« 21 Club: Building Boom Off Fourth Avenue Monday Linkage »
April 21, 2006
Open House Picks: Under $1.5 Million
Boerum Hill
364 Degraw Street
Prudential Douglas Elliman
Sunday 12-3
$1,350,000
GMAP P*Shark
Clinton Hill
306 St. James Place
Corcoran
Saturday 2-4
$1,150,000
GMAP P*Shark
Park Slope
304 5th Street
Aguayo & Huebener
Sunday 2:30-4:30
$1,100,000
GMAP P*Shark
Bedford Stuyvesant
761 Quincy Street
Halstead
Sunday 12-3
$720,000
GMAP P*Shark
Comments
what's wrong with the Park Slope place? why's it only 1.1?
Posted by: Anonymous at April 21, 2006 11:49 AM
It's a 3-fam with rental finishes and it's btwn 4th and 5th. That said, it doesn't look like a bad deal as a way to get into the market.
Posted by: Anonymous at April 21, 2006 11:58 AM
It also doesn't have any detail left. If you are looking for a classic PS brownstone with all the bells and whistles, this isn't it. But, as 11:58 said, it is a good way to get into the market and the neighborhood.
Posted by: C at April 21, 2006 12:15 PM
What am I missing in the Degraw St. house? Seems too good of a deal?
Posted by: EJC at April 21, 2006 12:16 PM
Speaking of detail, I hope whoever buys the St.James house has that woodwork stripped. I have a friend who has the exact same woodwork, and it is all beautiful, rich mahogony. The restored woodwork would help make that house a showplace.
Posted by: CrownHeightsProud at April 21, 2006 12:19 PM
I live close to the DeGraw Street house. This is currently a relatively decrepit rental property that has seen no work in recent years. There is no back yard so to speak as the Smith Street lots are deep here.
Based on the looks of the place, I am assuming that it needs to be gutted and reconfigured for anything decent with lots of exterior work too.
Posted by: bored at work at April 21, 2006 12:23 PM
I bet the 5th street place has tenants you can't get out. That strikes me as the only reason why it could be so cheap. Otherwise, half a million could turn this into a 2 million place.
Posted by: Anonymous at April 21, 2006 12:31 PM
"That strikes me as the only reason why it could be so cheap. Otherwise, half a million could turn this into a 2 million place."
Not on that block, the entire row of houses faces a school and tarmac sketchy skateboarder playground. They can't sell a beautifully restored 20footer between 8th and PPW on 14th st for 1.8m, why would anyone pay $2m for something below 5th avenue?
Posted by: Anonymous at April 21, 2006 1:20 PM
Bored, you know much more about the area and the house than I do, but those photos don't show me a house that needs gutting. The floors are in great shape, I love the wide plank floors in one room, and the back yard, although probably small, looks fine. Obviously they shot the best rooms, no kitchen and bath shots, and who knows what's wrong with the rest of the house, hopefully someone will report back, but I think gutting it would be a bit extreme. I'm sure it needs a lot of work, inside and out, but may be the perfect house for someone looking to be in the neighborhood at a somewhat reasonable price, considering what houses go for there.
Posted by: CrownHeightsProud at April 21, 2006 1:32 PM
364 DeGraw is wide but not very deep (20x32 according to PShark). The extension probably adds another 4 -6 feet, so we might be looking at approximately 2800 square feet. Thus, 482 psf for a fixer-upper on a prime BHill block seems about right. Its the same price that 359 Degraw sold for in January. Would not be surprised if it sold for $150 over asking.
Posted by: crouchback at April 21, 2006 1:53 PM
1.1M still cheap for the size, even b/w 4th and 5th ave, assuming the house is not a disaster. i believe this is a 20-foot-wide building. i don't live on the block, but nearby, and i don't think the school is a liability. (It actually makes parking on that block a little easier, b/c fewer people lving on the block, tho that cd change with the 12-story apt building opening down the block.)
i agree this is not a $2M house in the best of condition, but you're not going to find cheaper than $1.1M for this house on any equivalent block.
Posted by: Anonymous at April 21, 2006 1:53 PM
I agree I may have overstated the need to gut.
But, there will be lots of work necessary to create better owner and rental space. The current duplex is tiny. New mechanicals may be likely too.
I have lived near this place for many years and have never observed any significant maintenance. In fact, the clean up of the front yard for the picture was the most work ever.
Posted by: bored at work at April 21, 2006 1:55 PM
Anon at 1:20:
You are right about that street. I forgot about the issues on that block. But I don't agree completely with the comparison to 14th Street. Houses in the main Slope go for a lot more than houses in the South Slope (which is where I live), and I am pretty sure this 5th Street place is PS 321, with the surcharge that brings. That 14th Street place was way way overpriced, although is now getting down to a more reasonable price.
Anon at 12:31
Posted by: Anonymous at April 21, 2006 1:55 PM
no, 5th street house is not 321 (wrong side of the street).
Posted by: Anonymous at April 21, 2006 2:00 PM
The 5th st place: Is being delivered vacant.
Needs some TLC and work.
Is currently 3 sep, apts (floor thru)
Has a huge basement for storage
If you've got money to sink into it, you could easily up the value. A lot.
The block is quiet & sunny.
I'm not a broker but I have seen the building.
Posted by: kickstand at April 21, 2006 2:02 PM
i think the 14th street house referred to above may end up selling for close to the asking actually. saw some very interested people at a recent open house.
Posted by: Anonymous at April 21, 2006 2:32 PM
BH - Too damn shallow (front to back).
CH - Too close to Atlantic Ave.
PS - Compressed bay window (why'd they even bother).
