House of the Day: 383 3rd Street

Agreed about price. House is pretty standard on the inside, not much detail. Floors look relatively new.

Posted by: guest at May 27, 2008 1:37 PM

This house looks really nice. What makes you say it seems overpriced by 10%? It seems to be priced under many other similarly sized corcoran listings. For example, just looked at listing for 106 Lincoln which is priced $300,000 higher!

Posted by: guest at May 27, 2008 1:39 PM

Property Shark has this house listed as a 4-family.

Posted by: guest at May 27, 2008 1:43 PM

Oh boy I can't wait to see what "The What" is going to write.

Oooooh, I hope he calls me an asshat. How cool would that be?

Maye I can get an autograph.....?

Posted by: guest at May 27, 2008 1:45 PM

106 Lincoln is EXTREMELY overpriced. This one is too when you consider all the upgrades that the buyer will eventually have to do. It does have some nice detail intact but in addition to the kitchen it will probably need new plumbing, electric, mechanicals who knows what else. Agreed it is in a prime location, but it's still an old house.

Posted by: guest at May 27, 2008 1:49 PM

90' long lot--fuhgeddaboutit!

Posted by: guest at May 27, 2008 1:50 PM

1.8m tops

Posted by: guest at May 27, 2008 1:52 PM

you think you could at least get real HVAC for that kind of $$$$$

Posted by: guest at May 27, 2008 1:59 PM

why would you assume the house needs new mechanicals, electric and plumbing, 1:49?

seems like a really odd thing to assume...

Posted by: guest at May 27, 2008 2:00 PM

All brownstones are old. If you want new, move to Orlando.

Posted by: guest at May 27, 2008 2:02 PM

seems underpriced to me.

Posted by: guest at May 27, 2008 2:05 PM

seems overpriced to me.

Posted by: guest at May 27, 2008 2:07 PM

2:02 answered the "why", because all brownstones are old. There aren't too many that have had complete renovations. 100 year old house, chances are it hasn't had any of the internal systems upgraded in years. It's about time.

Posted by: guest at May 27, 2008 2:08 PM

As far as I know, the mechanicals on this home have been updated.

Posted by: guest at May 27, 2008 2:10 PM

isn't this house near that sketchy playground where the drug dealers do business?

Posted by: guest at May 27, 2008 2:13 PM

The listing says "the mechanicals are in perfect working order", but that doesn't mean updated. Must be old or they would probably say otherwise.

Posted by: guest at May 27, 2008 2:14 PM

Sigh, that's darn close to being my dream house in my dream location. If I had $2.5 mil, I'd offer it.

Posted by: guest at May 27, 2008 2:16 PM

"isn't this house near that sketchy playground where the drug dealers do business?"

Nope.

That's in Prospect Heights.

Posted by: guest at May 27, 2008 2:17 PM

where's the closest subway?

Posted by: guest at May 27, 2008 2:24 PM

Seems pretty shallow

Posted by: guest at May 27, 2008 2:26 PM

N/R train at Union/4th

2/3 at Bergen

F train at 4th/9th

Posted by: guest at May 27, 2008 2:28 PM

"2/3 at Bergen"

That's a LONG walk--you can't count that train.

Posted by: guest at May 27, 2008 2:30 PM

Come to think of it, all the trains you listed are far from this house, which is why the Center Slope sucks.

Posted by: guest at May 27, 2008 2:32 PM

Nice Staten Island-type concrete driveway thing. Classy.

Posted by: guest at May 27, 2008 2:33 PM

what are the boundaries of Center Slope?

Posted by: guest at May 27, 2008 2:35 PM

This house is too close to 5th Avenue. It can get pretty scary along that strip at night. Lots of shady characters, prostitutes, dealers, and even a few wild dogs. Not too appealing for families.

Posted by: guest at May 27, 2008 2:37 PM

In the summer you can hear the noise from The Gate all night.

Posted by: guest at May 27, 2008 2:39 PM

2:30/2:32

Can I ask you both something...?

If this apartment were on Avenue B and 6th Street, would you have said the same thing? How about on 77th and 1st? 52 and 10th? 78th and Riverside Drive?

No one in Manhattan thinks a 10 minute walk to the train is obscene, but for some reason if you aren't literally on top of a subway in Brooklyn, it's too far. I really don't get it.

The alternative for many was moving to the suburbs. So I think staying in the city and being a few extra blocks away from the train to get a house which you'd pay 3 times for in Manhattan is worth it.

Maybe this attitude is why Brooklynites are fatter?

Posted by: guest at May 27, 2008 2:41 PM

2:37 I think you this is the price to buy the house now, not in 1992.

Posted by: guest at May 27, 2008 2:42 PM

Yes that is the park with seedy characters and drug dealers. I know it's sounds shocking to some, but I'm afraid that's the case. I live across the street from the park and I see it all the time.

Posted by: guest at May 27, 2008 2:42 PM

2:37. You are living in 1993.

5th Avenue is amazing. Especially in the evening. Al di La (one of the best Italian resturants in the city) is around the corner. As are 100 other fine bars/restaurants/shops.

Posted by: guest at May 27, 2008 2:44 PM

2:42/2:37. Please move to Idaho. If you think 5th Avenue and 1st Street is scary now, you really need to leave the city.

I'm dead serious.

Posted by: guest at May 27, 2008 2:45 PM

a small point to make as someone who lived in manhattan for many years and moved to park slope last year...i never thought it would be the case, but i've found that, especially on the weekend, i don't ever take the train. there is so much to do here in the neighborhood...the park...the restaurants and bars, the shopping, a quick bus up vanderbilt to the flea market.

so while the trains in the center slope are a little farther than they are in the north, it has had little bearing on my life because even in manhattan i didn't find my neighborhood this all inclusive.

it's nice to not feel like you HAVE to leave your neighborhood. i had a long 4 day weekend and left for manhattan only once on saturday night (it was fleet week, and HAD to hit some gay bars in the east village with friends) but otherwise was perfectly content here in ps all weekend. the park was magnificent.

Posted by: guest at May 27, 2008 2:49 PM

too easy...

Posted by: guest at May 27, 2008 2:50 PM

Brownstoner- lets see, you did Wall Street a blogg and now you think you are broker? WTF? Slow day?

Posted by: guest at May 27, 2008 2:52 PM

Is 2:49 the broker? sounds like a shill to me.

Posted by: guest at May 27, 2008 2:54 PM

love the location...near all the best of 5th ave

Posted by: guest at May 27, 2008 2:55 PM

Don't know, 2:54, but Tracey McLean (broker) doesn't look like a lezzy to me.

Unless she's one of those hot lipstick ones...

Posted by: guest at May 27, 2008 2:57 PM

Park Slope is sketchy

Posted by: guest at May 27, 2008 3:01 PM

The idea that Al Di La is one of the best restaurants in the city is just plain stupid. It's not even the best italian restaurant within walking distance of this house.

The complaints about 5th avenue are obviously jokes.

Posted by: guest at May 27, 2008 3:01 PM

Where/what is the Gate?

Posted by: guest at May 27, 2008 3:06 PM

3:01....below is from Zagat 2008. Or do you know better than they do...?

ZAGAT's TOP ITALIAN RESTAURANTS

Top Five Restaurants in New York City

1. Babbo, 110 Waverly Place, Manhattan
2. Il Mulino, 86 W. 3rd St., Manhattan
3. Roberto, 603 Crescent Ave., The Bronx
4. Al Di La, 248 Fifth Ave., Brooklyn
5. Scalini Fedeli, 165 Duane St., Manhattan

Posted by: guest at May 27, 2008 3:21 PM

The Gate is a wonderful neighborhood bar on the corner of 5th and 3rd.

Posted by: guest at May 27, 2008 3:22 PM

thanks 3:21. i'll continue taking my restaurant advice from zagat instead of from anonymous posters on blogs as well. i love al di la also...as someone born in italy, it very much reminds me of home. favorite place in park slope...

Posted by: guest at May 27, 2008 3:28 PM

ZAGATS????? This is no way to judge a restaurant. Please. ZAGATS is a popularity contest. That said Al di la is a very good restaurant. But I would rather eat at gramercy tavern.

Posted by: guest at May 27, 2008 3:35 PM

most people i know in nyc refer to zagats for restaurant recommendations. judging by the wait at al di la any night of the week, i'd say they serve good food.

that being said, the last time i ate at grammercy tavern, a roach crawled on our table.

Posted by: guest at May 27, 2008 3:42 PM

when did this turn into a blog about the merits of Zagat?

Posted by: guest at May 27, 2008 3:47 PM

al di la is a great italian restaurant and one of the only in PS to distinguish itself. i personally think dining in PS is pretty mediocre, but al di la is terrifc. not sure what that poster was talking about...

if you like al di la, would also recommend aurora in williamsburg (recently opened a 2nd restaurant in Soho now, too -excellent + authentic). and, PT, on bedford offers special tuscan food/wine 5 course meals.

Posted by: guest at May 27, 2008 3:59 PM

Curious to know why Corcoran consistently lists houses at such inflated prices? If you look at their list sheet vs. Brown Harris Stevens, nothing is in contract. Does Brown Harris Stevens start high too and then convince sellers to negotiate? I know several buyers who have made reasonable houses on corcoran listings (10% below ask)and sellers have not even countered. Brown Harris listings seem to move to contractmore quickly. Anyone in the know?

Posted by: guest at May 27, 2008 4:16 PM

So this house's yard backs up into The Gate's patio and noise?

Posted by: guest at May 27, 2008 4:19 PM

Corcoran doesn't do much in the way of posting properties listed as in contract. They just dissappear from the website after a while. That's really the only difference.

BHS is great about updating their website with that info.

Posted by: guest at May 27, 2008 4:20 PM

Speaking of...Brown Harris Stevens is DOUBLING the size of their Park Slope/7th Street location. The sign is already up and the store next to it has already moved next door to make room.

Seems that would indicate they aren't doing too badly, even in this market...

Posted by: guest at May 27, 2008 4:22 PM

Anyone know how 381 3rd street stacks up. It just sold for $1,333,333.

Posted by: guest at May 27, 2008 4:29 PM

381 3rd was a shell.

Posted by: guest at May 27, 2008 4:44 PM

A shell? Doesn't look like it was a shell. Maybe it was just old and needs updating. I'm guessing it needs more than this house will, but from the outside it certainly doesn't appear to be a shell.

Posted by: guest at May 27, 2008 4:49 PM

381 had rent controlled tenants.

Posted by: guest at May 27, 2008 5:00 PM

BHS has been allegedly doubling in size on 7th Ave since some time last year. Have they moved in yet or did they change their mind?

Posted by: guest at May 27, 2008 5:08 PM

A shell or rent controlled tenants? Which one was it? Maybe it was haunted, maybe it was just a good deal.

Posted by: guest at May 27, 2008 5:08 PM

How does this house compare to 318 1st street? 1st street house is priced lower, but smaller.

Posted by: guest at May 27, 2008 5:10 PM

5:08 - You are correct. I heard about the BHS expansion a year ago and then nothing happened. In the last month though, that place that was next to it, Score moved down, the signage was replaced with a large BHS sign that covers both it's original spot and the newly expanded spot and I saw workmen in there last week. Seems it is finally happening for real.

That's the building owned by that character Nicholas Kotsonis who says it "pays" to keep stores vacant. Not my idea of a landlord looking out for the neighborhood, but I digress.

Posted by: guest at May 27, 2008 5:12 PM

Most brownstones I've seen which house rent controlled tenants usually look like a shell, so perhaps it's both??

Posted by: guest at May 27, 2008 5:13 PM

$2ml plus and no granite countetops and a white frikkin stove?

Posted by: guest at May 27, 2008 5:44 PM

Interesting how there suddenly are all these homes for sale on 3rd Street. Is this the first sign of an uptick of house inventory? Seems the apt uptick has been going on for a while...

Posted by: guest at May 27, 2008 7:38 PM

yup, there is probably going to be some more inventory, 7:38. have you by any chance heard what's going on in the rest of the united states or did you think we literally would feel nothing here?

or are you trying to start something? it's so silly to make these comments as if you are bringing something new to the table.

yes, inventory is rising. everywhere. it's not the end of the world. people are still buying homes. not as often as they used to. and not at the same insane prices. these are all good things.

ride it out and find a new hobby in the meantime.

Posted by: guest at May 27, 2008 7:42 PM

7:42 - why the hostility? Prices have been kept high by lack of inventory which has been very low in prime neighborhoods, so I see no reason to chew someone out for pointing out that's changing. And many people have said NYC is immune, but maybe it's not. Anyway, prices are certainly still very high, so sellers should feel fine selling. And hopefully there can be more transactions if indeed prices become a bit more affordable (while still way beyond what most sellers originally paid, and thus still a good deal for them). All to say that we probably don't disagree - but the gratuitous meanness is always a bummer on this blog.

Posted by: guest at May 27, 2008 7:52 PM

"the gratuitous meanness is always a bummer on this blog"

you are SO right, 7:52.

Posted by: guest at May 27, 2008 8:10 PM

sorry kids, but when someone starts a sentence with "interesting....there's more inventory," the "interesting" is trying to be snarky.

wake up and smell the coffee folks.

he/she has posted that EXACT same comment on other 3rd street listings here for the past month...

word for word...

Posted by: guest at May 27, 2008 8:34 PM

Exactly what coffee are we supposed to be smelling, Mr. NoCaps?

Posted by: guest at May 27, 2008 9:04 PM

Hi, I'm the poster who pointed out growing inventory of 3rd Street homes. I can assure you that I did not post the other comments. I don't have the time to revisit what others said about other 3rd Street homes but I doubt it's truly word for word. Maybe others have simply noticed the fact that quite a few 3rd Street homes have suddenly come on the market. I don't quite understand why saying this is "interesting" means I'm being snarky. Anyway, this house looks like nothing very special. Friends of mine bought a similar house only a year on 3rd bet 5/6 or so ago for 2.2 so I would think this would start heading down towards that number. Doesn't seem like the kind of house that would inspire a buyer to fall in love to the point of irrationally overpaying.

Posted by: guest at May 27, 2008 9:23 PM

This house has received an offer.

Posted by: guest at May 27, 2008 9:56 PM

9:56 - How do you know it has received an offer? Are you the broker? How else would you know? And if you know so much, what price was offered?

Posted by: guest at May 27, 2008 10:06 PM

1 billion dollars...

Posted by: guest at May 27, 2008 10:44 PM

This house needs an offer of landscaping for the front "yard."

Posted by: guest at May 27, 2008 11:30 PM

Plug in the $2000 rental x 4 to the NY Times calculator today http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?.

Fair value (breakeven at 5 years) is no more than $1.3 million.

That's actually a rather high rent ratio relative to gentrified brownstone neighborhoods between 1970-1995 -- only in the peak boom year of 1987 did it get that high. Using the historic ratio of 8-10 x annual rent, the sale value would be under $1m with this rental value.

Also, the Times calculator is probably weighted towards purchase for brownstoners: it uses some kind of average data for repairs, but our houses are older and repairs should be more expensive than average.

Posted by: guest at May 28, 2008 10:37 AM

Well, since this was posted, it already got a 100K price chop, so clearly someone is getting nervous about the market... I'd be very interested to see what this goes for if they are already cutting the price right out of the gate. By Brownstoner's estimate, it needs at least another 150K reduction, not to mention buyers lowballing...

Posted by: guest at May 28, 2008 11:28 PM