Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-30-2014, 03:44 PM
 
31,750 posts, read 26,706,619 times
Reputation: 24631

Advertisements

Quote:
Originally Posted by eddiep83 View Post
another that supposedly sold for 575k in 2013, now for sale at 221?...lol

seeing a few like this

921 Jefferson Ave. - Multi-family Apartment Sale in Stuyvesant Heights, Brooklyn | StreetEasy
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.
Reply With Quote Quick reply to this message

 
Old 09-30-2014, 04:01 PM
 
Location: New York City
19,061 posts, read 12,663,410 times
Reputation: 14781
From what I hear all the sales going through now are cash
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 04:18 PM
 
31,750 posts, read 26,706,619 times
Reputation: 24631
Quote:
Originally Posted by BlakeJones View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 04:22 PM
 
2,691 posts, read 4,320,115 times
Reputation: 2311
Quote:
Originally Posted by eddiep83 View Post
Why would this house be so cheap?

1089 Dekalb Ave. - Multi-family Apartment Sale in Stuyvesant Heights, Brooklyn | StreetEasy

Is stuy heights in bed stuy?
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).
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 04:33 PM
 
31,750 posts, read 26,706,619 times
Reputation: 24631
Quote:
Originally Posted by jad2k View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 05:44 PM
 
Location: Gods country
8,094 posts, read 6,717,343 times
Reputation: 10413
Quote:
Originally Posted by SeventhFloor View Post
Why not consider Harlem? Why Brooklyn?
Lived and worked in Brooklyn my whole life. I wanted to be close to Downtown Brooklyn.
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 06:00 PM
 
Location: Gods country
8,094 posts, read 6,717,343 times
Reputation: 10413
Quote:
Originally Posted by BlakeJones View Post
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;
Attached Thumbnails
Renovated Bedstuy Brownstone Asks 2.65 Million-image.jpg  

Last edited by Above Average Bear; 09-30-2014 at 07:26 PM.. Reason: Grammar error
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 06:59 PM
 
Location: Between the Bays
10,786 posts, read 11,277,550 times
Reputation: 5272
Quote:
Originally Posted by Above Average Bear View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 07:06 PM
 
25,556 posts, read 23,889,069 times
Reputation: 10119
Quote:
Originally Posted by BugsyPal View Post
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.
Reply With Quote Quick reply to this message
 
Old 09-30-2014, 07:24 PM
 
Location: Gods country
8,094 posts, read 6,717,343 times
Reputation: 10413
Quote:
Originally Posted by G-Dale View Post
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads

All times are GMT -6. The time now is 03:56 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top