Comments on: Good Deal or Not? Turret Edition

By: OldHouseLover

OldHouseLover — Tue, 16 Jun 2009 18:01:16 +0000

Oh my god I love it. I’d buy it today if I could afford it!

By: bogfrog

bogfrog — Tue, 16 Jun 2009 14:27:43 +0000

nice turret!!!

By: LNic

LNic — Tue, 16 Jun 2009 00:39:53 +0000

I love this place. It’s the kind of place I dreamed of living when I was growing up… However, in reality, there are drawbacks. Lots of light, but not lots of views, so a person could feel cramped easily. The second bedroom reminds me of my brother’s German flat, which is great for vacationing but not for the long-term.

Parking is SUCH a huge plus in that area, wow. That’s worth $50k right there.

I’d say it’ll go for $475k or so.

By: Goldberg

Goldberg — Mon, 15 Jun 2009 21:09:37 +0000

Bad new…Jeff is absolutely right about the increase in crimes around the building…
Good news…the assessment is going UP in 2010!

Overall, crime is up 57%. For the record: 58 total crimes in 08′ comparred to 91 crimes over the last 60 days.

Thefts from autos had the biggest increase where it went from 15 to 55 when you compare 60 days period between 2008 and 2009. It is a very troubling stats that the police seem to downplay across the city.

By: anon

anon — Mon, 15 Jun 2009 20:50:04 +0000

EdTheRed, that’s true about about zero downpayment being unrealistic now — but with a 20% DP you have to factor in the opportunity cost of plunking down $100k on a piece of real estate (vs. investing it elsewhere or having it available as liquid cash).

More realistic is FHA financing with a 3.5% (around $17,000) DP, which would put the payments at around $2,700 but you’d have to pay mortgage insurance of a few hundred a month on top of that.

You’re right I didn’t factor in the mortgage interest deduction, though.

By: EdTheRed

EdTheRed — Mon, 15 Jun 2009 20:43:08 +0000

@anon 4:27:

Yeah, but don’t forget about the mortgage interest deduction…also, no one gives out $499,000 loans with no down payments anymore (I mean, I hope not!)…with a 20% down payment, you’re making monthly payments on $400,000. Not sure if you’d get down to rental parity, but you’d be a lot closer.

By: anon

anon — Mon, 15 Jun 2009 20:27:32 +0000

CAHBF, yeah, I think that’s a good way to look at it as well. But I also think you should factor in condo fees and taxes. So for this one it’s:

$2,833 (30-year fixed at 5.5% w/o no downpayment) + $225 (condo fee) + $375 (taxes) = $3433.

Rent for this place would be I’d guess around $2000 – $2500.

By: jeff

jeff — Mon, 15 Jun 2009 20:18:33 +0000

it’s a great location, if you discount all of the robberies, muggings, and murder (or 2) that have happened in that block recently…

By: CAHBF

CAHBF — Mon, 15 Jun 2009 20:10:36 +0000

It’s cool, good location. Usually I ask how much is the mortgage assuming 100% financing, versus what can you rent it for. In this market they should be at least roughly equal. I think it’s a bit of a stretch using that methodology. But for style, I give it good marks.

By: AA

AA — Mon, 15 Jun 2009 19:55:32 +0000

I love the layout, but if you actually look at the front of the building you’ll see how absolutely tiny your windows are compared to the 1st and second floor. I feel like I’d have to duck just to look out the window. Price is nice though for sqft… so either be a hobbit or hate windows/views…