« Condo of the Day: Family-Sized on Wyckoff Wednesday On The Record »

June 28, 2006

House of the Day: 87 St. Mark's Avenue

house house
This house was an Open House Pick back in mid-May and despite not selling yet has held its ground on the $1.6 million asking price. This makes sense to us. Although the 4-story brownstone is technically on the Prospect Heights side of Flatbush, the condition and level of detail make it worth the price, we think. Moreover, the house is 21 feet wide and on an extra-deep lot. So, overall, we think the sellers are right to hold their ground on price. This listing also provides an interesting context for thinking about the gut rehab candidate at 34 St. Mark's Avenue which is currently asking $1.1 million. Another twist: Both properties are being marketed by Corcoran.
87 St. Marks Avenue [Corcoran] GMAP P*Shark
34 St. Mark's Avenue [Corcoran]




Posted by Brownstoner at 11:43 AM | Comments (38)
Categories: Properties

Comments

"Although the 4-story brownstone is technically on the Prospect Heights side of Flatbush, it's in lovely condition and has very nice details."

Does that mean that all of the other houses on the Prospect Heights side of Flatbush Avenue are in poor condition and lack "very nice details"?

Posted by: Anonymous at June 28, 2006 11:50 AM

Poorly written, you're right.

Posted by: Brownstoner at June 28, 2006 11:59 AM

went to the open house a while ago. It has everything (give or take) except for location, and rear outlook.

If you spend 1.5 bucks+ you should be able to escape the dull roar of traffic. That is my opinion, anyway.

Posted by: Anonymous at June 28, 2006 12:06 PM

i went to the open house too - i didnt like the weird building behind it (does anyone know what it is??) really takes away from the charm of the garden. also the ceiling has odd patched up work on the parlor and 2nd floors as if something happened but broker couldnt explain what had happened.

i am surprised it hasnt sold but there must be something wrong with it

Posted by: Anonymous at June 28, 2006 12:12 PM

Isnt this just a more proof that the brooklyn real estate party is over?

Posted by: Anonymous at June 28, 2006 12:18 PM

i think so but i think real proof will be when there are no takers for the one hanson place condos at their monster price

Posted by: Anonymous at June 28, 2006 12:20 PM

I rented in that block (same side of the street). Nice neighbors and proximity to trains and services was excellent, but the big negatives: From the front of the house, the Flatbush Ave. noise is noticeable and annoying. Also, many cars use this street as a short-cut between Flatbush and Vanderbilt or Washington, so the fast-moving traffic could be scary at times.

Posted by: Anonymous at June 28, 2006 12:20 PM

curious, what ballpark $ do people think 34 St Marks Plc needs for it's "Gut" reno? 500K?
Making these (essentially) the same asking price?

Posted by: Anonymous at June 28, 2006 12:35 PM

One Hanson will attract a different group of buyers than the brownstones do, so I don't think how they sell will be evidence for or against a change in the brownstone market. Brand-new condos are holding up much better than standard apartments and houses are.

Posted by: Anonymous at June 28, 2006 12:56 PM

Don't think gut rehab will cost $500k, but of course its all how highend you want to go. Some people will spend 100K on kitchen others $20k. Same with bath. Architect designed or basic functional?
Still #87 is much larger with larger lot and does seem good price. In that price range you aren't going to get that amount of space on quiet pristine block away from all traffic noise, projects, commercial, schools, etc. At least in that area.

Posted by: Anonymous at June 28, 2006 1:05 PM

brownstones and condos will move in together... one hanson is overpriced dogdoo, half of the brownstones i see on brokers web site is too.
go go bernanke go

but 87 st marks does seem reasonable (effort to stay on topic)

Posted by: Anonymous at June 28, 2006 1:06 PM

since the 34 St Marks thread got hi-jacked by a bunch of whiners, ill make this (hopefully relevant) comment here. I was at the open house at 34 on Sunday - the place is a total mess. Needs new floors, new beams, new stairs, the facade is rough cement - appatently 'prepped for brownstone' [?] -, all bricks need repointing, in a few places you can see through the wall. dont even think about 'original' anything. and THEN all of your basic reno stuff. it is a small lot, filled by the awkward rear addition - ie no back yard. the 'garden' floor is only good for storage (and SUPER stinky). Anyway, im no brooklyn expert nor am i a competent reno estimator, but i dont think it is well priced given the amount of work to do. if 87 is staying at 1.6, a good deal larger, and more or less move in cond., i cant see 34 making sense at more than 800 or 900, with an after reno price of c. 1.4
Having said that, i thought it was a pretty sweet situation for someone, like myself, who has no interest in 'period detail' and can have fun with the raw space. right now the whole thing is about 30% over my budget, so we'll see what transpires. plus great location

Posted by: Daniel at June 28, 2006 1:42 PM

why are the taxes so high - over $5K?

Posted by: Amy at June 28, 2006 2:30 PM

I'm with Daniel that something doesn't quite add up.

A tear-down on a small lot at $1.1m vs a habitable structure on an extra-large lot for $1.6m.

I think $1.6m is 2005 pricing (ie. on the high side), and $1.1m is some sort of Angel-dust induced fantasy.

As observed by others, St. Mark's isn't the sweetest part of the slope (more boerum hillish to my mind), or prospect heights (too much flatbush traffic, fire station, police station, atlantic yard, boys town, etc).

I say 87 goes down at least 10%, and 34 goes down 30% or even 40%.

Posted by: Anonymous at June 28, 2006 3:28 PM

I'm kinda puzzled by the price of #87. It's in renovated condition, houses have sold on that block for more, and houses on other blocks of PH have sold for much more. #130 is on the market (or maybe in contract since it's no longer on the Brooklyn Properties website) for $1.995m.

