Open House Picks 8/10/07: Six Months Later
The Cheever Place house is the only one from this batch that hasn’t sold; a few folks said the interior needed a lot of workthink the price chop sweetens the deal enough? Open House Picks: 8/10/07 [Brownstoner]
The Cheever Place house is the only one from this batch that hasn’t sold; a few folks said the interior needed a lot of workthink the price chop sweetens the deal enough?
Open House Picks: 8/10/07 [Brownstoner]
Also, you are not going to get $24O0 a month for those rentals in Clinton Hill.
12:35 Treat the rentals as a business and pay interest only on the loan. $2200 per month is $26,400 per year and is the interest due on a $440,000 interest loan at 6%.
12:29 as 12:12 explained, you are looking at an additional $600,000 in renovation costs to turn that into a 1 family. So why buy a 4 family if you don’t care about rents. That’s why I was curious about the calculation — if buyer had said I wanted a whole house and it would have cost $3.2 million to buy one like this, so getting it for 2.2 and renovating it was worth it to me, I would have understood the answer.
12:23, I may be missing something, but $2,400/month less $200 is $2,200 which, if you assume $600/$100,000 in mortgage payment only covers $367,000. Which leaves you paying close to 1.3 for a duplex (except for all the other contingencies of home ownership and dealing with tenants, etc.). But then again, I don’t know any people in the market for 1.3 million homes anyway. My friends can’t even afford $800,000 apartments — I guess I just run with a poor crowd because in most places, $800,000 is a huge amount of money to pay for a home, and 1.3 million puts you in the elite category.
Some people don’t care about the rentals.
You people still forget how much money some people in this city have.
With rent of $2,400 per month and say your costs are $200 per month then that is sufficient to pay the interest @ 6% on $440,000 of debt. Say you have two rentals then paying $2m for a townhouse means you are effectively paying $1,120,000 for a garden and parlor floor duplex plus garden (and maybe a cellar as well).
Doesn’t seem too expensive in the scheme of things.
I didn’t mean to berate anyone–of course the sellers have every right to reject our offer–I just happen to think it was as very good one. 😉 I posted this info in the spirit of sharing and perhaps helping others that are in market for a house. One of the things I find frustrating about the process is how opaque it all is. A little info goes a long way.
Is this a good spot to interject a Carroll Gardens Corcoran bash?
Cuz I’m thinking….if any of these places were in Carroll Gardens…
Fuhgeddabouit!
Per Minsky, it just went into contract at 2.22.
Joking, but look at all those kitchens on the floorplan! Soooooo chopped-up.
At $2.3MM, it doesn’t make sense as an investment property and to convert back to a 2-family (quadplex + garden rental) would be mega-bucks.
All-in basis of $2.3MM + closing costs + $600K reno = about $3MM+!!!!!