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August 1, 2007

House of the Day: 155 West 9th Street

155west9thstreet0807.jpg
155west9thint.jpgYou can't blame him for trying, but the owner of this three-story brick house at 155 West 9th Street is dreaming if he thinks he's going to turn his $422,000 investment from back in 2004 into the $1,200,000 pot o' gold he's asking on the place. The house is being pitched as an owner-occupied three-family house. There's a tenant in place on the top floor (paying an undisclosed rent), an empty second floor apartment, and the owner is supposed to live on the ground floor and basement (and this is a real basement, as in totally below grade). As for the interiors, a generic renovation, complete with beaucoup de recessed lighting has been done. Not offensive but hardly the thing house hunters' dreams are made of. What do you think the market-clearing price on this place is?
155 West 9th Street [Awaye Realty] GMAP P*Shark
Exterior photo by Kate Leonova for PropertyShark




Posted by Brownstoner at 1:29 PM | Comments (30)
Categories: Carroll Gardens, HOTD

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Comments

is that a drain between the bathtub and toilet?...

Posted by: anon at August 1, 2007 1:43 PM

What is "West" 9th Street? Is that different from 9th Street?

Posted by: PPSer at August 1, 2007 1:56 PM

I think West 9th Street is 9th Street west of the Gowanus Canal? According to Google Maps, this place is also in the shadow the BQE/Battery Tunnel Approach... You know, the extremely elevated one. That's not exactly a dream location.

It's like extreme outskirts of Carroll Gardens or Red Hook, your choice.

Posted by: Justin at August 1, 2007 2:05 PM

"prime" Carroll Gardens????

Posted by: Anonymous at August 1, 2007 2:10 PM

I've seen this thing posted to craigslist every other day for months now. Give it up.

Posted by: hmmmm at August 1, 2007 2:13 PM

okay, i totally agree that the price is nuts... but isn't that the kind of price appreciation that this site usually thinks is normal. a few weeks ago there was a tiny three-story in Red Hook for around the same price, also bought around 2004 for a similarly low amount. that was promoted by Brownstoner as a potential deal.

so what gives? does this house especially suck, or is market perception slowly turning?

Posted by: anon at August 1, 2007 2:19 PM

W. 9th is definitely a different kettle of fish than 9th Street in Park Slope. You're in the shadow of the BQE and it's pretty noisy on this street (both the side yard AND the backyard, which both abut the highway. People use W. 9th as a through street between C. Gardens and Red Hook, so there's a lot of car traffic barreling past.

I looked at a house just like this one (might have even been this one) about 4 years ago. They were asking under 500K then -- of course it's a different world today. As a neighbor, I can see an upside here ... IF the price was more reasonable. But at this price it's just nuts.

Posted by: shelz123 at August 1, 2007 2:19 PM

West Ninth has a lot of traffic

Posted by: Anonymous at August 1, 2007 2:19 PM

I lived on W 9th for two years. Lots of loud foot traffic from people coming and going to the F train. Buildings shaking from the BQE and elevated subway at all hours. Honking all morning during rush hour.
The houses are not that bad, but I don't think it's worth that price given the above issues.

Posted by: Anon at August 1, 2007 2:41 PM

Certainly not ideal spot in CarrollGardens - but new condos are selling around corner on Court and another new building going up - so things do sell.
Price doesn't seem so out of line - if this were on other side of block on Huntington would be easy sell.
But if the occupied apt. is rent-control that would answer question on why not selling. Most brokers would specify and not that many RC - but this AWAYE - who knows.

Posted by: Anonymous at August 1, 2007 2:43 PM

I tend to agree with 2:19. After following this site for over 2 years now and seeing some of the rundown POS houses that the site brags about being 'steals', I thought anything in Kings county was automatically a steal at $1m or more. I continue to be amazed at how anyone who didn't buy before 2000 can afford to buy even a run-down POS now. I think the market is finally starting to turn in the area though. It is definintely being overbuilt in condos and there are more and more vacant 'steals' even in the upper $600's now in many decent areas of Brooklyn. I also watch the Jersey City market and have watched the same types of brownstones as we have here that were listed in the 600's 2 years ago now are in the 350's, and even JC is mostly gentrified. Only a matter of time before everyone who wants to move here is here and vacant overpriced houses go back to the banks who loaned on their inflated values. It doesn't cost $1m in lumber and materials to build row houses, even with top of the line materials. I do however concede that the landmarked big brownstone houses in the slope and heights probably will be ok as their value is more like a museum or piece of history than typical residential houses, but for the masses in houses like the one above, prices are destined to come down.

Posted by: Anonymous at August 1, 2007 2:51 PM

I walked by this place after seeing it on craigslist. TERRIBLE location - 9th street is basically a truck route there. No matter how gentrified surrounding area is, it will never be a good block to live on. I think anyone who pays near this amount may have serious buyer's regret.

Posted by: anon at August 1, 2007 3:14 PM

½ block from BQE
½ block from Hamilton Ave tunnel traffic
½ block from the stinking Gowanus Canal
1 block from an oil depot, scrap yard and cement plant
Streets littered with crack vials and needles (look on the ground under the F train overpass on Smith)
Lots of foot traffic from beautiful Red Hook projects

Where’s my checkbook?

Posted by: Anonymous at August 1, 2007 3:18 PM

I agree with 2:19 and the above poster. Not sure why you think this is such a pie and the sky price. I can't tell exactly how inflated you think this price is, but you are not going to find anything in the neighborhood for less than that. Given the above mentioned negatives, foot and car traffic etc., I would say that it might be about 10% over priced. Also depends on how desperate the seller is because with the uncertainty of the market this house might keep nervous buyers Awaye for a while.

