Open House Picks

I see they're hitting the crackpipe in WT.

Posted by: guest at March 7, 2008 1:36 PM

I like just about all these houses. I don't know the prices in PH but that house has a nice drama to details without being overbearing, and wow what a garden. The photos confuse me though because the rooms look more narrow than the house seems from the front. The Windsor Terrace house is very cute. Love a front porch. The house on Midwood is really nice. Midwood has deeper front patio/yards than other streets which I always envy (we live in LM). That's a great block with cool people.

Posted by: guest at March 7, 2008 1:44 PM

The Windsor Terrace house is very cute indeed. It is also about $400-500k overpriced.

Posted by: guest at March 7, 2008 1:46 PM

The PH house is great. A similar house sold a couple of months ago at around $700/sf, so they'll probably get the asking price.

Posted by: guest at March 7, 2008 1:52 PM

WT looks nicer on the inside than the outside. I think it's a flip. Owners bought, renovated, maybe in last two years? $1.2 would bring in lots more offers. See you in 6 months.

Posted by: guest at March 7, 2008 1:52 PM

Ahh, yes, the magic Corcoran "photo stretch". Making a 17' brownstone look wider than a Georgian estate. Those brokers are worth every penny of their 6% for sure.

Posted by: guest at March 7, 2008 1:54 PM

The WT is insane!
The PGL seems reasonable, historic district and renovated...please lets no go into the discussion about being on "the other side of the Park" it becomes really boring...
So for the one who know PGL and are interested in buying there it seems reasonable, is there a garden?...any thoughts?

Posted by: guest at March 7, 2008 1:58 PM

None of the prices are hilariously off like usual but the PLG place seems like a bit of a stretch. Knock $400k of the WT place and it would be gone by next week. The owners look like they did a thoughtful reno but the ask is still VERY 2006.

Posted by: guest at March 7, 2008 1:59 PM

There are nice size gardens behind the PLG houses. Many people have both patio or deck areas and a back garden area beyond it that's planted.

Posted by: guest at March 7, 2008 2:02 PM

I don't think the PLG house is a stretch. Recent comps would support this price for a fully renovated house with such a nicely finished basement. It'll be interesting to see.

Posted by: guest at March 7, 2008 2:08 PM

Jeez, there sure are a lot of houses for sale in Lefferts Manor, at every price point. I guess everyone decided now was the time to bail. In the history of Lefferts Manor, only one of these two story houses has sold for over 1M, and that house was super prime with a great renovation. They're trying to get the same price for this one, and that seem like a huge stretch to me. It's the same price as the 3 story limestone on Midwood that needs work, and 225K more than the larger house with a garage on Fenimore. But we'll see.

Posted by: guest at March 7, 2008 2:09 PM

Welcome to a new episode of "Future Foreclosures".

Prospect Heights
401 Park Place
Corcoran
Sunday 12-2
$1,695,000

Crack pipe land. Will not sell next!!

Windsor Terrace
225 Windsor Place
Warren Lewis
Sunday 2:30-4:30
$1,450,000

900 square feet. Get the fuck out of here Next!

Prospect Lefferts Gardens
196 Midwood Street
Brown Harris Stevens
Sunday 11:30-1:30
$1,150,000

6000k a month of costs, yeah fucking right, Next!

Stuyvesant Heights
696 Putnam Avenue
Stuyvesant Heights Brokerage
Sunday 1-3
$825,000

825K down the street from the crack house???!! Next Next Next!!!

The What

Someday this war is gonna end....

Posted by: guest at March 7, 2008 2:11 PM

bad math. My 2:09 comment should say it is 325K more than Fenimore.

Posted by: guest at March 7, 2008 2:12 PM

I went to last weeks open house at Park place house. I say it's overpriced. The entire kitchen is hideous and the parlor does feel narrower than most.

The bathroom upstairs looks like a DIY tile job. It's so uneven and sloppy looking.

The small "bedroom" upstairs might work as a nursery but is too small for even little kids so it's an office.

It's not a legal rental on the ground floor.

It's only 3 stories so why is it priced like 4 stories in this neighborhood?

