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July 28, 2006
Open House Picks
Clinton Hill
241 Washington Avenue
Aguayo & Huebener
Sunday 1-3
$1,995,000
GMAP P*Shark
Prospect Heights
187 Sterling Place
Corcoran
Sunday 1-3
$1,375,000
GMAP P*Shark
South Slope
209 18th Street
Fillmore
Sunday 1-3
$989,000
GMAP P*Shark
Bedford Stuyvesant
584A Halsey Street
Brooklyn Properties
Sunday 2-4
$859,000
GMAP P*Shark
Bay Ridge
655 84th Street
Jabour Realty
Sunday 1-3
$659,000
GMAP P*Shark
Comments
Thin pickings.
People don't want to sell in this market because they can't get the price they thought they deserved?
How long can this situation continue..
Posted by: JB at July 28, 2006 11:52 AM
If JB is correct, then I'd say people are being pretty stupid. The market will drop more before it rebounds. By and large, these listings seem overpriced compared with much of what is out there now. As an owner, I appreciate that it is hard to accept that my house is worth about 10% less than it was 3 or 4 months ago--that's a lot of money to let go of. But looking at what is selling and what is not selling, it seems clear that if I really want to sell my house I'd have to accept a good deal less then I had expected. The bright side of course is that whatever I'd be trying to buy would cost less too, so in the end it doesn't matter.
I'm pretty sure that in the fall all of those houses that have been sitting on the market since late spring/early summer will get big price reductions--and finally sell.
Posted by: b&binb at July 28, 2006 12:43 PM
", I appreciate that it is hard to accept that my house is worth about 10% less than it was 3 or 4 months ago-"
I forgot what the phenomenon is called but it happens with people buy stocks too - they can't accept the idea that they are selling it for less than what they paid so they hold onto it until the price diminishes to nothing (i did that during the dot com boom, fortunately only with a BS ameritrade account).
on the other hand some of the listings are only on the market a few days, like fort greene studio for 250K - 8 days or something like that.
Posted by: dreadnaught at July 28, 2006 12:55 PM
Don't know much about the market right now, but I can offer that a 4-storey on Macon Street in Bed Stuy (same cross streets as the Halsey house) just sold for $900k. That said, I have no other details so it may not be germane to this listing, although I do think Halsey is a bit overpriced for a 3-storey.
Posted by: AMZona at July 28, 2006 12:57 PM
Does anyone know anything about the house for sale on Clifton at Grand? It's the one next to the vacant lot and is selling for $1.485 million. Do they own the vacant lot, as well? For the size of the house, the price seems low, especially when you consider the price of the condos above Hole in the Wall on Greene at Grand.
Here's the link to the property:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=879188
out,
judson
Posted by: judson at July 28, 2006 1:03 PM
My friend actually lives in the parlor floor apartment of the sterling listing. She can't wait to get out of there. The house is right off flatbush Ave. The inside of the building is not very nice and needs a lot of work which the landlord is not doing as she hopes to get rid of the building fast. It is also a very narrow building. Very overpriced in my opinion.
Posted by: morningbelle at July 28, 2006 1:27 PM
Sterling listing .. that price is nutz. Building is right off flatbush avenue it is very narrow and both inside and out need a ton of work.. sheesh.
Posted by: morningbelle at July 28, 2006 1:29 PM
"I forgot what the phenomenon is called but it happens with people buy stocks too - they can't accept the idea that they are selling it for less than what they paid so they hold onto it until the price diminishes to nothing (I did that during the dot com boom, fortunately only with a BS ameritrade account)."
I doubt that the prices for NYC house with diminish to nothing during our lifetimes. (unless a tsunami, from one of the Canary Islands collapsing, wipes out most of the eastern seaboard.)
Posted by: Arsenic and Old Lace at July 28, 2006 2:19 PM
"doubt that the prices for NYC house with diminish to nothing during our lifetimes. (unless a tsunami, from one of the Canary Islands collapsing, wipes out most of the eastern seaboard.)"
I didn't mean to imply that but, say prices drop 10% and you think "damn I will lose 100K in equity if sell" so you hold, and the price drops further.
As much as there is talk of a real estate bubble but I don't know if I buy it....though like the 1929 crash, there's lots of cheap money out there- interest only no downpayment mortgages, and people living off of home equity loans, negative savings rate, ect.