Posted by: Anon at June 28, 2006 3:42 PM

corcoran broker on 87 st marks is a little shady

Posted by: Anonymous at June 28, 2006 3:43 PM

If the Brooklyn real estate party were over, Anon 12:18, then brownstones would be priced near the median house price in the United States, $240,000.

When a married couple with two average civil service incomes can afford to buy a single family brownstone in downtown Brooklyn, then housing prices will again make sense. Until then, the party rages on.

Posted by: Shahn Andersen at June 28, 2006 3:47 PM

I think maybe the reason this isn't selling is the weird floorplan. It has a garden rental, a top-floor rental, and a duplex in between.

So if you live in the duplex, your tenants must walk through your house to get to their apartment on the top floor. And you have to share the garden with your other tenant! Where's the privacy?

Posted by: Anonymous at June 28, 2006 3:58 PM

You're all way off the mark. The house is about to sell for over asking. The top floor is not a rental anymore and the broker is one of the few I really like. And I DON'T work for Corcoran

Posted by: anon at June 28, 2006 4:01 PM

Hey 3;58 lay off the pipe, owners triplex with a garden rental. no tenants walking through anything

Posted by: Anonymous at June 28, 2006 4:05 PM

Low asking price equals bidding war!! Yahoo Brrooklyn is still over the top!! come on baby keep going!!!

Posted by: Anonymous at June 28, 2006 4:07 PM

WRONG Shahn. NYC will always be above the median (barring another fiscal crises), even when the lights come on.

The party is over but it's hard to tell because guests (investors) are leaving one-by-one. But the after-party (owner-occupiers invited) shall begin and continue 'til next boom.

Posted by: Anonymous at June 28, 2006 4:09 PM

if bidding war, why is it still on the market.
i just called and noone told me it was about to sell for more? seems like anon 401pm IS A BROKER! muhahaha

Posted by: Anonymous at June 28, 2006 4:42 PM

anon: 12:20pm Bad news, One Hanson is selling and quickly too! Ha ha.

Posted by: Anonymous at June 28, 2006 4:52 PM

87 st marks seems sweet.might be a tad over price. but it beats the pants off 34 st marks any day. that has to drop a bit for anyone to buy it. guy must be smoking a crack pipe for that one.

jackass who defends that property might come on and yell how its not true etc...

Posted by: armchair_warrior at June 28, 2006 4:57 PM

Wrong about what Anon 4:09? I think I was clearly saying that prices at six times the median indicate a different set of fundamentals. Housing prices don't make sense when compared to most other markets' fundamentals, thus our ongoing party.

Posted by: Shahn Andersen at June 28, 2006 5:09 PM

One hanson is a joke - i dont believe it's selling but if you do.... you must be a broker ? probably long a unit or two looking to unload on a poor fool.

Posted by: Anonymous at June 28, 2006 5:09 PM

Re: question why taxes are high in comparison..They changed their CofO to 2fam couple years ago..and my guess is that can trigger higher taxes.
And doesn't seem overpriced (and thats all relative because of course everything is overpriced by 50%) to me.
I don't see much else at that level in vicinity that looks like better deal..
(and remember this is 3800+ sq ftso don't tell me about house that is 3200sqft).

Posted by: Anonymous at June 28, 2006 5:18 PM

87 St. Marks is in contract for over asking, owners asked less than they might have to move it quickly and the break in the ceiling molding on parlor floor is from an old circular staircase being removed when the house was renovated......and I'm not a broker (tho theirs should have known answer to last issue)

Posted by: bricktop at June 28, 2006 5:57 PM

Shahn @ 5:09,

Wrong about "brownstones would be priced near the median house price in the United States..."

Posted by: Anonymous at June 28, 2006 6:16 PM

I don't think NYC is in a permanent ongoing party Shahn...it's just that it's NYC, and like other major cities, will always cost more than the median to live in (or near). This country would have some serious problems if one could buy prime NYC property for the national median. That said, it doesn't mean that the insane real estate prices over the past few years, with bidding wars, etc., will continue here either. It just means that our area will always be pricier compared to say, Oklahoma.

Posted by: Anonymous at June 28, 2006 7:11 PM

who told you it is in contract above asking? corcoran did not tell me that and if in contract, it would be off the website..........

Posted by: Anonymous at June 28, 2006 7:13 PM

I saw this house for the first time with my BHS broker last week. Great house! She told me that they had an accepted offer over the asking, which fell through. It's priced low to generate interest in people who might not want to look near Flatbush. She said it would definitely go for over the asking and I believe it. A house on Sterling asking 1.85 just went for 2.3, so the market is not dead.

Posted by: Anonymous at June 28, 2006 10:53 PM

my armchair senses tell me. iz smells brokers :p.

Posted by: armchair_warrior at June 28, 2006 11:55 PM

I know I'm dumb armchair but I have no idea what the heck that's supposed to mean. Is it code?

Posted by: smith st. simpleton at June 29, 2006 12:27 AM

"A house on Sterling asking 1.85 just went for 2.3, so the market is not dead."

I don't believe that for a second. What house, listed by whom? when? for how long?

Posted by: Anonymous at June 29, 2006 12:41 AM

i agree with anon 1241 and with the armchair guy.... i too smell brokers galore in here. No way in hell a house on sterling listed at 1.85 just went for 2.3.
i have been on the market to buy for 2 months now and NOTHING I have looked at has sold so far.

Posted by: Anonymous at June 29, 2006 7:54 AM

Buyers proceed with caution... These sellers play all kind of games... The broker is a scam artist...You call sometimes this house has an offer other times it does not.

Posted by: Anonymous at June 29, 2006 3:41 PM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions