House of the Day: 178 8th Avenue

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This house at 178 8th Avenue in Park Slope is beautiful. It’s configured nicely. It’s been updated. It’s in a prime location. Great stuff. The price of $2,995,000, however, seems hopelessly out of touch. Maybe the stock market rally of the past few weeks emboldened the sellers to put a higher price tag on it than they would have at the beginning of the year but we just don’t think a house in Park Slope is going to fetch $3 million these days unless less it’s a unique mansion. And, as nice as this place is, it’s a relatively common brownstone. There’s an open house on Sunday from 1 to 3 if you want to check it out.
178 8th Avenue [Brown Harris Stevens] GMAP P*Shark


0 Comment

  • Mr B
    You have to remove the highest point in your widget!
    I think you should extend it 100K over the asking price and that’s it. We all know houses aren’t going to fetch over their asking price nowadays and the same idiot just keeps ticking the widget at the highest price point each and every day……

  • lovely house, killer back yard, but it is plumbing-impaired; bathroom-needy. That is a serious drawback for a high-luxe residence.

  • Pretty house and yea, a half bath on the parlor floor. Not a deep lot though and 3 million seems pie in sky.

  • I love how it’s pitched as a “owners triplex and garden rental”.

    Because you can’t afford the $3 million without the $2k a month from the rental.

    One day I hope to be just $2k a month shy of a $3 million house…

  • sam, is that a riff on yesterdays thread about 10 people for one bathroom?

  • the backyard is amazing – lots of great points about this place for sure
    I do think 3million is a big reach

    that said I think it could sell for 2.5mil

  • it is an observation that the garden apartment does not seem to have a bathroom. Is there an outhouse at least?

  • yes, widget tweak is in the works to change the scale

  • Yes, garden floor is not currently set up as a rental, clearly. Shouldn’t be advertised as such.

  • You know why the backyard is so good? Because 8th Avenue is the boulevard of Death.

  • this place i linked last week has already gone to contract in only 16 days on the market:

    http://www.streeteasy.com/nyc/sale/406742-condo-park-slope-brooklyn

  • also the second floor should have two bathrooms.
    nice house, terrific location. i would guess 2.4 million.
    if it sells.
    are there still people out there looking for 2.4 million dollar houses? I mean people not looking to buy near their shul?

  • Is it open season again on commenting and entering a number in the price widget?

    From yesterday, seems you’re not allowed a low number, lest you be called clueless and ignorant by brownstoner.

    Maybe it’s just he’s especially touchy when it’s Clinton Hill, or perhaps if he’s helping out a friend who needs to sell

    Brownstoner programmer to-do list:
    - banning that person who always submits the max – ask+40%
    - take gemini10′s suggestion and change the max to 100K over the asking price and that’s it
    - if the property is in Clinton Hill change the minimum to 100K under ask to avoid offending Mr. B, otherwise a lowball number is fair game

  • “The garden floor rental has been completely renovated with stereo system, built-ins, recessed lighting and air conditioning. This floor also has a half bath and is plumbed for washer/dryer hook up.”

    UH? The garden rental has a half bath but is plumbed for washer/dryer? Clean clothes dirty person. Wish I was around Sunday is ask the realtor this question.

  • swineflu – is that you 11217?

  • This house looks very nice to me. It has plenty of baths on the bedroom floors at least. Maybe the rental helps fertilize the yard. We should all be so lucky to have such a nice garden.

  • Bklnite has a point. Is $1.1M for that house in Clinton Hill that set Brownstoner off so any more off-base than $1.797 for this one?

  • It’s gorgeous. A “relatively common brownstone”? It feels like a mansion to me, or maybe the broker took fantastic pictures.

  • Is the garden rental possibly commercial space? It’s the only thing I can think of. But I wouldn’t think this was zoned for it.

  • what is really odd is that none of us know where the market is at. All we know is that things are by and large not selling. This house would have sold for 2.9 million a year and a half ago so to figure out what it’s worth today just adjust it by the average percentage point that prices have dropped. But nobody knows what that percentage is. It is as if last year has not really happened. The market is in a state of suspended animation and everyone is waiting and watching and saying “hmm…I wonder if this will sell?”