However it seems New York prices remain robust...though one bad mayor, a dirty bomb, ect might change that.
Posted by: dreadnaught at July 28, 2006 2:26 PM
I saw the Clinton Avenue house. It's all the way down by Willoughby, so quite a hike to the C train (not too far to the G, though.)
Loaded with details, as the pictures show, and in good condition. It must be harder to sell than a multifamily -- no extra income from a garden rental to help pay the mortgage. I personally wouldn't want to live on a garden floor, so for me, this one would need to be converted. I passed on it for the reasons above and because I found the back of the house & yard very dark and depressing. The house is toward the end of the block, so the yard is close to the backs of other townhouses. Also, there are some not-so-savory large apartment buildings toward that end of the block -- made me wonder what it's like at night walking home from the subway.
That being said, I'm kind of surprised it's still on the market because it's a lot more special than most of what's out there. I've seen it all, believe me!
Posted by: fortgreener at July 28, 2006 3:45 PM
Speaking purely in terms of the houses themselves, and not whether or not they are priced correctly, the Bed Stuy house looks quite nice. I would have to strip most of the woodwork, at least on the parlour floor, in order to be happy, but the layout looks pretty good, and both kitchens are decent,as are the bathrooms. This would be a great starter house, if you had future plans for something larger, and would give one a cosy home with a rental income, to boot. Assuming the mechanicals and plumbing, electric are pretty good, one could certainly do worse.
Posted by: CrownHeightsProud at July 28, 2006 4:10 PM
I like the Bed Stuy house also. After the nightmare of stripping all the woodwork in my current house, I think I'd leave it painted. Ask me again in a few months though, when I've forgotten what a horrible job stripping is. The kitchen and bathroom on the bottom of the page don't seem to be updated (well, the kitchen looks like a Home Depot update). This is why the photography is so important, kids, because they do look lovely in the pictures.
Posted by: yente at July 28, 2006 6:01 PM
I would so buy the ph house in a heart beat. too broke to get it now. blah damn renovations.
anyone know if the whole building would be delivery vacant?
Posted by: Armchair_warrior at July 28, 2006 7:10 PM
it's always thin pickings this time of year. The best deals have already sold in the spring and early summer. What's left usually is overpriced or has something wrong with it.
People are so worried about a bubble that they think prices are falling even when they aren't.
Posted by: veggieburger at July 28, 2006 7:27 PM
fortgreener at 3:35--do you mean the wash ave house? what large not so savory apt bldgs? the ones full of yuppies and pratt students? a real threat! also, aren't all brownstones close to the back of other townhouses? i happen to think wash and willoughby is a really nice, quiet area. can't see it being unsavory or dark and depressing at all.
Posted by: idog at July 28, 2006 9:26 PM
Also had a laugh about the "unsavory" apartment buildings on Washington--I taught at Pratt last semester, and several of my students--19-year-old girls from New England--lived in those dorms. I've lived on the block myself for a half year now and love it. Having toured the house that's on the market out of curiosity, I have to say, while not flawless, it's certainly pretty special. Kitchen needed updates, but that almost seems minor, given the museumy detail to be found here. I remember thinking the garden was lovely--there were some gorgeous trees.
Posted by: zona misia at July 28, 2006 9:52 PM
mr b, stop calling anything south of prospect express way park slope south! its green wood heights!
Posted by: Armchair_warrior at July 28, 2006 11:47 PM
Washington Ave house is absolutely gorgeous. If you've got the bucks, and you want a period brownstone with the bells and whistles, this looks like your house. That's a great block, I can't see how anyone could find fault with it. Not every post war apartment building is a project or a slum. Pratt students and yuppies have been living there since it was built, practically. I also agree it is nice and quiet there, and when I used to housesit my then-employers' dogs,(they lived on St. James) I always walked all the way down Washington and admired the block. And that was back in the late 80's, and it's just gotten better. I would imagine it would be hard to find an intact 1 family in this neighborhood, mostly because so many people subdivided the houses, especially for student housing.
Posted by: CrownHeightsProud at July 28, 2006 11:50 PM
maybe he means the huge apt houses near st james and lafayette
Posted by: Armchair_warrior at July 28, 2006 11:51 PM
I don't understand how veggieburger and her/his ilk don't see that prices have already dropped! I've been looking for awhile now, and there is no question that things are cheaper. Some places are still going for top dollar, and certainly the low end is moving, but the majority of houses are either sitting on the market for months or selling for less than they would have a year ago. I'll certainly agree that the market is in flux and that many places are being listed at or are still listed at high prices, but those ones aren't selling. Every time I see a house, the realtor tells me that the price is 'negotiable' and now I have realtors calling me to see I'm interesed in places!! It's about time!
Posted by: choosy mother at July 28, 2006 11:51 PM
sterling house is way overpriced by a couple hundred thousand. That said i was looking at homes thorought the summer. I bid on 3 homes and all were willing to accept hundred of thousands less. I decided to wait this market out it looks like it is falling folks.
Posted by: ronman at July 28, 2006 11:58 PM
Choosy Mother, your comments do not support a drop in prices, even anecdotally.
A drop in prices means actual sales prices in 2006 are less than actual sales prices in 2005. Your stories are interesting, but do not in any way support such turn of events. There has been no empirical evidence that prices for brownstones have actually dropped as you state. I like your exclamation points though.
Posted by: East River Boy at July 29, 2006 9:25 AM
I'm looking and prices are dropping. How much depends on the area and sanity of the original askings. I've seen 50G taken off houses in Boerum Hill, which is fairly negligible all the way to 200K taken off a flipper house in Midwood (Corcoran listing on Rugby). Depending on what you want and where, you can get some great deals right now.
Posted by: west at July 29, 2006 10:18 AM
choosy mother,
what do you mean by "veggieburger and her/his ilk?" Don't you think "veggieburger and those who agree with him/her" would be a more respectful way of saying the same thing?
If you have a point, just say it. Rudeness does not make your point of view any more credible.
Posted by: veggieburger at July 29, 2006 1:36 PM
For the record, I am the July 25th 3:45pm poster, and yes, I did mean the Washington Avenue house, not Clinton Ave.
Agreed, it's a special house. Just wasn't for me.
Posted by: fortgreener at July 29, 2006 2:50 PM
We've seen the Sterling Place house a few times now, and we agree -- it's very overpriced for what it is. It's a 16' wide house, and the widest rooms are 14.9' or so -- if you take into account the 6' for the staircase and corridor, you're talking about 8.9' wide rooms in some cases! Plus it needs a decent amount of work as well. Definitely needs another price drop -- 1.45 to 1.375 did not do much.
Posted by: Bottle at July 30, 2006 4:09 PM
Veggieburger--I certainly didn't mean to be "disrespectful" with the "ilk" wording. It isn't always that easy to get the perfect wording when one is trying to type a post in between work.
As for East River Boy's comments, well it's true that I haven't done a thorough search of all records, but I have been looking for about a year and I can see that many houses are selling for less than I THINK they would have a year ago. Can I prove it? No, I can't. Glad you enjoyed the exclamation points!!!!!!
Posted by: choosy mother at July 31, 2006 10:08 AM
I bought my place about a year ago, and every now and then I look at what is on the market to make myself feel like a jerk for buying at the top of the market. But everytime I see something that looks great and cheap, I always find out that the place is only 16 feet wide, or has no garden, or it needs several $100,000 in renovation. And when I stop and do the numbers, I am always surprised to learn that my place is still more affordable than anything out there today. All of this is a long way of saying that although the market may have slowed, from my perspective, it seems as if the prices have not come down yet.
Posted by: samandjoeshow at July 31, 2006 4:40 PM
i am very familiar with the home on halsey very lovely however 859 is very steep. however as high that pricd may sem compare it to the prces of surounding neighborhoods "fort greene, clinton hill etc. Houses here are very comparable. everyday i take the A tra.i and you see this huge influx of people that normally would never dare to live in bedstuynow apart of the community. I believe house pries will drop but not exponentially. it will rebound and thrive in this community and others with these historic homes with massive size. The cost of bulding materials is so immense that it is easy for these older homes are more cost effective than your tradional " abandoned lot let me build a house" that has been growing in popularity throuhout many neihborhoods. It all comes down to supply and demand and when demand exceeds supply the prices will naturally rise.
Posted by: kbrooklan at August 4, 2006 12:09 AM
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