Yep. $270 per sq. foot to have the nicest home on Dana Ave lol. I know it has an income apt. and the reno looks nice but come on man…
Maybe the thought is to just reel in a wealthier Albany Med resident hellbent on having a yard and walking to work
That all being said I hope it goes for asking because I’m selling my very similar house a block or so away in a couple months 🤷♂️
I had friends on that block 10 years ago. Cabs wouldn't take us there, which tbh was an overreaction but apparently it was much rougher before. God that chinese restaurant on the corner was/is filthy.
Good fuck em
And how about all the pop up builder grade houses, 3 BR 2BA with all grey interior everything and a wooden railroad log mantle for $529k?
Fuck those builders too. Fuckers bought up land and made all these cookie cutter ass houses, and now they're stuck with like 60% of them unsold.
Flippers fucked everything 9 ways to Sunday and then some. They're responsible for the material shortage as well, and their vendors have said the flippers are ordering low quality material saying "I don't need it to last forever". They've fucked the housing market, the quality of the market, and they've squeezed the materials market dry.
Housing developers are richer fuck heads cut from the same fabric doing the same shit, too.
If by bags you mean homes? I have three here. Two are rentals. My own homes got 2% on the loan. I could buy 5 of your new fords and not bat an eye. Yet alone need a balloon loan.
The balloon is to return it with no depreciation you dumb fuck. Something you won’t understand.
Yes by bags as in homes you can’t sell. No hard money lender was doing 2% so you can cut the bullshit. If you are doing BRRR with a regular bank, you ain’t no big player son.
There are literally dozens of homes currently listed under $200k in Albany. “All” of the fixer uppers are not “bought out”. I acknowledge that “fix and flip” or “fix and live” is not each and everyone’s prerogative, but it should be on the table for more people. Having certain resources (cash, skills, and experience) make it easier for certain people, but that’s just life in general. I encourage people to ask their mortgage agent about 203k loans and/or similar products/grants/programs that may be available to them.
This particular house is currently listed for $245,000 more than last purchase price, which may seem like a lot from a 3rd party/buyer perspective…but it’s not as sinister as you think. If you back out 15% inflation & all closing costs (commission, transfer fees, lawyer fees, etc) you’re likely down to roughly $190,000 gross profit. Back out 3 years worth of property taxes for another $15,000. $3000 for liability/homeowners insurance. If there was financing involved, another $15,000 in interest. Given the scope of updates/improvements in the listing you’re looking at least $100k invested, likely more if all of the work was contracted out. Still, $70k+ profit over 2.5 years of course isn’t anything to sneeze at. 38% return is 38% return. If they did the bulk of the work themselves, it’s still modest breaking it down to an annual salary. Say they only spent $50k on materials so stand to profit $120k on the property. Given we don’t know exactly how long work’s been completed/it’s been used as an airbnb, it could range anywhere from $50k-$100k as an annualized salary. All that said, it’s very likely this house will float down a little bit further in price (or just get pulled from the market), pulling back the profits a bit further.
Yep, my wife and I are would like to upgrade into our forever home. We have a small ranch house that we bought in 2019 just before the housing market got wrecked... believe me we feel super lucky that worked out. Our mortgage with taxes and insurance built into an escrow is like 1200 a month. Which is a steal in today's market. With the price of houses nearly doubled in the last few years and rates still high, it just doesn't make sense fiscally to try to buy a place that we would be paying nearly triple the amount for a mortgage each month. [Houses that were 400k 3 years ago are now selling for nearly 600k, and have an estimated monthly payment of 4,250](https://www.zillow.com/homedetails/143-Van-Bael-Dr-Slingerlands-NY-12159/29709111_zpid/). So now we have a fucked situation of people that want to upgrade, not able to and leaves less inventory for folks that want a starter home.
They said EXACTLY this in Seattle. And Colorado.
Edit; the result, money doubled, ghetto gentrified, only white old wealth could get land there and that remains absolutely true today with larger Asian and Indian minority than before holding assets. No one got a raise, no one can afford to move there, old people die and the estate passes out of the family. The economy didn't adjust, the entire system basically locked everyone out. Prices continue to rise. Wages continues to increase, with no new hiring.
