House of the Day: 531 11th Street
This new listing at 529 11th Street isn’t your standard Park Slope townhouse offering, since it’s currently divided up into three floor-through units, but it could be an interesting opportunity for a couple that doesn’t have kids yet but would rather grow into a house rather than buy a small apartment now and trade up…
This new listing at 529 11th Street isn’t your standard Park Slope townhouse offering, since it’s currently divided up into three floor-through units, but it could be an interesting opportunity for a couple that doesn’t have kids yet but would rather grow into a house rather than buy a small apartment now and trade up later. The renovation of the top floor apartment–which will be delivered vacant–was very tastefully done as are the common areas of the building. With an asking price of $1,575,000, the combined rental income of $4,600 should easily cover 2/3 of the mortgage expense while you wait to boot out the tenants two years from now. Or not.
531 11th Street [Brown Harris Stevens] GMAP P*Shark
“Right, raphael, but I am wondering if there is a way to tell (or guess) from the floor plan without knowing.”
Not really without looking up the original plans and c of o…
but…there are clues, though you can find exceptions of course:
many of these houses built as mutli family are slightly deeper than those that were built as one family – not that there aren’t deep single family houses, but many of these are 50 – 55′ deep.
fir flooring
separate cold water risers to all the floors
a brick facade rather than brownstone or limestone
price history:
08/07/2008
Listed by Corcoran at $1,895,000.
12/05/2008
Delisted temporarily.
03/23/2009
Re-listed by Corcoran.
03/23/2009
Price decreased by 5% to $1,795,000.
06/25/2009
Price decreased by 5% to $1,700,000.
09/30/2009
Price decreased by 3% to $1,650,000.
10/01/2009
Listing is no longer available.
As for ability to save, where there’s a will, there’s a way.
One couple I know, living in the city, saved a quarter million over six years. Their combined income ranged from $140K-$190K. They saw less live performance art and ate out less than virtually all of their friends. Choices, priorities, et al.
Right, raphael, but I am wondering if there is a way to tell (or guess) from the floor plan without knowing.
“How can you tell it’s an original 3-family?”
that line houses on the north side of that block as well as almost all of 10th st between 7th and 8th were built as multi family houses – almost all 3 family except for four 4 family houses near the upper part of 10th st.
this house was definitely on the market a couple of years ago at a price around 1.8 or 1.9.
the house will work for someone, and it’s closer to the price at which it will work. let’s see what happens….
So, assuming perfect credit, what do you need to get into a house like this? Net of $3k month should be more than doable with an income of $150k.
But 20% down is 315K. This is probably at least a decade of savings for a $150k person.
And assuming you had the 20% in the bank, how much income would you need roughly to qualify?
First post (elizabethJane) is correct, this is def 531 per Street Easy, not 529. The Property Shark link – which a prospective buyer might click on for a quick check of the R.E.T. – is also wrong.
This is going to work for someone. If you had enough equity in your current home plus savings to swing a conforming loan – this years max is 967,950 for a 3-family – the monthly nut nets out to about $1,500 a month. If you have to go the jumbo route, 15% down is a net of $3,500, or 20% own is $3K per month. That is BEFORE taking into account the R.E.T. and interest you’ll be deducting on your sched A or sched E, and before recapture from depreciation.
$3-3.5K is a lot for floor through, but not when you account tax benefits or appreciation.
(ASSUMPTIONS: estimated maintenance/repairs/utilities of $800, and used 4.8% mortgage rate. Rental income and the known R.E.T. are $4,600 and $350.)
529-33 are right across from the firehouse indeed. Looked at one of these in 2001 for $850K but couldn’t move on it. Stupid dotcom bust. Stupid housing bubble. Sigh.
Is this the one with a weirdly elevated back yard?
How can you tell it’s an original 3-family?
This is right across the street from the fire house, right? Those guys are usually pretty good about keeping the sirens off as they maneuver out of the house and down the block, but this may not be everyone’s cup of tea.