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June 11, 2007
House of the Day: 69 Maujer Street
This attractive three-story brick townhouse at 69 Maujer Street has been on the market a loooonnnnggg time. It was originally listed for $1,350,000 last September; after languishing for five months, the price was cut to $1,200,000 where it has stayed for the past four months. Even though this is hardly prime Williamsburg, we're a little surprised this hasn't found a buyer yet given the paucity of townhouses with any historic charm in the area. The fact that the house is only of moderate size (2,700 square feet) shouldn't be a deterent either, since the lot is 25 feet wide and there's lots of air rights to play with; for some reason this block has an FAR of 3.4, considerably more than your average residential block. We don't know the immediate area that well, so we're assuming that's what's holding this place back. Thoughts?
69 Maujer Street [Sotheby's Int'l] GMAP P*Shark
Photo by Scott Bintner for Property Shark
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Comments
That house is a dream. The location is a dream. If only I had the dough . . . .
Posted by: Anonymous at June 11, 2007 1:50 PM
okay, the stoop root canal is a bummer, but otherwise decent, especially for the area...
Posted by: Brownstoner at June 11, 2007 1:54 PM
I suspect your thoughts about the area are right on. While that side of Grand Street has improved vastly, it may not quite yet be in the $1.2 mil stage. Particularly as there are less expensive (and larger) properties in the area with nicer street scapes and a more neighborhood feel.
And its a mater of appeal - in South Brooklyn, people want those historical details. In Williamsburg, they are not expected and may not be as desired as a result.
Finally, I would say $1.2 would be steep for most of the residents (or buyers) in this area. There is a reason that most of the penthouse in the condo developments haven't sold - too rich for the people who want to live there and not interesting for the people who can afford it (since they have more options at that price point).
Posted by: janecity at June 11, 2007 2:03 PM
Anything south of Grand St. is ugly. Maybe not the houses, but the neighorhood for sure.
Posted by: Anonymous at June 11, 2007 2:03 PM
I like the Location, hate the Kitchen. I guess the price is just a little steep.
Posted by: Anonymous at June 11, 2007 2:06 PM
That part of the neighborhood is absolutely fine -
Posted by: Bzoo at June 11, 2007 2:07 PM
I think the kitchen is cute as is -- but so easily improved, you practically don't have to demo anything, just take the stuff outside.
Some really smart, arty creative director type is gonna make a total gem out of this place and you'll see it in Domino next year. The light is terrific, the floors are original, and the proportions are adorable.
Posted by: Anonymous at June 11, 2007 2:23 PM
Could it be that, based on the photos, there's little to justify $1.2 million, much less $1.35? Are potential buyers expected to be wowed by the fact that the house rests in Williamsburg? If I were a buyer, I'd want a ton more than that--especially if I'm expected to plop down $1.2 million.
Posted by: Robert at June 11, 2007 2:40 PM
The kitchen defines bare bones. Look at the cabinets.
Posted by: Anonymous at June 11, 2007 2:41 PM
Ralph and Alice Kramden would have loved the kitchen.
Posted by: Anonymous at June 11, 2007 2:57 PM
I had left messages and emails with the broker and they never returned them. Maybe it's on the market because they aren't particularly active in trying to sell it?
Posted by: Anonymous at June 11, 2007 3:17 PM
Robert, you sound oh-so-entitled with how much you expect to get with your 1.2m
Clearly you haven't been shopping for a home lately.
Posted by: Anonymous at June 11, 2007 3:30 PM
If it is a 2 family, it's super overpriced. If it is a 3 family, it's overpriced for the area. Very cute house, with excellent curb appeal...just viewing the outside, I'd place it more at about $1,079,000 asking. Then the owners should realistically look to GET about $990-$1,020,000. Too overpriced. That area is still SKETCH.
Posted by: jbjb at June 11, 2007 3:46 PM
I'd just add that the property is zoned C-Commercial.
Posted by: Pinni at June 11, 2007 3:47 PM
I'm not really somebody who understands real estate all that well although I have bought and sold my share of properties. The one thing I do know, is that there will always be those who will try to make you feel small, and poor, no matter how much money you have or how much you are willing to spend.
