Wondering if anyone has been in the same situation. Been looking to buy a multi fam townhouse for years but the market has gotten so crazy lately I fear I missed the boat. Priced out of a lot neighborhoods for what I want so I've got 3 options now. Budget 1.2M'ish maybe more if 3 Fam. Looking at Crown Heights/Bed Stuy multi-fam brownstones with details for at or below 1M or Greenpoint/WillyB... [more]
Wondering if anyone has been in the same situation.
Been looking to buy a multi fam townhouse for years but the market has gotten so crazy lately I fear I missed the boat. Priced out of a lot neighborhoods for what I want so I've got 3 options now. Budget 1.2M'ish maybe more if 3 Fam. Looking at Crown Heights/Bed Stuy multi-fam brownstones with details for at or below 1M or Greenpoint/WillyB aluminum siding Multi-Fam that needs reno to something modern. Lately been sick of losing out deals thinking maybe 2 bd high rise on the waterfront ie Edge/NSP with views etc..
Love the idea of a mult-fam with rental income to offset the payments but there's something nice about a glass box in the sky with views of the city and water.
Nice to own the land and building with a basement and yard but you have the maintenance. No maintenance in the Condo but much smaller and dealing with other owners and the HOA can be a real drag, currently own a condo and can speak from experience. If I'm going to buy another condo I want the city and water views so I'm not looking inland. Checked out northpoint towers but too small of a living space.
I'm very handy with repairs and I can see myself buying townhouses and renovating them in the future but fears of cost overruns and fringe'er hoods make me nervous.
Anyone been in a similar situation and want to share opinions?
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Response by Eumendides
about 14 years ago
Posts: 94
Member since: Apr 2012
Thought about this, but there is a certain age at which you don't wasn't to deal with the maintenance, somewhat ruling out the single family house option.
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Response by yikes
about 14 years ago
Posts: 1016
Member since: Mar 2012
taxes on houses in blyn too good a deal to forgo
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Response by nyc10023
about 14 years ago
Posts: 7614
Member since: Nov 2008
Low taxes make Bk THs the way to go. Hire out help if you need.
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Response by yikes
about 14 years ago
Posts: 1016
Member since: Mar 2012
eactly...with the tax-savings per $ of face value for a house vs an apt, you could hire some serious help---and it sounds like you are handy and energetic anyway---build equity AND sweat equity
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Response by bjw2103
about 14 years ago
Posts: 6236
Member since: Jul 2007
"taxes on houses in blyn too good a deal to forgo"
Silly, oversimplified statement. Pricing on townhouses is often relatively higher in part because the taxes are so low.
cantdecide, my parents are actually in a very similar situation (budget is nearly identical as well), so I can appreciate the tough decision. It's purely an investment property (for now anyway), and their preference is a townhouse (for many of the reasons you cite), but it's not so cut-and-dry unfortunately. At that price range, you simply can't find a decent multi-family in a quality Brooklyn neighborhood. I actually like Gowanus quite a bit, though the house I just saw there wasn't particularly special. If you want to connect offline, let me know. Happy to bounce ideas.
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Response by yikes
about 14 years ago
Posts: 1016
Member since: Mar 2012
my slurping troll bj doesnt get my simple metric:
"with the tax-savings per $ of face value for a house vs an apt, you could hire some serious help"
see for yourself decider----look at taxes on a 1.5 mm$ apt in blyn, and look at taxes (unabated) for a 1.5 mm$ house--house will be appx 5K$ per year--apt will be more like 20k$--and, further, there will likely be equal or greater sq footage in the house than in the comp priced apt
brooklyn houses trade cheap to apts--both may be flatter go up/down in value, but houses will outperform--mark my words--and hey--that you can help out your investment with sweat equity is key--good luck--enjoy slurping with bj, my personal troll if you like
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Response by bjw2103
about 14 years ago
Posts: 6236
Member since: Jul 2007
yikes, I mean bottoms, I'm curious why you decided to change your alias? Were you tired of being ignored?
But to address your "points":
"apt will be more like 20k$"
Please show your data source/math. That number is way, way out of the ordinary. Would love to see some actual examples. For the heck of it, my yearly (unabated) taxes are ~1/4 of that. Must be the sweat equity.
"look at taxes on a 1.5 mm$ apt in blyn, and look at taxes (unabated) for a 1.5 mm$ house"
Please show a comparable $1.5m apartment and $1.5m multi-family townhouse in the same Brooklyn neighborhood. I haven't actually looked, but the number is probably quite small. These are just such different beasts, that the oversimplified approach and reasoning you're using simply aren't very useful.
