Open House Picks

When a Slope listing is cheaper than a Bed Stuy one, something is wrong. The PS house obviously is wreck, but the bed stuy one isn't looking that nice. What gives?

Posted by: Anonymous at June 9, 2006 12:04 PM

8th st between 4th and 5th is pretty dire as 50% of the street is the ass of macdonalds and the post office and a restaurant or two. There is one nice building on that block, the old ink factory. There are also some shoddy condos that are probably still unsold.
But the price is certainly cheap.

Posted by: Anonymous at June 9, 2006 12:06 PM

The 8th house's backyard is on other side of street and doesn't abut commercial.

Posted by: Anonymous at June 9, 2006 12:15 PM

Was the Bed-Stuy house on the market a couple of years ago? I have definitely seen those pictures before, and not on HGTV....

Posted by: Anonymous at June 9, 2006 12:21 PM

Pricing on the PLG house seems very strange to me. Corcoran just signed 38 Rutland for 2M--that was a beautiful 4 story house, renovated, and in good condition. Compared to this one, the Rutland house was much larger, much nicer, had much more original details and was generally in much better condition, and was on a much better block. This place does not look like it is worth just 50K less than the Rutland house. Given the comparable, this shouls be 1M, max. How can the same agency price things so differently?

Posted by: Anonymous at June 9, 2006 12:29 PM

Yes, the PLG house seems extremely overpriced. Compare it to BHS's 3 story limestone on Midwood for just $25,000 more--that is also a far nicer, larger house, in better shape, and on a far better block. And it's been on the market for many, many months. Some realtors just throw any price out there and hope for the best.

Posted by: Anonymous at June 9, 2006 12:38 PM

okay can we address the big ostrich in the bedstuy house? I'm totally uncomfortable with that house for several reasons the first of which its totally overpriced to be on quincy and bedford. secondly that baby swimming pool in the back makes the back yard very awkward and the kitchen is totally raped of any character or charm. houses in stuy heights are just hitting the 1 mil mark this doesn't even compare, perhaps this is a joke?

Posted by: Anonymous at June 9, 2006 12:47 PM

West--thanks, yes 38 Rutland sold for 1.2M, just 50K over this listing. Thanks for catching that error! Kind of killed my own point, didn't I.

Posted by: Anonymous at June 9, 2006 1:01 PM

Re Prospect Place - Yes, aren't those 2 kitchens charming - don't know which is worse. Why to people plop a few cabinets on a wall and think they have renovated a kitchen. The area above them - I guess because of high B.S. ceilings make them look so lonely there in the middle of the wall. Yuch!

Posted by: Anonymous at June 9, 2006 3:38 PM

Re Lovemycarroll's comment. Yes, have been going to open houses and house tours to get renovation ideas. The house tour houses are the belles of the ball and the houses for sale are usualy the wallflowers.
But BTW I think the ostrich is really ok, its someone's personal taste in decor but looks OK. Not in the same league as garbage or dirty clothes lying around

Posted by: Anonymous at June 9, 2006 4:17 PM

How about the t-rex skull in front of the Bed Stuy house???!

Posted by: Anonymous at June 9, 2006 4:34 PM

i saw the 8th street house last weekend too. we almost ran out screaming. clearly several people died in there--2 wheelchairs in the kitchen. no, i'm not kidding. they have some balls asking 899k for something that needs to have an h bomb dropped on it and then rebuilt.

Posted by: Anonymous at June 9, 2006 5:17 PM

I think we should make "ass of Mc Donald's" a new real estate term.

Ostrich = broker; both are unapologetic, head-in-the-sand, unyielding

These are really sad listings, Mr. B ...

Posted by: Anonymous at June 9, 2006 5:29 PM

You guys know that the ostrich is going. The dress hanging in front of the closet too- as well as the shopping bags in front of the fireplace ( ok so that was two listing described in one). But no one has commented on the things that are staying...

Posted by: Anonymous at June 9, 2006 8:03 PM

What's wrong with slanting floors? I LOVE my slanting floors! They frustrate my son when he is trying to play with his cars, but other than that they're great.

I agree that this is an unappealing bunch of highly overpriced c**p, but thanks Brownstoner for trying to include some more "moderate" homes again.

Posted by: Anonymous at June 9, 2006 9:00 PM

1) I like the ostrich.
2) As I mentioned in another thread, my dream back yard would have a lap pool, a hot tub and a tiki bar, so I got all excited when I saw that back yard, and bummed when it was just a splash pool, not a hot tub. But digging the tiki vibe to the yard.

