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
RC tenants never ever “leave.”
If you’re really lucky, maybe you’ll outlive him, but they seem to never die.
And a “nephew” can show up one day to help “take care” of his uncle. Before you know it, you have a new 26 year old rent controled tenant paying $175/mo rent.
Only buy a rent regulated building if you get it dirt cheap. Otherwise, you’re in for a living nightmare.
1:12 wrote:”Unlikely a young person living there but possible.”
But even if older persons, there’s always the potential of offspring succeeding them in the tenancy.
Vacant 4 story of size of Summit St. needing major work would be $1.6 range
(and I’d guess does need major work to make duplex or triplex or single).
I saw house on Luquer couple weeks ago – that one had 2 RCs which really sucks for buyer or seller. (I think priced at $1.25)
But I suppose has upside potential once RC tenant leaves. Unlikely a young person living there but possible.
12:18pm has to be the seller or the broker.
I wouldn’t touch that building with a ten foot pole for anything over 1 million.
There’s nothing worse than being stuck with a low rent tenant for life. Every day you live there you feel like they own the building and you work for them.
Believe me, I know from lots of personal experience.
Regarding the Summit Street house, I think the rent controlled tenant on the garden floor (one of the larger floor plates) makes a HUGE difference. If you back out that floor from the overall area (on the assumptions that you ain’t gonna be accessing it in the foreseeable future and that the rental income isn’t sufficient to show anything but a minimal profit after heat and maintenance) then you’re left with, I reckon, around 2,800 SF and a resultant price of $527 per liveable SF. Comparing that with the $500/SF result of dividing the likely market value of my Boerum Hill house by it’s overall SF including the open market tenant garden floor, I know which place (and location) I’d rather have. If the Summit rent control tenant were not there and the garden floor area were added to the equation, then the resultant $384/SF asking price becomes much more attractive and interesting.
It’s reasonable because of the rent controlled (not rent stabilized) apartment. That’s a killer. I would hesitate to buy any building with a rent-controlled tenant, no matter how cheap it was.
Is this the going rate for Carroll Gardens? Bed Sty and Crown Heights houses are about $1.2MM after reno for a similar house and houses like this in the Slope are around 2.3MM , it seems like the neighborhood is really undervalued compared to other brownstone areas.
Why does this seem so reasonable?
The scariest thing is that $1.475 million seems reasonable in this market.
Mr. B,
Why did you remove the sidebar links to Brooklyn realtors? I found it so handy for a friday afternoon perusal of new listings (I feel like Property Rover misses stuff & the NYT site drives me nuts.)
I like the house in carroll gardens, even with the rent stabilized i think it is a cheap price for the area. Summitt is a nice block leading to a beautiful block Henry street