House of the Day: 520 11th Street

there wee multiple bids and it should go for well over ask

a true masterpiece in brooklyn

i offered 2.8 but was outbid

maybe next time

Posted by: guest at June 10, 2008 1:30 PM

Overpriced by at least $700k.

Posted by: guest at June 10, 2008 1:31 PM

the world has gone insane. how can you NOT look at these houses -- at these prices -- and think it's just WAY too high.

Posted by: guest at June 10, 2008 1:31 PM

I just choked on my lunch. Truly delusional sellers. FSBO gone bad. Ha!

Posted by: guest at June 10, 2008 1:33 PM

This is why I'm giving up on park slope.

Posted by: guest at June 10, 2008 1:36 PM

Is this a joke? Just doing an basic 15X annual rent equivalent, it would mean that this place would rent for $12,500 a month. I mean, seriously.

Posted by: guest at June 10, 2008 1:41 PM

That is like the least amount of effort and information made on any real estate listing ever.

I'd be surprised if anybody showed up at that open house. Except maybe some neighbors on the block out of curiosity.

Posted by: guest at June 10, 2008 1:42 PM

yesterdays place was 2mil and much nicer.

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

Here we go again with the conspicuously absent photographs of the kitchens and bathrooms. If you're going to claim "high income" apartment and "completely reno'd", then you'd better show me the goods. Grossly overpriced and way out of touch with the reality of north vs. south slope prices.

And they surely can't imagine that anyone in this economy is going to be delighted by the prospect of maintaining a koi pond, right?

Posted by: guest at June 10, 2008 1:49 PM

Is this some reality tv come on? like the place a completely blah place on the market for a zillion dollars and then see what insane people show up?

I think the city should lose the mansion tax and instead impose a flip tax on sellers. 3% of profit and then a step-down every 5 years of residency.

Posted by: guest at June 10, 2008 1:53 PM

1:49- That isn't a koi pond- that's the picture of the bathroom that you were looking for.

Posted by: guest at June 10, 2008 1:53 PM

way too high.

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

1:53 - That would make sense, since these owners are clearly full of it.

Posted by: guest at June 10, 2008 1:59 PM

I've been to basically every open house in the neighborhood similar to this, and I chose to skip this one because the price was absurd and there were no pics. I guess price would not be so bad if I did not suspect there were $400k in renovations to do.

Posted by: guest at June 10, 2008 1:59 PM

I've been to basically every open house in the neighborhood similar to this, and I chose to skip this one because the price was absurd and there were no pics. I guess price would not be so bad if I did not suspect there were $400k in renovations to do.

Posted by: guest at June 10, 2008 2:00 PM

No need to react to asking (wishing) prices. The market has turned. Submit your lower (saner) bid and smile. Don't be 'scurrred'.

It's time for delusional sellers to fret about "low" bids.

Posted by: guest at June 10, 2008 2:03 PM

This listing is a joke. Not real.

Posted by: guest at June 10, 2008 2:03 PM

Let the guy ask what he wants. If he gets asking god bless . You people! really.

Posted by: guest at June 10, 2008 2:03 PM

I saw this place on Sunday.
The owners are very nice people, but truly delusional with that asking price. The details are all a bit strange (faux marble painted molding, faux brick looking facade) I think the selling price should probably be around 1.3
Anyways, good luck to them!

Posted by: guest at June 10, 2008 2:13 PM

I attended the open house. There were at least 4 other couples there as well with a couple coming in when we were leaving...

It's a very cute house on a very nice street and we thought about making an offer (a MUCH lower one, mind you!), but the owner told us they had one already, but would let us know if it fell through. We have heard nothing since...

Posted by: guest at June 10, 2008 2:14 PM

I think this is priced too high, but only by about 400k. I wouldn't comp this out against fort green or propect heights. This is Park Slope after all, one of the most pleasant places to live in the city.

Posted by: guest at June 10, 2008 2:15 PM

In they get asking, im putting my brownstone up for 6 million!

Posted by: guest at June 10, 2008 2:24 PM

Wow!! That is a lot of money to live next to one of the most active firehouses in Brooklyn. This is overpriced by 700K in last years market.

Posted by: guest at June 10, 2008 2:25 PM

For this price, this house needs to be:

1) One floor taller
2) On a more prime block
3) Dripping with detail
4) In mint condition

It is none of these.

Posted by: guest at June 10, 2008 2:25 PM

1:53 -- good one!