  • swine/11217…that’s a spectacular property at a very cheap price.

  • It’s a great point, Sam. There are still people who could afford to pay 2.9M for this house, except they probably couldn’t get good financing; the market has become very small, restrained to people who don’t need a mortgage. It makes sense that as an all-cash buyer you would expect a deal.

  • i will say it again…this agency over prices everything they market. they do it in Manhattan and on the swanky stuff in brooklyn. total dis-service to the owner. i can see the pitch now “we can get you this absalutely just give us the exclusive” then a few months later “sorry market dropped take this low ball so we can get our commision.” they also embellish sq footage and discriptions as this one shows with the garden rental.

  • the second floor has three nice-sized bedrooms and only one bath. That is not enough. sorry.

  • The house is lovely, and I wish them luck with this price, though I think it is unlikely they will even approach it in this market. Perhaps they are in no hurry.

    The three detractors for me are the lack of master suite, no bathroom on the garden floor, and the Avenue location. I prefer the relative calm of the street blocks.

    All speculation for me though. We stopped actively looking last fall as did, apparently, all but the hardiest, bravest or patient of souls.

  • What exactly is the point of the price widget if everyone is forced to vote between the asking price to 40% below asking? I don’t even know what the point of the widget is to begin with. It’s rare that ANY property will sell for asking price these days, if they sell at all. Everyone knows that already. What is this thing adding to the discussion?

  • Hiya Retards! I forgot to post this…

    Home Prices in U.S. Drop Most on Record in Quarter (Update3)

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a7ins33ty1tw&refer=home

    May 12 (Bloomberg) — Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties.

    I know what your saying– That’s California and Florida but, the shockwave is on it’s way!

    Distressed sales increased transactions in 17 states from the fourth quarter as speculators and first-time buyers purchased bank-owned properties. Such homes typically sold for 20 percent less than others, the NAR said today. The inventory of previously owned homes on the market dropped to 3.7 million in March from 3.8 million a month earlier, according to NAR data. The number of new homes for sale fell to 311,000, the lowest since January 2002, according to the Commerce Department.

    Don’t worry this will have a effect on “Brownstone Brooklyn” very soon.

    The What

    Someday this war is gonna end…

  • I guess if you think the widget is not useful you could ignore it.

  • For the most part I do ignore it. I was just wondering what people are getting out of this appraisal that they have to whine about a couple high votes. Invariably there are 2 or 3 way high votes, a bunch that vote the minimum and a bunch of other votes under asking and the end result is an “appraisal” that is always 20% below asking.

    And now we want to force everyone to vote at or under asking price. So basically we want to know everyone’s own appraisal… as long as it’s within 20% of what everyone else thinks.

    I just voted the maximum and it changed the number by a whopping $30,000. So take away the 3 high votes today and the price goes down by 3%. What’s the big deal?

  • What….I heard there’s a huge wave of people moving from Brooklyn to California. They’re also buying pans to prospect for gold.

  • The only good use of the widget would be to associate estimates with user id’s. Then we could see who’s best at predicting where the market is. Just make it opt-in.

  • i like the layout of this house – the description says that there is a half bath on the ground floor, which means that there is a bath on every floor. i think there are enough bathrooms. great house & location.

  • Swineflu:

    http://www.corcoran.com/custom.aspx?Code=NoListing

    Does not equal in contract.

    Listing was pulled, that’s all.

  • These houses were fetching close to 4 mil at the height of the market. What do you base a 2 mil estimate on? Show me evidence that the market has declined by 50%.

  • If property shark is right, and this has over 4,600 sf, at $600 psf, this house comes to $2.8 million. I ain’t saying it’ll get that, but that’s a lot of house.

  • “Show me evidence that the market has declined by 50%.”