This house is the best of a mediocre bunch. I'm with the previous posters, what is with all that crap in the photos? Have some pride and tidy up for the photos.

Posted by: Anonymous at June 9, 2006 11:44 PM

I'm pretty sure it is a stuffed ostrich, not a live one.

Posted by: Anonymous at June 10, 2006 12:37 AM

Research your pricing formulae a little better, "fd". The Lincoln Road house is not absurdly priced, so much as it is absurdly marketed. Could use a more professional presentation. The house across the street sold for $1.15M last year. Meanwhile, there are several two-floor properties on Maple Street that have recently sold for over $925K and $930K recently. And the several 3 floor properties on Midwood Street have sold for more than $1.3M.

Posted by: Anonymous at June 10, 2006 12:08 PM

I'm pretty sure it is a stuffed ostrich, not a live one.

really? we all thought it was a live ostrich living in the dining room.

Posted by: Anonymous at June 10, 2006 1:15 PM

fd is totally right that the PLG house is extremely overpriced. The 2 stories selling in mid 900's on Maple were all recently renovated. And the second block of Maple is worth a lot more than Lincoln. This house shuldn't be anymore expensive than those. As for the Midwood houses, the 2 or 3 that sold for 1.3M were in mint condition with high-end renovations and they all had extensions (most had 2 story extensions). And again Midwood is a far more desireable street. This house is not at all comparable to those. Currently there are two 3 story limestones on the market on Midwood, one for 1.175M and one for 1.25M, both of which are much nicer than this, and both have which been sitting on the market for months. Compared to those, this Lincoln road house should be priced at 950K to 975K. The problem with this listing isn't just presentation.

Posted by: Anonymous at June 11, 2006 12:06 AM

Wrong - the midwood properties are only 18 ft wide and need some work too. And since when is midwood st better than Lincoln Road? Most Lincoln Road houses have 3 floors plus a sub-basement. Midwood has 3 floors plus an english basement. Maple street is gorgeous. But its houses are NOT worth more per sq ft than the rest of PLG.

Posted by: Anonymous at June 11, 2006 5:46 AM

Anon 5:46: Sorry, but you're wrong.
1. The Midwood street houses that are currently on the market need some work, but those that sold for around 1.3M did not need any at all. And the ones on the market are in far better shape than the one on Lincoln.
2. All of the Midwood street houses have kitchen extensions. The one currently asking 1.25M has a two-story extension. That makes then larger than the Lincoln road houses.
3. More important, all of the Midwood houses have living, dinning, kitchen on the main floor and 2 floors of bedrooms, whereas the Lincoln house has just one floor of bedrooms. Everyone would prefer to have more, larger bedrooms--and most would prefer to have the kitchen on the main floor. The extra, larger bedrooms alone is worth a lot of $$.
4. Houses on Maple II and Midwood I have always sold for more per square foot than the rest of LM/PLG. Those are by far the most prefered blocks.
5. 3 floors and an englsh basement is better than 3 floors and a sub basement, so I'm not sure I get the point you're trying to make.

Posted by: Anonymous at June 11, 2006 2:29 PM

Here's my point - the house on Lincoln Road is accurately priced. $950K is rediculously low for a brownstone with 3000 sq. ft. You stated the house was "way overpriced" and that its value is the same as properties on Maple Street which are less than 2/3rds its size. They are just around the corner! Plus Lincoln Road is the quickest route to the train AND you don't have to endure Flatbush Avenue on a daily basis AT ALL if you don't want to. That makes it better than Maple, Midwood and Rutland.

If you're as invested in the neighborhood as you appear (based on your apparent extensive knowledge of recent sales), then why are you trying to devalue its properties? What's your agenda?

Posted by: Anonymous at June 11, 2006 3:26 PM

Lincoln Road is priced at around $400/sq.ft. Isn't that a totally reasonable price for Lefferts Manor? $950K would be about $340/sq.ft. which seems quite low.

Posted by: Anonymous at June 11, 2006 3:38 PM

I'm 2:29. I live in the area and care about it. My "agenda" is fair and resonable pricing so that the area doesn't become devalaued in the long run. Over pricing, such as this lincoln road house, causes houses to sit on the market and in the end sell for too little. Price increases need to be organic, not forced. More important, I believe in fairness and hate it when people try to scam others.

As for price per square foot, the quality of the square footage matters a great deal! A renovated house sells for a lot more per square foot than an unrenovated one. $340 seems quite reasonable for this house given it's condition. After the purchaser pumps 150K into it, he can turn around and sell it for $400/sq. foot.

