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August 22, 2007
Condos of the Day: 1296 Dean Street Revisited
When we first took a look at the 5-unit condo conversion at 1296 Dean Street in Crown Heights back in January, there was a general consensus that (1) it's a beautiful building; (2) the renovation denuded the interior of any old charm; (3) the prices (which at the time ranged from $450,000 to $550,000 for floor-throughs) were probably a little on the high side. Fast forward seven months and guess how many of the apartments have sold? Zippo. Fillmore now has the listings and cut prices so that one unit is now $425,000 and four others are $475,000. (The prices on the developer's site have yet to be marked down.) One close watcher of the Crown Heights market told us he's waiting until the offer hits $400,000 and then he's pouncing.
1296 Dean Street, #4 [Fillmore] GMAP P*Shark
Condos of the Day: 1296 Dean Street [Brownstoner]
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Comments
why not just offer 400 now? I don't get it
Posted by: guest at August 22, 2007 12:50 PM
Is this area safe?
Posted by: guest at August 22, 2007 1:01 PM
I wish I could see a floor plan. The pics look nice, although the kitchen looks a bit tiny.
Depending on the size, I would say that $400,000 is reasonable (since these a floor thru, I can't imagine that the square footage would be too scant). In the past three months or so, there have been a handful of co-ops on Eastern Parkway between Rogers and Nostrand that have sold for well over $400,000.
The only drawback for me is that the area is serviced by the A/C trains. The 2/3/4/5 are more convenient for me for getting to work. I guess one can switch trains at Fulton...
Posted by: Wont UB My Nabor at August 22, 2007 1:10 PM
Exactly, 12:50. Asking prices were taken seriously in 2005. Now it's bids that need attention.
What would happen if a listing had no asking price? How could it fare worse than one with a repelling sticker shock? Wouldn't it be a magnet for bid volume?
Posted by: guest at August 22, 2007 1:28 PM
You can see some pic's and flr plan on Taj properties who had the listings:
http://www.tajproperty.com/deandescriptions.htm
I've seen 1 of those Eastern Parkway coop's that sold for over $400k. It's nice. some pre-war details vs. these have none (except for the high ceiling and external facade). Location-wise, both are on great looking blocks. Believe this one is in the recently approved crown heights north landmark area.
I don't live there so don't know the neighborhood well. From the walking tour and driving by the area a couple of times, do find the houses / bldgs in the area very attractive
This is a lovely area (to get a decent size pre-war 2 bdrm coop / condo) that I can afford with my low salary. would love to hear what others think of this crown heights north area (now and the near future)
Posted by: guest at August 22, 2007 1:42 PM
They had an open house last Sunday. Huge sign on the side of the building that is literally 3 stories high. I passed by twice during the afternoon, and never saw a soul.
It really is a pretty building, on a very nice block, close to the trains, etc, etc. Maybe if they hadn't stripped every inch of charm from the interior, they may have had a better chance of justifying a higher price, but not that high. The building is nice and wide and has an airy feel, even from the outside.
If they have another open house this weekend, I will try to drop by.
Posted by: Brower Park at August 22, 2007 1:46 PM
The photos on the website don't inspire, and I question the neighborhood, no matter how nice the units are.
Recently went through the process of looking for a place (am now in contract), and found Fillmore to be a little hard to contact (didn't return calls, emails, etc.). Wonder if that's a problem here.
Posted by: guest at August 22, 2007 2:04 PM
This is one of the nicest blocks in Crown Heights. Honestly, it's gorgeous. I live in the nabe. I saw some of these units and they do not have any details but they are very nice modern renovations. No Fedders here. Most aren't huge but the outdoor space is great. If you pay 400k for one of the units with outdoor space, that's $500 per square foot. Seems a bit high but again, this is a great block and has good train access. (The walk to the 2,3 is short and the change to the 4,5 at Franklin is a step across the platform).
Posted by: guest at August 22, 2007 3:10 PM
In response to 3:10.
I agree about the block being very nice, but I don't agree that the walk to the 2/3 is "short". I'd say it is about .75 miles (maybe about 15 minutes) away from the 3 at Nostrand. Add a couple of minutes more to get to the 2/5 at President.
Fifteen minutes is fine if you want to take a stroll to the park, but if you are trying to get to work in the morning, 15 minutes can be a lifetime.
Posted by: Wont UB My Nabor at August 22, 2007 3:31 PM
This is close to the A/C at Nostrand which is an express stop. If you really need the 2/3 you can walk the extra block or you can transfer at Chambers St. The A is a good train line and will get you to Manhattan quickly. As an added bonus this is near the LIRR in case you need to go out to LI.
My take on these condos is that
1)They have not been given to a good brokerage who can market them properly. Neither TAJ Properties nor Fillmore have done what's needed to generate interest in these units. This one really needs a pro since this is a new area for condo development and they will need to attract those buyers who have been looking in other neighborhoods and turn them on to this neighborhood.
2) The pricing is very aggressive. Considering that there are units available in the $500's/ft range that are closer to the city and more gentrified it will be tough to pull buyers out to Crown Heights at the same price just for the beauty of the block. If these are priced in the mid to upper $400's/ft I think they will move quickly.
