Open House Picks
Park Slope 108 Berkeley Place Corcoran Sunday 12:30-2 $2,650,000 GMAP P*Shark Windsor Terrace 1604 10th Avenue Turner Structures Sunday 1-3 $1,775,000 GMAP P*Shark Windsor Terrace 247 Windsor Place Brooklyn Properties Sunday 12-2 $1,250,000 GMAP P*Shark East Flatbush 3325 Farragut Road Fillmore Sunday 1-3 $559,000 GMAP P*Shark
Park Slope
108 Berkeley Place
Corcoran
Sunday 12:30-2
$2,650,000
GMAP P*Shark
Windsor Terrace
1604 10th Avenue
Turner Structures
Sunday 1-3
$1,775,000
GMAP P*Shark
Windsor Terrace
247 Windsor Place
Brooklyn Properties
Sunday 12-2
$1,250,000
GMAP P*Shark
East Flatbush
3325 Farragut Road
Fillmore
Sunday 1-3
$559,000
GMAP P*Shark
“There is a butcher (sorry Park Slope)”
How about the Pork Store on 5th Ave?
“and a movie theater (sorry Park Slope)”
Actually, isn’t that movie theater officially in Park Slope, since it is on the Slope side of PPW?
I only say “cheap” because that area typically fetches $700/SF. Obviously, it’s still a shitload of cash to pay and it certainly makes more sense to rent than buy (though 2000 SF rentals are no bargain in that nabe).
Yes, there are obviously other heating/repair costs though you can pass off half of that to the investment portion of the house.
As for the opportunity costs lost by the down payment, I’ve never understood that argument. Yes, you could put that down payment into an investment (btw, your 7% return is hardly risk-free. Please refer to the yield on Treasuries.) But, more importantly, what do you think your down payment is? It’s an investment, not a fee. Yes, if the property value goes down, you lose money; but what do you suppose happens when the property value increases? I’ll bet real estate investments in Brooklyn compare favorably to S&P investments over the last 10 years.
lechacal: Thanks for the response. If $5K is the “rent” and the 2 other apartments are much less, then you would have to have a huge downpayment to make the PS house worth it. I am sure there are people out there.
No love for East Flatbush? That’s not a bad area. Certainly no “worse” than Bed-Stuy or parts of PLG. That looks like a pretty cool house that hasn’t been remuddled to death. You could live in it if you wanted to restore it. And if you put down 200k, your monthly costs would be around $2500 with utilities and taxes. Rent out one unit and you’d be down to maybe $1,500 or so.
11233: Not sure in the current market, to be honest. When I rented my apartment last September I looked at a couple of garden duplexes that were around $5k. I don’t know what has happened to the rental market since then. At the time supply was very tight.
“I also heard 225 Windsor had multiple bids after the first open house.”
Yet the listing remains and does not say “in contract.” Houses on that block have not sold for anything near that price, however nice the reno.
lechacal, if I can go back to your 3:48 post. How much would it cost someone to rent a garden duplex in PS?
I of course meant people are used to seeing prices up to the $3 million range.
Anyway, I have to disagree with FinanceGuy about the price dropping by half. No way that will happen.
And Denton, you sound like an apologist for the Nasdaq in March 2000. One absolute truth about bubbles is that people always have a justification for why “this market is different”. And in the long run, it never is.
according to all u finance guys, all houses are overpriced. You should rent. But the fact is appreciation in Manhattan and Brownstone Brooklyn, over the long term, has been way higher than most people would ever have imagined. And meanwhile you get to live in a place you can really make your own, not a rental where you’re lucky to be able to paint.
That of course applies to many other things, the Dow, fine art, wine, stamps, coins, and so on.