Your
PRETTY FACE
WON'T
GET YOU
A
SECOND DATE.
FLOWERS WILL!
fLorEsta We are better than Cupid.
51-02 vernon blvd. lic, ny 11101
info@florestanyc.com
REAL ESTATE
There is always strong
demand for two-unit houses
in Astoria. From the parks to
the shops and the restaurants
and bars, Astoria offers a
great balance of convenience
and a high quality of life, and
this continues to sustain and
drive property values.
Last year, two-family houses
in Astoria ranged from just
under $1 million up to $1.85
million. I know a tidy, welllocated
house that can be
picked up for about $1 million
– even though house next
door, identical in size, style,
and age, sold in 2018 for $1.6
million.
What’s the catch? This
property is subject to a life
estate, meaning the cash
buyer would purchase what is
known as the remainderman
interest in the property. The
life estate holder – who is 94
years old – has all the rights
and benefits of the property
for the rest of her life. She is
responsible for maintaining
the property, paying the taxes
and utility bills, and also has
to maintain insurance on the
property.
The remainderman buyer
has no rights to use the
property or benefit from it in
any way. The remainderman
buyer – who must purchase
his or her interest with cash –
basically invests and waits for
the end of the life estate. When
the life estate holder dies, the
remainderman buyer gets full
rights of ownership. At that
point the buyer can either
take possession and use the
home or the buyer can rent
out or sell.
Because the life estate is
an encumbrance, the buyer
can purchase the property
interest at a steep discount.
Cash plus conviction in the
value of the property and a
good measure of patience will
make someone a lot of money
in due time.
If you or someone you know
might be interested in this
investment, don’t hesitate
to reach out with a call or a
quick e-mail. Opportunities
like this are rare. Could this
be a winner for you?
with Robert Whalen
TWO-FAMILY ASTORIA
HOUSE IS A SWEET DEAL
FOR THE RIGHT BUYER
Robert Whalen
EVP, Managing Director
of Sales
Licensed
Real Estate Broker
t. 718.878.1801
c. 212.674.3373
Brown Harris Stevens
Queens, LLC
47-12 Vernon Blvd., Long
Island City, NY 11101
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