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April 8, 2005

Open House Picks

673 10thPark Slope
673 10th Street
Betancourt
Sunday 1-3pm
$2,200,000


240 CarltonFort Greene
240 Carlton Avenue
Corcoran
Sunday 1-4pm
$1,795,000


104 DouglasCarroll Gardens
104 Douglas Street
Aguayo & Huebener
Sunday 1-3pm
$1,250,000


296 StuyvesantBed Stuy
296 Stuyvesant Avenue
Brooklyn Properties
Saturday 1-3pm
$899,000




Posted by Brownstoner at 12:27 PM | Comments (23)
Categories: Open Houses

Comments

Kinda worries me when brokers start including shots of Prospect Park and the St of Liberty with the slide show (ex. the PS listing by Betancourt).

Posted by: Sloper at April 8, 2005 1:00 PM

Douglass St. has been advertised since at least Oct. And many open houses already - gotta come up with better open house pic.
Now listed with every realtor. This one must be overpriced. But no budging on price.

Posted by: Pete at April 8, 2005 3:03 PM

Nice looking place in Bed-Stuy...

Posted by: Anonymous at April 8, 2005 3:15 PM

Douglass Street house should hire someone to haul all of their bad furniture out for the weekend. Yipes!

Posted by: Me at April 8, 2005 3:42 PM

Whoops. Thanks for pointing that out, Pete. What would you suggest instead?

Posted by: Brownstoner at April 8, 2005 4:57 PM

Douglass Street is definately overpriced, but it is a nice place. They dug out the basement floor for 1/2 of it so the basement is partially finished and would make a great movie room. The one thing about the house is that it has that lean you have in most houses, on the staircase, but this one is more pronounced. what makes it expensive is that in order for you to have rental income, the renter has to trapse through the owners duplex (bottom two floors), so you'd really have to trust the renters as they'd have full access to the owners' duplex. If you don't have that rental income, the monthly payment on a $1.25MM house, with 20% down, is more expensive on a monthly cash flow basis than a four story brownstone in which you rent out the top two floors. So, if you have the 20% down payment, the way the monthly cash flows work, you are better off buying a $1.7-$1.8MM place and renting out the top two floors, and you'd still have the same living space as you would with this Douglass Street place. I've heard from several brokers, however, that they are very sticky on price, got an offer at $1.2 even, and they didnt budge.

Posted by: spintoto at April 8, 2005 8:40 PM

also, i used to live across the street from 673 10th street. it is a great and beautiful block, and is just about 1/2 block from the park. I'd love to live on this street. The problem with the houses, however, this close to the park, is that the FTrain runs right below this actual house, when it takes that sharp turn from 9th street stop....thus, you're going to have the subway rumble on the first two floors of this place. Thankfully, the f-train didn't run that frequently when i lived there...having said that, if i could swing a >$2MM place, this could be worth it....great great block.

Posted by: spintoto at April 8, 2005 8:43 PM

The thing to do with 104 Douglass, in my opinion (and as suggested by my broker), is to put another $200K+ into it, adding a floor and a half on top (as is being done down the block). Even if you ended up spending $1.6M total, you'd have a nice building at a decent price (by comparison).

Posted by: Tim at April 10, 2005 4:36 PM

I live down the block from the Bed Stuy house. It's on a decent block, but across the street is a very active church. Sunday parking and parking during the week is sometimes hell, not to mention the proselitizing doorbell ringing that happens religiously (pun intended) every Saturday morning. But I guess having a church across the street can make the block safer?

It's a nice block though overall and I believe that they are extending landmark status to the end of that block which might explain the extremely high price IMHO.

Also, jazz great Eubie Blake lived on that block, in a great little corner house.

Posted by: Pietro at April 11, 2005 9:19 AM

Regarding Bed-Stuy house, I thought it photographed quite nicely so when I went to the open house on Sat I was pretty disappointed to see just how much work needed to be done on it. Some charming details, but really in need of a complete overhaul. Also, the "rental" (I believe listing actually says it's a three-family, but don't see how that's practical) is on the top floor, and only access is the main stairs open to the whole house. It will be very interesting to see if BP can fetch anywhere near 899K for that.

Posted by: lou at April 11, 2005 9:36 AM

I stopped by on Saturday to see the house on Stuyvesant. The house had "great bones", plenty of space (within the parameters of a traditional brownstone), a fair amount of quality details left and is in a nice part of Bed-Stuy. I agree with some of the previous posters about the house needing a sizeable amount of renovation work to become a top shelf property. I think the current $899,000 asking price is bit steep. This place would by a nice acquisition with about $150,000 knocked off the asking price.

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