House of the Day: 472 Washington Avenue

Frankly, from the little one can see in the photos, it looks heavily "redone" with a certain amount of detail gone.

Posted by: guest at January 2, 2008 1:50 PM

Actually, this house has been on the market for over a year--I thought I recognized it. The price was recently increased. As per Streeteasy listing history:

12/19/2006 Listed with Corcoran at $1,700,000
11/16/2007 Price increased to $1,875,000

Posted by: guest at January 2, 2008 1:51 PM

Over a year??? and they can't get better photos on to the website. Hhhh...sounds like there is something to hide...

Posted by: guest at January 2, 2008 1:54 PM

Need more photos, please, Corco!

Great looking facade ,and price is in ball park, but what's the status of the neighboring house? Are the really working on it?

Posted by: guest at January 2, 2008 1:54 PM

The lazy broker can't even be bothered to put up a floorplan.

Posted by: guest at January 2, 2008 2:00 PM

Brownstoner, the link to 470 Washington Avenue is wrong.

Posted by: guest at January 2, 2008 2:01 PM

You're still drinking the Kool-aid if you think this price is in the ballpark.

Posted by: guest at January 2, 2008 2:03 PM

2:00 the floor plan is there id you use IE - Corcoran doesn't like Firefox.

Posted by: guest at January 2, 2008 2:05 PM

" The asking price of $1,875,000 is definitely in the right ballpark, assuming the market doesn't take a nosedive this month."

Hahahahahahahahahaha!!! IT"S FUCKING OVER!!!!! IT"S FUCIT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!IT"S FUCKING OVER!!!!!KING OVER!!!!! IT"S FUCKING OVER!!!!! It's so fucking over you have no idea!!!!!

The What

Someday this war is going end.......

Posted by: guest at January 2, 2008 2:14 PM

happy new year What. i think you're right...

Posted by: guest at January 2, 2008 2:17 PM

I just learned how to cut text. And paste it too! I'm very productive.

Happy New Year to everyone! My resolution is to loose enough weight to leave my room. My mom says if I can get down to 500 pounds, the nice firemen with their forklift might be able to get me off my ol' floor-bed. I'll miss my computer, but I saw on the TV that there's computers outside nowadays. Hooray for 2008!

Peace & Huggs.

The What

Someday this war is going end.......

Posted by: guest at January 2, 2008 2:32 PM

I just learned how to cut text. And paste it too! I'm very productive.

Happy New Year to everyone! My resolution is to loose enough weight to leave my room. My mom says if I can get down to 500 pounds, the nice firemen with their forklift might be able to get me off my ol' floor-bed. I'll miss my computer, but I saw on the TV that there's computers outside nowadays. Hooray for 2008!

Peace & Huggs.

The What

Someday this war is going end.......

Yawn

Posted by: guest at January 2, 2008 2:40 PM

The picture of the posting is a little misleading. I used to live in the brownstone featured here (which is actually 474). 472 Washington is not the brownstone in the center of the photo here. 472 is actually 2 houses to the right of the derelict white house in the pic (w/ the tree and the yellow garbage container in front, more reddish color fascade). 470 Washington is to the right of this house. Nonetheless, 472 is a great property on a great block. Summertime on the stoops are the best!

Posted by: guest at January 2, 2008 2:49 PM

Wheeeeee!

Here come The What!

In fine, sputtering form today. You can practically see the veins bulging in his forehead, his matted gray hair, the flecks of spit on his computer screen.

Also, The What has a nasty case of dandruff and smells like sour milk.

Wouldn't want to vacuum the dude's keyboard.

Posted by: guest at January 2, 2008 2:49 PM

Those glass doors look very 90s suburban. What's original?

Posted by: guest at January 2, 2008 3:28 PM

Are townhouses in Bed stuy really going for close to 2 mil now? I have seen nicer places in South slope and propect heights for the same prices and lower within the las year.

I am that out of touch, or is this a really exceptional place?

