Something In The Water on Dean Street?

There’s lots of real estate action brewing on Dean Street these days. A sent in an email this week titled “Breaking $1 Million Barrier in Crown Heights North?” to draw our attention to two new Elliman listings on his block between Nostrand and New York–a gorgeous Queen Anne at 1259 Dean Street asking $1,300,000 and an attractive eight-family at 1243 Dean Street shooting for $1,200,000. Then we happened to notice a new FSBO asking $1,250,000 at 1171 Dean Street between Bedford and Nostrand, just across the street from 1174 Dean Street, which went into contract earlier this year just weeks after being listed for $1,195,000. Surprised–or is the rest of the world finally waking up to all this area has to offer?

17 Comment

  • dnk

    No surprise. I know that block — some really gorgeous houses there.

  • deano

    looks like 1171 was a HOTD listing for 595k back in 2008, and eventually changed hands for 361k just as the world was melting down. If that 18-footer gets close to the ask this time around, it’ll make for a nice 4-year investment.

  • The properties are lovely, but they’re still overpriced for the area. The highest comp in that area is about $1.1 million, but the rest are under $1 million, so anyone who buys one of these homes is unlikely to get a mortgage for the full price of the house, and will have to come up with a lot extra cash! (Especially with 1171 Dean Street, which is smaller than the other ones.) Plus, 1259 Dean Street needs a lot of work–you’d be seriously underwater after renovating that house.

  • deano

    …but “something in the water” might explain 1243. I pay $1.2mm to live off Nostrand in a cramped 2-bedroom garden apartment while taking care of 7 tiny, rent-stabilised units above my head? Even with the right to evict for your own use as a home, surely it could be years before you have your own house here?

  • Less to live in this area than todays house of the day in…Bushwick. Seems like a no brainer in comparison.

  • except that open house pick is in williamsburg, 5 minute walk from the graham L and probably 300k overpriced.

  • the FSBO at 1171 is pretty unrealistic, given there’s a bus stop out front and it’s smaller than the others on the block. Nice reno, but not enough to justify a $900k profit.

  • brownstoneshalfoff

    “Something In The Water on Dean Street?”

    I’d say underwater.

    ***Peace Greece!***

  • Dean between Nostrand and New York has long been one of Crown Heights North’s most gorgeous blocks. The tree canopy meeting in the center of the street makes this even more enviable in the summer. There really isn’t a bad house on the block, facade-wise, even the ones that need some work.

    I really don’t think anyone would be underwater for long here, so putting in a reasonable amount of work would pay off. Also, this block has a very active, very strong block association. I live a block away, and there’s a world of difference between what they’ve been able to accomplish, and what we have. Unity of purpose can be powerful. This is a great block to buy or rent on.

  • sweet action

    It’s obviously the “Brownstoner Effect”. Since Mr. B announced his plans for the warehouses just two blocks away, real estate prices are soaring.

  • To montrosemorris,
    You said “I really don’t think anyone would be underwater for long here”, do you think the prices will keep going up? With uncertain economy recovering slowly and stubbornly high jobless rate, I just don’t know…It seems like there is a spillover of price jumps from Brooklyn Heights and Ft Greene area, but how long will it really last? I don’t know, just asking.

  • Patrick, of course, my crystal ball’s as murky as everyone else’s, but I’m a keen watcher of what goes on in my hood. Like it or not, and I’m of mixed opinion on the subject, this is going to be the next “it” place. It’s inevitable.

    CHN straddles 2 major subway groups, the A/C on Fulton, or the 3/4 on Eastern Parkway and President St. It’s only half an hour or less to Lower Manhattan, 40 or so minutes to Midtown. The housing stock is gorgeous, the streetscapes are beautiful, and the prices for both rentals and homes are still less than even Bed Stuy, only blocks away.

    The flow is spreading from Park Slope to Prospect Hts, to Crow Hill, then Crown Heights proper. It’s already started. They aren’t making any more historic brownstones, and these are not just brownstone/row houses, they are superior rowhouses, as good as anywhere else. The pre-war apartment buildings here are spacious and most of the buildings are in good shape. We’ve got long, long standing co-ops here, with long time owners invested in their buildings.

    We’ve still got way too much poverty, crime, and unemployment, and schools are meh, although we also have a couple of fine parochial and new charter schools. Our commercial districts need work, something NO ONE is happy with, no matter how long they’ve been here, or how much money they have.

    In my opinion, this could be one of those neighborhoods, if shepherded correctly, where the old and the new could co-exist and grow for the mutual benefit of all of the people here. I hope that happens, because a poor neighborhood, with a couple of great blocks of wealth in the middle, serves no one.

    • montrosemorris, that makes a lot of sense, I agree

      Just if one wants to buy something now, the recent price jumps as well as the asking prices are really hard to digest.

      Over the long run I see the neighborhood go through many amazing changes!

      • Montrosemorris, I do hope that Crown Heights experiences the type of renaissance that you predict. But I still maintain that these prices on Dean Street are too high for the current market. If 1174 Dean Street–which was completely renovated–went a few months ago for $1.1 million, how do you justify $1.3 million for 1259 Dean? The houses are almost the same size, but 1259 Dean needs a few hundred thousand dollars worth of work.

        And what about when the interest rates go up? Are people still going to be shelling out this much money in an area where the schools are underperforming and crime rates are high?

        Finally, who benefits from jacking up the real estate prices so high? (Other than the seller and Corcoran.) Is this really the best way to bring about the changes that we would all like to see? I realize there are no easy answers to these questions…

  • You forgot 1139 Dean which closed about 3 weeks ago. Also above a million. Don’t forget the condos that sold earlier at 1141 Dean. The area has a lot to offer with a lot of room for growth at a good value.

  • The prices on houses on Crown Heights North, especially on blocks between Franklin Nostrand, will simply sky-rocket. gentrification has taken hold with a vengence and with good access to subways – watch out.