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January 29, 2007
Residential Sales in Brooklyn
PARK SLOPE $1,350,000
53 Lincoln Place
117-year-old, 3-bedroom, 2-bath wood colonial; windowed kitchen, living-room fireplace, hardwood floors, in need of extensive renovation, 25-by-113-ft. lot; taxes $2,900; listed at $1.3 million (multiple bids). Broker: Aguayo & Huebener.
Residential Sales [NY Times] GMAP P*Shark
Photo by Kate Leonova for Property Shark
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Comments
You figure that when you see one of these wood frames in midst of brick and/or brownstone block that it predated rest of structures on the block?
Posted by: Anonymous at January 29, 2007 10:54 AM
Can someone tell me if this is in prime PS or if it is in the PS 321 zone? I need to figure out what justifies the hefty price tag for such a small, ugly building in need of renovation.
Posted by: Emily at January 29, 2007 11:09 AM
Well it may be prime PS (not sure exactly what the borders are for that) but it is definitely not in the PS 321 zone, it is not even in the same school district, district 15, but in district 13. It is in the zone for the school right up the block, PS 282.
Posted by: Mousie at January 29, 2007 11:16 AM
One possibility is that since lot is 25x113 times a usual 2.43 FAR for bldgs in area (I could be wrong didn't look it up FAR but is most common) - someone could build a 6865 sq ft building - and so are maybe paying less than $200 per buildable sq ft. Which I think isn't far off the mark.
Posted by: Anonymous at January 29, 2007 11:26 AM
Wouldn't this be landmarked making it a tough development play?
Posted by: Anonymous at January 29, 2007 11:32 AM
Somebody fill me in on this housing slump we are experiencing because I ain't seeing it. All empirical evidence is that people are still hungry for houses in Brooklyn - witness a multiple bidding situation for a house that the NY Times says needs extensive renovation.
Posted by: donatella at January 29, 2007 11:32 AM
I've seen and heard of multiple bidding wars in both Brownstone Brooklyn and Victorian Flatbush. Our RE agent said the market has totally re-energized after the New Year. Low interest rates plus record high stock market means no slumping housing market here. And I don't even know anything about the Wall St. folks. Also, I think there's a general lack of inventory right now.
Posted by: west at January 29, 2007 11:37 AM
This is just outside the landmark area, see link here (warning, PDF) http://www.nyc.gov/html/lpc/downloads/pdf/maps/park_slope.pdf
So the main value here is the lot and the unused FAR. But even without this, the sq footage is approx 1,540 ft for a price of 876/ft. This isn't outrageous for this location and when coupled with the unused FAR this represents a good deal, esp. because 25 ft wide lots in PS are pretty unheard of.
Posted by: Anonymous at January 29, 2007 11:50 AM
I've seen this house. It is directly across the street from the Lincoln/Berkeley playground, between 5th and 6th Avenues. I remember looking at it and thinking it cute but out of place. Super noisy block at night, in the summer though.
Posted by: Anonymous at January 29, 2007 11:50 AM
Ah, poor little house, just like the heroine of that tragic opera, "Casa Condannata." All those years, she cowered in neglect next to her elegant brownstone sisters. "I'm just a squat, ugly little frame," she sighed. "Who'd bid for me?" Then finally a prince came and plunked down a king's ransom for the little house--even outbidding several other princes who smacked velvet sacks of doubloons upon the table and vied for her favors. The little house blushed with delight. Finally, her time had come! Perhaps she would become a charming cottage, her wooden floors gleaming with sun that poured in through her "windowed" kitchen.
But then, as soon as the wedding guests departed, her suitor, Prince FAR, turned to his bride with a sneer. "Renovation?" he barked with cruel laugh. "The wrecking ball is my gift to you, my pretty...to make way for my true love, the Princess Condo-Leeza!" Out of the shadows strode the evil Baron Fedders-Scarano, his tall and glittering daughter on his arm...and the little house gasped in horror...[curtain down]
Posted by: Brenda from Flatbush at January 29, 2007 11:54 AM
I think many people would be surprised how little of Park Slope, Boerum Hill and Carroll Gardens in landmarked.
Generally feeling is that most of it is when that isn't the case.
Essentially in Carroll Gardens it is President and Carroll Street for just one block (between Smith and Hoyt).
Posted by: Anonymous at January 29, 2007 12:05 PM
"Somebody fill me in on this housing slump we are experiencing because I ain't seeing it." - donatella at 11:32 AM
Projected NYC price change 2007: -2%
Projected NYC price change 2008: -3.5%
http://money.cnn.com/popups/2006/fortune/invguide_realestate/index.html?cnn=yes
And that's Fortune's (Main Stream Media's) take. I'd be worried if I paid median price within the last couple of years and needed to sell within the next 5 to 10 years.
Posted by: Anonymous at January 29, 2007 12:36 PM
Oh, click on "17 - New York City" for that CNN link.
Posted by: Anonymous at January 29, 2007 12:44 PM
Brenda 11:54 AM
I love it.
Posted by: Anonymous at January 29, 2007 12:45 PM
Brenda, you brought tears to my eyes.