BS - Location, location, location...
All overpriced. CH has best potential though.
Posted by: Anonymous at April 21, 2006 2:41 PM
Anon 2:32:
Yes, but the asking price on 14th Street has dropped, what, $400,000? $500,000?
Posted by: Anonymous at April 21, 2006 2:47 PM
I don't think the ST James house suffers from being too close to Atlantic Ave. It is also just a 1-1/2blks from the Clinton & Washington Aves "C" station, post office and supermarket.
Posted by: Nativegal at April 21, 2006 2:51 PM
The 14th Street house is in contract, I think.
Posted by: Anonymous at April 21, 2006 2:52 PM
St. James is closer to Fulton, b/t Fulton and Lefferts Place.
Posted by: Anonymous at April 21, 2006 3:14 PM
Actually, I take that back, it says St. James is b/t Fulton and Lefferts, but a search on a Google Map shows it just after Lefferts Place. that's actually better imo, probably the quietest part of this block of St. James.
Posted by: Anonymous at April 21, 2006 3:17 PM
Yes, I've heard that 14th Street is in contract -- and it dropped on the website $100K, not $400K.
Posted by: Anonymous at April 21, 2006 5:52 PM
Anon at 2:47 again. I am pretty sure the 14th street place dropped its price twice. It was originally listed at something like 2.2 or 2.3.
Posted by: Anonymous at April 21, 2006 6:18 PM
The 14th Street house is in amazing shape with terrific details all well preserved and fabulous upgrades to the kitchen and the baths. The St. James house's webpage says it's between Atlantic and Fulton I believe. Not a great block. Looks like it needs a ton of work. But if you put $500k in to it it could be great I'm sure. Less if you can do the renovations yourself or live with it in its current condition and ignore the work needing to be done.
Posted by: Anonymous at April 22, 2006 12:21 AM
If you like the idea of 364 Degraw St and have a little more to spend 229 Bergen is larger and is in very good condition for $1,649,000. It is an owner's 2BR duplex with two rental floor-thru's. It's listed with Cobble Heights Realty.
Posted by: Anonymous at April 22, 2006 1:00 AM
"Anon at 2:47 again. I am pretty sure the 14th street place dropped its price twice. It was originally listed at something like 2.2 or 2.3."
Not that I know of, and I live on that block.
Posted by: Anonymous at April 22, 2006 11:13 AM
"If you like the idea of 364 Degraw St and have a little more to spend 229 Bergen is larger and is in very good condition for $1,649,000. It is an owner's 2BR duplex with two rental floor-thru's. It's listed with Cobble Heights Realty."
it is very good value for a 20 footer with FAR to spare on a nice block. Now the negatives:
* small and older kitchen
* low ceilings for the garden floor bedrooms
* narrow and trick stairs down to the garden floor bedrooms
* a lot of width wasted in the entrance
To make it work you'd have to punch out the back and extend (to match the condo neighbor nextdoor), and/or make an owners triplex over a garden rental - building two new kitchens. Probably $400k extra?
Posted by: Anonymous at April 22, 2006 11:44 AM
i recall that the 14th st. house was listed at over 2 million at one point, but that is most likely the result of an over-ambitious seller setting the price. happens all the time. 2 million is too much for a 3 story in the south slope, even on a gorgeous block.
Posted by: Anonymous at April 22, 2006 1:23 PM
the cost of high quality renovations is, i'm learning, exceptionally expensive. perhaps that's why brownstoner is always thinking things should sell for a lot more money than lots of people on this site believe they are worth. thinking about this because the 14th street house was totally and beautifully done. just the cost of buying a messed up house, or a marginally kept house, and updating it beautifully would put you way over $2m for a 3 story house in the S. Slope. Curious what's going to give first, if anything, construction prices or resale prices. thoughts??
Posted by: Anonymous at April 22, 2006 4:53 PM
OOOhhh, I love brownstones!!! My aunt used to have one and I adored it...they are gorgeous and have so much personality.
Posted by: DesignGaL at April 23, 2006 8:22 PM
Sorry if I keep posing this but I will until we seriously talk abou it!!!!
Let's get rid of the Methadone clinic
This is what other people have done this is just for the best of our comunity I have a son that goes to PS11 this is not the scene you want to see every morning.
http://www.jeffartis.com/pages/3/index.htm
Posted by: Anonymous at April 23, 2006 11:35 PM
Those blocks of Quincy (between Lewis and Broadway) are on the whole really, really pretty--quiet and leafy and many beautiful facades. But, I agree that the Quincy St house, from what I can see of it, is probably a bit overpriced, although relatively convenient in terms of transportation and you'd be amazed at what's happening a few blocks away in Bushwick. There are lofts there to die for and some definitely interesting storefronts.
Posted by: j w at April 24, 2006 1:10 AM
I'm with you Anon 11:35. Let's shut it down and clean up Fulton, Putnam and Classon. Where do we start?
Posted by: BrownBomber at April 24, 2006 8:35 AM
jw, maybe you could start with the landlord of kush cafe, (putnam and grand). i heard he wants to clean the area up. he owns many buildings in the area and got rid of the 'aquarium'. he also rented to that nice flower shop on the corner of cambridge and fulton. badgering the 88th precinct can't hurt but generally complaints fall on deaf ears.
Posted by: patty duke at April 24, 2006 4:56 PM
Saw the 5th street house in PS. There is no english basement (as advertised). All of the units are in fair shape, top floor is nicest, but needs new kitchen and bath, second floor could use some cosmetic work (also new kitchen and bath). could not view 1st floor apt.
Posted by: jab287 at April 24, 2006 7:04 PM
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