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April 13, 2007

Open House Picks

housePark Slope
516 9th Street
Corcoran
Sunday 2-4
$1,890,000
GMAP P*Shark

houseCrown Heights
1418 Pacific Street
Brooklyn Properties
Sat & Sun 12-1:30
$999,999
GMAP P*Shark

houseBedford Stuyvesant
382 Jefferson Avenue
Eva Daniels
Sunday 1:30-3:30
$975,000
GMAP P*Shark

houseDitmas Park West
424 Marlborough Road Archive!
Madison Estate
Sunday 3-5
$799,000
GMAP P*Shark




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Comments

What's the skinny on the Marlborough Road house? I thought it had sold already. Guess not.

Posted by: Anonymous at April 13, 2007 12:54 PM

I live in the neighborhood near the Marlborough Road house and walk often. The block is so-so for Ditmas Park, the house is much smaller than the average Victorian Style house, but always appears neat and tidy. If the inside is a well kept as the outside, would be a great price for the neighborhood. Will go and see the inside this weekend and re-post.

Posted by: Anonymous at April 13, 2007 1:30 PM

I noticed that this post was listed as "Archive." I thought this house sold last year. It is small in comparison to others in VF but it is priced accordingly and appears to be in move in condition. Of Course the kitchen could use a redo but it looks clean and usable.

Posted by: Anonymous at April 13, 2007 1:53 PM

I like how the ditmas park house ad lists "three horse barn" as one of the features of the properties LOL LOL. That's cute.

Posted by: Anonymous at April 13, 2007 2:42 PM

anyone else amused by the $999,999 asking price in crown heights? :)

Posted by: RJ at April 13, 2007 2:44 PM

Visited 1418 Pacific street 2 weeks ago. This property is a complete train wreck and needs an overhaul. The posted pictures are deceiving and not accurate at all. Visit at your own risk OR if you are a sociologist interested in “hoarding” I encourage you to view top unit (read on).
The brokers were proud to note that this building is up for landmark status.

The parlour floor was the only floor that was presentable (see pics). But, there is paint peeling from most of the ceiling and the bathrooms and kitchen needs an overhaul.

There is peeling paint on every floor and surface of this unit – floors, ceilings everywhere. It might be lead-based so proceed with caution. There were cobwebs on the staircase, no lighting and the top floor is still rented to a person with the classic “Hoarding” problem. There were waist high piles of garbage and clothing everywhere. In fact, I could not open the doors to any of the top floor unit because of the garbage, clothing, take-out food containers and other assorted foul stuff. Uggg

Seriously, anyone considering this property would need to do a COMPLETE overhaul of the whole building. The bathrooms are most likely the original. I wouldn’t open a can of dog-food in the kitchen. The whole thing made me shudder and I’ve seen lots of bad buildings. This one wins the prize. It will need all new plumbing, electric, kitchens, bathrooms and the peeling paint could be a problem.
999k? even with Landmark status on the way - can't see it happening. You'll need at least $200k to get this presentable.
Its too bad, because the building has great bones and period detail. ‘nuff said.

Kliff Klaven

Posted by: Anonymous at April 13, 2007 2:45 PM

Although I love Crown Heights, and the bashing of the neighborhood that goes on here irritates me to no end, this place is overpriced by 200k. It does have great bones but prices in CH just have not hit the million dollar mark unless it is pristine. This one certainly is not. There is a comparable in CH that sold for 800,000 last year, perhaps with a fewer details that is outside the planned historic district. So I think at 800k, this might go.

Posted by: Anonymous at April 13, 2007 3:00 PM

What makes 516 9th st a pick? Corcoran calls it "a gem". It's an overpriced, small, absentee owned mess, with cracks in the limestone facade, with virtually no yard, sitting directy on top of a subway entrance. Another broker has the same house for an extra $100,000. Why not? Somebody's kidding somebody. But what do I really think? .....

Posted by: anon at April 13, 2007 3:43 PM

Regarding 516 9th Street:

Sorry if I'm misunderstanding the math of the situation, but the broker claims the two combined rentals are $7500/month. The mortgage would be nearly $12,000/month (assuming for a moment no down payment, ignoring taxes, maintenance costs etc).

Doesn't this say something about the state of things in Brooklyn right now?

Are we all ignoring the basic laws of economics?