Posted by: yente at January 29, 2007 12:57 PM
12:36, What are they basing those numbers on? Interest rates going up? Going down? How can they predict that with things so in flux? I wouldn't base any big decisions on an article like that --especially one that doesn't break down the markets in the five boroughs.
Posted by: west at January 29, 2007 1:12 PM
Brenda, from now on, "the evil Baron Fedders-Scarano" will be the villain in every bedtime story I tell my kids.
Posted by: Amy at January 29, 2007 1:34 PM
I love Fortune. They have been projecting a real estate collapse since 2003, though it appears that they are moderating their claims. A friend told me about a feature in Fortune 4 years ago (as a sort of warning to me in my reckless frenzy to buy Brooklyn real estate) and so I subscribed. I have been following their incorrect projections now for 4 years, including the projected financial Armageddon resulting from a property collapse. They are like the gold bugs, perseverating on a projection which has clearly not come to pass. In fact in that time frame, rather than having seen a global economic meltdown precipitated by a real estate collapse, it has been the opposite. In fact as I remember, about a year ago they ran a feature on how to get into the real estate market you missed. Phooey. Look at the actual sales numbers.
Posted by: donatella at January 29, 2007 1:40 PM
more **applause** for Brenda from Flatbush
--an architect in Brooklyn
Posted by: Anonymous at January 29, 2007 3:27 PM
hey 12:36...not sure about money magazine, but i agree with 1:12 that you can't look at nyc only figures...i'm no believer that the real estate market isn't a volatile beast, but i don't agree with your predictions at all. brooklyn is in the midst of an impressive renaissance at the moment (and has been) with probably a half million more residents on the way over the coming years...
According to the most authoritative source of data, the city's assessment roll, rumors of the New York real estate market's demise have been greatly exaggerated. After a slowed rate of increase in 2005, property values around the five boroughs posted strong double-digit increases in 2006, with the Bronx and Brooklyn leading the way with jumps of 27.6%. “While people predicted that the sales prices were coming down, they haven’t been coming down,” said Martha E. Stark, the city’s finance commissioner. “It might take a little longer to sell something, but actually, the prices have been holding.”
Posted by: anonymous at January 29, 2007 3:47 PM
I looked at this place but never made an offer.
Gripe: Just as I was walking out of the house, some Park Slope "mother", who just oozed feelings of entitlement, dinged my car with her precious bugaboo.
Posted by: Anon at January 29, 2007 4:07 PM
Ack, 321. I'll be happy if I never have to hear those 3 numbers together in that order ever again.
$59,800 - Cardboard box in a hole. Needs extensive renovation. District 321! listed for $55,000 (on market 1 week, multiple bids).
*puke*
How about park slope parents pool all that money they are bidding over ask to get into 321 and build up a neighboring school?
Posted by: Anonymous at January 29, 2007 4:37 PM
ewwwww.
Posted by: anon at January 29, 2007 4:50 PM
Anon 3:47. The assessment numbers have little to do with actual prices. The 27.6% increase your quoting is the increase in the assessment which has been significantly behind actual values for years.
Posted by: Anonymous at January 29, 2007 5:44 PM
per·sev·er·ate –verb (used without object), -at·ed, -at·ing. to repeat something insistently or redundantly: i.e. to perseverate in reminding children of their responsibilities.
Posted by: anon at January 29, 2007 6:36 PM
One of the posters called this an "ugly house". It's not. I've walked by it before and admired it. It's not grand like a brownstone, but it's a very sweet, rather graceful turn-of-the-century frame house with its exterior details intact (rather than covered in siding). There is something really appealing about these old wood frame houses (when they aren't destroyed by siding) in the midst of all the brownstone. Maybe because they are sort of rare and probably older than the brownstones.
Posted by: anonymous at January 29, 2007 9:52 PM
To one and all and especially the cute little poet, Brenda, look at the DOB wesite an change your leading man to John Hathaway, not Robert Scarano who buy the way has yet to put a fedders A/C sleave in the over 1000 buildings he has built. OOPS Those pesky facts getting in the way again.
Its Jon the enabler to the rescue. Savior of the rotten wood frame world
Posted by: The Shadow at January 30, 2007 12:00 AM
Anon 4:37, it's not that the school needs "building up." It's that it has an ethos that is out of sync with that of many of the families in the neighborhood. It's a disciplined, homework-heavy school. It's working for the people who want that. It's just that not all of us want that. (Whew, that was a lot of "that"s in five sentences! Make that six...)
Posted by: Anonymous at January 30, 2007 1:57 PM
Anon at January 29, 2007 4:07 PM,
F*ck your precious car and your motorist's entitlement. Take the bus if you don't want your car to be touched by anyone else out on the street.
Posted by: carbonate at January 30, 2007 11:35 PM
Now, let's bash Issac Katan for making money and driving prices up. Heaven help us!
Posted by: guest at January 31, 2007 10:27 PM
Before passing comments it would be nice to realize this is someone's former home you are
talking about. I lived in that home from age 2
to age 19. Wonderful memories of wonderful times in that home with my dad in the basement
making the kitchen cabinet's by hand, one by one. Rather than name calling it, call it a once very happy home.
Caroline
Posted by: guest at February 17, 2008 7:44 PM
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