Posted by: guest at March 7, 2008 2:14 PM

Actually there are hardly any foreclosures in LM. Also many recent people moving to LM are coming from Manhattan or Park Slope and selling an apartment for a decent amount of money so they don't have $6K a month costs. (First time I've ever addressed anything The What has said!)

Posted by: guest at March 7, 2008 2:17 PM

These are a snoozefest.

Posted by: guest at March 7, 2008 2:18 PM

$650/sf in PLG? That can't be right.

Posted by: guest at March 7, 2008 2:22 PM

$6.50/psf in plg sounds about right to me.

Posted by: guest at March 7, 2008 2:28 PM

2:08 "I don't think the PLG house is a stretch. Recent comps would support this price for a fully renovated house with such a nicely finished basement. It'll be interesting to see."

What comps please?

Posted by: guest at March 7, 2008 2:36 PM

WT looks great on the inside, regardless of price. Cozy little home for someone who likes house living versus a comparable sized apartment. But man those houses are ugly on the outside.

AND I'd be concerned about the bathrooms. The listing hints at only 1 bath upstairs for all 3 bedrooms, and can't see any sign of a first floor powder room in the pics.

Posted by: guest at March 7, 2008 2:38 PM

The What needs Ritalin.

Posted by: guest at March 7, 2008 2:38 PM

4 stories in PH is $2.3 - 2.6M

Posted by: guest at March 7, 2008 2:46 PM

what the hell is going on in WT? as if...

we are looking (were looking, I should say) for a house in the neighborhood but they have to be joking. not even gonna bother doing the open house. no one's gonna pay park slope prices to live in a hideous house in WT and commute an hour to work on the F.

Posted by: guest at March 7, 2008 2:49 PM

wt is dead to me.

Posted by: guest at March 7, 2008 3:08 PM

wake up fools. nyc is sooo over...

Posted by: guest at March 7, 2008 3:14 PM

2:46 "4 stories in PH is $2.3 - 2.6M"

Name such a house. Houses there do not sell for that much. It took brooklyn properties forever to sell one for 2.1 and there are others sitting that are priced lower.

Posted by: guest at March 7, 2008 3:18 PM

2:46pm: There may be a couple of 4-storey Prospect Heights houses on the market for $2.4 - 2.6m but that doesn't mean that that's what they are selling for. More like $1.8 - 2.2m (and that's for houses in really great shape).

Posted by: guest at March 7, 2008 3:21 PM

WT house should have given both their neighbors 30k to do anything with those porches out front. Has the feeling of Fred Sandfords place.

Posted by: guest at March 7, 2008 3:22 PM

How is 1.5MM park slope prices? Park slope is twice that price. Or are you referring the section of sunset park brokers call park slope?

Posted by: guest at March 7, 2008 3:41 PM

On WT--
Yes, 3:22--free the porches.
BTW, I hear the one around the block on 16th (posted on B'stoner a couple of weeks ago) went for 1.2. And that one needed a lot more work than thissy hear one.

Posted by: guest at March 7, 2008 3:49 PM

3:49... Are you referring to the WT that was priced at $999,999? As in 200K over asking after 1 open house?

If I remember correctly, that house needed a fair amount of work when compared to this one.

Posted by: guest at March 7, 2008 3:54 PM

Do you mean 538 16th Street? Which has mysteriously vanished from the Corcoran site?

Posted by: guest at March 7, 2008 4:22 PM

Ah yes, the magic words on Brownstoner: "BTW, I hear . . ."

Words that are always followed by a lie designed to make it seem as if the market is still red-hot.

Posted by: guest at March 7, 2008 4:32 PM

True, but that's not a $500k reno on the WT place. That place is at least 300k overpriced. Probably a bit more now that the kool-aid is beginning to wear off.

Posted by: guest at March 7, 2008 4:45 PM

BTW, I hear that all 4 of these houses have offers at way over asking! There are plenty of comps to justify prices twice as high as these. Really.

Posted by: guest at March 7, 2008 4:49 PM

Here's the WT house that apparently went over asking:

http://www.brownstoner.com/brownstoner/archives/2008/02/bidding_war_at.php

Posted by: guest at March 7, 2008 5:00 PM

no comment on the WT price, but the renovation looks very well done. sad about the enclosed dumpy porches next door, but perhaps someday those will be renovated as well.

