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March 24, 2008
House of the Day: 58 Irving Place
Listed last week at $1,350,000, 58 Irving Place must be the cheapest house that hasn't been ruined by a flipper in Clinton Hill right now. Is it a bargain? Who knows in this market. It is a cute place that, while not fancy (nor on the best block), appears to be have retained most of its original character and to be in move-in condition. The two-family is configured currently as a double-duplex but can be delivered vacant, according to the listing. Think they'll get their price?
58 Irving Place [Corcoran] GMAP P*Shark
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Posted by: guest at March 24, 2008 1:36 PM
A large 1BR or small 2BR floor through rental would probably be about $2000 a month in that neighboorhood. If it's in move-in condition, then its probably only about 10-20% overpriced based on that rent. If it needs work, then it's got further to fall.
Posted by: guest at March 24, 2008 1:57 PM
No, this is not a bargain. This house needs a lot of work and the corner of the block is a little seedy.
A ClintonHillLady
Posted by: guest at March 24, 2008 2:19 PM
This place is tiny. It would only be about 2 rentals at $2000 a month each. At that rental price, it would only be worth about $800K. Needs another price reduction.
Posted by: guest at March 24, 2008 2:22 PM
yes its a bargain yes yes yes
Posted by: guest at March 24, 2008 2:29 PM
Good deal.
Posted by: guest at March 24, 2008 2:33 PM
terrible lay out
Posted by: guest at March 24, 2008 2:41 PM
That layout, those floors and those highhats are far from "original character".
Posted by: guest at March 24, 2008 3:06 PM
Will sell for $1.2 million at the high end. Asking is no longer sale price.
Posted by: guest at March 24, 2008 3:14 PM
Brownstoner --
When listings state that the property is currently used as a rental (in whole or in part), it would be very helpful for you to find out the current rent(s).
Posted by: guest at March 24, 2008 3:21 PM
3:21 PM
Dont ask Brownstoner for the rent.
Ask the broker.
Could you be any lazier?
Posted by: guest at March 24, 2008 3:39 PM
how is 20x40 tiny? that is on the larger side of brownstone proportions. this is a good deal.
Posted by: guest at March 24, 2008 3:41 PM
3:39 -- This whole blog is about Brownstoner providing information for discussion. The current rent is important information. What if he just posted a picture of the house, no location, and the asking price. Would you suggest everyone call the broker to find the location? Just as the location is important information, so is the current rent. That's why he should provide it.
Posted by: guest at March 24, 2008 4:15 PM
4:41 = tool
Posted by: guest at March 24, 2008 4:53 PM
Number of comments on this site going down. I guess the economic melt-down can't be good for the real estate internet chit-chat business either. Need a pristine listing in Park Slope to make everyone jealous to juke the comment stats.
Posted by: guest at March 24, 2008 4:59 PM
[Enter The What, stage left]
Posted by: guest at March 24, 2008 5:08 PM
1.35 is steep, but not far off the mark. 46A Irving Place sold for $841,000 and 52 Irving Place sold for 760,000 and they are only 15 ft wide...20ft x 40ft is not tiny.
Posted by: guest at March 24, 2008 5:27 PM
1.35 is steep, but not far off the mark. 46A Irving Place sold for $841,000 and 52 Irving Place sold for 760,000 and they are only 15 ft wide...20ft x 40ft is not tiny.
Posted by: guest at March 24, 2008 5:36 PM
Is this block named after Washington Irving?
Posted by: guest at March 24, 2008 5:50 PM
Seems about right. It's not "tiny" as one poster noted...it's 3200 sq. feet of living space, minus walls etc., so figure around 2500 total. The apts. aren't small, in any case. I'm guessing the details are pretty muddled, but they're there and can be revived. So about $400 a square foot doesn't seem unreasonable.
Certainly that part of CH is block-by-block, and I don't know this one that well.
The kicker: the annual taxes are $1,300! That alone makes it a pretty good deal. I pay that monthly for a pre-war 1,300 square foot co-op...
Posted by: guest at March 24, 2008 5:55 PM
I look at this house and truly wonder why someone wouldn't, at a certain point, just move to Montclair or Hastings. I know, I know, there's no substitute for being near --what? --museums? The Time Warner Center? (What's left of this city that we're all so hot to be near it?) I guess; but at the end of the day, if I come home to this for a million and a half, boy, I'd start thinking about a four bedroom Tudor on a quarter acre in the 'burbs.
Posted by: guest at March 24, 2008 5:58 PM
5:58 That's what I am talking about --- get the stats moving so brownstoner can pay the bills.
Posted by: guest at March 24, 2008 6:07 PM
This house is certainly overpriced, given where 25 St. James priced a month ago and the fact that the market is experiencing significant softness.
I bet if you asked enough questions, this house would drop in price by $200K before you started bargaining.
Posted by: guest at March 24, 2008 6:24 PM
5:58, are you kidding? Maybe some people just like walking down the street and digging the scene. Do they even have sidewalks in those places?
And yeah, TWC is part of it (JALC ain't bad either, nor is Per Se). Maybe not everyone likes owning four cars.
Hey, just think what you could get in the Poconos!
Posted by: denton at March 24, 2008 6:27 PM
Hey, but what about Park Slope?
Posted by: guest at March 24, 2008 6:40 PM
I walk Irving all the time going to and from Outpost, and I think it's a pretty nice street. It's quiet with huge trees, and it only runs from Fulton to Gates, so there not a lot of through traffic. It could end up being very family friendly in the long run. If I had the $, I'd buy it.
Posted by: BKNYKEV at March 24, 2008 7:03 PM
I walk Irving all the time going to and from Outpost, and I think it's a pretty nice street. It's quiet with huge trees, and it only runs from Fulton to Gates, so there not a lot of through traffic. It could end up being very family friendly in the long run. If I had the $, I'd buy it.
Posted by: BKNYKEV at March 24, 2008 7:03 PM
I don't particularly like the stoop; prefer something a bit grander....but, this is worth it...Too bad I just don't have the dough right now, or else I would consider it....
Posted by: guest at March 24, 2008 9:04 PM
Slow day Brownstoner?
Posted by: guest at March 25, 2008 8:01 AM
While we wait for the next one... I think that this house will sell fairly quickly, the area is quiet, the street is established, it compares very well to other houses that have been on here lately and it compares well in price to some that are listed to the east of it. There is very little negative that you could say about this property, the rent roll appears it would stacks up, good solid purchase at around this price ... It should also benefit from the Fulton Street renovation.
Posted by: guest at March 25, 2008 12:07 PM
Nice house. Wish I could afford it. Monclair? Hastings? Huh?
Posted by: guest at March 25, 2008 2:57 PM
Some people will pay more to live in the city. Clearly, or the prices wouldn't stay up.
There are lots of advantages - firstly, if you have been a happy urban dweller/walker, having to get in a car to go just about anywhere is a real drag, and hard to get used to. (I have gotten used to it in the past, but I still prefer the walking urban environment.)
Then there's the shorter commute (it is generally faster to get to Manhattan on the subway than by most other means - PATH train a close second.)
There's way cheaper property taxes. You are essentially paying for good public schools in the burbs with your taxes. But if you don't have kids, prefer and can afford private schools, or like the NYC public schools for your kids, there's no advantage to the burbs there.
While there is something to be said for more land, quiet, and green, (which is all the suburbs have to offer, other than the public schools, since everything else is less convenient to get to, even the grocery store, hardware store, etc.), it isn't really much cheaper when you add in what you'd pay EVERY YEAR in property taxes.
Never lived in a burb yet...
Posted by: guest at March 25, 2008 5:47 PM
Some people will pay more to live in the city. Clearly, or the prices wouldn't stay up.
There are lots of advantages - firstly, if you have been a happy urban dweller/walker, having to get in a car to go just about anywhere is a real drag, and hard to get used to. (I have gotten used to it in the past, but I still prefer the walking urban environment.)
Then there's the shorter commute (it is generally faster to get to Manhattan on the subway than by most other means - PATH train a close second.)
There's way cheaper property taxes. You are essentially paying for good public schools in the burbs with your taxes. But if you don't have kids, prefer and can afford private schools, or like the NYC public schools for your kids, there's no advantage to the burbs there.
While there is something to be said for more land, quiet, and green, (which is all the suburbs have to offer, other than the public schools, since everything else is less convenient to get to, even the grocery store, hardware store, etc.), it isn't really much cheaper when you add in what you'd pay EVERY YEAR in property taxes.
Never lived in a burb yet...
Posted by: guest at March 25, 2008 5:49 PM
Wacky- my friend is renting in this house right now! I've only been in the garden/parlor duplex, but it's pretty nice.
The street's not 100% great, but it has potential. Asking does seem a little high, being that I hear there's a lot of drug dealing right across the street.
Wasn't there a house next door to this place listed on Craigslist about a year ago for half the price?
Posted by: lesterhead at March 25, 2008 10:12 PM
I talked to the broker. The rent is $2650/month for each duplex.
Posted by: casabrooklyn at March 31, 2008 7:03 PM
I walked by it yesterday. The facade definitely needs work.
Posted by: guest at April 4, 2008 2:54 PM
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