    You are just begging everyone’s least favorite poster to weigh in here….wait for it, here it comes…

  • In my opinion, great old brownstone houses like this one should be worth about a million, million and a half dollars. I just don’t see why they should be worth three and four million. First of all, there are thousands of them, secondly they have no land, no property, not even a place to park you car, and thirdly they have kind of clunky layouts for modern living. I think they have been way over-valued in the past ten years and the bubble has finally mercifully popped. These kinds of houses have to fall back into the realm of middle class ownership. The rich are fickle, one day they are all for brownstone living the next day they want to live in Hawaii. only the middle class can be counted on to provide stable markets and the brooklyn real estate market has basically alianated and excluded the middle class. now the correction is happening, markets are tanking, the rich are going to hawaii or to jail, and I am glad about it, though many others are in deep denial.

  • McKenzie, you can get one for that (less, actually) just a mile away from this location. It doesn’t really matter what you think it should cost. Park Slope happens to be one of the best neighborhoods in perhaps the best city in the world. We forego 3-car garages to live here.

    You can get good modern living in Orlando–cheap!!!

  • This place looks really nice. I can see someone paying out for this. 2.5 to 2.75 is not out of the question.

  • Brownstone wildcard, the income tax deduction is changing. You won’t be able to deduct property taxes but you can deduct the full amount of your mortgage payment. What would you rather have, a huge maintenance that grows in a condo or a place that you can have a mortgage and use towards fixing the place up and then deduct from your income? Add that to the FatLenny comment about this not being Orlando, or Lakeland, or Orange County, or gross out cookie cutter nasty suburb and you can’t just decide what looks right according to the national scene.

  • “In my opinion, great old brownstone houses like this one should be worth about a million, million and a half dollars.”

    Then I bid $1,500,001! Does that get the deal done?

  • I think Brownstoner is the one out of touch. Clearly it will go close to $3mil. It is a good location, beautiful brownstone. Tons of comp to support a $3mil price.
    Problem with Brownstoner is that they mix apples with oranges. They keep comparing houses in bad neighborhoods to houses in the Heights, CH or PS. Come on, do your homework. The best hoods of BK, ie BH, CH and PS are pretty resilient.

  • HOD is good even w/o widget. Objections people have are very instructive. I agree this place should have more than one bath to share among 3 bedrooms but often the comments point out more abstruse issues.

  • I agree that houses like this are not going to sell for 3 million dollars for nany years. the boom is over.

  • “I think Brownstoner is the one out of touch. Clearly it will go close to $3mil. It is a good location, beautiful brownstone.”

    Jon pay attention because this will be the only time I will defend you!

    Homeboy you are the one “out of touch”! The Apples to Oranges augment is financing, Comps and Buyers are right now the Mutant Asset Bubble has ran out of those options. I suggest you attend a N.A or a A.A. meeting because you are snorting some good shit and I don’t want you nose to bled.

    “The best hoods of BK, ie BH, CH and PS are pretty resilient.”

    Famous last words! Hey Brownstoner maybe you can get this Asstard to work on the “Community Blog”, ROTFLMMFAO! He’s more delusional than you!

    The What (Six months)

    Someday this war is gonna end…

  • In both location and actual house I would rather live in the Degraw house listed today. That is much more reasonably priced at 1.7 or whatever it is and is just much more my vibe both in neighborhood and in the style of the interior. I find the dark woodwork here a bit heavy and depressing and this location is actually a bit of a hike from the subway. This house needs at least a million dollar trim in my humble opinion.

  • > “this location is actually a bit of a hike from the subway”

    True, but I find myself wondering, does the purchaser of a $3m home care about that?

  • Apart from the half bath in the garden “rental,” which obviously doesn’t work unless it’s commercial/professional space (which it could be — lots of doctors’ offices on 8th Avenue) … what’s this obsession in this thread with bathrooms?!? I can’t think of the last time I saw a brownstone with more than one bathroom per floor. A floor with three bedrooms and one bathroom? That’s not the least bit unusual.

  • Actually, I don’t even see a half bath on the ground floor in the floorplan. Where is it?