Posted by: guest at March 7, 2008 5:06 PM

Yes, 538 16th Street. Which has mysteriously vanished from the Corcoran site. Very fishy.

Posted by: guest at March 7, 2008 5:08 PM

"4 stories in PH is $2.3 - 2.6M"

Thanks for the laugh broker/owner.

Posted by: guest at March 7, 2008 5:18 PM

I've seen quite a few homes in PH sell for 2.3 million.

And no, I'm not a broker.

Posted by: guest at March 7, 2008 5:40 PM

agree with above posts -- WT looks nice but very overpriced (esp. considering that possible dearth of bathrooms). i do love the block & nabe, though.
i don't think they flipped -- i think the rehab cost them their marriage. happens all the time.

Posted by: guest at March 7, 2008 5:45 PM

I agree with Mrs Limestone about the WT house. No way this is a flipper. Too nice. Seems to me it could easily attract buyers looking at similarly priced family apts in the Slope that come saddled with very hefty mtn fees. As for PS houses, anything in this price range would be FAR from the park (like around 5th Ave) and probably in much worse shape. $1.45m is not unrealistic for a 3-bed house with nicely converted English basement.

Posted by: guest at March 7, 2008 6:14 PM

PH is all about location. Excellent condition 4000+ sq ft. 4 floor (single or 2 family) on Sterling or Park near Grand Army Plaza will be in the $2.5M range; a 4 story on Dean and Washington (if there are any) will be $1M or more less . . .and Im not a broker

Posted by: guest at March 7, 2008 6:20 PM

Park Place place looks NARROW. Too bad they didn't realize this and put all the kitchen stuff on one wall, leaving that room open - would have seemed (have been) much wider back there. An island could have been freestanding, so you could use it, or move it. Not sure what you could do to make the living room not so closed-in - other than take out the wall to the stair hall.

Windsor Terrace place looks nice and wide - due to side stair placement. Nice place. Too bad the neighbors on either side aren't as nice. (Love the "free the porches" comment above.)

PLG - beautiful house - how come no kitchen or bath pics?

Bed Stuy - who knows what 5 units means?

Posted by: guest at March 7, 2008 6:27 PM

I live across the street from the WT house. The house has been in the same family for many years. I beleive a family member brought the house in 2005. The front porch actually looks charming. WT houses often have rocking chairs on those lovely porches. That said, it is over priced. Two family right down the block is one the market for 1.5m that is twice the square footage.

Posted by: guest at March 7, 2008 7:04 PM

5:40
"I've seen quite a few homes in PH sell for 2.3 million. And no, I'm not a broker. "

and

6:20
"PH is all about location. Excellent condition 4000+ sq ft. 4 floor (single or 2 family) on Sterling or Park near Grand Army Plaza will be in the $2.5M range"

Please offer an actual comp. There are no such houses. They have not and do not sell for this much in PH. Some have been listed this high, but they have not sold for this much. 2.1 in the high times is the highest I know of. PH should now be well under 2M for a 4 story and well under 1.5 for this narrow 3 story.

Posted by: guest at March 7, 2008 8:17 PM

I am not an expert but I think that anyone that buys a million dollar plus house in Brooklyn right now needs to have his head examined.

Posted by: guest at March 7, 2008 9:34 PM

I am not an expert butt

Posted by: guest at March 7, 2008 9:59 PM

"Free the porches" is too funny. But oh so true.

For those with enclosed porches surrounding your house, lead by example. That's the thing to do in neighborhoods where the tastes and ages of residents are more mixed. If you yourself expose your porch, put out nice rockers and use the porch regularly your neighbors will see it and want to do that too. Some of the neighborhoods simply need new influences and inspiration.

It is really weird though how "curb appeal" is always shouted at homeowners as being so important to property values, everybody knows it, and yet tragically front porches in cold weather places always get enclosed in such a hideous fashion. The worst of it is nobody ever uses enclosed porches as an extra room. Never. It becomes a nasty storage room or mudroom. So not only is the curb appeal from the outside bad, but so is the first impression when you walk in the door.