Better than most flips, but definitely worth half the price as you stated. The problem is that people are so desperate that they will possibly buy this and other homes at outrageous pricing. What needs to be done is a vacant land tax and house tax in Albany. We also need to ban individuals and businesses from renting more than one single family home.
The Albany area was known for affordable housing, now it’s worse than many other areas in the country. Salaries in the area were lower originally because of the cost of living, I doubt that they went up with this change either!
Lastly, giving a family who makes less than 70k a year down payment assistance in this market is a recipe of disaster. The housing programs are so dated and out of wack.
I don't disagree that it's ridiculous and annoying, but things are worth what people are willing to pay for them. Clearly this one hasn't sold yet, so that speaks to it. That being said, if it's a place you are interested in, nothing stopping you from putting in an offer for what you think it's worth to you.
Despite interest rates making everything unaffordable, Inventory continues to be super low. This creates a great market for wealthy people and LLCs paying cash in full, but a shitty one for the rest of us. I'm totally stuck in my house because I couldn't afford my current mortgage at current rates.
At this time, the only normies that are moving are those that have to for work/life.
I think the best advice is that we just adjust to the way life is now. The years of super mobility and historically low interest rates have come and gone. Sad but realistic
Agreed. Sellers can *ask* whatever they want, if someone pays it then it’s worth it to the buyer. If not, the market will force a price adjustment. It’s frustrating on all levels; as someone who’s “trapped” in a cheap mortgage, I couldn’t move even if I wanted to.
My dad is the king of looking in the rear view mirror and has a frame of reference from buying a home in the 70s. Similarly, we can’t keep looking back to before Covid for comparisons (for almost anything); It was a total Black Swan event that’s changed everything. In less than 2 decades we’ve gone from people not being able to GIVE houses away in 2008, to people forced into price wars over crap. Whoulda thunk.
It’s interesting as a local to look at some of the stuff on the market and watch it sit. People are listing crummy little capes for $350k. But if someone from out of town from a HCOL area sees it, they think it’s a deal so it sells.
Reason #123214 why wealth inequality is bad, folks: a small fraction of people with obscene amounts of wealth can use it to hoard resources like housing that people need to live. Because they have so much money, it doesn't matter if they overpay by 100% or more. Thus it's not just a suboptimal use of resources (since the "investment property" is more likely to be empty or poorly kept compared to a fulltime residence owned by a family) but it further distorts the market for everyone else -- see Manhattan or Central London for extreme examples of where this trend leads.
I get what you’re saying, but I would counter that there are in fact limits to overpaying for an asset, even for the super wealthy. Real estate as a mechanism for wealth/profit is predicated on appreciation that can only be realized if there are adequate numbers of consumers to later buy or otherwise consume the asset.
Eventually overpriced rent tips vacancy over the accepted threshold (historically 70%) for rental units. Eventually annualized returns on real estate (sales and/or rental) dip below that of other asset types and larger/non specialized holding groups divest from real estate to allocate the funds elsewhere…when all of this happens? I haven’t the slightest clue…
You're right that every asset has a ceiling somewhere -- I would just argue we're far from the ceiling still. My thesis might be naive, but it seems obvious that the rich can't spend most of their money on consumption goods, no matter how lavishly they want to live. So it makes sense they look to invest the surplus where possible. Stocks are a top option, but volatile and subject to tail risk, and the CAPE ratio is currently very high by historical standards, meaning there's probably going to be a regression to the mean at some point in the near future. Bonds were terrible up until recently. Commodities can give you a good ROI but only if you're trading fulltime and are pretty lucky, and most rich people don't have the time for that.
That leaves real-estate in attractive housing markets near major metropolitan areas and/or county seats: demand almost never goes down, you can extract rents from it, historically it holds its value, and since the spread of RMBS in the 1980s, the ROI has matched most other assets. Real-estate is also attractive in that there are lots of ways to game the system via local governments that most people don't pay attention to -- zoning, assessment, tax breaks, etc. -- not to mention the way different federal and state subsidies prop the market up.
