open-house-6moslater-08-10-07.jpg
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]


What's Your Take? Leave a Comment

Leave a Reply

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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+!!!!!

1 2 3 4