A case in point is the person who posted at 3:30, who is berating somebody else for thinking 1.3 million dollars, or whatever, is not really a lot, and that therefore the other person is out of touch or a nerd or etc etc.
When dealing in real estate, it is important to put on your emotional bullet proof vest and ignore the people who get pleasure in putting other people down.
Posted by: older and wiser at June 11, 2007 4:26 PM
Older and Wiser, I wasn't trying to hurt anyone's feelings. Robert just sounded like an inexperienced person spouting off about how much his money should be able to buy him. Get real.
under what law? By whose edict? Where do people get their expectations?
If, as I have, you have been looking to buy something in that range, you would know what to expect. Robert doesn't. Neither do you.
Don't take any of this so personally, I'm not trying to make you or robert feel poor or hurt.
Then again, if THAT comment hurt, you need way more than an emotional bullet proof vest. you need a reality check.
Posted by: Anonymous at June 11, 2007 4:52 PM
And you need anger management classes.
I agree with what you are saying re:cost- but tone it down a notch please.
Posted by: Max at June 11, 2007 5:01 PM
I know nothing about the area but me like that house - the floors and the details make old house lovers like me very happy.
Sotheby's is an interesting choice of broker. I've certainly had my share of problems with the big Brooklyn brokers (Corcoran, Elliman et al.) but Sotheby's gets, like, zero exposure and does less-than-zero marketing at this price point. Maybe that's why so little interest?
Posted by: zeebee at June 11, 2007 5:26 PM
Max: done.. A sellers market will do that to ya. I used to be so sweet. . . .
Posted by: Anonymous at June 11, 2007 5:27 PM
This house is cute. I don't even have $1,000 to pay this month's rent, so I must be wrong.
Can anyone lend me $100?
Posted by: anonymous at June 11, 2007 6:03 PM
How does it compara for a similar house on the market on Luquer between Court and Smith listed with Iron Gate properties for a similar price
Posted by: hola at June 11, 2007 6:06 PM
"Are potential buyers expected to be wowed by the fact that the house rests in Williamsburg?"
It's not even in the "cool" part of Williamsburg. It is east of the BQE and south of Grand Street. There are no redeeming qualities about that section of WB.
Posted by: Anonymous at June 11, 2007 6:49 PM
Anonymous 3:30pm,
"Entitled?" More like practical. $1.2 million might be chump change to you, but that's a TON of money to me; and if I'm going to pull that much money out of my pocket for ANYTHING, that thing has to astound me.
What you see as being "oh-so-entitled," I see as exercising good sense. And I think more buyers should do the same.
Posted by: Robert at June 11, 2007 7:35 PM
You want to be astounded for 1.2MM?
The median price of an apartment in Manhattan?
Less than half the price of a house in cobble hill?
Below market for williamsburg?
Reality check please!
Posted by: Anonymous at June 11, 2007 8:20 PM
Robert --
I only have 300,000$ to spend - to me, that's a TON of money and I'm expecting something ASTOUNDING for that money -- perhaps a 4000 sq. ft. townhouse in a great neighborhood with lots of charm, needing no work --
Just common sense talking.
Posted by: Anon at June 11, 2007 8:20 PM
Who needs to get real here? OK, I suppose 1.2M is fine if you make 400K to 500K a year. Isn't that the accepted math, 2.5 to 3 times earnings?
Now what is the percentage of possible buyers who make that? Seriously, are we talking the upper 2% to 3%? And should they want to live there, east of the BQE, just thankful to "own" some kind of roof over their heads?
The only way the math can make sense for somebody in a more common income bracket is with an inheritance, the sale of another bubble house (been there, but it was only a 1-bed!), or egads, an ARM.
This kind of stuff is only "reasonable" by comparison with the absurd prices elsewhere.
Posted by: gotta luv renting at June 11, 2007 10:10 PM
it seems like how much it is worth is largely dependent on the rent roll, which is not listed anywhere.
Posted by: daniel at June 12, 2007 12:06 AM
thats not a great area, believe me - i lived for three years on lorimer and ten eyck just around the corner. Too many guys with no jobs idling around all day.
Posted by: Anonymous at June 12, 2007 8:41 AM
Hehehe. You guys should go to Tokyo, if you think this is exorbitant. Welcome to city living.
Posted by: Anonymous at June 12, 2007 9:39 AM
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