Sunday, November 14, 2010

Price Drop Not Enough: 153 West 9th Street

An odd listing today for sure. We've had our eye on this place for a little while, trying to pin down its sometimes-undisclosed location. Zillow won't tell you where it is, Trulia won't tell you where it is, even the listing itself won't tell you where it is. But when it comes to needle-in-a-haystack Brooklyn real estate, nobody has you covered like BK to the Fullest. Sit back and let us do the detective work for ya!

This listing has a little bit of everything. 153 West 9th Street had a price drop from $999K to $888K on 9/15/10 that Trulia knows about but the listing from the broker itself doesn't even reflect yet. Originally listed in 6/18/2009 for $1.2M, this 3-Family boasts some incredible, downright unbelievable cashflow. The listing says, "Rent for 1st floor Duplex with basement $3350. 2nd floor 2 bedroom $2350 and 3rd floor 2 bedroom $2150... Building Recently appraised at $1.8 million." Hmm, that's interesting, because that cashflow could support the mortgage on a loan of almost $1.4M, and yet there's a Lis Pendens filed from the Bank of New York on 12/29/09. Surely there's enough income to go around to make the payments on the less than $1M in various mortgages that seem to be out on the place. Something smells fishy.

Besides, who's paying that much rent to live next to the auto dealership and under the BQE overpass, on the very hectic, noisy, industrial outer outskirts of Carroll Gardens?

Pro's: technically in Carroll Gardens, 2BR rentals, supposedly rich rentals

Con's: 17' wide, BQE noise and traffic, no neighborhood feel, hike to trains

Ideally: if this place makes as much money as it claims, the owner should just hang onto it, and start making a mortgage payment or two

1 comment:

  1. Turns out Zillow does have a version of this listing with the address: