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October 23, 2006
Residential Sales in Brooklyn
PARK SLOPE $1.6 Million
45 Prospect Place
Legal 3-family, 4-story brownstoner being used as a 2-family residence; primary triplex: 4 bedrooms, 2.5 baths; other unit: 1 bedroom, 1 bath; 20-by-81-foot lot; taxes $4,808; listed at $1.7 million. Broker: Warren Lewis.
WINDSOR TERRACE $750,000
106 Vanderbilt Street
100-year-old wood Victorian; recreation room, den, stained glass windows, tin ceilings, hard wood floors, original detail, 17-by-99-foot lot; taxes $1,500; listed at $750,000. Brokers: Nancy McKiernan; Orrichio & Anderson.
Residential Sales [NY Times]
Comments
Does anyone know the condition of the Park PLace house; at first look, it appears to be a good buy? It definitely indicates the change in the market; prices aren't necessarily coming down, but the sellers are now negotiating.
Posted by: Dborr at October 23, 2006 11:39 AM
Yeah, it hadn't been touched in years. Cracked plaster, needed updating everywhere. It was insanely cluttered too.
It was on Prospect Place actually. If they had even bothered to clean up and de-clutter a little they could have gotten way more. I wouldn't read any overall market signs from this property.
Posted by: west at October 23, 2006 11:58 AM
I went to an open house for the Prospect Place property. west has it right. By my calculations, the place needed $400-$500,000 in repairs and updating. So, as I see it, the place went for $2 million plus.
Posted by: eric at October 23, 2006 12:02 PM
That guy is a moron. He had a much better chance of getting his price by hiring a good broker! Instead, he goes out the cheap door and is surprised that folks with the cash for this didn't follow him. Idiot.
Posted by: The Gentry at October 23, 2006 12:17 PM
Given the reported prices for recent sales at 44 Prospect Place, 46 Park Place, and 32 Saint Johns Place (all between 5th and 6th Avenues), I suspect somebody overpayed on 45 Prospect Place if it needs that much work.
Posted by: crouchback at October 23, 2006 2:29 PM
I think it's so hard to compare these houses. How wide are the houses you're referring to c-back? Each house has its individual strengths and weaknesses. I, for one, am totally confused by this market.
Posted by: west at October 23, 2006 6:43 PM
If you look back to earlier this year(check b-stoner's Feb 06 archives) 44 Prospect Place sold for 1.67m. It was in Very good condition with a decent rental on the ground floor. If, as others have speculated, there needs to be 400-500k in reno work then I would say the buyer of 44 paid too much.
Posted by: anon at October 24, 2006 2:03 AM
It's all nutso.
Posted by: Anonymous at October 24, 2006 11:08 AM
Actually, 44 Prospect Pl., although in excellent condition, is a smaller house, only three stories. It has the added drawback of being immediately next door to a church in the middle of the block.
I agree that it's impossible to read this market.
Posted by: JR at October 25, 2006 9:56 AM
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