Posted by: Matt at April 13, 2007 3:55 PM

Matt, the cashflow from rentals v mtg payment was exceeded many years, ago. So that is why nobody is buying in the better Brooklyn neighborhoods for return on investment. Even in the best situations all you can hope for is to break even. Although there are some favorable tax consequences from depreciation of the property.

Posted by: chief at April 13, 2007 4:15 PM

Chief-

Thanks, I'm kind of new to this. Sorry to beat a dead horse, but it sounds a lot like what I was hearing about earnings vs valuation during the late '90's stock market run up. Am I the only one who is nervous about this unbalanced situation?

Posted by: Matt at April 13, 2007 4:27 PM

Matt you can rest your head in a house it is harder to do that in a stock..

Posted by: Anonymous at April 13, 2007 4:37 PM

OMG, cobwebs on the staircase?! Well, forget it then...that place will never sell.

Posted by: Anonymous at April 13, 2007 5:10 PM

Matt - I just went back and looked at the listing and yes the broker claims that there is 7200 per month of potential income there. I didn't see the lower rental, but I did see the upper duplex, and with a renovation (added expenditure) you still wouldn't come close to 5000 a month. Yes rents are significantly higher than couple of years ago, but not that high - maybe in the broker's dreams. If they were, the current owner wouldn't even think of selling, not for a minute.

And yes, one might be reminded of the stock market in the late nineties, and no, this time it is not different. If you buy a rental property, financed say at 20% down, and you don't have positive net cash flow such that you yield 7 - 10% when all is said and done, you aren't beating the return on cash, so you aren't getting paid for the risk. Risk? Real estate only goes up right? Prices never fall in Brooklyn, right? Price can go sideways for a long time, and price appreciation is the thing that makes it all worthwhile. No predictions here, but nothing about this house says good investment.

Actually, you know what's funny? For one day Aguayo had this on their site listed at 1,195,000 before they 'corrected' it the next day to 1,995,000. When I saw the lower price, I still thought it was way out there.

Posted by: anon at April 13, 2007 5:21 PM

"peeling paint"

oh....the HORRORS!!!!

dude, go find yourself a nice new toll bros. condo in long island city or perhaps one of their loverly new mcmansions.

Posted by: anon at April 13, 2007 5:23 PM

I live right near the house on 9th Street and it is way over priced. You are living right between two of the busiest streets in Park Slope with a subway directly beneath you, and the yard is almost non-existent. In this market, you better not have any of those concerns when placing that amount of money on a house without a significant rental income, and this house doesn't have it. I live right around the corner, and no one is paying $5000 a month unless the apartment is in pristine condition with high end fixtures and a great LOCATION. As for the $2200 for the groun, I also have my doubts, while not unheard of for a ground floor with garden access, this is not a typical situation with a small yard and constant noise. My 2 cents.

Posted by: Total Agreement at April 13, 2007 5:55 PM

I think the 9th St. place is priced right - perhaps. Not in any way affiliated with the property, agency or owners. But I am a broker at a different firm. Just try to find a family sized apt. in the Slope now for rent. Good luck. You'd be lucky to get a place for $5k. I know, I know your cousin pays less. And you'd never pay that much. But we aren't talking about you. We are talking about that one person who will and they are out there.

That said, why don't they have any interior photos. Very suspicious for a house that is supposed to be nice on the inside as the copy suggests.

Posted by: Anonymous at April 13, 2007 8:50 PM

Betancourt has interior photos of the 9th street house (but only Corcoran has the floorplan).

http://www.betancourtrealestate.com/page.cfm?page=details&id=1559

Posted by: RR at April 13, 2007 10:15 PM

This is Daniel Shapiro here.
How can you tell such ball faced lies trying to destroy someones reputation and business while hiding behind the mask of anonymous postings?

I have a livlihood, and have worked very hard for many years to build up my reputation as straight shooting, honest broker. It amazes me that so much hate and behaviour such as the above posters can be demonstrated while leaving his/heres own identity a mystery.

I have a list of past buyers and sellers I have worked with that will vouch for my professionalism and honesty

Posted by: Dan Shapiro at April 14, 2007 12:27 AM

wasn't the Pacific St house just on the market last year? I think it was going for around $800K

Zillow doesn't show any sales

Posted by: ImNotYourDaddy at April 14, 2007 12:27 AM

Dan,

Way to stand up for yourself & everyone else who has to deal with that kind of anon BS.