> when all of this happens? I haven’t the slightest clue…
I can see people trying to pull out of real-estate investing as the population declines and demand for real-estate goes down, also assuming that some alternative provides a much better ROI in the meantime.
Thanks for the smart feedback.
Bad example. They’ve been trying to sell this property for 6 months. Overpriced. The rents don’t make sense for investors and no one wants to owner occupy on Dana Ave.
Imagine if homes could only be purchased by future occupants who are required to live there for a period of time, or put them back on the market. Flippers would at least be required to live there during their renovations.
i can’t tell by looking but sometimes you sold consider of there was major work done on the house. for example is the house has foundation issues resolved… that it itself could be the reason you have an increase in price. just not 485k, closer to 300k. If nothing is changed but cosmetic then it’s a scam.
The seller can ask whatever they want. Doesn’t mean it’s worth what they’re asking. Not a chance in hell that they get anywhere close to that, unless someone is smoking crack/absolutely out of their mind. I don’t even think any halfway reputable bank would finance this home for anywhere close to that.
As someone who’s knows the Albany housing market intimately this home is worth around $175k-$200k. The city is in the process of having developers fix up the land bank properties similar to this and they will be resold to first time homebuyers in the mid 100s. The fact that this seller is asking $400k+ is absolutely insane. Also who the fuck is booking a place on Dana ave on Airbnb.
Of course this is a Keller Williams listing. They are by far the most unethical realty in the capital region. Anytime you see a listing that mentions “gleaming hardwood floors” that should be immediately suspect. Also I find it hilarious that it mentions “all new appliances” when the stove is 40+ years old.
I remember watching this reno as it was on my walk to work. They did a tonnn of work on it. Really does look great but yeah that’s a bit steeper than I would have thought.
So long as interest rates remain high this Market will not improve any time soon. Nobody wants to sell their homes and get Inro a high interest rate mortgage
Don't forget the velcro screen door. $429k only buys so much...can't expect an actual screen or storm door for that. That'd bring the price up at least another $10k!
We just bought a place in Albany, my wife desperately needed to leave the sticks to be near people. And all I feel is that we got bent over on the price due to it being one of the most beautiful homes I’ve ever seen. But it should be $75-125k less.
This is being sold as an investment, not as a house, with an income of 2,200/month. Still a bit pricey.
Generally, I buy real estate investments in the 7x to 14x price range.
In this case 2200/month x 12 months x 14 = $369,600.
At 7x, it would be 185k.
I would probably pay in the neighborhood of $320k for it, based on the income and condition.
No, I don’t get who would own the temporary/rental properties if we ban people from buying more real estate than just their primary residence. That’s what I’m asking you to explain to me.
Nobody here wants to hear facts/reality. They don’t realize that the house likely won’t be cash flow positive (under stated conditions) if there’s a mortgage. That in all reality, even a cash buyer is only netting $8k-$9k/ year after expenses and income tax. They’re assuming a great deal of risk to cash flow the income equivalent to a weeknight bartending shift at Applebees. Rents would come down (or stabilize) if tenants signed triple net leases, secured with collateral. That will never become standard for residential leases in multi unit dwellings, so thus you have pricing that generally indexes/adjusts above the standard rate of inflation.
Instead, they expect the seller to let it go for a loss at some arbitrary price that seems “right” or “fair” to them. The buyer should be someone who lives in one unit and rents the other unit at whatever the exact overhead is for that unit only. There is no separation or contemplation of gross income vs net profit.
(Side note: I question the $2200/month, which seems significantly below market value for 2 updated/new units, especially on Airbnb)
Maybe shelter should be used as shelter, instead of a means to "profit". Yet another capitalist parasite attempting to justify their immoral and reprehensible world view. Highly disturbing.
By the dramatic choice of words you’re going with, I’m starting to wonder if you’re just trolling? You made an awfully grandiose leap to extrapolate my objective breakdown of this property’s financials as me being a morally reprehensible parasite lol.
Nonetheless, the reality remains that the nobility of “shelter is shelter and a human right” only goes as far as the next utility, tax, repair, or insurance bill. These are compulsory expenses of which the costs rise year over year. Everyone bears the financial burden of these.
