House of the Day: 86 Garfield Place

Seems very expensive. Family member bought a 4 story townhouse on a name block between 8th and PPW for 2.2 last summer. Have brownstone prices really risen that much in a year, such that a significantly smaller house on a significantly less desirable block be worth this?

Posted by: guest at August 21, 2007 2:22 PM

I think this part of Park Slope is becoming more and more prime. It used to be that the named streets closest to the Park commanded the most, but I think as 5th Avenue becomes more and more "hip" the named streets close to there are also quite desirable.

Not saying they will get this price, but it is a pretty terrific location.

Posted by: guest at August 21, 2007 2:28 PM

Wouldn't this place on Union, which sold, priced at 1.495 be the comparable place?

http://www.brownharrisstevens.com/detail.aspx?id=711429

Posted by: guest at August 21, 2007 2:49 PM

Of all the things in Park Slope, the transformation of 5th Ave still blows me away.

Posted by: guest at August 21, 2007 2:54 PM

agreed, 2:54. i used to live on 5th and 6th street in 2000. it was HORRIBLE. i mean, not particularly dangerous, but felt like it was. there was coco roco back then and the excelsior bar but not much else except fruit stands, bodegas and 99 cent stores.

it was SEEDY.

now, i find it just about one of the nicest areas in the entire city to eat, shop, people watch, etc.

while i'm sure some would disagree, there really is a nice diverse crowd along 5th. i did a walk from atlantic center down to around 19th and 5th the other day, and you really get to experience so much of what makes new york, brooklyn, and especially park slope, so special....

Posted by: guest at August 21, 2007 3:02 PM

I enjoy the balance of 7th avenue to 5th. It's nowhere near the destination in terms of restaurants and shops, but it has it's own unique special quality.

While 7th may not be up to par with 5th in terms of these things (although in the past year, 7th has added a few really terrific restaurants...Moim and Chiles and Chocolates) it still feels like a great place to be because of the close proximity to Prospect Park. As much as people like to talk disparagingly about Park Slope, it really is a pretty incredible place to live in my opinion.

Posted by: guest at August 21, 2007 3:06 PM

The market has not increased more than 1-3% since the spring of 2006. I think the sellers still think the market is on fire like it was the prior 4 years. Hopefully they will wake up to the reality of the current housing market. Things are not getting any better. I expect prices are stagnent for the next few years.

Posted by: guest at August 21, 2007 3:34 PM

LOL at the staging... the little kid's easel in a sun-drenched corner, just waiting for little Jackson or Isabella.

Posted by: guest at August 21, 2007 4:50 PM

Actually you are quite wrong, 3:34.

"Brooklyn home prices were up 9 percent in the first three months of 2007 compared to a year ago, according to a report prepared by appraisal firm HMS Associates. The report tracks sales data on 16 Brooklyn neighborhoods.
Across the borough, single-family homes increased 13.3 percent from $607,000 to $669,000."

Posted by: guest at August 21, 2007 4:55 PM

While I agree that it seems to be priced a bit to high for the size of the place, the comment by Fjorder "Potential buyers are going to want more than lovely architectural elements and proximity to good food for their 2.39M." kind of made me laugh because, imo, that is the exact combination that will attract buyers - architectural detail and good food, can't think of anything more attractive than buried treasure in the basement...

Posted by: guest at August 21, 2007 6:11 PM

Crazy.

Posted by: guest at August 21, 2007 8:26 PM

actually, a couple of brownstones up the street sold for $2 million and above....100 garfield went for 2.2 and the narrow brownstone next door went for close to $2 million.

market went up after that. but not sure about what's going on now. guess this will be a test.

Posted by: guest at August 21, 2007 9:03 PM

the market might be a little lower than the asking price but the location is close to the best of restaurant row and it is still a better value per foot than most new developments

Posted by: guest at August 22, 2007 2:48 PM

2:54: You're telling me. I went to 51 (grad '98) and remember being afraid to walk on 5th avenue, now I think it is the safest at any time of day!

Posted by: guest at August 22, 2007 3:06 PM

The price is ridiculous! It might be ok for a 4 floor house, but this is only 3 floors and needs work! Why do you think they don't show photos of kitchen and baths? No matter how much they paid for it 1.5 years ago, 1.8 million is a more accurate price - if they find someone that want and can pay taht much.

Posted by: guest at August 22, 2007 3:14 PM

First of all I saw this house and it is much deeper than most, 50 ft. plus extentiuon to 60. It has a very high income rental because it is two bedrooms. I may very well try to buy this home. Everyone is an expert, did they know that a house between 4 and 5 just sold for over 1.7 and is only 3 stories. When you buy a condo for over 1.6, is that buyer crazy. some people are more concerned with a beautiful place to live,and have income. Lets face it whether you like it or not; park slope is an affluent community,
A property on the block just sold for almopst 2.3

Posted by: guest at August 22, 2007 3:24 PM

5th avenue is much more happening than 7th. end of story.

Posted by: guest at August 22, 2007 6:18 PM

Maybe the greedy psycho Roz Huebener can sell the property from 7th Ave.

Posted by: guest at August 22, 2007 10:34 PM

OK, has everyone beaten this to death yet?

Posted by: guest at August 23, 2007 6:59 AM

2:54, and hence 3:06: Not really sure what you wonder people are talking about. 5th Ave hasn't been "seedy" in at least 10 years. 5th Ave was a bunch of crack houses when I went to Jr HS back in the late 80's. Boo-Hoo to you if you had to walk in front of Coco Roco or gay bars. Bunch of prissy whiners.....

Posted by: guest at September 10, 2007 1:45 PM