Open House Picks
Park Slope 516 9th Street Corcoran Sunday 2-4 $1,890,000 GMAP P*Shark Crown Heights 1418 Pacific Street Brooklyn Properties Sat & Sun 12-1:30 $999,999 GMAP P*Shark Bedford Stuyvesant 382 Jefferson Avenue Eva Daniels Sunday 1:30-3:30 $975,000 GMAP P*Shark Ditmas Park West 424 Marlborough Road Archive! Madison Estate Sunday 3-5 $799,000 GMAP P*Shark
Park Slope
516 9th Street
Corcoran
Sunday 2-4
$1,890,000
GMAP P*Shark
Crown Heights
1418 Pacific Street
Brooklyn Properties
Sat & Sun 12-1:30
$999,999
GMAP P*Shark
Bedford Stuyvesant
382 Jefferson Avenue
Eva Daniels
Sunday 1:30-3:30
$975,000
GMAP P*Shark
Ditmas Park West
424 Marlborough Road Archive!
Madison Estate
Sunday 3-5
$799,000
GMAP P*Shark
Betancourt has interior photos of the 9th street house (but only Corcoran has the floorplan).
http://www.betancourtrealestate.com/page.cfm?page=details&id=1559
I think the 9th St. place is priced right – perhaps. Not in any way affiliated with the property, agency or owners. But I am a broker at a different firm. Just try to find a family sized apt. in the Slope now for rent. Good luck. You’d be lucky to get a place for $5k. I know, I know your cousin pays less. And you’d never pay that much. But we aren’t talking about you. We are talking about that one person who will and they are out there.
That said, why don’t they have any interior photos. Very suspicious for a house that is supposed to be nice on the inside as the copy suggests.
I live right near the house on 9th Street and it is way over priced. You are living right between two of the busiest streets in Park Slope with a subway directly beneath you, and the yard is almost non-existent. In this market, you better not have any of those concerns when placing that amount of money on a house without a significant rental income, and this house doesn’t have it. I live right around the corner, and no one is paying $5000 a month unless the apartment is in pristine condition with high end fixtures and a great LOCATION. As for the $2200 for the groun, I also have my doubts, while not unheard of for a ground floor with garden access, this is not a typical situation with a small yard and constant noise. My 2 cents.
“peeling paint”
oh….the HORRORS!!!!
dude, go find yourself a nice new toll bros. condo in long island city or perhaps one of their loverly new mcmansions.
Matt – I just went back and looked at the listing and yes the broker claims that there is 7200 per month of potential income there. I didn’t see the lower rental, but I did see the upper duplex, and with a renovation (added expenditure) you still wouldn’t come close to 5000 a month. Yes rents are significantly higher than couple of years ago, but not that high – maybe in the broker’s dreams. If they were, the current owner wouldn’t even think of selling, not for a minute.
And yes, one might be reminded of the stock market in the late nineties, and no, this time it is not different. If you buy a rental property, financed say at 20% down, and you don’t have positive net cash flow such that you yield 7 – 10% when all is said and done, you aren’t beating the return on cash, so you aren’t getting paid for the risk. Risk? Real estate only goes up right? Prices never fall in Brooklyn, right? Price can go sideways for a long time, and price appreciation is the thing that makes it all worthwhile. No predictions here, but nothing about this house says good investment.
Actually, you know what’s funny? For one day Aguayo had this on their site listed at 1,195,000 before they ‘corrected’ it the next day to 1,995,000. When I saw the lower price, I still thought it was way out there.
OMG, cobwebs on the staircase?! Well, forget it then…that place will never sell.
Matt you can rest your head in a house it is harder to do that in a stock..
Chief-
Thanks, I’m kind of new to this. Sorry to beat a dead horse, but it sounds a lot like what I was hearing about earnings vs valuation during the late ’90’s stock market run up. Am I the only one who is nervous about this unbalanced situation?
Matt, the cashflow from rentals v mtg payment was exceeded many years, ago. So that is why nobody is buying in the better Brooklyn neighborhoods for return on investment. Even in the best situations all you can hope for is to break even. Although there are some favorable tax consequences from depreciation of the property.