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January 17, 2008
House of the Day: 242 Washington Avenue
We had already started to write up 242 Washington Avenue as a House of the Day when it hit us: We've been inside that house. We were guests at a lovely al fresco dinner party last summer. In fact, Mrs. B had just been talking about how the owner's duplex would make a good interiors post. Given the conflict of interest, we'll steer clear of opining about the $2,300,000 asking price, and just say that the owner's duplex of this five-story, 5,500-square-foot house is really nicely done in a simple but elegant manner. We've never seen the upper three rental units, but judging from the photos they're not as nice. They do, as the listing points out, generate over $50,000 a year in income. This'll be an interesting one to watch.
242 Washington Avenue [Corcoran] GMAP P*Shark
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Comments
Hi Jerry! I was beginning to miss you...
Posted by: guest at January 17, 2008 1:38 PM
Wonder what the tenant situation is. There's no mention that it can be delivered vacant.
Posted by: guest at January 17, 2008 1:39 PM
not in love with the place, but it's ok.
the price still seems a bit steep to me, considering you can get a similar home in a more prime neighborhood for about the same money.
i think clinton hill is really great, but i don't think the lack of transportation and services warrants these kind of prices....yet.
even for a large home like this.
Posted by: guest at January 17, 2008 1:44 PM
It's a steal! It's a steal!! People, you have to realize that if this home were in Carroll Gardens, they'd be asking $18.75 million.
Posted by: guest at January 17, 2008 1:49 PM
Can't figure out the dimensions of this building to make it 5500 squ feet. It looks a bit narrow, but perhaps that's just poor photography. Is it extra long to add up to all that feet?
Also, the floorplan is confusing, except for the upper floors. Are there 2 bedrooms on the ground floor, or just one?
Posted by: guest at January 17, 2008 1:50 PM
To the architecture buffs out there: is that particular type of dormer original or was it added later? I always thought those dormers with the windows smack in the middle were really weird and awkward looking.
Posted by: guest at January 17, 2008 1:52 PM
By my math, you are renting out 2/3rd of the square footage and getting less than Half of your mortgage payments. Add tax, maintenance and utilities and you are in a werious hole.
Ex - Mortgage with 25% Down is approx 1.7 Million or over 10K/ month.
Rental income per corcoran 50K annual or $4150/ month.
Carrying costs on mortgage approx $6,000/month plus utilities, taxes, maintenance.
and that is after putting $500,000 down.
I cant see this making much sense, better to buy a duplex condo in a brownstone or something in a more prime neighborhood. Agree?
Posted by: guest at January 17, 2008 1:53 PM
1:49 - you beat me to it. I was going to say if this house were in Carroll Gardens it would be listed for 7.5 but I think you're right about 18.75 million.
Posted by: guest at January 17, 2008 1:56 PM
Mr. B
Ever consider leaving your blog bubble at some point?
Posted by: guest at January 17, 2008 1:58 PM
Totally agree, 1:53.
The only way this could make sense is for around 1.6 - 1.8 or so. And even then, it's a stretch. In this market 2.3?...hellz to the no!
But sellers in Clinton Hill think that because other brownstones in other neighborhoods like Park Slope and Ft. Greene are getting these prices, that they should be able to as well.
It's called greed.
Anyone who doesn't live in a bubble could walk around this neighborhood and realize that to spend 2.3 million for a house there is a little ridiculous.
But lots of people live with little "truth" in their lives.
Posted by: guest at January 17, 2008 1:59 PM
The floor plans don't make sense, cause have the floor is missing.
Corcoran, I expect more from you.
And the photos are not great either.
I don't know what the comps are, and frankly, I don't care.
Not interested.
Posted by: guest at January 17, 2008 2:00 PM
The photos are cell phone pics.
Posted by: guest at January 17, 2008 2:04 PM
"Mr. B
Ever consider leaving your blog bubble at some point? "
Couldn't have said it better myself. Is he aware of what is happening in the econmoy now?
Posted by: guest at January 17, 2008 2:06 PM
God I hate those narrow browstone living rooms. They ALWAYS look so awkward. That should be the dining room so living room can be full width at the back (with kitchen in the middle). Or live on the upper floors and rent out the bottom so you can knock out those walls!
Posted by: gkw at January 17, 2008 2:08 PM
don't understand the bowery question.
no, i don't live on the bowery.
i live in brooklyn.
Posted by: guest at January 17, 2008 2:14 PM
1.6-1.8? You're out of your mind. A fixer upper 1 story less would go for almost that.
Anyone with some financial knowledge would realize the tax advantages of depreciation on this rental portion of this building.
Trying to explain is worthless to people who probably still live in parents finished basement and still file EZ tax forms.
Posted by: guest at January 17, 2008 2:14 PM
While I don't think this is at all priced right for this market, I don't understand why some people are blaming brownstoner for the price.
Ever heard of the phrase...don't shoot the messenger?
Why is he living in a bubble for posting a property on his own blog that he created? He actually made a point of not wanting to talk about the price because of a conflict of interest, so I don't get it.
Do you just need something to gripe about, 2:06?
Posted by: guest at January 17, 2008 2:16 PM
Actually, 2:14. I do own myself. Haven't filled out an EZ form in years. And I'm probably half your age.
And while the going rate at this time may not be 1.8 million, I do believe that will be the case in another year, so purchasing it for 2.3 would be a tremendously bad investment, in my opinion.
Posted by: guest at January 17, 2008 2:18 PM
Can anyone answer my question as to how this adds up to 5500 squ feet? It doesn't even look 20 feet wide.
Posted by: guest at January 17, 2008 2:18 PM
gkw, I'm with you. totally awkward. but that is the way they were intended to be and so that is the way they have to stay as per the brownstone bible.
Posted by: guest at January 17, 2008 2:19 PM
this house is narrower than that CG joint yesteday. I'd say 12 feet!!!!!!!!!!!!
Posted by: guest at January 17, 2008 2:20 PM
Jerry and his mothership love to put big tags on things e.g Hall St carriage houses for 1.6...total gut needed and no space, basement, 1 bath. In my opinion, they are getting a little out of control. Actually, a little insulting to be honest Jer.
The house looks nice-ish and the block is lovely but the tag is steep for this fragile market. I am curious to see how long this sits. Hopefully buyers are more clever than Corc. gives them credit
Posted by: guest at January 17, 2008 2:20 PM
2:18pm: It's 18.75' wide.
Posted by: guest at January 17, 2008 2:21 PM
property shark says 4667 ft.
Posted by: guest at January 17, 2008 2:22 PM
Does anyone on here read anything else besides Brownstoner? Like the Wall Street Journal or New York Times??
It seems IMPOSSIBLE to me that some of you could STILL be thinking that the American Economy is not about to be in some pretty huge trouble.
While it certainly won't be the end of the world, we are in for a pretty major recession...no matter how you slice it.
Go read the news.
This house is going to be worth less than this in a year. That's the bottom line. Does not matter if it's 5500 sf or 4500 sf.
It's too expensive for this neighborhood in this market.
Things just in the past week alone are showing that even NYC is about to feel what the rest of the country has been feeling for a while now.
This very well might be the worst economic conditions coming up since the Great Depression.
Posted by: guest at January 17, 2008 2:23 PM
Bernanke was practically shaking & tearing up this morning. Bad times ahead.
Posted by: guest at January 17, 2008 2:25 PM
I'll tell you how they get 5500 sq ft. is that the owners duplex is "triple deep" according to Corcoran site. Which means two things. 1) the center of that owners duplex is triple dark and 2) the back yard is tiny.
Posted by: guest at January 17, 2008 2:29 PM
To depressing guest 2:23
wow, thanks for promulgating exactly the attitude that encourages such recessions and kills economies. You should know from reading WSJ etc. that consumer confidance can guide an economy out of a recession. Doomsdayers like you are the reason thinks go down the potty.
on that note, ithat house IS still to expensive for this hood in this market
Posted by: guest at January 17, 2008 2:30 PM
there is another house for sale on St. James place off of Layfayette for over 2 million on brooklyn properties website 5 story and 3 family does it make any sense- saw it last sunday and has details and good rental but not sure of whats selling in the area and the building across the street?
Posted by: guest at January 17, 2008 2:30 PM
And the reason we are about to be in trouble is because all of you are spending more than you make/can afford in the name of GREED.
So the best thing you can do right now to help get things back on track is to pay off your credit cards, put some money in your savings account every month and stop buying $400 pairs of shoes when you make 30K a year.
- Suze Orman
p.s. Turn off those tv's (there's nothing left to watch now anyway) and play a game of scrabble with the kids, or take them to free Saturdays at the Brooklyn Museum or a concert at BAM. It's time we do something to stop allowing America go down the drain right in front of our own eyes.
Posted by: guest at January 17, 2008 2:30 PM
and stop sitting in your cubicle typing nasties to others looking to not rent.
Posted by: guest at January 17, 2008 2:32 PM
4 units. Look out for those taxes going up.
Posted by: guest at January 17, 2008 2:33 PM
To depressing guest 2:23
wow, thanks for promulgating exactly the attitude that encourages such recessions and kills economies. You should know from reading WSJ etc. that consumer confidance can guide an economy out of a recession. Doomsdayers like you are the reason thinks go down the potty.
on that note, ithat house IS still to expensive for this hood in this market
2:23 here. Sorry but I disagree with you completely. I'm not depressed...in fact I have a really happy life. But the economy is not doing well.
Americans have this way of living inside a bubble and not actually allowing the truth to enter their psyches. The economy is not doing well. Saying so is not going to make it worse.
One of the main reasons we are in this mess is because too many people turned a blind eye for WAY TOO LONG!!!
That is the American way and it needs to stop now.
Saying the truth...which is that people are nervous, they are scared, they want to fix the problems is not making anything worse.
YOU TRYING TO SHUT ME UP IS MAKING THINGS WORSE.
It is what our own government has been doing to us for years now. Hoping we will turn a blind eye to everything that has been going on...even though a lot of us don't agree.
I think it's time this stopped.
Posted by: guest at January 17, 2008 2:34 PM
Doesn't this building need to have window guards.
Posted by: guest at January 17, 2008 2:35 PM
only if kids live there
Posted by: guest at January 17, 2008 2:36 PM
"consumer confidance can guide an economy out of a recession"
That's not going to work anymore. Consumer debt is outrageous and people aren't just defaulting on mortgages, but also credit cards and loans. It's only the beginning.
Posted by: guest at January 17, 2008 2:38 PM
2:32...I do own and think home ownership is a beautiful thing. What I don't think is beautiful is the outrageous price of homes in up and coming areas, pricing out the middle class who eventually become the backbone of such neighborhoods on their way to improvement.
The economy is souring not because people like me are saying it is souring.
It is souring because we as a country spend more than we make.
Posted by: guest at January 17, 2008 2:38 PM
A note on depreciation --
1:53 is correct. Sorry 2:14.
Depreciation isn't going to help the purchaser of this house. Depreciation helps offset income, but here you're operating your rentals at a loss (if you properly allocate your mortage payments and expenses), so additional depreciation isn't going to help.
Further, because anyone considering putting down 2MM is likely subject to the AMT (or close to it), the allowable depreciation is actually phased out in the tax code.
So, if you did try to use it to offset your personal income, you would be breaking the law. Not a great strategy. Anyway, the price on this house can only be justified if you believe that it will significantly increase in value over the next few years. I make no judgment on that.
Posted by: guest at January 17, 2008 2:42 PM
Americans are TERRIFIED of the truth!
It is the worst trait of this country.
Global Warming
War on Terror
Evolution
Economy
The list goes on. Do you know that nearly 50% of this country (yes 50%!!!!) still disputes the scientific FACT that humans evolved???!! It's a fact. There is nothing to dispute, but try telling that to one of the ever increasing number of evangelicals in this country.
This country is so backwater, it's frightening!
I am very thankful to live in a bastion of relative progress here in NYC. We all should be thankful.
Posted by: guest at January 17, 2008 3:01 PM
The rentals are underpriced. . .should be about $2,500K a month each or $90K total per year.
Then it would look like a better deal.
I question the Minksters claim on the annual taxes. If it's a 4-fam, they should be a lot higher.
Posted by: guest at January 17, 2008 3:01 PM
It needs at least 700G in renovation. Brings you to 3 mil. Is it worth 3 mil? Maybe, if you're a long term investor -- might be a brilliant investment. But it's still a steep price for today's market. Would take deep pockets and a brave soul to go into this.
Posted by: guest at January 17, 2008 3:04 PM
I live on the Bowery and if one of you could spare three dollars, I can get a room for tonight. It looks like its going to rain.
Posted by: guest at January 17, 2008 3:07 PM
3:01...rents are heading down as well. The reports just came out last week.
There is no way in h*ll you can get 2500 for these rentals.
You can get a 2 bedroom in PRIME PS for that amount.
Posted by: guest at January 17, 2008 3:12 PM
I happen to know the owners. These photos were taken before they moved in! That's not their furniture, they changed the kitchen, and the photos are weirdly distorted. This is why Mr. B mentions using it as an interiors post--it looks nothing like this.
The house is drop-dead gorgeous, and huge--and no, I'm not a broker.
Posted by: babygreene at January 17, 2008 3:24 PM
Love it when people post as neighbors and friends, and their post is the first ever with that registration name.
Posted by: guest at January 17, 2008 3:26 PM
That's even MORE DISGUSTING then, that they are trying to market a 2.3 million dollar home with pictures that are YEARS OLD!!!!
Sorry, but totally unacceptable.
And I find it odd, that if the house is so gorgeous now, that they'd post crummy, picture phone looking photos of the house from years ago.
Makes zero sense.
A first impression is everything.
Posted by: guest at January 17, 2008 3:34 PM
Does anyone know what the lease situation is? Any stabilized leases?
Posted by: guest at January 17, 2008 3:35 PM
The comment about the pictures makes no sense. Why would they use the older pics as marketing material if this house in its current state is supposedly worthy of Architectural Digest? Come on.
Posted by: guest at January 17, 2008 3:38 PM
"and no, I'm not a broker"
But you ARE the seller, aren't you?
That's another thing Americans are known for.
Not telling ALL of the truth, thinking that it's not the same as LYING!!!!
Posted by: guest at January 17, 2008 3:42 PM
Crap if you are selling a 2.5 million dollar house and least put some effort into the marketing and get some new photos and they better be HOT.
Posted by: guest at January 17, 2008 3:48 PM
3:04 - even if these were current photos, I fail to see how this house needs 700,000 of work. You are clearly one of those people with tons of money who simply hires the most expensive architect/contractor and blindly accepts any ridiculous number they throw at you. Changing which floors are for owners/rentals/knocking down some walls/ building others/moving a kitchen to the garden floor/ knocking out back walls to open to garden - you could do all that easily for $200,000 if you know what you're doing.
Still stupidly expensive.
Posted by: gkw at January 17, 2008 3:50 PM
Maybe that Queer Eye dude will buy a second Clinton Hill townhouse and use it for his doll collection!!
Posted by: guest at January 17, 2008 3:58 PM
wow, thanks for promulgating exactly the attitude that encourages such recessions and kills economies. You should know from reading WSJ etc. that consumer confidance can guide an economy out of a recession. Doomsdayers like you are the reason thinks go down the potty.
Spell much? Actually, what got us into this mess was a tech bubble followed by a housing bubble; i.e., blind optimism and easy credit. Methinks this is my last post on Fucktardville, excuse me, Brownstoner. Love the site, but really, the cheerleading for houses that are soon enough going to be worth a fraction of these ludicrous asking prices has gotten out of hand. Please, do yourself a favor, and listen to Bernanke, and read carefully about what is happening to the I banks; then ask yourself, Is the smart money ponying up 3.5 million to live in CG??
Posted by: guest at January 17, 2008 4:19 PM
Where is The What when we need him?
Posted by: guest at January 17, 2008 4:35 PM
It really doesn't matter is the house is "worth" whatever somebody pays - if they have the money to pay it, and can stay for the decade cycle (or even if not, as they can always rent out the owne unit, too)they'll be fine - meanwhile, they'll be collecting rents, which are likely market rate, and they don't seem to go down much, even when prices to purchase take a big dip. Owning market-rate rental properties in NYC seems to generally be a winning proposition. And if it is livable as it is, any renovation it needs is totally discretionary.
Posted by: guest at January 17, 2008 4:35 PM
Its time Mr. Brownstoner get out of his blog bubble. Sorry but thats the truth.
Posted by: guest at January 17, 2008 4:35 PM
Ugh. One of the owners here, and we're baffled, too--those photos are a couple of years old and not particularly flattering. Corcoran is sending a photographer next week. Apologies, everyone.
Posted by: guest at January 17, 2008 4:41 PM
I'd drop Corcoran like a hot potato if I were you, 4:41.
Brown Harris Stevens is a better option for high end homes in Brownstone Brooklyn.
Or even Douglas Elliman.
Take a look at Corcoran's track record as of late. I see almost ALL of Minsky's listings sit and sit and sit and sit....
All at ridiculous prices!
Posted by: guest at January 17, 2008 4:50 PM
If you like being the live-in super/landlord of a small apartment building I guess this is fine.
I can deal with one rental family in my house but not three. I don't care how much money they bring in, and frankly, I don't think 50,000 is worth it. Not if you have to carry this size mortgage.
The facade of the building looks messed up too. The dormers are original but the cornice is gone and they look like they were stuck on as a result.
I'm not loving it.
Posted by: guest at January 17, 2008 4:51 PM
4:41pm you should fire Corcoran, take your own pic, lower your asking price( see comments), put on FSBO above and don't waste money paying for a broker that does absolutely nothing
Posted by: guest at January 17, 2008 4:52 PM
Stock markets plunged on Thursday as investors confronted a troubling manufacturing report and new indications of the depth of subprime losses and housing woes. The Dow Jones industrial average lost more than 300 points.
The Standard and Poor’s 500-stock index, a broad measure of the financial markets, tumbled below its low for last year, set in March. At the close, it was down 2.9 percent after giving up early morning gains, bringing its decline since Jan. 1 to 9.2 percent.
The Dow Jones industrial average ended down 306.95 points, or 2.5 percent, at 12,159.21, and the technology-heavy Nasdaq composite index was off 2 percent.
A dismal report on manufacturing activity caught investors by surprise on Thursday morning, sending the main indexes into the red after an early stint in positive territory.
The Federal Reserve reported that a survey of Philadelphia-area manufacturers contracted much more than expected. A similar drop in the index occurred in early 2001, just before the onset of the last recession.
Posted by: guest at January 17, 2008 4:54 PM
The time has come for Mr. B to get out of his blog bubble.
Posted by: guest at January 17, 2008 4:55 PM
“Basically every day now, you have more and more investors leaning toward the camp that yes, this is going to be a recession, and it could be a severe one,” said David Kovacs, a quantitative investment strategist at Turner Investment Partners in Berwyn, Pa.
Groundbreakings for new homes fell last month to their slowest pace in 16 years, the government said, and economists expect the market to soften well into the middle of this year.
Posted by: guest at January 17, 2008 5:00 PM
"The time has come for Mr. B to get out of his blog bubble."
Agreed
Posted by: guest at January 17, 2008 5:02 PM
We want to know what The What has to say We like THe What. Mr. Brownstoner is no longer necessary and is dispensible. We want The What! The What for President.
Posted by: guest at January 17, 2008 5:03 PM
Where is the What?
Posted by: guest at January 17, 2008 5:06 PM
In light of all of this economy news, I think Brownstoner.com needs to take a slightly new approach for the coming months.
Perhaps we can see more of the lower end properties...investments...do more to talk about local business owners and how we can best support them through this upcoming period.
I think we need to try to protect some of the great progress in these neighborhoods over the last decade or else we might see places like Clinton Hill, Bed Stuy, Ft. Greene, etc fall back into states of disrepair.
Especially because Bloomberg announced today that we are in for some rocky economic times here in NYC in the coming years.
Last time that happened, the city went to hell.
So let's get ahead of that and try to do some things to ward off any potential disaster.
Get out there and buy local, support those local businesses in your neighborhood, clean up the local playground, get involved with the schools more, etc.