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

"This is Park Slope after all, one of the most pleasant places to live in the city."

No. It's South Slope. Different place altogether, but even in the slope, people don't have to pay 2.25M for 3/4 of a house.

Posted by: guest at June 10, 2008 2:35 PM

This area has a great vibe and feel, this is park slope, like it or not!!

Posted by: guest at June 10, 2008 2:49 PM

2:35: i get that this place is way overpriced, but since when is a 3-story house "3/4 of a house"? or were you talking about the fact that it's got an apartment? anyway, depending on how wide it is, i think 3 stories is just exactly right. in fact, it's the 4-story places that are out of proportion for a house.

Posted by: guest at June 10, 2008 3:01 PM

South Slope is still a terrific place to live. I prefer the North, but to me all areas of Park Slope are quite pleasant and beautiful.

The addition of Union Market in the South Slope in the last year just goes to show that the area has "arrived" as it were.

And the schools are getting quite good as well, from what I hear.

Posted by: guest at June 10, 2008 3:13 PM

Nice to hear from the commenters who attended the open houses. If they do, in fact, get their ask or anywhere close to it, I will simultaneously weep and jump for joy. We're not far from here and it will certainly make me look at our four rooms and a bath in a whole new light. Still, I never enjoy proof positive that there is, in fact, a sucker born every minute. The price on this is just mind-blowing.

Posted by: guest at June 10, 2008 3:18 PM

Wow. I want what they are smokin.

Posted by: guest at June 10, 2008 3:26 PM

Here is what I find funny:

I guess this is a FSBO. Hence the lack of anonymous comments (from the broker) about how it's really lovely, cute, underpriced etc.

Posted by: guest at June 10, 2008 3:41 PM

I don't think this is as overpriced as people are claiming. It certainly could be off by $500k, but there is no realistic way it is off by $1M compared to other recent sales.

Posted by: guest at June 10, 2008 3:47 PM

A nice house this size in one of the more beautiful areas of Los Angeles, Seattle and Boston costs this much, so why can't something in New York?

I'm not saying it's not overpriced, but it will certainly sell for at least 1.7-1.8 million...

Whether you want to admit it or not, Park Slope has become one of the most desirable places to live and raise a family in the entire city.

It's also now beginning to attract Europeans, has more than one great school and more shops/restaurants and bars than you'd know what to do with.

Hell..I'd move there if I could afford it.

Posted by: guest at June 10, 2008 3:49 PM

I saw this house and it is definitely overpriced - not very big, but the worst part was that the owner did what he evidently thought was a tasteful renovation which was in fact, as the NYT real estate section delicately put it on Sunday, "too specific". Frankly, if I were to buy the place, I'd want to redo everything since his taste veers towards a Liberace aesthetic. I think even 1.8 is a stretch - if this was priced at 1.6-1.7, that would make a lot more sense. Also, the koi pond is just gross and tacky - weird rubber lining that looks cheesy. The owner must not be very motivated, or else I imagine he'll have to come down quite a bit in this market.

Posted by: guest at June 10, 2008 3:53 PM

I agree 3:47. I think it will go for around $1.6M.

Posted by: guest at June 10, 2008 3:55 PM

we used to live three houses up from this place. the sellers are crazy with greed. this is literally almost next door to a fire station and you would hear sirens going by your door pretty much every single night. leaving aside any considerations about the condition of the house itself, that fact would warrant a pretty major discount, at least in my book. it is a small three story house.

I don't believe for a minute that the sellers have an offer anywhere near asking price.

Posted by: guest at June 10, 2008 4:02 PM

i think a much smaller house just sold on 12th for around 1.8 million....

Posted by: guest at June 10, 2008 4:06 PM

This IS in fact really overpriced, I've been in the neighborhood looking at houses the past year (closing on a house which is roughly 150 sq ft smaller end of this month, 2 blocks away that is more than a million cheaper) and judging by recent comps, it's about 1 million over. I wonder how Brownstoner picks these houses of the day. It would be great if they could actually feature decently priced ones. By featuring something this overpriced, it is free advertising and promotion of sellers' overblown expectations.

Posted by: guest at June 10, 2008 4:09 PM

I like South Slope, but using Union Market to justify a massively inflated price tag is just silly. I feel that the people chiming in about how Union Market is proof that the South Slope has "arrived" have a vested interest in pumping up the real estate values, but having a grocery store nearby is simply not worth several 100K!! This place is a overpriced by a minimum of 400-500K - should someone buy it even close to ask, I suspect they will regret it....