Posted by: tag482 at April 14, 2007 7:49 AM

Anytime I see that kind of anon bashing of a property or a broker, have to say it really seems it's a bitter bidder who has put in a lowball offer and is trying to drive other offers away. Because the bashing is so over-the-top and cruel. Not merely saying something like "cute house but this and that wasn't done so it's not for us" like you read when it's someone merely sharing their observations. Here's how I personally know when there's an agenda to this kind of bashing - because nobody who loves old houses can 100% hate an old house with such venom. The most you'll normally hear if a house is in really bad shape is pity for the house. Not hatred towards the house. It's a different breed of person. The tone is different.

Posted by: Anonymous at April 14, 2007 11:19 AM

No comments on the Bed-Stuy property? Looks lovely though I certainly think it is overpriced by 100K.

Posted by: cc at April 14, 2007 12:36 PM

That house in Ditmas has been hanging around a long time (I too thought it was sold). And if I'm not mistaken, some work has been doneat least on the facae (and if you don't mind a subway rolling by across the street, Marlborough is a pretty block--I walk down it every night).

More to the point, my wife and I dealt with Dan Shapiro some years back. He was affable and straight-shooting, and he worked hard for his clients without giving any impression of being disingenuous.

We wound up not buying from him, but frankly we'd have saved a couple hundred thousand dollars of mortgage if we hadn't decided to wait a few years.

We're now in Ditmas, happily, and if I had to buy again (God forbid!) I'd go back to the excellent realtor we dealt with--Mary Gallagher--and I'd give Dan a call as well.

As for 9th Street, we used to live around the corner. That price is mentally ill. Two busy streets, buses cutting both north south and east west, graffitti on side of building and a spacious five-foot deep backyard edged against an apartment building. You've heard of "shade gardens"? Think "night garden".

As for $5000 rents and the previous posting from a realtor? Wrong. Rents are again crazy in the slope but not that crazy.

Posted by: Powell at April 14, 2007 12:40 PM

cc: I bet the Bed-Stuy place is gone by Sunday night. Looks like a great piece of classic real estate. Excellent for someone to own duplex and rent the top 2-floors to off-set the mortgage. Also, nice location in the Stuy.

Posted by: Anonymous at April 14, 2007 1:07 PM

I can't say I disagree with Dan - if you're going to post rude posts about a specific person, and name that person, you have no business being anonymous. If you have some constructive reasons for not liking the way someone does business that would be helpful to others here, then go into some specific detail so that others might actually benefit.

Who is Dan Shapiro anyway? ;)

Posted by: anon at April 14, 2007 5:18 PM

The brownstone on Jefferson Ave looks great & the price seems to be fair. Did anyone go inside? I might consider to offer my bid...

How much is the ongoing rent for a duplex in a similar building in the area?

Posted by: anon at April 14, 2007 7:18 PM

Sounds like the realtor posting on Jefferson.

Posted by: anon at April 14, 2007 7:40 PM

Dan,

I purchased my home in Victorian Flatbush through Mary Kay and it was quite a pleasant experience. Especially after dealing with a certain broker and brokerage firm that was cited by HUD for steering non-white clients away from Park Slope, Clinton Hill, etc.. I met the Mary Kay on a house tour and she asked me to consider VF. Well, I did and spent considerably less money for four times the space, grass and a driveway. Although I have never dealt with you, it sounds as though the anonymous Harry must have bid for this home but didn't get approved for even a subprime mortgage and is now blaming you for his 250 FICO score!

Posted by: HarrystopHating at April 14, 2007 8:17 PM

These discussions should be moderated better by brownstoner so that anonymous, slanderous trolls cannot post on here.

Posted by: Anonymous at April 14, 2007 8:29 PM

Definitely the realtor posting re: Bed Sty. Since she is so eager for comments here goes: OVERPRICED! Details are there but you chose not to show pics of the baths or the kitchen. As a realtor you know that kitchens and baths can make the deal. Are they really in that bad a shape! Is a redo in order? Also this house in not in Sty Heights. Throop amd Thompkins can still be kind of rough blocks. I know this from experience. I grew up in Bed Sty when it was "do or die." I "did" and then got the hell out. I am pleased to see the changes for the better in the nabe but I do still see the same knuckleheads holding down the corner. Perhaps in pristine condition and in a good market, this house might sell near the listing price. Maybe I'll stop by the Open house and introduce myself tomorrow, if the storm is not too bad.

