Open House Picks
Prospect Heights 407 Sterling Place Brooklyn Properties Sunday, 2:30-4 $1,725,000 GMAP P*Shark Prospect Lefferts Gardens 190 Lincoln Road FSBO Sunday, 12-2 $949,000 GMAP P*Shark Bay Ridge 317 72nd Street Parkview Realty Sunday, 1-3 $929,000 GMAP P*Shark South Slope 157 16th Street Corcoran Sunday, 2:30-4:30 $650,000 GMAP P*Shark
Prospect Heights
407 Sterling Place
Brooklyn Properties
Sunday, 2:30-4
$1,725,000
GMAP P*Shark
Prospect Lefferts Gardens
190 Lincoln Road
FSBO
Sunday, 12-2
$949,000
GMAP P*Shark
Bay Ridge
317 72nd Street
Parkview Realty
Sunday, 1-3
$929,000
GMAP P*Shark
South Slope
157 16th Street
Corcoran
Sunday, 2:30-4:30
$650,000
GMAP P*Shark
flatbush joe: if the market recovers. Also, transaction costs are very high in NY, so if you sell in 4 or 5 years (average length of stay in a 1BR), you need the price to go up at least 12$ to break even.
Vanguard’s investment-grade long-term bond fund is paying only half a point less, and their junk bond fund is paying nearly half a point more.
Both of which will decline in value as rates rise, something real assets (like real estate) will do the opposite during inflation.
I hope you’re not in bond funds right now. Really. AT&T is yielding 5.9% and raised the dividend today and announced a huge byback.
Babs and Ditmas: OK, let’s run the numbers differently. Let’s give Babs the $2600/month. That’s $31,200 a year. Even if the purchase price is at my suggestion of $500k, that’s only a gross ROI of 6.24% per annum. Vanguard’s investment-grade long-term bond fund is paying only half a point less, and their junk bond fund is paying nearly half a point more. If you subtract out the time value of managing a house, it really turns only on whether you’re confident the principal value of the house is going to go up and the principal value of bonds is going to go down. That might well be the way to bet, but I like the liquidity.
Hey, any South Slopers out there? What is behind the 16th Street house? It seems to have no yard, and looks out on to a construction site or something of that ilk.
Babs, tell me where you going to eat in that EIK. Standing over the sink holding your plate? At that 1 foot wide table staring at the wall? By all means, sign me up!
And I don;t think anybody is paying anywhere near $2600 for 1 br + basement office on 16th street between 4th and 5th.
Ditmas, you’re also forgetting that after living in the house for a few years, you can sell it for $650k (and maybe more if the markets recover). Can’t do that with a rental. This would shave a lot of your overall expense, even if the monthly nut stays at $3k. (I also agree that comparable rent closer to $2500).
The PLG house is handsome, but at $949K is not competitive with others in the nabe for sale. Other listings for similar size–256 Lincoln $849K, 141 Lefferts $875K, 251 Fenimore $899K. All of those seem to be in good shape as well, although I’ve only seen the Lincoln Road one. The Fenimore house also has 3 full floors.
Condo fees for a place that big will be about $900 a month…taxes on a condo that size will run you $3,000 -5,000 depending upon where you live.
And yes, I do think the South Slope house does need to come down in price, despite what I said above.