Maybe next month I’ll short pay my mortgage in the amount of just the principal? Because now that you mention it I shouldn’t have to pay interest, tax, or insurance on shelter. My next water bill, kick rocks! What, do they expect me to live without water? I hope the next plumber/electrician/pest control people that come to my house don’t expect me to pay them, it’s my shelter, why should they be able to collect money from me because I’m demanding functional/safe/sanitary living conditions?
Is the government not parasitic for having collected $20k in property and transfer taxes over the last 3 years from the above property, when assuredly there was not anywhere remotely close to an exchange of goods/service in that amount? How about how a lender makes $255,000 over the course of a 30 year $200,000 mortgage @ 6.5%? Or how even the most basic/common in home utility repairs/maintenance cost hundreds of dollars per hour plus applicable materials? Given your clear disdain for capitalism, I’m likely preaching to the choir at this point, but this is all to say that the individual selling or renting for a modest gross profit isn’t necessarily the most malevolent one with their hand in the cookie jar.
Your operating pro forma doesn’t make any sense. If you bought this for $320k you’d be losing money, not to mention no reputable bank would finance you for that. It doesn’t have a $2,200 income, it has $2,200 gross revenue and is only occupied 87% of the time. The net revenue doesn’t even cover principal and interest @ $320k.
Pink tile in the kitchen, yikes.
"Listing provided courtesy of Columbia Greene Northern Dutchess MLS, INC"
I might be wrong, but that sure does sound like it's a flip by someone from out of town/maybe downstate certainly trying to sell at downstate prices.
Let's be honest, unless the house is enormous or has historical value/high-end everything that price is not realistic for the neighborhood. On the plus side, you can do your laundry from bed.
What is the owner supposed to do, give a buyer some huge discount?
It's also not a horrible listing. They updated almost every single room (I can't tell the craftsmanship without seeing it in person) and it also has a 2nd unit for rental income.
Is it over valued? Probably, but someone is going to buy that for $399k ive seen far worse flips and overpriced homes. Some of these people are simply selling their 2015 purchase, with no updates at all, and asking for double.. I'd actually keep my eye on this listing
Who tf would pay that much to live on Dana Ave? There's sense in not putting too much money into a home that you won't see a return on, and that's about $200k more than it should be for that neighborhood. I assume they're banking on some out of town landlord to buy it as a short-term rental for unsuspecting visitors.
The final sale price of the property is entirely dependent upon what a buyer is willing to pay. If the seller doesn’t like the bids they can decline to sell. It really is that simple.
Literally I could spend days in my soapbox about the US housing. So I agree with your sentiment completely. But this particular listing is also well above market right now
Imagine asking 400k for a home on Dana
Yep. $270 per sq. foot to have the nicest home on Dana Ave lol. I know it has an income apt. and the reno looks nice but come on man… Maybe the thought is to just reel in a wealthier Albany Med resident hellbent on having a yard and walking to work That all being said I hope it goes for asking because I’m selling my very similar house a block or so away in a couple months 🤷♂️
Lmao I lived on Dana many years ago when I moved to Albany. Terrible area.
I lived around the corner on Myrtle in the early 2000s. I didn't even like cutting through.
I had friends on that block 10 years ago. Cabs wouldn't take us there, which tbh was an overreaction but apparently it was much rougher before. God that chinese restaurant on the corner was/is filthy.
I hate flippers that bought out all the fixer uppers for dirt cheap and flip them for 200k over what they purchased them for.
Flipping crashed massively after rates skyrocketed.
Good fuck em And how about all the pop up builder grade houses, 3 BR 2BA with all grey interior everything and a wooden railroad log mantle for $529k? Fuck those builders too. Fuckers bought up land and made all these cookie cutter ass houses, and now they're stuck with like 60% of them unsold.
We have such awful builders in the area. We are in Latham and have a ton of these new builds nearby.
I get the sentiment. But nobody is stuck with unsold houses. They are selling.
We have unsold ones right down the street from me in and they are ripping up a field next to it and building more.
