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October 29, 2007

House of the Day: 115 Underhill Avenue

Although the asking price on 115 Underhill Avenue would seem high even if it were next to a nice historic structure, the fact that its neighbor is a nasty new Fedders building makes the asking price almost laughable. (This listing makes us think there should be a tax on people who build eyesores that could be used to compensate nearby property owners for the value destruction.) And while there may be a handful of blocks in Prospect Heights that can justify Park Slope-like prices, this ain't one of them. The 5,000-square-foot building is currently configured as a four-family house; given the lack of photos or floor-plan, it's hard to believe that it would be particularly easy to convert to a one- or two-family home. So even if the listing is telling the truth about the "great details" on the interior, $2,500,000 seems completely unrealistic to us.
115 Underhill Avenue [Douglas Elliman] GMAP P*Shark

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Listing says "currently used as a 4 family rental" and "an excellent rental investment or a possible condo conversion." So this obviously means it's not delivered vacant, right? Price ludicrous. Try again bud.

Posted by: guest at October 29, 2007 1:38 PM

Posted by: guest at October 29, 2007 1:42 PM

The agent's map puts it right below eastern parkway, when it's actuall a few blocks further north, between prospect and st. mark's, not nearly as a good a location.

Posted by: Brooklynnative at October 29, 2007 1:43 PM

The other neighbor is a 24 hour parking garage—not a plus.
The price seems a bit high, but $500 a foot on a decent block isn’t totally insane. A past house of the day on Park Place which was about 4 houses up from the rumbling Q/B station was on the market for $2.3M and most people thought it was worth the price.
The bigger question is what sort of rental income can you get from this property…..and can it support the mortgage?

Posted by: PHfamily at October 29, 2007 1:57 PM

I am a buyer with the 5th Avenue office and I have never experienced any problems. I have worked with Toby and only had wonderful experiences.

Aguayo's 5th Avenue office has nothing to do with Huebener's 7th Avenue office. They are two different entities.

Posted by: guest at October 29, 2007 2:02 PM

Sorry wrong blog I meant to talk about Roselyn Huebener.

Posted by: guest at October 29, 2007 2:12 PM

2:02,

Talk about a non-sequitor. What the hell are you talking about?

Posted by: Brooklynnative at October 29, 2007 2:13 PM

This is really funny. I can't stop laughing...seriously can't stop. I love it when people accidentally post in another thread...too funny.

Posted by: guest at October 29, 2007 2:27 PM

202 prospect place on best block in prospect heights (btwn carlton and vanderbilt) was house of the day a few weeks ago and is still on market for a reduced price of $2.27 million. Great house, not a great market!

Posted by: guest at October 29, 2007 2:28 PM

I saw 202 and was decidely not impressed. The backyard was south facing but a huge apartment building, that was just a few yards past the property line was going to block any sun the huge trees next door let in. The barbed wire back yard fence offered an indication of some security concerns as well.

The next door also had a ugly ass above ground cheapo swimming pool. A small house for that size lot. The house on South Portland, which had been priced at the same price almost, was 5 times nicer. It sold, above asking.

Posted by: Brooklynnative at October 29, 2007 2:35 PM

I don't agree. I still think it's overpriced.

I don't Prospect Heights is a 2 million plus neighbrohood yet.

Don't think it speaks of an entire market. I think it speaks to an overpriced home.

Posted by: guest at October 29, 2007 2:40 PM

but So Portland is not walking distance from Q & 2,3; Grand Army, Library, Park, all of commercial Park Slope. This is a more desirable location, and at a 25% discount off what the same house would sell for on the other side of Flatbush

Posted by: guest at October 29, 2007 2:41 PM

a number of PH houses have cracked $2M -- this year alone

Posted by: guest at October 29, 2007 2:43 PM

I think the South Portland home sold just in time. While it is a great house on a nice block, I don't think it would be able to get that much over asking if it were listed today. It would definitely get its asking price, I think, but not the couple of hundred K over asking as people on this board have suggested it sold for.

Posted by: guest at October 29, 2007 2:49 PM

Ha. Ha ha. Ha ha ha.

Posted by: guest at October 29, 2007 2:55 PM

is there a reason why these threads always seem to veer off topic?
couldn't we just discuss the pros and cons of this house, and this location?
otherwise, every day is going to be a boring Prospect Heights vs. Park Slope vs. Ft. Greene thumbsucker.
It gets boring

Posted by: guest at October 29, 2007 3:04 PM

Ha. Ha ha. Ha ha ha. Ha ha ha ha.

Posted by: guest at October 29, 2007 3:08 PM

Ok, back to the house. It's overpriced, has tenants, shitty value-decreasing neighbors, and not the best location.

Posted by: guest at October 29, 2007 3:09 PM

Yeah you're right, 3:04.

Your comments on this home are THRILLING.

It never ceases to amaze me how hypocritical people are.

Posted by: guest at October 29, 2007 3:09 PM

over priced unless all tenants are paying over 3k+ each.

Posted by: armchairwarrior at October 29, 2007 4:54 PM

i have 4 rental units in this neighborhood and i get great rents. starting with 1200 for a studio up to 2300 for a 3 bed and i feel these are underpriced. if you think the neighbors are shitty and value decreasing you should have been here 12 yrs ago when we moved here. they saints comparatively speaking!

Posted by: guest at October 29, 2007 5:14 PM

A small 1 family house on St. Marks just off Underhill just sold for a reported 1.8 million something.

Posted by: guest at October 29, 2007 6:07 PM

Ha. Ha ha. Ha ha ha. Ha ha ha ha. Ha ha ha ha ha.

Posted by: guest at October 29, 2007 9:13 PM

the inside of that building is in terrible condition (at least, the part of it that i've seen).

Posted by: guest at October 29, 2007 9:33 PM

My wife and I looked at 202 Prospect Pl. It's a lovely house, 21' or 22'wide, with a huge and beautifully landscaped garden. Yeah, there is a pool next door, so what? Interesting...but I never noticed the barbed wire, maybe because the fence is really high in the back. I bet it was probably put in by the apartment building, not by the owners of 202.The garden might be shady in the back, but the deck is sunny and so are the top 2 floors. We would have put in a bid, but it's over-budget for us. There were at least 2 other houses in Prospect Heights that sold for over $2M. One was on St. Marks and one was on Park Pl. just around the corner from Flatbush. The on Park Pl. was a nice house but only 18' wide and on a really short lot abutting all the commercial buildings on Flatbush. PropertyShark says it sold for $2.222M. OK...so the market might be a little different now, but 202 is in a much better location, is bigger and sits on a big lot. I think it should really sell now that the price has come down. I say that it goes for around $2.2M

Posted by: guest at October 30, 2007 4:25 PM

« Condos of the Day: 54 Hicks Street StreetLevel: Mediterranean replaces Mediterranean on 5th »

October 29, 2007

House of the Day: 115 Underhill Avenue

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