Posted by: Anonymous at April 14, 2007 9:26 PM

Is that really Bob Marvin posting? It's Typekeyed but I've never seen him threaten to kick anybody's ass before. Is that officially the end of civility here?

Also, Dan, I think you are talking about "bald-faced" lies. I've never been told a "ball-faced" lie before but I bet it would hurt!

Posted by: west at April 14, 2007 10:31 PM

West,

I think that both you and Dan are both speaking of a "bold-faced" lie. The term is both Southern and Carribean. Particularly from Charleston, SC where in the 17th & 18th century Africans were brought from Africa by way of Barbados to work as slaves. As you know a patois form of English formed in both places. The terms "bold" and "face" refer to the liar being bold enough to stand in your face and tell the lie, all the time knowing that you both knew the truth, hence the "bold-faced" lie,as opposed to a liar who would put "bad mout" on you or talk about you behind your back. There are many interesting websites about the Gullah of Charleston and the English dialects spoken all over the Carribean. One of the reasons that I love living in Brooklyn is that we all pick up vernacular from the various groups of people who live here who hail from all corners of the globe. I often use the terms that I heard older neighbors using that I later found out were actual Yiddish words.

Posted by: Love for Language at April 14, 2007 10:48 PM

Thanks for the post Love for Language.
I was about to say something, but you said it better.

Posted by: OldMillBasin at April 15, 2007 10:02 AM

to the anon at 4/14 at 7:18; I still think the price is too high and though the rents have gone up in the neighborhood, I think $2200-2500 is what the duplexes are going for and they are harder to rent out. You would get more for your money if it were a 3-family and you could rent both floors separately. Then, assuming those floors are in good shape, and we don't know because there are no pictures, then you could get $1400+ each. I live on Jefferson, and it general, it is a good street, though it would be better if this were near Lewis or Stuyvesant Avenues.

Posted by: cc at April 15, 2007 10:38 AM

The troll has been using Bob Marvin's type key for the past two days. I think regulars here will be able to tell the difference between this garbage and Bob's style of posting.

Posted by: Anonymous at April 15, 2007 11:26 AM

Well we think it's time for you to take your pill, Bx2Bklyn. So angry!

Posted by: Anonymous at April 15, 2007 12:25 PM

I just moved to Bed-Stuy six weeks ago, Marcy between Jefferson and Putnam. Although there is no landmark protection, there are some really beautiful blocks between (roughly) Fulton and Gates on one side, and Nostrand and Throop on the other (maybe past Throop; I'm not sure; and some of the blocks on the other side of Nostrand are very nice too).

These are blocks and blocks of pristine brownstones, although some of the blocks at the margins are not great. The center seems to be the old Boy's High School building at Marcy spanning Putnam and Madison. Anyone know what use the Dept. of Education has put it to? It is a really spectacular building, fully restored.

I think this area is as nice as the landmarked Stuyvesant Heights district further east, and very convenient especially if you're close to Fulton St., which is still seedy but has the Foodtown super-duper market and especially the Nostrand Ave. stop for the A and C.

We moved from Clinton Hill where we used the Clinton-Washington stop on the C and find that we get home much faster even though it's another mile down the road because we don't have to wait for the C train.

Posted by: rf at April 15, 2007 2:14 PM

"Definitely the realtor posting re: Bed Sty."

definitely my ass You Fool... I live in the area and I'm no realtor!

Posted by: Anonymous at April 15, 2007 2:49 PM

Well, the troll has moved up in tech knowledge and has now blown whatever authenticity a typekey identity had. He has in the past week, posted Typekey symbol posts for many regulars here, including Bob Marvin, Ed, CHP, and Bx2Bklyn, and probably more. All of these people "posted" saying things none of them would usually say, (Ed, sometimes it's hard to tell).

It's really a shame that an interesting and informative blog site that depends on anonymous opinions, has been totally deprived of the free exchange of information by someone who is now taking credit and getting publicity, by being the Brownstoner Troll.

This may not matter to most people, but I enjoyed the knowledge and malice-free charm of Bob, and the opinions of the other people who post regularly, most of whom no longer post often, if at all. Something else in the world ruined by a selfish, uncaring a$$hole without any conscience.