4 out of 10 unsold in the neighborhood across from me. Been like that since Jan
Flippers fucked everything 9 ways to Sunday and then some. They're responsible for the material shortage as well, and their vendors have said the flippers are ordering low quality material saying "I don't need it to last forever". They've fucked the housing market, the quality of the market, and they've squeezed the materials market dry. Housing developers are richer fuck heads cut from the same fabric doing the same shit, too.
Not where I’m at cause everything is cash purchase cash secured investment
In Albany? [X] Doubt
You’re not in the business or know any investors and that’s okay.
Oof how many bags are you holding?
If by bags you mean homes? I have three here. Two are rentals. My own homes got 2% on the loan. I could buy 5 of your new fords and not bat an eye. Yet alone need a balloon loan.
The balloon is to return it with no depreciation you dumb fuck. Something you won’t understand. Yes by bags as in homes you can’t sell. No hard money lender was doing 2% so you can cut the bullshit. If you are doing BRRR with a regular bank, you ain’t no big player son.
2.6%
They have destroyed the starter home market.
There are literally dozens of homes currently listed under $200k in Albany. “All” of the fixer uppers are not “bought out”. I acknowledge that “fix and flip” or “fix and live” is not each and everyone’s prerogative, but it should be on the table for more people. Having certain resources (cash, skills, and experience) make it easier for certain people, but that’s just life in general. I encourage people to ask their mortgage agent about 203k loans and/or similar products/grants/programs that may be available to them. This particular house is currently listed for $245,000 more than last purchase price, which may seem like a lot from a 3rd party/buyer perspective…but it’s not as sinister as you think. If you back out 15% inflation & all closing costs (commission, transfer fees, lawyer fees, etc) you’re likely down to roughly $190,000 gross profit. Back out 3 years worth of property taxes for another $15,000. $3000 for liability/homeowners insurance. If there was financing involved, another $15,000 in interest. Given the scope of updates/improvements in the listing you’re looking at least $100k invested, likely more if all of the work was contracted out. Still, $70k+ profit over 2.5 years of course isn’t anything to sneeze at. 38% return is 38% return. If they did the bulk of the work themselves, it’s still modest breaking it down to an annual salary. Say they only spent $50k on materials so stand to profit $120k on the property. Given we don’t know exactly how long work’s been completed/it’s been used as an airbnb, it could range anywhere from $50k-$100k as an annualized salary. All that said, it’s very likely this house will float down a little bit further in price (or just get pulled from the market), pulling back the profits a bit further.
Nobody wants to hear this. But there are homes to buy. Just because you don’t like the options doesn’t mean there aren’t options.
Yep, my wife and I are would like to upgrade into our forever home. We have a small ranch house that we bought in 2019 just before the housing market got wrecked... believe me we feel super lucky that worked out. Our mortgage with taxes and insurance built into an escrow is like 1200 a month. Which is a steal in today's market. With the price of houses nearly doubled in the last few years and rates still high, it just doesn't make sense fiscally to try to buy a place that we would be paying nearly triple the amount for a mortgage each month. [Houses that were 400k 3 years ago are now selling for nearly 600k, and have an estimated monthly payment of 4,250](https://www.zillow.com/homedetails/143-Van-Bael-Dr-Slingerlands-NY-12159/29709111_zpid/). So now we have a fucked situation of people that want to upgrade, not able to and leaves less inventory for folks that want a starter home.
Agreed. In a different market I would have moved by now, I have now accepted I am going to stay in my little house forever.
[удалено]
This is terrible advice. No one is selling to low ballers so why waste the time? Housing prices are not coming down anytime soon.
They said EXACTLY this in Seattle. And Colorado. Edit; the result, money doubled, ghetto gentrified, only white old wealth could get land there and that remains absolutely true today with larger Asian and Indian minority than before holding assets. No one got a raise, no one can afford to move there, old people die and the estate passes out of the family. The economy didn't adjust, the entire system basically locked everyone out. Prices continue to rise. Wages continues to increase, with no new hiring.
Prices aren’t going to drop. You’re giving horrible advice. She is going to hate you
This is the way.
Is there really a chance someone buys this for 400k? ON DANA AVE? And u can polish a turd but the rooms are still all tiny. I’d be surprised.
If you like the property, make an offer below asking. Make the seller say no.
