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What is interesting is that banks loaned the current owners big money to pay for these places. Would love to see the financials behind those decisions. Perhaps these are considered rental properties and thus current and potential future rent rolls were factored?
Either way it points to the fact not all BS properties are worth millions.
From what I hear all the sales going through now are cash
Yes, for better properties in the "Heights" or thereabouts, but we are speaking of those properties listed upthread. Obviously no one is offering to purchase cash or otherwise hence the short sales at huge discounts.
People paying cash in BS are the same who did so in Clinton Hill, Fort Greene, Prospect Heights, etc... That is those mainly seeking brownstone/townhouses to live in themselves. That and or flippers looking to scoop up something and turn it round for a profit. Neither is going to happen at 1089 DeKalb Avenue anytime soon. *LOL*. Caleb and Noah or Tim and Becky ain't going to be living *there* anytime soon.
It's a short sale and need serious work. It's also no where near Stuy Heights. This is in an area that's very far behind the gentrification that's happening miles (yes miles) to the south and west. Like Seventh said, likely a better buy for someone that is use to the grittiness that's there now or someone that's interested in it only as a rental property (if the numbers can work).
It's a short sale and need serious work. It's also no where near Stuy Heights. This is in an area that's very far behind the gentrification that's happening miles (yes miles) to the south and west. Like Seventh said, likely a better buy for someone that is use to the grittiness that's there now or someone that's interested in it only as a rental property (if the numbers can work).
Only way one can see making any big money as a rental with that property is to go after Section 8. At least that way you can get your money regardless of the tenant because again cannot see many willing to pay market rate to live on that block.
You think you can actually rent out the two apartments for a combined $4500/month ?
Went back to the listing and it stated;
This three family house offers several options: live in the duplex unit and collect approximately $4500/month from two units.
That doesn't sound right as I occupy my duplex and collect $2875 from two 2 bedroom apartments. They are approximately 10% below market value. I'm selling and I don't want to renew the leases.
Here's a shot of my backyard;
Last edited by Above Average Bear; 09-30-2014 at 07:26 PM..
Reason: Grammar error
Don't know about the person you directed the query towards but IMHO the answer is simple: Brooklyn is much more "green" and less urban feeling overall than Harlem.
First time one went to Clinton Hill to a co-workers home for a party couldn't get over how "suburban" the place felt. Coming from Staten Island it had more of that same rural feeling than say living in Manhattan even near Central Park. Same goes for Park Slope, Brooklyn Heights, Prospect Heights, etc....
You also get far more home in terms of square footage in Brooklyn on average than say in Manhattan. From brownstones/townhouses to apartment buildings both old and new things just are larger.
Many of the brownstones do have one unit that has backyard access. The person who rents or buys it can garden. This is much more common in Brooklyn than in Manhattan, but there are some apartments like this in Manhattan and not just Harlem (in both the East and West Village). But basically I agree with you.
I'd make use of it. Would be good for the Jamaican spot on the corner as well if they can take advantage of it.
But it still has to be able to attract good vendors. Which I think it can. Good location.
I hope they hurry up and start filling up the commercial spots on Malcolm X. That would make my property jump through the roof. The only drawback for me would be parking.
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