. My rent control tenants don’t even want to talk about it.
Sure, maybe for 500k or a million bucks, but who the hells going to give them that?
Funny thing is they did nothing at all to deserve payment of any kind except rent the place years ago.
i think the best thing to do, as someone above mentioned, is to speak the RC tenant prior to the purchase/offer, and see if there were amenable to a buyout…if they are older, they might be. you offer them a buyout and the right to stay there for some period of time at their current rent…
Unless that nephew had an “emotional and financial commitment” with the renter.
Loopholes within loopholes.
This is the second week for “Dude named Richard”‘s south slope FSBO. I missed it last week but he had a hand-markered sign on the front (lemonade anyone?). Anyone see it last week?
Looking at that South Midwood house I found myself thinking it’s such a better idea to buy a house that’s a little smaller but in good condition, than to buy some huge sprawling house that needs a ton of work. It seems everyone is determined to have a huge tall brownstone or sprawling Victorian, but between cost of renovations and extra cost of maintaining and heating/cooling a big house, it seems disproportionately too expensive just for that extra space. Even if the extra space comes with rental income. I mean, how many years do you have to own a place to earn from rental income the $400,000 (or more) extra you paid for the place? Anyway, just some ruminations on the whole single-family vs. multiple-family house thing.
fyi…just so we are all on the same page..
click on this link for family members and succession rights…per anon 1:20, nephews are excluded.
http://www.housingnyc.com/html/resources/dhcr/dhcr30.html
I happen to like Summit St., but it’s not exactly prime Carroll Gardens. I live in Boerum Hill and am closer to central Carroll Gardens (Degraw to 2nd or 3rd place to me) than summit street. On Summit between Henry + Hicks you’re running up against both the BQE and Hamilton Ave. Combine that with the RC, and this doesn’t look like such a deal.
Sounds like it’s worth it to buy out a rent-controlled tenant. Even if it costs something like $50,000 to $100,000 to do that, you can sell the house for more than that without the RC tenant occupying the place.