Posted by: guest at January 2, 2008 3:56 PM

I thought this place was already a HOD? In any case, it's been listed for quite a while and is definitely NOT in the right ballpark. Just like the (douglas elliman/2 trees?) listing further up washington, this is overpriced. I am looking in this area and have this much money. These are just not worth it. There are not more photos because they would be too telling.

The story the broker tells is that one of the grown kids moved his family back in to sell it. This house has some original detail, but not very much and needs work/$ before it is even livable. There is serious visible/smellable mold in the semi-finished basement. Broker said there was a leak because of piled leaves when noone was around. I'd question that. That whole floor will have to be redone.

There is a huge, hideous garden level kitchen to be redone.

The rear parlor has been destroyed with the addition of a strange wall and bathroom. More money.

The 3rd floor has been modified as well to make a front of house master suite with bath. Some people may like that after they tear out the carpet and fix the floors. It's not what I'm looking for in a brownstone.

Posted by: guest at January 2, 2008 3:57 PM

This house is gonna need a serious renovation, all new mechanicals, electrical, plumbing etc., and clearly needs millwork and plaster work to patch in the missing "original details". Not to mention the exterior work. I'd say a $250/sq ft renovation, and that's on a really lean budget. Bringing us to $1 million lean, $1.5 million realistic.

If the house is 1.8, it's gonna easily go over a 3 mil investment by the time you're done. This is way over the appraised value of most buildings in the area, which sell for under $600 sq foot. Yours would be at $810 a square foot. That's Brooklyn Heights prices! And this isn't brooklyn heights, and wont be for many years.

More realistic would be a price of $1.2m for the existing building. Then you throw in the million, you end up with a 2.2 million brownstone, which is still at the priciest end of the range, but still within the range of area values.

Posted by: guest at January 2, 2008 3:58 PM

"The asking price of $1,875,000 is definitely in the right ballpark" I guess thats why its been sitting on the market for over a year now hey Brownstoner?

Posted by: guest at January 2, 2008 4:25 PM

Anyone gt the feeling Brownstoner's trying to drive up clinton hill prices because he wants to put his place on the market?

Posted by: guest at January 2, 2008 4:40 PM

"Anyone gt the feeling Brownstoner's trying to drive up clinton hill prices because he wants to put his place on the market?"
Either that or he has just plain lost his mind since the re correction got on the way

Posted by: guest at January 2, 2008 4:53 PM

Brownstoner along with Barbara Corcoran are trying to single-handedly turn around the re battleship wihich is sinking.

Posted by: guest at January 2, 2008 4:55 PM

This looks like it could be gutted and turned into eight studio rentals that could produce a good income stream. This isn't like shopping for a house in the suburbs where multiple dwellings are prohibited. These properties are priced as apartment buildings. If you are looking for a family house, you are screwed because the commercial market can pay way more than residential. I don't get why folks on this blog look at these properties as "homes" they are commercial income-producing properties. Walkup tenements or flats. If you have the dough to buy one and turn it into a home, fine. But you could get a much bigger bang for the buck if you bought somewhere with one-and-two family exclusionary zoning, that's what the suburbs are all about. And oddly, it keeps the speculative prices under control because you can't buy a house in most residentially zoned communities outside of Brooklyn and turn it into an 8-unit tenement.
ALl of these brownstones will be turned into 8 or 10 unit Tokyo style apartments in the next few decades. Zoning allows it, why not get the "best and highest" use?

Posted by: guest at January 2, 2008 4:57 PM

Agree... That is whats going on in Harlem 4:57

Posted by: guest at January 2, 2008 5:12 PM

4:57 -- I don't think it's that easy to go from single family to 8 family. Am I crazy, or is it actually getting really hard to divide single family units?