Posted by: guest at March 8, 2008 11:32 AM

I saw the Lefferts Manor house today. Anyone else? It's lovely, altho over-priced. Where is the comparable sized house in LM that got over a million? Bob Marvin, do you know if there's any flooding basement problems on your block? My friend on Maple 2 has leaking issues in her English basement. Also, where are all the other LM houses for sale and who besides BHS is showing them? Thanks.

Posted by: guest at March 9, 2008 6:10 PM

>>I am not an expert but I think that anyone that buys a million dollar plus house in Brooklyn right now needs to have his head examined.<<

Yes, there are lots of under $1MM brownstones to buy in the brooklyn neighborhoods most discussed on this blog: brooklyn heights, park slope, cobble hill, fort green.

Not only are you not an "expert," you are fairly ill-informed.

Posted by: guest at March 9, 2008 6:18 PM

995K should do it for the WT one. cute inside, but small and ugly outside, block is nothing special. fail to see what would justify the price they are asking, especially in this market. there's a house on president st. in PS, in 321 school district, that's been sitting at $1.4 for a couple months now, and is nicely renovated inside and bigger. if that can't move at that price, how on earth would this move at $1.5? people are delusional and the broker is just irresponsible wasting everyone's time trying to flog something so overpriced.

Posted by: guest at March 9, 2008 6:27 PM

6:10, we are on Maple II and after getting flooded (less than one inch of water going halfway across the floor) a couple times during those insane rains last year, we got a new hatch over the back stairs and had the grade at the back of the house corrected with a new drain installed on the new cement. Done. Dry basement ever since including yesterday during the deluge.

Posted by: guest at March 9, 2008 6:55 PM

Once you get into the $1.4 million price range as a seller the competition is more tough, it's true 6:27. But I would think the WT house could get $1.2 million. No house in any of the neighborhoods close to the park that is renovated is under a million. Just the fixers uppers.

Posted by: guest at March 9, 2008 7:20 PM

6:27 If you're not smart enough to check your facts -President Street house is in P.S.282 school district, not 321 (wrong side of President Street) you have no credibility in commenting on the price of the Windsor Terrace house. You obviously didn't do your research there either. So you are not qualified to justify prices. Do your homework.

Posted by: guest at March 9, 2008 7:34 PM

7:20, let us agree to disagree. This is essentially a 2 BR, 1 bathroom house with a small study, and a small rec room downstairs, on an ok block in Windsor Terrace. yes, it is nicely done inside. Yes, it is 2 1/2 blocks from the park.

But still. It's in Windsor Terrace. The only subway within striking distance is the F, which along with its other issues, often skips both the 15th St. and Fort Hamilton stops. The houses on either side (and on much of the rest of that block) are even less attractive on the outside than this one. Maybe someone would pay $1.2 million for it, though we would not. Again, for that amount, there are still some nice renovated frame houses of this size in the slope, albeit they are down around 5th Avenue.

But - more to the point - tell me how those sellers are going to settle for $1.1 or $1.2 million when they think they should get $1.45? This smells to me like people who don't really need to move any time soon - and my prediction is this sits on the market a few months and then they pull it in hopes of better luck next fall/spring. Waste of time all around.

On the other hand, if I'm wrong, then I imagine we'll see a stampede of people looking to unload their houses in WT since this would indicate prices are at a previously unseen peak and are well above where they were at this time last year. Does that really seem likely?

Posted by: guest at March 9, 2008 7:46 PM

7:34 - broker or owner?

OK, so president st. house is in 282 - my bad. we saw it a while ago. even without the ps 321 premium, it's still a nice, renovated brick house in park slope, for less than an ugly, smaller, renovated house in windsor terrace.

keep dreaming.

Posted by: guest at March 9, 2008 7:52 PM

7:52 not broker or owner-are you? Just like to have the facts straight.

Posted by: guest at March 9, 2008 8:00 PM

8:00 - not a broker, and not the owner of any of the houses discussed on this thread. doesn't change the facts though.

Posted by: guest at March 9, 2008 8:15 PM

Did anyone discussing the WT house actually see it in person?

Posted by: guest at March 9, 2008 8:18 PM

The 16th Street house had estate issues, can't be sold until the fight is resolved. So it hasn't sold for 1.2 or whatever the last bid was.

Posted by: guest at March 9, 2008 9:16 PM

Analysts and real estate experts (such as wall streeters who deal with real estate products) are forecasting major price drops in even Manhattan and prime Brooklyn. I would be reeaaaallly careful if I were a buyer in this market... If you buy at these asking prices, you are asking to lose money on your investment. Offer way less than ask (15-20%) and start from there as a negotiating point. Caveat Emptor- especially right now!

Posted by: guest at March 9, 2008 10:31 PM

There are currently 9 houses for sale in Lefferts Manor. And quite a few more on the edges of it. Which is a lot for the relatively small area. I can't remember a time when there was more than 2 or 3 for sale at the same time.

Posted by: guest at March 10, 2008 10:22 AM

Seems like the Jackie Wong property went to a short sale. Silent bid auction was held. The bid form required a 7% buyer's fee on top of your max bid. It would have been cheaper to bid the house when it was offered at 999k. She wanted bidding to start at 969k. With fee, that puts the house way over previuos ask. Nuts. Home needed work as well. No contingency for not attaining financing in 30 days. Would lose deposit and earnest money for sealed bid requirement.

I went to an Open House this weekend in LM at 72 Rutland Rd. Very nice, clean, and well represented by Jerry Minsky and Jacqui Howard at Corcoran. Cabinets in the ground floor kitchen aren't the best. Nice wolf oven and sub zero fridge but no exhaust hood? Incomplete. Big house, original details are great.

Midwood home Open house, immaculate. Bathrooms, kitchen, details, you probably could've eaten off the floor. 1.15m, humm. Steep. Comp. house was on Lincoln road and sold for $1.15m-286 Lincoln road. It was sold at the top of the market and redo looked great. I don't doubt this home on midwood isn't worth their asking price but $1.15m nowadays when 20% is required down and lending practices aren't as loose, definitely cuts down the list of exhuberant bidders tremendously. A nice home on a great block. But times are different. We'll see how long it lasts.

Posted by: guest at March 10, 2008 10:28 AM

10:28, You have the wrong address. The house on 72 Rutland Rd.is in contract.

Posted by: guest at March 10, 2008 10:50 AM

You are right. 73 Rutland Rd.

Posted by: guest at March 10, 2008 10:54 AM

I saw both this Midwood house and 286 Lincoln, and there's no comparison. Lincoln was much nicer and with a far better renovation. The Lincoln house was an exception for 2 story homes in the LM, not the rule.

A far better comp for the Midwood house is the identical house on Midwood right across the street that sold last spring for 925K. That had the same floor plan and details and a very similar renovation. I'll bet this goes for around 925-950K.

Unless I'm mistaken, the Jackie Wong house is still for sale. Are you saying that it sold?

Posted by: guest at March 10, 2008 11:52 AM

I can't confirm any sale on the Jackie Wong house-42 Midwood. I haven't been in contact since the Open House in February. The paperwork for the bid read that the highest bidder pending approval from the bank would get firts dibbs. However, JW suggested an opening bid of 969k in the NYTimes ad. Not sure it sold.

Midwood house last year was interesting. I think it was offered by A&H. The inside was rough to say the least. Many projects were started and not complete. Can't be an equal comparison. Whether or not the house sells for the record $1.15m is another story.

Posted by: guest at March 10, 2008 1:47 PM

There was another house on Lincoln Rd brokered by Century 21 (not the BHS one) that sold recently for a million and it wasn't renovated. A renovated 2-story house on Maple II sold for $970K in 2006. Did the unrenovated house on Maple II that was listed very recently for $1.1 million (previously too high at $1.3 million) sell? I don't see it now in listings.

Posted by: guest at March 10, 2008 1:58 PM

Now I see the house at 133 Maple is still on the market. I made the mistake of looking on the broker's Century 21 Block & Lot website for it, not the NY Times. Why do people list with brokers who have useless websites they don't bother to update?

Posted by: guest at March 10, 2008 2:04 PM

I agree with 1:47. The other Midwood house across the street was not an equal comparison to this one.

Posted by: guest at March 10, 2008 2:06 PM

1:58, those 1 million and over listings that sold were 3 story homes.