This could be a great opportunity to actually do something great for this city instead of continually rape it for money from the purchase of homes!
Posted by: guest at January 17, 2008 5:06 PM
To 5:06PM
It is true that we are in the midst of recession but to actually think something as insignificant as Brownstoner will cause the economic downturn of neighborhoods like Fort Greene Clinton Hill or Bed Stuy is ludicrous. We should always support our own neighborhood. Mr. Brownstoner in the past year has been resonsible for all this negativity. I suppose some will say Why blame him? It's his blog? Why?
The more he sells the more ads he takes all at our neighborhoods expense! Disgusting.
Posted by: guest at January 17, 2008 5:13 PM
I'd like to add my voice to those calling for The What to weigh in. We really need a good thrashing from him today.
Posted by: guest at January 17, 2008 5:13 PM
We want the What! Where are you when we need you.
Posted by: guest at January 17, 2008 5:15 PM
And this is where I go for real estate advice? Sheh!
Posted by: guest at January 17, 2008 5:18 PM
5:13....
Let me get this straight...
You think Brownstoner is responsible for negativity, yet on the flip side adds nothing to it as well?
I hardly agree.
I never said Brownstoner would singlehandedly counteract a recession. I was just suggesting that perhaps we could try to discuss more about what makes Brownstone Brooklyn so special and embrace that.
I see more negativity coming from your post than I ever do from Brownstoner, btw.
Posted by: guest at January 17, 2008 5:22 PM
The stock market goes up, it goes down.
Real estate prices go up and they go back down.
It's not the end of the world.
Posted by: guest at January 17, 2008 5:23 PM
No one said it's the end of the world, 5:23.
In fact, most said it wasn't.
But the housing and stock market problems are a sign of a MUCH larger problem with the United States.
People spend more than they make. Credit Card debt is through the roof, student loans are through the roof, savings are nil, and income was DOWN .9% last year.
That is a serious problem.
We are fighting a war that most people do not support and the social values of our country are embodied by people lik Britney Spears.
No, the world is not coming to an end, but this is a GREAT time to take a real, hard look at your life and the way you live it.
Posted by: guest at January 17, 2008 5:30 PM
I agree with the last post.
Posted by: guest at January 17, 2008 5:33 PM
Queer Eye dude, here.
For the record, dolls freak me out and I do not collect them.
However, Richard Simmons does.
Carry on.
Posted by: guest at January 17, 2008 5:55 PM
"Ugh. One of the owners here, and we're baffled, too--those photos are a couple of years old and not particularly flattering. Corcoran is sending a photographer next week. Apologies, everyone"
How are you baffled, did C. steal the photos from you? You must have given them to the broker if they are pre-renovation, where else would they come from? The C. link is down.
Posted by: guest at January 17, 2008 6:02 PM
Is it Mr. B who needs to get out of his so called blog bubble, or all you "guests" who snipe anonymously?
Let's all just take a deep breath and let the market sort out whether this place is overpriced or not. And it doesn't seem like a terrible investment, if you plan to stay for a while.
Posted by: Vanderman at January 17, 2008 6:14 PM
"And it doesn't seem like a terrible investment, if you plan to stay for a while."
A while might be 20 years in this case, but yes, I agree with you...
Posted by: guest at January 17, 2008 6:16 PM
Ah yes all the expertise here.
Posted by: guest at January 17, 2008 6:34 PM
Britney Spears just got caught shopping on Court Street! Everyone check it out on News 4 New York.
Posted by: guest at January 17, 2008 6:36 PM
Okay, I STILL don't see how this is 5500 squ ft. That's 1100 per floor. If it is (generously speaking) nearly 58 feet long on all 5 floors. Owner, is that the case? That is incredibly long -- much more so than a standard brownstone, or even one with an extension on a floor or two.
Posted by: guest at January 17, 2008 6:39 PM
Oh my god I saw it. Its true.
Posted by: guest at January 17, 2008 6:43 PM
Where is the What?
Posted by: guest at January 17, 2008 6:47 PM
I heard Britney is going to snap up one of those 3 million dollar Carroll Gardens townhouses y'all.
Posted by: guest at January 17, 2008 6:48 PM
Oh my God its true!
Posted by: guest at January 17, 2008 6:49 PM
Oh my God its true!
Posted by: guest at January 17, 2008 6:50 PM
We almost bought this house when it was on the market in 1999 and Naida McSherry was still a realtor in Clinton Hill. List price? $400,000.
We pulled out because it was then coded an SRO and we didn't have the experience and/or nerve to convert the C of O. Back then, the house needed lots of work but it was magnificent nonetheless. It's built on a very grand scale: deep (probably 50 ft) with a large rear extension on the ground floor. Oh, that was the other catch, a rent control tenant lived down there. Don't know what happened to him. The ceilings are very high throughout -- even on the 5th floor. And there were still great details that had survived it's former life as a boarding house. The original staircase was completely intact and I remember how solid and straight it was compared to some of the crazy ruins we were looking at back then.
I've been inside countless brownstones and have served on the Prospect Heights house tour committee for several years but I've never forgotten this house. There was a mummified dead cat in the cellar when we looked around and one of the upstairs rooms had a police notice on the door, "Premises of DOA. Do Not Enter." Those anecdotes sound creepy but actually the house wasn't spooky at all.
I am not a broker and I won't bother to comment on the current asking price. I just had to comment because it's a one of a kind place. I'd love to see it again, post-renovation.
Posted by: guest at January 17, 2008 6:58 PM
Britney appears to be mentally ill - would you dis her like that if she had brain cancer?
You are the reason that she continues to be exploited by the press.
Posted by: guest at January 17, 2008 7:00 PM
It is my recollection that Jerry sold a half-a-house on Grand Avenue for $1.65M and the other half for $1.55M. If anyone can sell it in any market Jerry can. Now leave the man alone, get a life or a better job and buy a brownstone in Clinton Hill to live in for a long time and love.
Posted by: guest at January 17, 2008 7:02 PM
well, Carroll Gardens has become the most desirable residential neighborhood in brownstone brooklyn. If Park Slope is Florence, Carroll Gardens is Siena. Cooler, less crowded, more genuine.
And it is like five minutes to the FDR or the West Side Drive via the tunnel.
Plus it has become real expensive which is always good for keeping out the schmutz and God forbid, the hipsters!
Posted by: guest at January 17, 2008 7:05 PM
BTW, the listing has been pulled from the Corcoran site. Presumably they plan to swop in some more current pics.
Posted by: guest at January 17, 2008 7:11 PM
From the outside it looks like a dump sitting between two even divier looking dumps.
Can we just pull back and see how ugly this is?
How can anyone believe that this is worth more than s million dollars? It is an eyesore.
Posted by: guest at January 17, 2008 7:15 PM
One would not need to take the listing DOWN to put up new photos, btw.
Any other guesses?
Posted by: guest at January 17, 2008 7:21 PM
THE POWER OF BROWNSTONER!! Corc takes down this listing to fix the pictures. Corc slashes the obnoxiously bogus price of the Carroll Gardens HOTD after a few days and over 250 posts. Let's keep it up! Keep these brokers on their toes! Make em' work.
Posted by: guest at January 17, 2008 7:26 PM
It's not a dump for goodness sake! It's just that the two houses on either side are both brownstones acting as apt bldgs and at some point in the past have had their facades "modernized", aka stripped of all detail. This is also a very elegant block of Washington Ave. Jeez, there are so many comments on this thread by people who obviously know nothing about the neighborhood, never mind brownstone architecture.
The one thing that would instantly improve the appearance of this house would be recreating the cornice that gives definition to the brownstone facade by separating it from the slate mansard roof above.
Posted by: guest at January 17, 2008 7:27 PM
This blog is smoking crack...
Posted by: guest at January 17, 2008 7:29 PM
I tell you, for brokers, this site is like porn. They can't get enough of it. They're constantly reading it and making comments. I know this for an absolute fact, but I cannot say why because I'll give myself away. Why else do you think they all advertise on this site?
Posted by: guest at January 17, 2008 7:30 PM
I don't think a cornice would even fit in the thin space between dormer windows and row of windows below. That's why I think that mansard roof and its windows look kind of weird and are a later addition.
Posted by: guest at January 17, 2008 7:32 PM
Of course there should be a cornice below the Mansard. The whole facade is turned to crap because of the lack of that feaure. It looks to me that the cornice was removed when the top floor windows were elongated and theur sills lowered. This poor old house was just exploited for maximum commercial return as most of these old trashed houses were in these former slum neighborhoods.
The fact that demented yuppies are now paying millions for these denatured and abused buildings that need hundreds of thousands of dollars of repairs to bring them up even to a decent standard of safety and hygiene is the joke that i have stopped finding funny.
Posted by: guest at January 17, 2008 7:39 PM
Sure...a new cornice would look great!
Add another 60k onto the pricetag for that!
Or the average salary for three Clinton Hill residents!!!
NO PROBLEMO!
Posted by: guest at January 17, 2008 7:40 PM
WOWOW....78 3rd Place really did get slashed!!!
When listed on HOTD last week it was 3.495 million
Been slashed to 2.95 million.
That's quite the BROWNSTONER DISCOUNT!
Posted by: guest at January 17, 2008 7:47 PM
So all it takes is 200 plus comments on Brownstoner and you get a half million discount??!!!
I need to make sure when I sell, I'm off the radar then.
Posted by: guest at January 17, 2008 7:49 PM
7:49--no not really. That's not a discount--it's a reality check. It was an arbitrary price that was NOT based on comps for that sized house. So they pulled the number out of their asses. Maybe they didn't think anyone would notice.
Posted by: guest at January 17, 2008 7:57 PM
Thanks 7:39--I knew it looked off and ugly, but I couldn't for the life of me figure out what had happened with the cornice and top floor. It looks totally bastardized, poor thing.
Posted by: guest at January 17, 2008 7:59 PM
7:57...
I was kinda kidding about the discount thing, but to be fair...Corcoran is getting a hefty profit off the sale of this house (assuming that actually happens) so not basing the price on comps in the neighborhood is NOT an excuse.
THAT IS THEIR JOB!!! Pricing the property is the most important thing they will do and is really the only thing they do that needs some work and "expertise."
Standing around serving cheese and crackers at an open house could be done by an ape.
Posted by: guest at January 17, 2008 8:17 PM
Free cheese and crackers? I am there. Don't they usually serve some grape flavored sugary concoction at these things?
Posted by: guest at January 17, 2008 8:23 PM
I agree with you 8:17, I meant the same thing. They just came out with another one which I'm sure will be featured soon. The pricing on this one is even more nonsensical. It is not only NOT based on comps, it is not based on reality.
There seems to be something else at work here--I don't think these sellers really need to sell. It's more of a realtor stunt, I think.
Posted by: guest at January 17, 2008 8:24 PM
They'd need to be passing around a bong for anyone to even consider busting out their checkbook for this one.
It will be re-listed tomorrow for half price.
Maybe buy one, get one free...?
Posted by: guest at January 17, 2008 8:25 PM
I've never been offered any food at an open house. I have been made to take my shoes off, though. Where are all these parties happening at???
Posted by: guest at January 17, 2008 8:26 PM
8:24 - is it 329 President St.?
Posted by: guest at January 17, 2008 8:27 PM
Yep--the pics were just posted and are so underwhelming that my blood pressure dropped.
Posted by: guest at January 17, 2008 8:28 PM
hey ted from queer eye...
tell us...is it appropriate to serve food at an open house?
take off shoes?
i'm guessing at yours, it was tops off, but over here in park slope, i don't think there's too many dudes i need to see barechested...
any other tips for holding a fsbo?
i kid. i kid.
Posted by: guest at January 17, 2008 8:30 PM
my reaction to 329 president street:
zzzzzzzzzzzzzzzzzzzzzzzz
Posted by: guest at January 17, 2008 8:33 PM
This historic house needs to be restored. But how can it be restored if it sells for whatever, 2.3 million? Every cent of the rental income and the owner's salaries has to go to the bank.
Unfortunately, these properties are currently inflated in price. They have suffered from decades of deferred maintenance and these problems are not solved by cosmetic repairs to the parlor floor. These old ladies can be made to look good, because they have good bones, but the problems are below the surface. They need major renovations of every system and every component. The current prices are unrealistic if you factor in the work that these old properties need. It is my belief that young people who are very savvy in law, and stocks, and hedge funds but know nothing about architecture or engineering think that what you see is what you get. That is untrue when buying an historic home because it is what you don't see that is important.
The market will correct itself and these old houses may be able to be brought back if the crazed financial pressures of the moment are lessened a little.
Posted by: guest at January 17, 2008 8:33 PM
I was underwhelmed too. Some of those pictures - notably the bathroom - reminded me of those Court and BQE condos that didn't sell. Then BHS had the rental listings recently but the seem to have disappeared.
The owner of 329 has a larger house on the block - one of the nicest. I thought he bought 329 for his daughter or to rent out. The reno took at least a year. It is next door to 327 which was another HOTD and nothing has been done to that house since it was sold. Well, someone took off the front gate the other day but that doesn't count.
Posted by: guest at January 17, 2008 8:35 PM
re: 329 bathrooms
My parents just installed those EXACT same fixtures, EXCAT same vanity and EXACT same sink and mirror.
All are from Home Depot and they spent 6K on the whole bathroom including a new shower, flooring and toilet.
So just so you know...it looks great out in the burbs...but that IS NOT the top of the line finishes described in this listing...especially not when considering it's a 3.6 million dollar home.