Posted by: guest at June 10, 2008 4:15 PM

The owner must sell men's suits at Macy's.

Posted by: guest at June 10, 2008 4:28 PM

Where are pictures of the terlits and the frig?

Posted by: guest at June 10, 2008 4:29 PM

5-6 years ago these houses were going for $400-$500k. Wish I'd bought then, as even in this market you'd at LEAST double your money ... but $2.25 million for this crapola is truly insane.

Posted by: guest at June 10, 2008 4:39 PM

Does the pond attract mosquitoes?

Posted by: guest at June 10, 2008 4:43 PM

4:30-- These houses were not going for 400-500K 5 or 6 years ago. They were going for 700-950 or more depending on the block.

Posted by: guest at June 10, 2008 4:49 PM

4:29, in 2003 these were selling or 400K? I don't think so. We bought our house a block away from here in 2003 for 750k.

Park Slope has actually had quite moderate price appreciation over the years. In 1997, homes in the North Slope were already fetching a million for the nice ones. It's places like Bed Stuy, Prospect Heights, etc where you could buy a house in 1997 for 150k and now they are worth a million which have seen the astronomical price appreciation.

In Park Slope it's about three times what it was 10-15 years ago. In some of these fringe hoods, it's been more like 8-10 times.

Those are the places that are in severe need of a correction.

Posted by: guest at June 10, 2008 4:58 PM

Short a floor ans short on sense.

Posted by: guest at June 10, 2008 5:02 PM

i remember looking at a house in 12th street in 2003. it was for sale for 1.1 million.

not sure where you got the idea that these were selling for 400K 5 years ago. that's just not correct.

Posted by: guest at June 10, 2008 5:12 PM

Not everyone likes Park Slope - North or South.
I much prefer to live in Fort Greene - a Much cooler vibe and mix of people. I had a choice - also I could easy say that at least 15 people that i mention Ft Gr over Pk SL pick FT GR.

Posted by: guest at June 10, 2008 5:17 PM

Nice try 5:17, but I am not feelin' the P-Slope Hater thang right now.

Posted by: guest at June 10, 2008 5:36 PM

or prospect heights. more transit options than SS and some blocks are much prettier. (not saying anything about this block, since i don't know it.)

Posted by: guest at June 10, 2008 5:36 PM

Ft Greene is too far from decent subways and the only affordable rentals are by the navy yard.

it does have much better housing than any below 12th street tho. Not a better mix imo tho.

puerto ricans and polish win me over.

Posted by: guest at June 10, 2008 5:47 PM

Hey, if you're looking in this price range- I have a 25 x 60 duplex with a 1500 sq ft. basement that I will be moving from in one year. It's in prime Slope (8th and Lincoln) in a five story brownstone, dripping with details, garden, terrace, 14 ft ceilings on the parlor floor, huge rooms, great kitchen- fancy appliances, 2.5 new bathrooms. Oh . . .and three bedrooms.

7183981690

Posted by: guest at June 10, 2008 6:35 PM

"Ft Greene is too far from decent subways and the only affordable rentals are by the navy yard."

?????????
Uh...

Fort Greene has major transportation. Hello.
It is a tiny nabe really with the Atlantic/Pacific/LIRR hub and the DeKalb, Lafayette and Fulton G stations to round it out.

I think a lot of the cheaper rentals you're talking about are in Clinton Hill which, yes, is far from the subway. The Landmarks Districts have Vanderbilt Ave. as their boundary.

Frankly, I didn't know one could say there are any "affordable rentals" anywhere in FG. The extreme northern side of FG may be cheap for all I know...but most of FG is pricey to pricier.

Posted by: guest at June 10, 2008 7:46 PM

You tell'em Nokia!
FG is v-e-r-y convenient. It can be a little bit of Williamsburgh and and a little Park Slope and you can walk down to BAM for a movie in, like, five minutes. So, ephing easy that way. I always here my PS friends say,"It's only 7 blocks to the subway from my house!"...and I think...uh, my house to the subway is a block or two and I have tons of choices, get to most of Manhattan without having to change trains.

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

I saw this place with a broker who knows the owner - even the broker conceded that the owner overpriced it. This place has been on the market well over a month now, and I doubt there are any bites at this price.