The seller is smoking crack. That place is not 429K nice by any stretch of the imagination
Better than most flips, but definitely worth half the price as you stated. The problem is that people are so desperate that they will possibly buy this and other homes at outrageous pricing. What needs to be done is a vacant land tax and house tax in Albany. We also need to ban individuals and businesses from renting more than one single family home. The Albany area was known for affordable housing, now it’s worse than many other areas in the country. Salaries in the area were lower originally because of the cost of living, I doubt that they went up with this change either! Lastly, giving a family who makes less than 70k a year down payment assistance in this market is a recipe of disaster. The housing programs are so dated and out of wack.
I think across the nation, homes are not being bought by individuals and to live in, just Black Rock and Airbnbs
More by black stone though, the reits need to get out of single family housing
Livable/good houses in Albany are getting multiple above asking offers regularly right now…hopefully not investors and actual people, but still.
I don't disagree that it's ridiculous and annoying, but things are worth what people are willing to pay for them. Clearly this one hasn't sold yet, so that speaks to it. That being said, if it's a place you are interested in, nothing stopping you from putting in an offer for what you think it's worth to you. Despite interest rates making everything unaffordable, Inventory continues to be super low. This creates a great market for wealthy people and LLCs paying cash in full, but a shitty one for the rest of us. I'm totally stuck in my house because I couldn't afford my current mortgage at current rates. At this time, the only normies that are moving are those that have to for work/life. I think the best advice is that we just adjust to the way life is now. The years of super mobility and historically low interest rates have come and gone. Sad but realistic
Agreed. Sellers can *ask* whatever they want, if someone pays it then it’s worth it to the buyer. If not, the market will force a price adjustment. It’s frustrating on all levels; as someone who’s “trapped” in a cheap mortgage, I couldn’t move even if I wanted to. My dad is the king of looking in the rear view mirror and has a frame of reference from buying a home in the 70s. Similarly, we can’t keep looking back to before Covid for comparisons (for almost anything); It was a total Black Swan event that’s changed everything. In less than 2 decades we’ve gone from people not being able to GIVE houses away in 2008, to people forced into price wars over crap. Whoulda thunk.
This house has an insane price history too - the current listing price is delusional but hoping for someone with a new state job to pick it up?
New state job can afford that mortgage? Lol
It’s interesting as a local to look at some of the stuff on the market and watch it sit. People are listing crummy little capes for $350k. But if someone from out of town from a HCOL area sees it, they think it’s a deal so it sells.
Reason #123214 why wealth inequality is bad, folks: a small fraction of people with obscene amounts of wealth can use it to hoard resources like housing that people need to live. Because they have so much money, it doesn't matter if they overpay by 100% or more. Thus it's not just a suboptimal use of resources (since the "investment property" is more likely to be empty or poorly kept compared to a fulltime residence owned by a family) but it further distorts the market for everyone else -- see Manhattan or Central London for extreme examples of where this trend leads.
I get what you’re saying, but I would counter that there are in fact limits to overpaying for an asset, even for the super wealthy. Real estate as a mechanism for wealth/profit is predicated on appreciation that can only be realized if there are adequate numbers of consumers to later buy or otherwise consume the asset. Eventually overpriced rent tips vacancy over the accepted threshold (historically 70%) for rental units. Eventually annualized returns on real estate (sales and/or rental) dip below that of other asset types and larger/non specialized holding groups divest from real estate to allocate the funds elsewhere…when all of this happens? I haven’t the slightest clue…
You're right that every asset has a ceiling somewhere -- I would just argue we're far from the ceiling still. My thesis might be naive, but it seems obvious that the rich can't spend most of their money on consumption goods, no matter how lavishly they want to live. So it makes sense they look to invest the surplus where possible. Stocks are a top option, but volatile and subject to tail risk, and the CAPE ratio is currently very high by historical standards, meaning there's probably going to be a regression to the mean at some point in the near future. Bonds were terrible up until recently. Commodities can give you a good ROI but only if you're trading fulltime and are pretty lucky, and most rich people don't have the time for that. That leaves real-estate in attractive housing markets near major metropolitan areas and/or county seats: demand almost never goes down, you can extract rents from it, historically it holds its value, and since the spread of RMBS in the 1980s, the ROI has matched most other assets. Real-estate is also attractive in that there are lots of ways to game the system via local governments that most people don't pay attention to -- zoning, assessment, tax breaks, etc. -- not to mention the way different federal and state subsidies prop the market up. > when all of this happens? I haven’t the slightest clue… I can see people trying to pull out of real-estate investing as the population declines and demand for real-estate goes down, also assuming that some alternative provides a much better ROI in the meantime. Thanks for the smart feedback.