As for Zillow, it's prices are way under for all of Brooklyn (and the burbs too).

Posted by: Anonymous at June 11, 2006 4:49 PM

Fair and reasonable pricing? Are you a newcomer to capitalist market economies?

Posted by: Anonymous at June 11, 2006 8:44 PM

I think 1.175 is a reasonable asking price for the 3 story Midwood house (assuming it sells for about 100K less than asking, as most PLG houses do). Ditto the 1.2M sale price for 38 Rutland.

And 38 Rutland is a good example of the problem here. If they had listed it at a fair and reasonable 1.2M, it probably would have gotten a lot of interest and had a bidding war and gone for 1.25. Instead they listed it at 1.4M and then had to reduce it to 1.25 and still it sat on the market for months before they got 1.2. Reasonableness pays.

Posted by: Anonymous at June 11, 2006 8:59 PM

To 8:59: Re "I think 1.175 is a reasonable asking price for the 3 story Midwood house (assuming it sells for about 100K less than asking, as most PLG houses do). Ditto the 1.2M sale price for 38 Rutland." I didn't see 38 Rutland because it was too pricey for me. Wasn't it totally renovated and 4 stories? If as you say, Midwood goes for $100 below (around 1.075) but new owner must invest say 100K to update, then he/she will ultimately have a 1.5 house, only $50,000 below Rutland. Maybe that makes sense (even tho Rutland has more sq ft) because Midwood block is more desireable? Also, you might not have to invest as much as $100K for reno? Just curious what you think. What block do you live on....?

Posted by: Anonymous at June 11, 2006 9:21 PM

9:21: 38 Rutland is lovely, but it has a unique feature not everyone loved--the floor of the middle parlor was removed, making a double height space on the garden level. I liked it, but I think it turned off some. The 3 story on Midwood for 1.175 does need work, but I think a limestone on Midwood I is worth a lot and appealing to a wider number of people. But what do I know. I don't think that I know exactly what things should sell for. I just feel that 1.15 for this Lincoln road house is not reasonable considering what has recently sold and what else is on the market. Square footage vs. style or location is a personal thing.

I live on Rutland. A lovely street--but less desireable than Midwood or Maple II.

Posted by: Anonymous at June 11, 2006 11:12 PM

Do low offers initiate bidding wars any more? Regarding the "overpriced" comments, it's easy in hindsight to say a property is overpriced because it didn't sell. But until it's tested in the market, there is no way to tell. There have been unusually large price jumps in PLG because the neighborhood is gentrifying. The Manhattan brokers know this and are pricing properties accordingly. To these brokers, PLG was undervalued before. So "organic" price increases SHOULD be large in this scenario. This isn't a scam.

Posted by: Anonymous at June 12, 2006 12:09 AM

Right now, houses are sitting on the market because of an abundance of listings coupled with more cautious buyers. I don't think it has much to do with price yet.

Posted by: Anonymous at June 12, 2006 9:01 AM

12:09, as a PLG resident I have to disagree. How is the neighborhood "gentrifying"? We have one new coffee house. Other than that, the only change has been prices. In other areas, price increases have followed actual changes in the area. In PLG they are coming before any real changes.

As for "unusually large price jumps" is that true? As far as I know, my house is now worth just double what I paid for it in 2001. That's nice for sure, but far less of an increase than if I'd bought in almost any other brownstone area.

Posted by: Anonymous at June 12, 2006 10:22 AM

Maybe it has nothing to do with Racism and everything to do with how people are to each other. I've had no issues with people when I'm nice to them.

Posted by: Anonymous at June 12, 2006 11:57 AM

Anon 11:25

how do you define "ghetto"?
Seems you've got some issues yourself. Black doesn't equal "ghetto" any more than White equals "affluent" To say the house is not worth the asking price is one thing, but to say Bed-Stuy is still a Ghetto is rediculous.

Posted by: Anonymous at June 12, 2006 11:59 AM

Re: all the posts about not cleaning up for the house photos, I totally agree.

And if you want see a RE agent that understands that styling a house/apartment for photos is important, check http://www.burrtibbs.com/properties.html (it's one of the Brownstoner links).

Who ever is styling and/or taking their website photos is making every property look like it stepped out the pages of a gloss interior magazine. You don't get caught up with looking at all the stuff that is wrong/messy in the photo, and can look at the actual space.

And disclaimer, I'm not with the RE agency, or know them. I'm just impressed with the job they do on the website and photos.

Posted by: Anonymous at June 12, 2006 1:07 PM