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Response by yikes
about 14 years ago
Posts: 1016
Member since: Mar 2012
find examples to refute me, troll
done listening to the icky slurping noises for today
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Response by bjw2103
about 14 years ago
Posts: 6236
Member since: Jul 2007
Examples? They abound, troll. These took me literally 20 seconds to find:
And again, onus is on you to point to the comparable $1.5m apt and multi-fam in the same Brooklyn neighborhood. You made the comparison, after all, so they must exist outside of your imagination too.
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Response by huntersburg
about 14 years ago
Posts: 11329
Member since: Nov 2010
Ooh a cat fight.
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Response by bjw2103
about 14 years ago
Posts: 6236
Member since: Jul 2007
Sorry, was incorrect on 1 Hanson - unabated taxes are indeed higher there for some reason (though still short of bottoms' claim), but not the norm in my experience.
Other units in that range (again, NONE even close to what you're saying):
Thought about this, but there is a certain age at which you don't wasn't to deal with the maintenance, somewhat ruling out the single family house option.
taxes on houses in blyn too good a deal to forgo
Low taxes make Bk THs the way to go. Hire out help if you need.
eactly...with the tax-savings per $ of face value for a house vs an apt, you could hire some serious help---and it sounds like you are handy and energetic anyway---build equity AND sweat equity
"taxes on houses in blyn too good a deal to forgo"
Silly, oversimplified statement. Pricing on townhouses is often relatively higher in part because the taxes are so low.
cantdecide, my parents are actually in a very similar situation (budget is nearly identical as well), so I can appreciate the tough decision. It's purely an investment property (for now anyway), and their preference is a townhouse (for many of the reasons you cite), but it's not so cut-and-dry unfortunately. At that price range, you simply can't find a decent multi-family in a quality Brooklyn neighborhood. I actually like Gowanus quite a bit, though the house I just saw there wasn't particularly special. If you want to connect offline, let me know. Happy to bounce ideas.
my slurping troll bj doesnt get my simple metric:
"with the tax-savings per $ of face value for a house vs an apt, you could hire some serious help"
see for yourself decider----look at taxes on a 1.5 mm$ apt in blyn, and look at taxes (unabated) for a 1.5 mm$ house--house will be appx 5K$ per year--apt will be more like 20k$--and, further, there will likely be equal or greater sq footage in the house than in the comp priced apt
brooklyn houses trade cheap to apts--both may be flatter go up/down in value, but houses will outperform--mark my words--and hey--that you can help out your investment with sweat equity is key--good luck--enjoy slurping with bj, my personal troll if you like
yikes, I mean bottoms, I'm curious why you decided to change your alias? Were you tired of being ignored?
But to address your "points":
"apt will be more like 20k$"
Please show your data source/math. That number is way, way out of the ordinary. Would love to see some actual examples. For the heck of it, my yearly (unabated) taxes are ~1/4 of that. Must be the sweat equity.
"look at taxes on a 1.5 mm$ apt in blyn, and look at taxes (unabated) for a 1.5 mm$ house"
Please show a comparable $1.5m apartment and $1.5m multi-family townhouse in the same Brooklyn neighborhood. I haven't actually looked, but the number is probably quite small. These are just such different beasts, that the oversimplified approach and reasoning you're using simply aren't very useful.
find examples to refute me, troll
done listening to the icky slurping noises for today
Examples? They abound, troll. These took me literally 20 seconds to find:
http://streeteasy.com/nyc/sale/653424-condo-9-college-place-brooklyn-heights-brooklyn
http://streeteasy.com/nyc/sale/600035-condo-one-hanson-place-fort-greene-brooklyn
In case you can't do the math, those are both well under HALF what you're claiming.
If you want to look up unabated taxes on condos where there is an abatement in place:
http://webapps.nyc.gov:8084/CICS/fin1/find001i
And again, onus is on you to point to the comparable $1.5m apt and multi-fam in the same Brooklyn neighborhood. You made the comparison, after all, so they must exist outside of your imagination too.
Ooh a cat fight.
Sorry, was incorrect on 1 Hanson - unabated taxes are indeed higher there for some reason (though still short of bottoms' claim), but not the norm in my experience.
Other units in that range (again, NONE even close to what you're saying):
110 Livingston, 15E = $12k
70 Washington, 11L = $8k
1 BBP, 604 = $11k
1 Main, 5K = $7k
440 Kent, PH3C = $12k
100 Jay, 21F = $10k
I've said it before here, but amazing how many people don't understand where unabated taxes truly range.
You were a fool to waste $90,000 in rent the last few years.
Next time, bite the bullet.
If the property drops in value, stop paying.
Free rent.
dealboy, that kind of drivel is *slightly* off-topic in this thread, no?
yikebottoms, cat got your tongue? Or is it busy slurping or something?