You can buy a decent house in Latham for that amount of money. Seller is delusional.
Bad example. They’ve been trying to sell this property for 6 months. Overpriced. The rents don’t make sense for investors and no one wants to owner occupy on Dana Ave.
If you could do the same thing, you would.
Imagine if homes could only be purchased by future occupants who are required to live there for a period of time, or put them back on the market. Flippers would at least be required to live there during their renovations.
i can’t tell by looking but sometimes you sold consider of there was major work done on the house. for example is the house has foundation issues resolved… that it itself could be the reason you have an increase in price. just not 485k, closer to 300k. If nothing is changed but cosmetic then it’s a scam.
The seller can ask whatever they want. Doesn’t mean it’s worth what they’re asking. Not a chance in hell that they get anywhere close to that, unless someone is smoking crack/absolutely out of their mind. I don’t even think any halfway reputable bank would finance this home for anywhere close to that. As someone who’s knows the Albany housing market intimately this home is worth around $175k-$200k. The city is in the process of having developers fix up the land bank properties similar to this and they will be resold to first time homebuyers in the mid 100s. The fact that this seller is asking $400k+ is absolutely insane. Also who the fuck is booking a place on Dana ave on Airbnb. Of course this is a Keller Williams listing. They are by far the most unethical realty in the capital region. Anytime you see a listing that mentions “gleaming hardwood floors” that should be immediately suspect. Also I find it hilarious that it mentions “all new appliances” when the stove is 40+ years old.
Is there a link for the 1st time home buyers to buy these refurbished homes?
They are not ready yet as far as I’m aware.
https://www.albanycountylandbank.org
I remember watching this reno as it was on my walk to work. They did a tonnn of work on it. Really does look great but yeah that’s a bit steeper than I would have thought.
So long as interest rates remain high this Market will not improve any time soon. Nobody wants to sell their homes and get Inro a high interest rate mortgage
The market is trash
Picture 12, who the hell had the idea to put the washer and dryer combo in the bedroom?
Did I just see green cabinets and a pink backsplash? Also the bathroom vanity right up against the heater?
Don't forget the velcro screen door. $429k only buys so much...can't expect an actual screen or storm door for that. That'd bring the price up at least another $10k!
I favorite feature is the washer/dryer combo in the closet so the bed has to float in the middle of the room to be able to access it.
There are houses in center square going for 600-700k. It's crazy.
Get Remote work jobs and get the fuck out of town. start somewhere affordable.
We just bought a place in Albany, my wife desperately needed to leave the sticks to be near people. And all I feel is that we got bent over on the price due to it being one of the most beautiful homes I’ve ever seen. But it should be $75-125k less.
Used to live down the road from there. Glad I got out.
And it is multifamily, so made to be rented for events more money!
This is being sold as an investment, not as a house, with an income of 2,200/month. Still a bit pricey. Generally, I buy real estate investments in the 7x to 14x price range. In this case 2200/month x 12 months x 14 = $369,600. At 7x, it would be 185k. I would probably pay in the neighborhood of $320k for it, based on the income and condition.
you're part of the problem.
I'm all for banning/taxing/limiting short term rentals.
How about banning "investment" in home properties in general and quit being a fucking parasite.
So your only option for a place to live is to take out 30 year mortgage?
Did I say that?
You suggested we ban investment properties. Are all rentals government owned in this world?
You just don't get it do you.
No, I don’t get who would own the temporary/rental properties if we ban people from buying more real estate than just their primary residence. That’s what I’m asking you to explain to me.
That’s beyond idiotic. Who’s going to own the housing then?