Posted by: guest at January 17, 2008 8:42 PM
I have to remember to copy and paste these comments when Pres St. POS is featured as HOTD.
Posted by: guest at January 17, 2008 8:46 PM
Was that really Ted that commented above? The real Ted?
Posted by: guest at January 17, 2008 8:47 PM
"i'm guessing at yours, it was tops off, but over here in park slope, i don't think there's too many dudes i need to see barechested..."
Contrary to popular opinion, I've seen some hot pieces of meat over there. Lots of fit and good-looking DILFs. It makes me feel immoral to even look at them.
Posted by: guest at January 17, 2008 8:50 PM
"I've seen some hot pieces of meat over there."
Agreed. Meow!
As for 329 President Street: HA HA HA HA HA HA HA HA. Now the pricing is just getting hilarious. Guess it's the last mad grasp for cash as the economy crashes.
Posted by: guest at January 17, 2008 8:59 PM
'And it doesn't seem like a terrible investment, if you plan to stay for a while.'
"A while might be 20 years in this case, but yes, I agree with you..."
You're both wrong. Take a look at history.
http://tinyurl.com/g9vf4
You'll never see 2007 prices again in your lifetime. Nominally, yes, but that doesn't mean dick. You will lose in real terms and that's what matters. This housing/credit bubble is a giant pyramid scheme that is slowly collapsing. I'm so glad the bloggership here is finally waking up. Congratulations to you all.
Posted by: guest at January 17, 2008 9:00 PM
You know when we will realize that the dust has settled, the bubble has exploded and the recession has ended??!!
We will finally realize that it's only really the uber wealthy who can afford to drop 3 million on a house.
Not some shmo who happens to troll brownstoner and then pops over and writes a check for 200K over the purchase price just to make sure he's beat out "all the other bids."
Posted by: guest at January 17, 2008 9:03 PM
OMG - just looked at 329 President St listing - could everyone please take a moment and look at that?
Mr. B, this listing is BEGGING to be HOTD.
I mean, it is time to take it to the streets -- anybody ever read Germinal? The time has come to march on Corcoran & hoist body parts on sticks.
329 is not only underwhelming, it is GROSS. GROSS. GROSS. I literally would not live there if I were GIVEN the place.
Posted by: guest at January 17, 2008 9:05 PM
9:00....
Most people have realized that long ago.
You just like to say they haven't, so you can sound smarter than everyone else.
Classic.
BTW, with the price of rentals in NYC (which will always go up exponentially over time) buying a property (even one which doesn't appreciate one cent) is still doing better over the long run, than the renters who see their cost of housing increase by 5% per year or more.
Posted by: guest at January 17, 2008 9:06 PM
Brownstoner should have a special emergency HOTD tomorrow, in addition to open house picks, and call out Pres Street. That listing is definitely a hoax--a PR stunt. No other explanation.
Posted by: guest at January 17, 2008 9:10 PM
"We almost bought this house when it was on the market in 1999 and Naida McSherry was still a realtor in Clinton Hill. List price? $400,000."
Reality check. Those are the types of prices we're headed for (okay, maybe more like $750,000 for this type of listing and that's optimistic). Deflation rules. Entry, mid and senior level salaries (outside finance) were pretty much the same back then as they are now. Yeah, mortgages were more expensive but the disparity in interest rates doesn't even come close to that in prices between the periods. Game Over.
Posted by: guest at January 17, 2008 9:10 PM
if housing prices fell by 200% like that, 9:10 i do think the government would at some point step in and do something.
otherwise, every person in america would be bankrupt.
come on now.
btw, i do always see this tall, hot guy in park slope every now and again. sometimes see him at ozzie's.
Posted by: guest at January 17, 2008 9:14 PM
Mayor's and NYC budget office's forecasts for the city that were announced today are absolutely depressing. Bad times ahead. Tighten those seatbelts.
Posted by: guest at January 17, 2008 9:17 PM
tightening a seatbelt too hard really isn't good for you.
can actually kill you easier in a crash.
not really the best analogy there guy.
Posted by: guest at January 17, 2008 9:23 PM
Sorry bud at 9:06. Rentals are going down too. Recession means job losses and relocations out of the city. Rents went down in the 1991 recession and they're gonna go down now.
"will always go up exponentially over time" You gotta be fucking kidding me! Until prices crash 25% to 50%, renting will be cheaper than buying.
Posted by: guest at January 17, 2008 9:26 PM
"...otherwise, every person in america would be bankrupt..."
I think you're finally seeing the light.
Posted by: guest at January 17, 2008 9:28 PM
Tighten those seatbelts, not so hard that you cut off your circulation, but tighten them nonetheless. If you're obese make sure to order one of those seatbelt extenders soon.
Posted by: guest at January 17, 2008 9:29 PM
"i do think the government would at some point step in and do something"
What do you think Chopper Ben and Dubya are unveiling this Friday even though it aint gonna do dick? Economic stimulii...yeah right!
Posted by: guest at January 17, 2008 9:30 PM
9:26...you aren't very smart.
rentals might be going down a half a percent, but if you want to look at the history books, rentals do not go up and down to the extent that housing prices do. they go up over time with few and small drops.
oh, and you are forgetting that a lot of people like owning homes and not for investments.
i don't care that renting might be a little cheaper...i would rather own my home.
there are more like us, than you care to admit.
practically everywhere outside of the major cities, it is cheaper to rent.
yet 70% the non-nyc crowd has decided to purchase a home, despite that.
Posted by: guest at January 17, 2008 9:31 PM
It is going to be hysterical in a few years when all you trolls are going to be so out priced and over. Stupids...we owners in Fort Greene and Clinton Hill WILL NEVER LOWER OUR PRICES. Got that.. NEVER. WE will leave these homes to our children and their children before you ass farts think you will get them.
Posted by: guest at January 17, 2008 9:33 PM
9:33PM
Agreed, by the way how much did brownstowner earn by this thread alone. Smart man. You are all ass holes. Brownstoner did not do anything here except line his own pockets.
Posted by: guest at January 17, 2008 9:37 PM
9:31,
I'm smarter than you but that's not saying much. So they go down a half a percent, that's still down, not "will always go up exponentially over time". My claim that rents go down are from an old NYT article quoting a Carrol Gardens broker who cited significant rent decreases as well as home price decreases. So I'd expect more than a half a percent down. Take out the broker propaganda and we probably have that now.
Were you really the one who said rents go up exponentially?
Posted by: guest at January 17, 2008 9:38 PM
9:36
Mature perhaps not but S-M-A-R-T. Go look in the Stuy if you even can afford that!
Posted by: guest at January 17, 2008 9:39 PM
"It is going to be hysterical in a few years when all you trolls are going to be so out priced and over. Stupids...we owners in Fort Greene and Clinton Hill WILL NEVER LOWER OUR PRICES. Got that.. NEVER. WE will leave these homes to our children and their children before you ass farts think you will get them."