Posted by: Anonymous at August 1, 2007 3:18 PM

3:18 - I just bought a house in CG for less on a MUCH nicer block. Really, have you been on this particular block? Hard to imagine it's that bad, but it really is (and I grew up in Hell's Kitchen during the crack epidemic).

Posted by: anon at August 1, 2007 3:23 PM

What's wrong with beaucoup de recessed lighting?

Posted by: Anonymous at August 1, 2007 3:23 PM

3:23 - Care to tell us size of house you bought (#floors, width, depth), condition, #units, etc. And was listed by major broker? So to fairly comp this place (granted almost any block is nicer)

Posted by: Anonymous at August 1, 2007 3:46 PM

not listed with major broker, 3 floors,15.5x 34 interior dimensions (17x36 exterior) with plenty of FAR, fixer upper but not a scary one. (total reno will probably come out to about 45k - granted not a fancy reno but includes knocking down some walls, a fair amount of new electric and plumbing, 1/2 bath, new kitchen (ikea) etc etc) Zoned for ps 32 which is probably why the cheaper price.

Posted by: anon at August 1, 2007 4:05 PM

Apparently you CAN blame him for trying. I hope someone mocks and degrades your house, Brownstoner, when you feel like selling.

Posted by: so snarky at August 1, 2007 4:37 PM

cool. welcome to the hood. good luck with the reno and count on spending a bit more than that, just to be safe.

Posted by: Anonymous at August 1, 2007 4:39 PM

thanks 4:39 - I've actually lived in the hood for 8 years, but appreciate the welcome. 4:37 - please - someone has to mock these outlandish prices. There is a level of greed and delusion that deserves to be mocked.

Posted by: anon at August 1, 2007 4:46 PM

Regarding one poster's comment about Jersey City.... on the surface Brownstone Jersey City can look a lot like Brownstone Brooklyn but there are other things going on over there which make it hard to compare. Hudson County is a mess from a political standpoint and taxes are 4 times what they are in Brooklyn. Despite the huge corporate development activity along the river and the attractive residential development happening nearby, nasty Hudson county politics and attendant exhorbitant tax rates make JC a different animal. There is also a crime problem, although North Brooklyn has its issues there as well.

Posted by: donatella at August 1, 2007 4:49 PM

I rented a storefront (used as an artist studio) around the corner from this dump for 5 years.

In addition to what 3:18 said, I'd add that there is a bus stop on the corner at Court St. when school is in session, the kids who change buses there (and there are hundreds of them) are obnoxious, rude and loud, at best.

The Marshall's office is on the corner, and they are the world's WORST neighbors, serving the Bklyn's grouchiest customer - people who have had their cars towed because of unpaid tickets.

The abandoned building on W. 9th next to the Marshall's office is about to collapse. Literally. And there are squatters who live there.

1/2 block away are the gas stations. The smell of gas can be overpowering, only to be stifled out by the exhaust fumes from standing traffic.

Another huge drawback is that W. 9th is the dividing line between red hook and carroll gardens. yes, it's technically red hook, and therefore NOT included in CGNA business. And because it's on the other side of hamilton ave, the few people who care about "that side" of red hook don't care about this block. making it a no-man's land.

On the other hand, you are walking distance from a botanica, a MickeyD's, and Lowes.

Good luck with that.

Posted by: MissLo at August 1, 2007 5:46 PM

I went to see this building more as an investment than anything else. I tried to work down the price because it could work with the right rent roll, but they did not budge. They said they wanted 1.1 (which is what they brought it down to when it was being sold by Aguayo. Also, the owner is actually a pair of developers, not a homeowner. They are a few guys that seem a bit shady if you ask me.

Posted by: NewSloper at August 1, 2007 7:05 PM

well to the one who says she bought for less in carroll gardens you are a liar. there is nothing there for close to a million except condos. the place you bought must have been a wreck.

Posted by: Anonymous at August 1, 2007 11:00 PM

if similar sized houses in the middle of red hook located a mile or more from the 9st train station are selling at 1M, then this house may go for abt the same even if all the other negatives. Besides, there are some nearby condos that have sold well.

Posted by: hola at August 2, 2007 10:02 AM

to 11Pm who calls someone a liar.
If you looked you'd see that some smaller houses have sold recently at less than this one is offered. One on 1st St and 1 on Sackett. There maybe others too. Don't fly off handle just 'cause you can't find one.

Posted by: Anonymous at August 2, 2007 11:04 AM

Have you heard the noise in Dumbo of the Subway train going over the bridge its so damn loud you have to cover your ears, and they get a million for a studio. The Gowanus is quiet compared to Dumbo. So this guy isn't asking for the world here but someone might snap it up for 900,000.00

Posted by: harry at August 3, 2007 9:41 AM

OMG I remember this listing from months ago. He claimed it was "ten minutes from Manhattan" and when I emailed to ask precisely what drug he'd been taking while writing his ad he replied that the house had already sold, thank you very much. I LOVE the fact this is already on the market. Tho Harry, I lived directly under the Manhattan Bridge in Dumbo for eleven years: You don't notice the bridge noise after the first few nights. The dirt and crud that descended from it, however, we never got used to. Ugh. Glad to be in Cobble Hill now.

Posted by: jeff at August 8, 2007 12:17 AM

The owner is showing the "garden apartment" now for $2700 as a three-bedroom apartment, which is most certainly is not. This is disgraceful.

Posted by: guest at August 24, 2007 12:09 PM

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