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January 18, 2007
House of the Day: FSBO on Argyle

The slower market has not dampened the spirits of one owner in Victorian Flatbush. The seller of 232 Argyle Road has built a very user friendly website to hawk his 5-bedroom, 3-bath woodframe in the sub-neighborhood known as Beverley Square West. Everything (except the kitchen, which looks pretty el-cheapo) appears to be in order and we're sure there are lots of buyers out there who will be interested. We're not so sure about the price though. $1,495,000 might be pushing it. (The last time it changed hands in March of 2005 was for $975,000.) Then again, there's not a lot of good product on the market in this area, so you never know.
Classic Brooklyn Victorian [232Argyle.com] GMAP P*Shark
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Comments
I think they will get at least 1.3 in this market. We just bought a home pretty close to there in that range. There is a LOT of interest in the area right now.
Posted by: west at January 18, 2007 12:26 PM
I think it's priced too high. New owners will have to put in security system which it doesn't look like this house has. The kitchen is awful; to my taste anyway. I don't see any original stained glass, not much woodwork inside & what is there is painted. It's pretty and will probably sell at asking but it won't be my money.
Posted by: Anonymous at January 18, 2007 12:27 PM
12:26, where did you buy? We are buying there too, on 16th & Ditmas
Posted by: Anonymous at January 18, 2007 12:36 PM
"New owners will have to put in security system which it doesn't look like this house has."
wow. the jealousy on this site is hilarious sometimes.
this house is beautiful.
a security system costs what, $500-800 to install? the price may be too high, but a security system is a total non-factor. if that's one of your big beefs, then this house must be pretty good.
and for the kitchen, big deal. you bid $50K under asking and earmark it for a new kitchen. and yes, you can put in a very nice kitchen for well under $50K.
Posted by: Anonymous at January 18, 2007 12:43 PM
12:36--18th & Ditmas.
Posted by: west at January 18, 2007 12:47 PM
Interest in the area is understandable because that area in general is fantastic. It's one of my favorite spots in bklyn. It comes as a surprise because you don't expect to see houses like those anywhere near manhattan or downtown bklyn. You have the best of both worlds.
It has a quiet, leafy, suburban feel and is filled with charming detached, victorian houses.
The lot sizes are generous (by nyc standards) and you're a quick bike ride to the stores on flatbush or a subway ride to downtown brooklyn and manhattan.
If you're feeling adventurous or interested in playing local tourist, you're a quick walk away from the middle-eastern stores and restaurants that line Coney Island Ave.
I've always been amazed at how the local Hasids and Arab Muslims live side by side peacefully in neighboring commuities off Coney Island Ave.
Posted by: Anonymous at January 18, 2007 1:44 PM
For the people who bought in this area? What brokers are you using?
Posted by: A at January 18, 2007 1:50 PM
Actually, the Muslim people around here are largely from Pakistan and Bangladesh, not Arab countries. Very different culture. But yeah, CIA is very cool. There's also a Russian bathhouse there, among other things.
Posted by: LC at January 18, 2007 2:46 PM
They bought this house from a speculator, that's why it has a cheep kitchen and bath. I saw this house and it was on the market for some time and was of very poor quality work..
They decorated it nicely..
Posted by: Anonymous at January 18, 2007 3:43 PM
I saw the house a few years ago when it was on the market. I believe the owner also owned a few other houses on the block (an older woman whose husband had died). I'm not sure she was a speculator, but rather a landlady. I believe she rented this house. I remember the house being charmless when I saw it. Maybe it's changed a bit in two years. Without an alarm system, I can't see this going for more than $650,000. With a system, maybe $1.1 million.
Posted by: PPSer at January 18, 2007 4:05 PM
Well price seems quite rich for size/block and especially after this spec renovator had his mitts on it. At least the current owners repainted it, the renovator put it on the market in a couple of shades of pink! I wouldn't think however that a new paint job would command a 66% price hike in a little over a year. That said, if a 22' frame house on Bergen went for $2.1MM, why not. Be interesting to see how the FSBO works out...
Posted by: SeamusMacD at January 18, 2007 4:11 PM
PPSer-- That's one expensive alarm system. Adds $450,000 of value?
Posted by: west at January 18, 2007 4:15 PM
They are insane if they think they will get that price. I think 1.25 at most
Posted by: AAY at January 18, 2007 4:21 PM
PPSer -- you're making fun of the second comment right? Please say yes, or I fear for the human race.
Posted by: Jeremy at January 18, 2007 5:24 PM
Actually, this seems like a cool Saturday afternoon field trip. Can any residents recommend a particularly interesting route to take through the neighborhood to see the best examples of Victorian houses?