...meanwhile, as the city marshalls knock on the door...
Posted by: guest at January 17, 2008 9:39 PM
"...significant rent decreases as well as home price decreases..."
From the last bust '87 to '95.
Posted by: guest at January 17, 2008 9:40 PM
9:39PM
It would be more fun to give our homes to the marshalls than to a schmuck like you!
Posted by: guest at January 17, 2008 9:41 PM
so how bout those hot park slope dilfs...
where do they hang?
Posted by: guest at January 17, 2008 9:42 PM
9:40...
so in 8 years, home prices will shoot back up and 99% of the renters on this thread will STILL not own anything.
what's your point?
Posted by: guest at January 17, 2008 9:43 PM
Wellllllll, you won't be giving it to me DIRECTLY, 9:41.
Posted by: guest at January 17, 2008 9:44 PM
B/T/W some of you pubes assume everyone here in this neighborhood is a foreclosure victim?? When you were getting diaper rashes many of us already owned and did not succumb to your infantile subprime phenomena. Time to look in Bushwich babies.
Posted by: guest at January 17, 2008 9:44 PM
9:41
Go back home to Connecticut and take you momas home back!
Posted by: guest at January 17, 2008 9:46 PM
My point, 9:43, was to clarify my 9:38 comment that rents will decrease not increase during this recession. How old are you, like 25? Prices will never shoot back up to today's levels (real terms) in your lifetime. Within ten years they will crash down and remain at 3X income and/or 10X rent. Read some history...
http://tinyurl.com/g9vf4
Posted by: guest at January 17, 2008 9:50 PM
9:42--there's one dilf I usually see around 2nd St & 7th Ave whenever I visit my cousin. A real beauty--blonde, shoulder-length hair (which he pulls off really well!), brawny, very masculine, outdoorsy-woodsman type. He's usually pushing a stroller. Last time I passed him I was with my boyfriend, who must have felt threatened since he blurted out "we're never moving to Park Slope"!
Posted by: guest at January 17, 2008 9:50 PM
i hear the rockaways are beautiful this time of year...
Posted by: guest at January 17, 2008 9:51 PM
See yesterday's post about Park Slope foreclosure, 9:44. It's a trend.
Posted by: guest at January 17, 2008 9:53 PM
And lots of foreclosures mentioned in Carroll Gardens too. They're everywhere.
Posted by: guest at January 17, 2008 9:56 PM
yes, you're right, 9:50.
in that case, we'll also see london, paris, sydney, san francisco, dubai, tokyo and zurich "crash" back to 3x income and 10x rent.
you are the immature one here.
this is new york city. one of the capitals of the world.
there is not a day in the future that nyc prices will go back down to 3x income.
if it does, the world might as well implode.
Posted by: guest at January 17, 2008 9:58 PM
a handful of foreclosures in a neighborhood of 65,000 does not a trend make, 9:53.
do a little more research and get back to us on that one.
Posted by: guest at January 17, 2008 9:59 PM
I'd call from none to a handful, a trend.
Posted by: guest at January 17, 2008 10:04 PM
cheese anyone?
Posted by: guest at January 17, 2008 10:04 PM
"this is new york city. one of the capitals of the world"
It will soon experience one of the capitulations of the world.
Posted by: guest at January 17, 2008 10:07 PM
foreclosures in Carroll Gardens?
Niente, lei e sbaliato.
You are crazy in head.
No?
Posted by: guest at January 17, 2008 10:08 PM
this is new york city. capital of the third world.
Posted by: guest at January 17, 2008 10:22 PM
10:08:
As per a poster on yesterday's foreclosure thread (and realtytrac.com): 549 Henry Street, 136 Degraw Street, and 132 Degraw are in pre-foreclosure. I did a search and there are actually LOTS more in pre-foreclosure, including apartments.
322 President Street is in the last stage of foreclosure and is now bank-owned. Tell me: how is it that one house on the block is in foreclosure and another one that is short and skinny is asking $3.6 for a shitty renovation?
Posted by: guest at January 17, 2008 10:25 PM
Quite a few pre-foreclosures in Park Slope too. Scary.
Posted by: guest at January 17, 2008 10:30 PM
how many pre-foreclosures are there usually, 10:30?
got any info on that?
doesn't really tell us much to not know how many there are in a more "normal" year.
Posted by: guest at January 17, 2008 10:40 PM
re: the President Street place - I don't know how this could work because I don't really understand the process, but (and I am serious here) could there be a money laundering scheme going on? I mean, it is such a crazy price that it is actually suspicious.
Posted by: guest at January 17, 2008 10:42 PM
the government has been laundering your money for years.
it's called the war in iraq.
how bout we try to do something about that trillion dollars first.
Posted by: guest at January 17, 2008 10:45 PM
10:42--I think you're right. Either that or mortgage fraud.
Posted by: guest at January 17, 2008 10:49 PM
so, the listing is still down. Wonder if they yanked it away from Jerry.
Posted by: guest at January 17, 2008 11:27 PM
I lived in 242 Washington in the '80's. It was an SRO full of students and old men. It looks way different now in the pictures. Funny.
Posted by: guest at January 18, 2008 12:09 AM
Ya know, that's a good question about what to serve at an open house. Call it a liability issue, but I've always thought it would be a good idea to have a light, dry white wine--maybe something Italian. Get a coupla drinks in 'em. Works in comedy, right? --Ted
Posted by: guest at January 18, 2008 12:28 AM
You know, I have lived in NYC for over 20 years.
Some of you have lived here longer, some less.
In any event, just step back for a second and take a look at city and ask yourselves:
"Is it worth leveraging my future to 'own' a piece of real estate in NYC? Is it worth it, particularly in an uncertain economic climate (at best)? Do I really 'own' my property, or am I merely renting from the bank?"
"Will I own my property, or will my property own me?"
Folks, the emperor isn't naked, but he's damn close.
Posted by: guest at January 18, 2008 12:53 AM
"Folks, the emperor isn't naked, but he's damn close."
Is he a hot EILF?
Posted by: guest at January 18, 2008 1:11 AM
Anyone want to tell me how an asset can go down 200%? Anyone know what "exponential" means? To the smug idiot who bought in CH when it was a slum --fine, but it's your presence there that will insure it stays a crap neighborhood, esp. once the resident to your right, and the resident to your left, the latecoming yuppies, foreclose. You people think you can talk away the current financial reality? I would love, love, love to have you on the opposite end of all my trades. By all means, buy these houses, then DEMAND that they stay worth what you paid for them. You'll get a terrific lesson in how markets work, and the difference between "nominal" and "real" prices, and the PPP of floating currencies, though it won't be free.
To all you brokers: hope you enjoyed the ride up. Maybe the car wash on 4th Avenue will have some openings in the fall.