Posted by: guest at January 2, 2008 5:19 PM

Ok, I'm 3:58 -- the one who emphasized that the building is way overpriced. However, I don't think the market in this neighborhood is a sinking ship. I think the market in general sucks for sellers, but anyone buying in this area is making a wise decision in the long run. It's just that this particular building won't go at this price because there are comps with WAY MORE to offer, such as for instance, the Ft Greene Federal Townhouse right by Ft Greene Park (gorgeous block, willoughby, tucked away from traffic but right at the park), close to all cafes/restaurants/transport. It's a little smaller, but it's been renovated!
I don't mean to sound like a broker, and this renovation might be a POS hence the very few photos (which show very little promise, frankly). But look at that price comparison. This place at least makes sense-- and even IT might be overpriced considering market slump and lack of details.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1151466&ohDat=1/5/2008%2012:00:00%20AM;

Posted by: guest at January 2, 2008 5:29 PM

The prices have been very high over the past two years for beautifully preserved and rstored houses on the nicer streets and for top-notch apartments in elevator buildings.
The outlandish ask prices for second and third tier properties, such as this one, is a mystery. I do not think anyone could make this little flats building financially viable and it would cost a great deal -and take over a year -to turn it into a single family building. I don't get it. The numbers do not work for these types of properties.

Posted by: guest at January 2, 2008 8:09 PM

Hey assholes, Get a fucking clue! It's 2008 not 2005! There is no Bank or Underwriter is going to OK overprices shit. Our Economy is in some serious fucking trouble. Hey Brownstoner, do you need comps for that bullshit you put up here??!!! I will do it for free just sent me the address. It's so mother fucking over! Rest in peace Mutant Real Estate Bubble 2001- 2007.

The What *lmfao*

Someday this war is gonna end.....

Posted by: guest at January 2, 2008 8:23 PM

The What is a crack whore.

Posted by: guest at January 2, 2008 8:41 PM

The asking price of $1,875,000 is not only NOT in the right ballpark, it is not even on the right planet.

Posted by: guest at January 2, 2008 8:58 PM

3:56/newsouthsloper, what seems trollish about your comment is calling this Bed-Sty. It is clinton hill and far closer to fort greene than bed sty. And yes, 4 stories in CH cost 1.5-2M now. If you've seen nicer places for this price in s. slope then mybe you should realize that many people prefer CH to what is now called south slope.

Posted by: guest at January 2, 2008 9:10 PM

"4 stories in CH cost 1.5-2M now."

But not in 6 months when it will cost less. Or 12 months when it will cost even less. Prices MIGHT rebound back to those inflated levels in 5-10 years, but only a fool tries to catch a falling knife. And this house is the very definition of a falling knife.

Posted by: guest at January 2, 2008 9:27 PM

This house is a perfect example of why many people choose to pay 1/3 of the price and live in the suburbs. Why is anyone shocked?

Posted by: guest at January 2, 2008 9:33 PM

I won't live in the burbs myself, but I have to agree with 9:33.

Posted by: guest at January 2, 2008 9:41 PM

9:10 -- what do you mean that 4 stories in CH cost 1.5 to 2m now? I assume you're referring to the same kind of condition, a gut renovation project, right? Where are these comps? Maybe Ft Greene occasionally eeks out a 1.2 or 1.3 million sale for a gut reno -- MAYBE, though I don't recall one recently -- but no way in hell does CH pull those kinds of prices on disasters like this one. You really think people are that stupid? You sound like such a desperate shill.

Posted by: guest at January 3, 2008 8:57 AM

Are you joking, 8:57am?

Please, please, please, show me a brownstone in Ft. Greene that has sold for 1.2 or 1.3. Or is currently on the market even close to that price. I'm in the market.

Posted by: guest at January 3, 2008 11:40 AM

8.57, I'm sorry, but them's the numbers, been that way for a while now. A complete shell with no floors or back wall sold on Lafayette in Fort Greene for over 1 million. Gut jobs in CH go for 1 - 1.5 depending on the location. This doesn't look like a gut, but if extensive near gut work is required, it would too high of a price.

Posted by: guest at January 3, 2008 12:05 PM

A house is on the market, it doesn't sell. Broker takes it off market. It is put back on the market at a higher price. I don't get it. Shouldn't it be the other way around? Put on the market at a lower price.

I hate realtors, they think buyers are idiots and they're getting something over on us.

Corcoran is notorious for doing this. Slimy way to sell a house.

Posted by: guest at January 3, 2008 12:08 PM