Posted by: guest at March 10, 2008 2:20 PM

The Lincoln Rd houses that sold for over a million were 2-story plus garden level.

Posted by: guest at March 10, 2008 2:32 PM

"The Lincoln Rd houses that sold for over a million were 2-story plus garden level."

That is a 3 story. This Midwood house is a 2 story plus English Basement. There is a huge difference.

There was one Lincoln Road that was a 2 story that sold for this price, but it was in another class and is not a realistic comp for this house.

I liked this house. It is sweet and nicely renovated. I just think the price is completely out of whack given recent comps.

Posted by: guest at March 10, 2008 3:14 PM

What is a realistic price for a 2 story home with english basement in good condition in LM?

Posted by: guest at March 10, 2008 3:59 PM

258 Lincoln 2 story with English basement sold for $1.15 in October, so that's the comp, altho according to many of these posts, it was a much nicer reno. I'm thinking this Midwood 2 story is worth just under a mill.

Posted by: guest at March 10, 2008 8:42 PM

Yes, 258 Lincoln was much nicer. For this house, I'd say 950K to 995K, depending on the actual state of the market in LM/PLG right now, which is hard to judge.

Posted by: guest at March 10, 2008 8:47 PM

the 73 rutland rd ask is 1.35? seems a bit steep... what are the comps for the 3story homes in LM?

Posted by: guest at March 10, 2008 10:22 PM

What is the school situation in LM/PLG? I heard they are failing & are pending shut-down?

Posted by: guest at March 10, 2008 10:27 PM

10:27, everyone I know in LM sends their kids to private schools, except for one who moved from PS after their kids where alreday in school and got their kid 'grandfathered' in to 321. I know a family that moved to LM thinking they could get their kids into another district, but they couldn't--now they lived in Westchester.

Posted by: guest at March 11, 2008 10:41 AM

10:22, I believe the highest paid for a 3 story was 1.3. It was beautifully renovated. But there may have been one that sold for 1.35. The comps mentioned in earlier posts for 995K to 1.1 are all 3 story houses. There is a 3 story limestone on Midwood for sale for 1.15 now. So, depending on condition, the 3 story brownstones/limestones have sold in the range of just under 1M to 1.3, 1.35. (The 3 story brick houses tend to be a lot cheaper, though I haven't seen one for sale in a long time).

Posted by: guest at March 11, 2008 11:02 AM

11:02-

The highest paid for a beautifully renovated 3 story was $1.450 and another 3 story (less spivey but in great condition) for $1.375. Others needing reno work sold in the $1.3 range. I think someone posted earlier about a super-reno of a 4-story selling for $1.665. I believe these were all LM addresses.

The three story limestone for sale on Midwood for $1.1 millon is a bit of a stretch for its condition. A brick on that block went for $1.15 last year and it needed updating. The 2 story on Midwood is just as nicely renovated as the one on Lincoln Road that went for 1.15 last year and Midwood is a nicer block.

Posted by: guest at March 12, 2008 5:01 PM

5:01 must be the realtor!

The house that sold for 1.4 was a beautifully renovated 25 foot wide mansion with a private garage, and is certainly not a comp for the average 3 story. Indeed, that house (which was originally listed at 1.6M) was one of a kind in the neighborhood.

The only 3 story homes selling in 1.3 range were fully renovated.

The 1.65 house was indeed an amazingly renovated, super mint 4 story on Midwood I. Probably the nicest house in the area, and by far the highest price ever paid.

The 3 story brick that sold for 1.15 was on Midwood 1 as well, and had a private garage. That was the highest ever paid for a brick house in the area.

And I've saw this house and 258 Lincoln and Lincoln had a much, much better renovation as well as far more details.

The house Bob Marvin says just sold for "just over 1 million" was purchased a year ago for 1.15M. The owner decided he didn't want to live there and put it on the market. That would indicate a drop in the LM market.

Posted by: guest at March 12, 2008 9:12 PM

Corcoran just went to contract on a 4 story on Midwood, in the same row as the one that sold for 1.66. It had all of the original details but needed some work. It was listed at 1.4 but then the price was reduced to 1.35. My realtor says that it sold for 1.3.

Posted by: guest at March 12, 2008 11:40 PM