Posted by: guest at January 18, 2008 9:43 AM
Ted at 12:28, yep you're right, I've seen (and drank) wine at open houses in Brooklyn before. It's a nice idea.
I've been saying forever that at a certain point the way prices went up so much in PS, CG, FG and now Clinton Hill too apparently, having rentals is only a drop in the bucket towards paying the mortgage. Therefore a very expensive house with rentals doesn't make any sense at all financially. (Unless you're going to convert to condos and sell the other apartments not rent them). A smaller house used as a one-family that's cheaper to buy, cheaper to maintain and heat and cool, makes more sense.
When the bigger houses cost under $2 million WITH completed renovations, a few years ago, then yes a rental would actually help pay for things in a meaningful way.
Posted by: guest at January 18, 2008 10:12 AM
To 9:43 AM
Thanks for the lesson in markets. Now go home and have your milk and cookies.
See you at the carwash. I'll be the broker driving the Mercedes. Please don't make the wheels too shiny.
Posted by: guest at January 18, 2008 10:47 AM
"Please don't make the wheels too shiny."
Why not?
I wanted them to match your head!
Posted by: guest at January 18, 2008 10:53 AM
oh and by the way 9:43 perhaps you and your Jr. Associate friends can take care of Williamsburgh because if you really want clients on your lessons on the market you can help the disasters that will be plaguing that community. You see blogers, Fort greene and Clinton Hill has a stable community in place. We did not go to Condomania, inspite of Brownstowners wishes to have all your e-input. Furthermore, if you are referring to older and diverse people who own here than you really need to go home and put on your diaper cream. The problem with internet cowards like you is that your all talk but in the "real" world you are nuttin. So again see you at the car wash bald head , diverse, older and wiser. Go home to billyburg you are not going to own here and we will ultimately sell. Sorry its not easy being bloggers all day and thinking you are going to actually acquire wealth to buy real substantial 19th century homes.
Sorry, really sorry.
Posted by: guest at January 18, 2008 11:08 AM
huh?
Posted by: guest at January 18, 2008 11:13 AM
9.43 a.m. - Why would all the rich "yuppies" (1980s anyone?) that many on this board love to hate be foreclosing on their homes when they can afford them at the prices they've bought them at? Short of losing a job, why would people making, on average $300K and up have to go into foreclosure? I think that some of you don't understand the means that a lot of the "yuppies" you hate actually have. They did not buy using subprime mortgages for their owner occupied buildings because, they didn't have too - they qualified easily for the money they wanted to borrow. You may say that is not the case, but I do not know anyone, including those who have bought in the past couple of months in neighborhoods like Clinton Hill and FG, who have any fears with respect to owning their homes and keeping up with mortgage payments. Those people will just ride out any flat or slumping period. No big deal for them.
Posted by: guest at January 18, 2008 11:30 AM
I'll tell you what's going on with 329 President. The agents have realized that if they vastly overprice a building, they get tons of publicity on Brownstoner. So they overprice it, get tons of exposure, then lower the price to something more realistic.
Posted by: guest at January 18, 2008 11:36 AM
11:36, very likely, but very questionable strategy b/c these overpriced houses get TRASHED on brownstoner & then it would just be humiliating to buy the place at almost any price.
I mean, I used to think that 40 2nd Place was a nice house (though I would NEVER consider it at the insane price, but setting that aside). Now I have been convinced that it is far too narrow a house for me to ever consider, at any price. I would not want to set up my property for such insult & degradation.
Re: mortgage fraud. That is interesting...definitely need to learn more about the money laundering & mortgage fraud aspects of this. Someone needs to call the DA to check it out. I think it would be great for Corcoran to be investigated.
I just think it is so funny that if you buy $5 worth of stock in a public company, you are protected by a massive infrastructure of securities laws to protect you from fraud & all kinds of shenanigans & price manipulations. But then we have real estate - most people's single biggest financial investment/commitment, and it is virtually unregulated & the most opaque marketplace imaginable. (I know there are some protective laws - so don't jump on me - but COMPARATIVELY I mean.) The internet has helped immensely in making the market more transparent - and for that matter so have blogs like brownstoner -- but shouldn't there be something more? Look what has happened to this country - this bubble (and its burst) is all about people being wildly misled.
Posted by: guest at January 18, 2008 11:53 AM
Really? That's you in the 1998 E-Class? You're too funny, little broker. Hope you squirreled away something for winter. I'll take the undercarriage wax, thanks.
Oh --and this "junior associate" has a friendly piece of advice to all you little odd-lot traders, whose money is 99% tied up in a white elephant in a marginal neighborhood: grab your fucking nuts with both hands, here comes the big one! And ps: good luck passing that crumbling POS on to your kids, once the inheritance tax becomes confiscatory under HRC.
Posted by: guest at January 18, 2008 11:55 AM
Ok while 11:55AM taskes his meds I would like to charm in. Being bashed on "Brownstoner" does not make people who have the means to actually buy these homes ashamed of buying the property.
Really it is a well known tactic to overprice and then let brownstoner do his thing. It just goes to show that the last laughs are on you morons.
Everyone who really knows the market knows that brownstoner has 0 credibility. Zilcho, and that it is going down with the market which is why Mr. B chooses to feature things that will get all you morons onboard.
Matrkets were not created here and certainly not end here. The Power of Brownstoner as one said earlier....NOT!
Posted by: guest at January 18, 2008 12:43 PM
I don't believe Brownstoner has ever tried to assert power, as you put it 12:43.
I think he enjoys writing on his blog and happens to make a living off of it.
It's you that is trying to asset power by acting like you are smarter than everyone else.
Which is clearly not the case.
So sad.
Posted by: guest at January 18, 2008 12:57 PM
12:43- that is the first post that I can say is verifiably written by a broker (well maybe not verifiably, but seems pretty obvious) - thanks for confirming my 11:36 theory.
Posted by: guest at January 18, 2008 2:50 PM
What are you talking about^ and really who cares what anyones profession is> THe truth will speak for itself. Your all jealous and homeless!
Posted by: guest at January 18, 2008 4:08 PM
wow -- all of you just completely off the topic - which is this way overpriced 242 Washington... worth at most 1.6 if not less with everyday passing by. not to mention that even if you scrub 1.6 and move in, next thing to face would be hard commute on the "greatest" NY subway lines C and G...
good luck!
and by the way - brokers don't read and write on this blog. get a life...
Posted by: guest at January 19, 2008 3:29 PM
242 Washington is gone from Corcoran's website. What happened?
Posted by: guest at January 19, 2008 11:16 PM
Hey,
all you who love posting negative comments about this and other 'overpriced' houses in Clinton Hill- I bet you're all loser renters who never owned anything in your lives. Get some money together, buy something and stop whining.
Posted by: guest at January 30, 2008 3:13 PM
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