Posted by: Jeremy at January 18, 2007 5:26 PM
Jeremy I think PPSer was serious, actually. (why? who knows) An alarm system would be a whopping $2K investment, which is what Protection One would probably charge for a house this big. As for a new kitchen or not, that obsession is what seperates the amateurs from smart buyers. If you want a good deal, you buy a house in which you have to install the kitchen. That said, for $1.4 million yes this house should have had a new kitchen in it. UNLESS they did a top of the line update of the mechanicals instead. I'd rather buy a house with all new plumbing and electric any day, ANY DAY, than a house that looks fabulous and has a new kitchen but has old rotten mechanicals. My critique of the FSBO listing is only that with all the photos, lots, which is great (realty firms should learn something from this seller about the appeal of nice photos) it's too bad the foyer and living room look so spectacular and then the bedrooms and kitchen are so so cluttered. Too cluttered. A cluttered appearance psychologically makes buyers feel like it's not enough space, for day to day living. Or that there's not enough storage in the house. Whether that's the case or not, that's what clutter communicates. So they need to take the stuff off the kitchen counters, take the cruddy little TV out of the master bedroom, and take the crib out of there too when they're showing the place. The master bedroom is a key room in any house. It needs to look good. It needs to be focused on in the same way they focused on the living room and foyer.
Posted by: Anonymous at January 18, 2007 5:48 PM
Yeah I'm looking at those pictures again and the kitchen and master bedroom look terrible. The baseball cap next to the TV, the bathrobe tossed on the sofa in the master BR. The tons of stuff stuck to the fridge in the kitchen, all the stuff on top of the cabinets and countertops, the rug. Get rid of it all.
Posted by: Anonymous at January 18, 2007 5:54 PM
I'd bet my bottoms that PPSer was joking. There's this thing we have here in NYC...it's called sarcasm. Get used to it, people!!
Posted by: Anonymous at January 18, 2007 5:55 PM
I don't think it was sarcasm. The rest of PPSer's post was completely serious.
Posted by: Anonymous at January 18, 2007 6:14 PM
There's a good lesson for buyers in the silly conversation about the alarm system. How many vision-free dumbasses have turned down a great house because they didn't like the dishwasher ($300 to $1000), because it needed a new roof ($5K to maybe $15K for most normal houses) or because the living room was painted purple? A lot of them. These costs aren't even a rounding error when you're plopping down a Mill and a Half. Irrelevant.
Posted by: bob999 at January 18, 2007 7:22 PM
I am the original poster who mantioned the alarm system and what I was getting at is that many of the little things you'd expect to find (alarm system - which in a house with that many windows & doors would be a few thousand) and some big ones (stained glass) I'm bet there are some big things missing too. I was also rushing to reply because I just bought a house around the corner (with an alarm system but also with a dreadful kitchen) and am happy to see an interest in my new nabe.
Posted by: Anonymous at January 18, 2007 7:42 PM
FYI, a new roof on these home and when I say a new roof, I mean taking all the layers off could cost you $30,000 to $40,000 depending on how large your roof is...
For those who live in the area may have notice over the past few years every one is getting new roofs and thats because of the ages of these homes, they all have at least 3 to 4 layers already...
Posted by: Anonymous at January 18, 2007 7:51 PM
I saw this house in 2005 as well. It was a flipper job. Lots of heavy painting over the woodwork, none of it stripped. Floors were not in good condition. No stained glass. Home depo kitchens and baths... The flipper left the previous tricolor siding (pink, white and I think yellow - very nasty), the new owners have given it a new paint job. It does have central air and all new systems, to its credit. But if this house is worth 1.5, my house, in the same nabe is worth 1.75... And I don't see the crown jewels in PPS getting that yet...
Posted by: Anonymous at January 18, 2007 7:53 PM
It is a really lovely house. I don't know about the price, though it does seem a little high, but their presentation is very nice. Great website! I think the same about the kitchen, though that is not fatal and the rest of the place looks intact and in good shape from the pictures.
Posted by: anon at January 18, 2007 8:06 PM
If you click on the slide show of the front of the house, it has a shot of the lawn with 2 of those Alarm signs. Maybe it has an alarm system already.
Posted by: Anonymous at January 18, 2007 8:36 PM
Um, 5:55, sarcasm is not exclusive to NYC. Besides, you clearly don't know sarcasm when you see it (or rather, you find sarcasm everywhere it isn't), so if you're a native New Yorker, you don't do justice to the sophisticated image you're trying to establish.