Posted by: Anonymous at April 15, 2007 3:40 PM

rf, the old Boys High, truly on the most magnificent buildings in Brooklyn, is now home to several alternative schools. Thank goodness it never got torn down, and was restored in all of its terra cotta beauty. Welcome to the nabe, which I think is in the best part of Bed Stuy.

Posted by: Anonymous at April 15, 2007 3:46 PM

It gets a little strange to sign in and step innocently into some oddball fracas or other, but Bob is right. It just gets pretty funky sometimes on this site.

Posted by: donatella at April 15, 2007 4:26 PM

RE: Bx2Bklyn

Before I "shut my pie hole" I'll leave you with this: SCHMUCK! (Yiddish) Pick up a book and read. You might learn something. To Donatella and Bob. I agree that sometimes the postings are quite weird but I still find most postings informative and sometimes amusing. You have to overlook the other junk.

Posted by: Love for Language at April 15, 2007 5:37 PM

Uh, Love for Language... not to upset you or anything, but I think "bald-faced lie" is as common, or even more common than "bold-faced lie." To assume that you know what the author meant is a bit of a stretch, might even call it sort of "know-it-all-ish" or "schoolmarm-ish." For all we know, he meant "ball faced lie," which may be some colloquial expression from his own personal background.

Posted by: snotty at April 15, 2007 5:51 PM

Re: Snotty

I was responding to West not Dan and I stated that "I think" he was refering to bold faced lie. I am a proud "school marm" and as such always encourage my students to broaden their vocabularies and choose words wisely but I don't know it all. Please offer insight if you have any as to the origins of Ball and Bald faced lies. It would be quite interesting to learn how these terms came about.

Posted by: L for L at April 15, 2007 8:48 PM

It's true that a "bold-faced" lie makes more sense than a "bald-faced" lie but I think snotty is right about common usage.
Have people's type-key identities really been compromised though? Because when Bob Marvin (type-keyed) is going around threating to kick people's asses who have said anything to offend him, it's hard to know what to believe anymore.

Posted by: west at April 15, 2007 10:38 PM

Yeah, I am not sure the Caribbean or Southern world has a corner on using "bold-faced" as in liars etc. I remember this from Irish nuns, eyes bulging and yelling at their unruly charges. Also, liked to call us "bold pieces," which I always thought was very funny.

Posted by: donatella at April 15, 2007 11:30 PM

After exhaustively researching this for over three minutes, I have concluded that "bold-faced lie" is probably the original term, from which "bald-faced lie" is derived. While technically correct, or at least originally correct, I suspect walking around Brooklyn calling people "bold-faced liars" will engender hoots of derision.

There are a number of circumstaces in which writing or speaking correctly will do nothing but convince people that you are stupid (e.g. correctly pronouncing "forte" with one syllable, or correctly pronouncing the "h" in herb which really isn't supposed to be silent). This appears to be just another one.

P.S. Sorry about my dangling participle above!

Posted by: BrooklynJon at April 16, 2007 1:18 AM

Thanks, BrooklynJon. We DID hoot in derision when the nuns called us bold-faced liars, but privately since they liked to swing rulers and throw things. But when they called us bold pieces, it was much harder to contain. Thank you for your research and what's a dangling participle between friends?

Posted by: donatella at April 16, 2007 9:15 AM

Actually, come to think of it, the Irish still do use the word "bold" as in "Stop being so bold!" In other words, "Stop being such a brat!"

Posted by: yente at April 16, 2007 11:09 AM

No one said that Southern or Carribean world had a corner on the term "bold faced." Our use of language crosses cultural boundaries. It is interesting that the term is used by the Irish. It would make sense, many Irish families were employed throughout the South and the Caribbean as overseers. Perhaps Tap dancing and the playing of the "fiddle" are other areas where the two cultures crossed.

Posted by: Anonymous at April 16, 2007 11:25 AM

Just wondering when this became the forum on language skills and not the forum for brownstoners....?

Posted by: Anonymous at April 16, 2007 2:57 PM

heehee

Posted by: snotty at April 17, 2007 7:41 PM

I actually love the 9th street limestone and think it is worth every penny. I'm going to bid on it tonight and hope to be living in the charming little house in the near future. To me it is a great location and has so much potential to be an amazing house to raise a family in once renovations are made to the inside.

Posted by: buyer at April 22, 2007 7:25 PM

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