No Takers, 43 Love Lane Now For Rent As Well
The whole selling thing hasn’t panned out for the nouveau carriage house at 43 Love Lane in The Heights (it started asking $3,500,000 almost two years ago and is now down to $2,499,000) so now they’re testing the rental waters as well: The 2,300-square-foot pad is asking a fairly astonishing monthly rent of $9,500. Who…
The whole selling thing hasn’t panned out for the nouveau carriage house at 43 Love Lane in The Heights (it started asking $3,500,000 almost two years ago and is now down to $2,499,000) so now they’re testing the rental waters as well: The 2,300-square-foot pad is asking a fairly astonishing monthly rent of $9,500. Who has that kind of cash anymore?
down to 2.1 mil
Who want’s to pay that much for a carriage house you can’t
pull your carriage into???Where you gonna park?
15x annual rents is too high. That number comes from studies comparing median sales to median rents in parts of the country where the median owner occupied house is of considerably better quality than the median rental property.
In NYC, unlike most of the country, units of every quality level exist both as rentals and as sales, so the national number is inappropriate.
Comparing comparable units, the NYC ratio, pre-bubble, usually was in the range of 8-10 x annual rents (except in the really bad years, when it went lower, based on expectations that rents would not keep up with inflation). This number makes sense, since it is rarely possible for a long-term investor to make money renting (and maintaining) a building if they pay more than that. And in rational markets, owner-occupants do not pay more than investors, if for no other reason than owner-occupants, as a rule, are less diversified and therefore taking a bigger risk.
So if $9500 is a fair rental, the fair sales price for this home should be no more than $1.15m. Or, alternatively, if $2.5m is a fair sales price, it should be rentable for $20,000 per month — that’s about the real cost, including maintenance & taxes, opportunity cost on the downpayment, and mortgage, of buying it.
I used to park illegally on that street when I needed to run in to D’Agostino’s. I distinctly remember thinking to myself, “I’d pay at least $12,500/mo to live here and have unfettered access to overpriced produce. If it ever became a CVS, though, I wouldn’t pay a dime over $9,500.”
BRG, most people think that the center of Brooklyn Heights is rather attractive, but to each their own taste.
‘College Place is great and what BRG does not realize is that when looking out from inside this carriage house, what one sees is College Place.’
Yes, Sam, but once you step outside and you look to the left, you see ugly and look to the right you see more ugly.
Best to sit in this house and stare out the window.
it’s prob my ex-boyfriend. zzzzzzzzzz
Who is this Boring Sex person and why are we talking about him?
Isn’t “boring sex” an oxymoron?