Posted by: Jeremy at January 18, 2007 11:56 PM
What?! UMMM, Jeremy, yes I'm a native, and WTF are you talking about "sophisticated image"? I grew up in Brooklyn (when it wasn't desirable), not on Park Ave. I'm not trying to establish anything other than the fact that NYers have a sarcastic sense of humor that some non-natives don't get. "Sophisticate" this!
Posted by: Anonymous at January 19, 2007 8:56 AM
This is an OK house, for the area. It is well staged, and appears "lovely" in the pix. I met the couple who bought this house during the open house when the flipper had it. The woman said she really wanted to live in Forest Hills, but couldn't afford it. Maybe they're trying to stump up the cash to get there now. In any case, the house is not worth 1.5 million. If it was, Mary Kay's two PPS jewels would have sold for their 2 million plus asks, and they're both still sitting there...
Posted by: Anonymous at January 19, 2007 10:19 AM
This reminds me of the FSBO on Beverly Road in BSW a while back... It sat there at around 1.5 (maybe 1.6?). Finally, it was surrendered to Mary Kay Gallagher who lowered the price by several hundred thousands of dollars and promptly found a buyer.
$1.2 seems to be the going rate in BSW for a house with a new interior reno, and a so-so exterior. BSW is extremely convenient to Cortelyou Road (the best local amenities in Vic. Flatbush), neighbors tony PPS, and is a short walk to the Parade Grounds/Prospect Park. I think higher prices in BSW are partly due to location, location, location. They sell because they are smaller than those in PPS, and therefore cost less to buy and to also to maintain.
Posted by: Anonymous at January 19, 2007 10:56 AM
I think that house being FSBO had more to do with having an extended family living there and the owner running open houses with most of the family still inside the house. Most realtors will require you not have any occupants and pets in the house during the open house and this may have been a concern for the owner (who couldn't see to get one relative even out of the bedroom and had several elderly aunts wandering about the place during the open house).
Note to owners, having the house filled with any of the following is a real turnoff to buyers:
Eccentric family members
Yapping pets
Rambunctious 1/2 naked kids
And yes I have seen all that and more while attending open houses and scheduled showings when was house hunting.
Posted by: Anonymous at January 19, 2007 1:26 PM
They seem to be taking advantage of the fact that many (including Brownstoner) expect this area to increase in value over 2007. There are a number of successful restaurants and numerous other yuppie places of interest on Cortelyou. Actually, these owners are smart in that they are anticipating where prices will probably go in this area by year end, so they're starting out there so as not to lose out. I just hope they aren't in a hurry, and or lese are flexible with their price.
Posted by: Ed at January 21, 2007 8:53 PM
This house is two blocks over from us. We looked at this house when it was on the market back in the fall of 2004. I think the asking price at that time was $999K, if I remember correctly. Interior was painted all white. I remember the Pepto-Bismol pink exterior paint job; we were very happy when it was sold and the exterior got re-painted!
//
The market in this area has softened from previous years; prices are not dropping, but the increases have stalled.
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I agree that $1.5M is over-reaching for this house. It doesn't have enough of the original interior details which might warrant such a premium price. It's also a single-family, not a two-family, home, so no opportunity for rental income without additional renovation and legal proceedings.
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These are not "normal houses." Roof tear-down and replacement, if needed, for these old, wood-frame, Victorian houses will start at $20-25K, and go up from there depending on the size and complexity of the roof: hip versus gable, dormers, turrets, and so on.
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Yes, $50K would provide a grand gut renovation of the kitchen. But then, one can't say this house is in "move-in" condition. That's also worth something.
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The photos are NOT "well staged." Remove all personal items and other clutter. And invest in a wide-angle lens, or borrow one from a photographer friend, for interior shots.
Posted by: Xris (Flatbush Gardener) at January 22, 2007 12:27 PM
Hey I saw all the comments about this house not having an alarm system. When I checked out the owners' site (http://www.232argyle.com) I saw a Central Alarm System was listed (maybe they got the heads up and updated the facts).
I think this house is beautiful in a very highly desirable neighborhood without any inventory. I think they will get asking...
Posted by: Anonymous at January 22, 2007 4:31 PM
Dear 8:56: "Sophisticated" does not mean "rich."
Posted by: Jeremy at January 22, 2007 9:00 PM
I dont think this house enough detail to warrent the price. I also respectfully disagree with others...this area is great..I live in it...however, i dont see the prices going up that high.....1.25/1.3 is the highest it would go. Dont get me wrong..great house great local
Posted by: Anonymous at January 23, 2007 8:57 PM

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