By the way, another former HOTD (5th St bet 6/7) just lowered their price by over 200K - people in this market need to learn to be careful not to overprice right out of the gate - the property will just linger and linger and then price cuts will happen but by then it may be too late. 601 President was fatally overpriced and had price cuts many many times until it sat at 1.4 for almost a year and then the owner had to just take it off the market - if it sits too long, it gets stigmatized and people start to wonder what's wrong with it. Much smarter in this market to underprice a bit and hope for a higher offer - I bet if the owners had put this on at 1.5-1.6 it would have been snapped up fast - anything above that is actually a bit risky IMO, and the current price is simply ludicrous.

Posted by: guest at June 10, 2008 8:58 PM

I would put an offer in for this place at $3m. Sure, it lacks some things, but in the end, I think Park Slope is only going up. EVERYONE wants to live there. Nice place!

Posted by: guest at June 10, 2008 9:03 PM

Actually, I've seen a number of places chop their prices after coming on market overpriced. There's a house on 11th St bet 6/7 that Corcoran is pushing at 2.2 and now they've given the same listing to Oricchio-Andersen for 1.995, and I even saw a FSBO post for it at 1.7 (talk about desperate). Another house, 6th Ave bet 6/7 Ave started just above 2mil and has been slashed about 200K. And don't forget that Corcoran HOTD on 3rd street that shaved off 100K after just one day on the market (second thoughts, I guess) but is still lingering. Owners - stop being greedy, price it right, and you'll come out just fine (and still make plenty more than you paid originally, if you bought it anytime before the last 4-5 years...)

Posted by: guest at June 10, 2008 9:25 PM

Holy Crap. Park Slope is pulling a Carroll Gardens on us.

Posted by: guest at June 10, 2008 9:42 PM

Hi. I live in the Bronx. I live in a basement apartment that my friends let me rent for a really low price. If it weren't for them, I would be homeless. I went to Hostos CC. I sell kitty litter for a living. I know everything.

- What, a stupid bxgrl

Posted by: guest at June 10, 2008 10:01 PM

Nokilissa: What are you talking about? bxgrl is an idiot.

Posted by: guest at June 10, 2008 11:22 PM

I've got to agree with 11.22, bxgrl often trots out garbage.

Whats "cool as sh.." anyway - are you 15?

Posted by: guest at June 11, 2008 8:46 AM

11.22- "sh*t" is basically the worst thing you can think of. Especially so if its human. So saying someone is "cool as sh..." isn't adulatory, its insulting.

Posted by: guest at June 11, 2008 8:55 AM

really, this home is 700k - 1M overpriced. end of story.

Posted by: guest at June 11, 2008 8:57 AM

Nice back track Noklissa, but I still think bxgrl is not the brightest bulb on the tree

Posted by: guest at June 11, 2008 9:35 AM

Nokilissa, you're right about this house and there is no reason at all to defend yourself against small-minded trolls. This house - which is the subject of this particular thread, last I checked - is laughably overpriced by a figure you named in a well-reasoned, thoughtful post early in the thread. People who have seen it, who've looked at the comps, and who have experience with both the owners and the block agree, and nobody in their right mind would use the phrase "cool as sh**" as a putdown unless they wanted to be pushed to the ground in the schoolyard and have their lunch money stolen. Drink your wine and enjoy your informed, correct opinion, and let the trolls sip from their juice boxes in their mom's basement.

And that koi pond is still the silliest "feature" I've seen in a HOTD in a long while.

Posted by: guest at June 11, 2008 9:50 AM

Farm trout in that koi pond and sell them to Applewood to help meet the mortgage.

Posted by: guest at June 11, 2008 10:07 AM

sh..t is a disgusting word. I have no idea why some people use it so much.

Posted by: guest at June 11, 2008 10:08 AM

9.50 - but we're not 15 and we're not in school.

Posted by: guest at June 11, 2008 10:14 AM

Isn't the koi pond a health risk?

Posted by: guest at June 11, 2008 11:47 AM

9:50 = Nokilissa

Posted by: guest at June 11, 2008 12:54 PM

"In Park Slope it's about three times what it was 10-15 years ago. In some of these fringe hoods, it's been more like 8-10 times. Those are the places that are in severe need of a correction."

How does the mere fact there's been a quick appreciation in value mean there is a "severe need of a correction"? How does that become automatic?

Face the truth: as long as Park Slope prices keep going up, the "fringe" areas will benefit. Like if people look and see they have to spend $2.5 million (including renovations) on a dump just to get into South Slope. Hmmm. Might not seem worth it to lots of people. They're moving on to other neighborhoods.

Posted by: guest at June 11, 2008 5:06 PM