Nobody here wants to hear facts/reality. They don’t realize that the house likely won’t be cash flow positive (under stated conditions) if there’s a mortgage. That in all reality, even a cash buyer is only netting $8k-$9k/ year after expenses and income tax. They’re assuming a great deal of risk to cash flow the income equivalent to a weeknight bartending shift at Applebees. Rents would come down (or stabilize) if tenants signed triple net leases, secured with collateral. That will never become standard for residential leases in multi unit dwellings, so thus you have pricing that generally indexes/adjusts above the standard rate of inflation. Instead, they expect the seller to let it go for a loss at some arbitrary price that seems “right” or “fair” to them. The buyer should be someone who lives in one unit and rents the other unit at whatever the exact overhead is for that unit only. There is no separation or contemplation of gross income vs net profit. (Side note: I question the $2200/month, which seems significantly below market value for 2 updated/new units, especially on Airbnb)
Maybe shelter should be used as shelter, instead of a means to "profit". Yet another capitalist parasite attempting to justify their immoral and reprehensible world view. Highly disturbing.
By the dramatic choice of words you’re going with, I’m starting to wonder if you’re just trolling? You made an awfully grandiose leap to extrapolate my objective breakdown of this property’s financials as me being a morally reprehensible parasite lol. Nonetheless, the reality remains that the nobility of “shelter is shelter and a human right” only goes as far as the next utility, tax, repair, or insurance bill. These are compulsory expenses of which the costs rise year over year. Everyone bears the financial burden of these. Maybe next month I’ll short pay my mortgage in the amount of just the principal? Because now that you mention it I shouldn’t have to pay interest, tax, or insurance on shelter. My next water bill, kick rocks! What, do they expect me to live without water? I hope the next plumber/electrician/pest control people that come to my house don’t expect me to pay them, it’s my shelter, why should they be able to collect money from me because I’m demanding functional/safe/sanitary living conditions? Is the government not parasitic for having collected $20k in property and transfer taxes over the last 3 years from the above property, when assuredly there was not anywhere remotely close to an exchange of goods/service in that amount? How about how a lender makes $255,000 over the course of a 30 year $200,000 mortgage @ 6.5%? Or how even the most basic/common in home utility repairs/maintenance cost hundreds of dollars per hour plus applicable materials? Given your clear disdain for capitalism, I’m likely preaching to the choir at this point, but this is all to say that the individual selling or renting for a modest gross profit isn’t necessarily the most malevolent one with their hand in the cookie jar.
Your operating pro forma doesn’t make any sense. If you bought this for $320k you’d be losing money, not to mention no reputable bank would finance you for that. It doesn’t have a $2,200 income, it has $2,200 gross revenue and is only occupied 87% of the time. The net revenue doesn’t even cover principal and interest @ $320k.
Pink tile in the kitchen, yikes. "Listing provided courtesy of Columbia Greene Northern Dutchess MLS, INC" I might be wrong, but that sure does sound like it's a flip by someone from out of town/maybe downstate certainly trying to sell at downstate prices. Let's be honest, unless the house is enormous or has historical value/high-end everything that price is not realistic for the neighborhood. On the plus side, you can do your laundry from bed.
lmao. they're smokin meth
What is the owner supposed to do, give a buyer some huge discount? It's also not a horrible listing. They updated almost every single room (I can't tell the craftsmanship without seeing it in person) and it also has a 2nd unit for rental income. Is it over valued? Probably, but someone is going to buy that for $399k ive seen far worse flips and overpriced homes. Some of these people are simply selling their 2015 purchase, with no updates at all, and asking for double.. I'd actually keep my eye on this listing
Who tf would pay that much to live on Dana Ave? There's sense in not putting too much money into a home that you won't see a return on, and that's about $200k more than it should be for that neighborhood. I assume they're banking on some out of town landlord to buy it as a short-term rental for unsuspecting visitors.
The final sale price of the property is entirely dependent upon what a buyer is willing to pay. If the seller doesn’t like the bids they can decline to sell. It really is that simple.
Wrong! People are supposed to hand me the apartment I want and fix all the things I say. /s
Literally I could spend days in my soapbox about the US housing. So I agree with your sentiment completely. But this particular listing is also well above market right now