Posted by: guest at August 22, 2007 4:15 PM
Thats pretty far into Crown Heights to be asking that much.
Posted by: guest at August 22, 2007 5:55 PM
Everyone, please note that the post at 1:46pm was not made by me. It is a forgery.
Posted by: Brower Park at August 22, 2007 10:39 PM
Hi "Brower Park"....
Dare I ask how somebody is forging posts in your name? Leaving the cat unattended perhaps?
Posted by: guest at August 22, 2007 11:28 PM
Is there a reason you don't give the cross streets?
Posted by: guest at August 23, 2007 1:50 AM
It's between Brooklyn and New York Aves.
Posted by: CrownGardener at August 23, 2007 8:49 AM
As a Fillmore agent (*not* the listing agent), I feel an obligation to respond to some of these comments, and clear up a few issues.
First of all, the prices *have* been reduced. When Taj had these, the 5th floor unit was priced at $ 530,000 - Fillmore convinced the seller to price it at $ 475,000. All the other units have been price-chopped as well, to $425K for the 4th floor & $ 475K for the others.
Second, regarding the statements "Neither... have done what's needed..." and "...really needs a pro..." - please don't lump a 500-plus-agent brokerage with over 40 years of history in with some random little realty firm. True, Fillmore didn't make this the "one and only" centerpiece of our condo lineup - that's because we have over THIRTY condo developments we're currently marketing, including much larger ones (like Village Terrace Condominiums, with 42 units). Not everyone can be in the limelight at the same time.
Third, it's really uncouth and disingenious to pass judgment on another broker's handling of a project, from an anonymous platform. Mr. "Guest", if you're going to assume a position of authority that grants you the right to grade someone else's performance, at least come out and say who you're affiliated with. I'm not asking you to name yourself, but if you're going to preach - we'd like to know your ministry!
It's easy to accuse a real estate firm, or individual agents, of wrongdoing or incompetence - considering how many variables affect our business, no one can predict the outcome of any project. I've seen very well-run developments (by different brokers) sit still for months, because of one or two unforeseen factors, or changing circumstances.
Paragraph P.S.:
Meanwhile, Fillmore took over a project that {they who shall not be named, let's just say "black & multicolor"} couldn't sell for a YEAR, and already generated 17 offers on it (several accepted). So, you know, we're not *totally* useless... .
Last but not least, thanks to everyone for pointing out the issues with this listing - bad photos, no floorplan, and shaky call-back service. The branch manager has been notified, appropriate agents will be beaten with sticks (several times), and we'll take better photos.
Posted by: guest at August 24, 2007 9:47 AM
It's not just me who thinks this neighborhood is majestic: http://www.nysun.com/article/51033.
Posted by: Wont UB My Nabor at August 25, 2007 1:44 PM
So I just checked out the condo units offered in this building and thought they were pretty nice.
In particular I liked the third floor unit, which has eleven foot high ceilings, bay windows, a large living room space, generous sized bedrooms and a back deck.
The bathrooms in all the units were nicely done, although I thought the faucet fixtures were on the cheap side. It seems that indeed much of the architectural detail was obliterated, for instance I spotted many wall stubs where I suspect fireplaces once stood -- they even overlaid the garden in the "garden" unit, with concrete! But, on the other hand, almost all of the units have bay windows.
The broker informed me that there has been a lot of interest on the fifth floor unit, which has a skylight in the kitchen (I was unimpressed) and rooftop access (which provides a great view of the Manhattan skyline). However, for me, the architectual bonuses of the other floors, i.e. the high ceilings and the bay windows, were noticeably absent. It just felt like another new construction unit.
Overall, I think that when taking into account the quality of unit itself, the beauty of the block and its proximity to trains, this (the third floor unit in particular) is one of the nicer units that I have seen.
While I was there there were a number of folks who came in to peruse the place, but all of them identified themselves as neighbors just curious about the open house. If they knock $50K - $75K off of the asking, these places will move.
Posted by: Wont UB My Nabor at August 26, 2007 4:04 PM
Calm down Fillmore agent, I'm the poster from 8/22 @ 4:15 and I'm not associated with any competing firm. I am, however, a real estate investor and have had multiple experiences with many of the firms out there. I've bought a property through Fillmore, I've also put offers in on other properties through Fillmore so I've dealt with a number of agents and brokers at your firm.
Fillmore is indeed a large firm with lots of agents and you guys have sold lots of properties. However, brownstone Brooklyn is not your firm's specialty. This doesn't mean that there aren't good agents behind this property and that they can't make it happen. I'm just speaking from my personal experience as well as my general view of the RE firms out there.
When I think of condos in brownstone Brooklyn, Fillmore is not a name that comes to mind. If I was shopping for a condo (or selling one) in brownstone Brooklyn, Fillmore would not be the first firm I would go to as part of my search.
I just checked your website for condos, 95+% of the condos you have are in south brooklyn and are new construction. My point was that those people looking in gravesend, bensonhurst, sheepshead bay, brighton beach, etc. are not the people that are going to end up being convinced to look at crown heights. It's a completely different market.
However, the firms that focus on park slope, prospect heights, clinton hill, bed stuy, etc. can show their clients something similar to what they want but just a little farther out for a better price.
Posted by: guest at August 27, 2007 9:12 PM
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