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July 30, 2008

House of the Day: 31 Prospect Park West Revisited

We're not sure which rock we've been living under, but while we were asleep at the wheel 31 Prospect Park West has been in free-fall. The 2,800-square-foot one-family overlooking the park settled at $2,600,000 a couple of weeks ago, after starting at $3,250,000 in April and making stops at $2,995,000, $2,895,000 and $2,800,000 along the way. It's now priced below $1,000 per foot and does have a driveway, so it's gotta be getting close!
31 Prospect Park West [Corcoran] GMAP P*Shark
House of the Day: 31 Prospect Park West [Brownstoner]
Price History [StreetEasy]

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Comments

Does this mean Corcoran overpriced it by at least $650,000 at the start? Their standard MO.

Posted by: dittoburg at July 30, 2008 1:22 PM

I don't know why this house isn't selling, but I sure wouldn't mind owning it.

Posted by: Boerum Hill at July 30, 2008 1:24 PM

Two of the nine photos are of trees.

This is a perfect example of how overpricing a property can backfire.

3.2 for this house was absurd. I never thought the house looked very special and the kitchen is hideous.

With that said, the location is fantastic, the driveway will be appealing to some and it has the potential to be a really cute house with some paint and a little updating.

2.6 must be getting pretty close...

Posted by: 11217 at July 30, 2008 1:25 PM

I'm not finished comparing it with the Dyker heights hhouse to form an opinion yet.

Posted by: daveinbedstuy at July 30, 2008 1:25 PM

For the second time today, I say: I don't get it.

This house seems absurdly cute, good sized, nice layout, on the park, DRIVEWAY, some garden space, and a little roof deck.

The kitchen, while in need of a good whack from the "update" wand, is nicely sized and doesn't need to be moved around too much.

Corcoran's overpricing it to start definitely backfired, and it seems, perhaps, UNDER-priced at this point. But maybe I'm crazy.

Posted by: Nokilissa at July 30, 2008 1:32 PM

That driveway is shared with the house on the right. Isn't that a pain in the ass?

Posted by: abcdz at July 30, 2008 1:33 PM

Nokilissa...email me...davebedstuy@yahoo.com

Posted by: daveinbedstuy at July 30, 2008 1:36 PM

definitely agree that overpricing at the outset hurt this seller big time. I don't have much opinion as to whether this is now priced correctly but basically you would have to be the kind of person who could buy this entirely outright.

Posted by: wasder at July 30, 2008 1:37 PM

This house last traded at $1.4 million in 2004.

Posted by: abcdz at July 30, 2008 1:39 PM

I also think it takes a special buyer to want to live in a house on PPW.

Yes, you have Prospect Park as your front yard, but the street lacks the intimacy and charm of the tree-lined side streets in Park Slope.

Every time I walk by this house I notice how cold it is out front. Lots of cement because of the driveway and it doesn't feel welcoming somehow. Not to me, anyway.

I wish they'd plant a huge climbing rose or something over that archway over the driveway. It needs some more curb appeal.

Posted by: 11217 at July 30, 2008 1:42 PM

abcdz...are you sure its a shared driveway? My grandparents had one of those. It does keep people from parking their car, no matter how expensive, from the front part of the house though.

Posted by: daveinbedstuy at July 30, 2008 1:42 PM

gotta be the continuing price chops that are scaring people off. You've got off-street parking, a roof deck and park views; so what's the problem here?

$3 mil seemed high but not outrageous (but perhaps it was as that's BH pricing...) I'm guessing that because it was built in 1928 it doesn't have high ceilings or fine wood moldings that brownstones or limestones have. Anyway, I'd love to live there.

Posted by: Bolder at July 30, 2008 1:42 PM

I want to see a show of hands. How many of you bloggers can genuinely say, they are able to afford a house at this price? You might as well live in Manhattan for $1000 a square ft.

Posted by: Zohan12 at July 30, 2008 1:45 PM

On one hand, it's a fantastic house--very unusual, maybe even unique for the neighborhood.

OTOH, it's on PPW. That would be a BIG turnoff for me, I don't care how great the house is. Speaking for myself, in this part of NYC, I don't know how much of an amenity a driveway is.

Maybe people who are looking for houses in PS are looking for brownstones/limestones--19th c. row houses at least--and this doesn't fit the aesthetic bill.

Posted by: BrooklynButler at July 30, 2008 1:47 PM

1.4M 4 years ago? So now it should be at least 4M, right?

It's an okay, nothing special house in a spot that is a mixed blessing. On the one hand, being on the park is awesome, and on the other hand not everyone wants to live right on a major, multi-lane avenue (unless you're at least 10 floors up). I'd rather get a nicer place on a quiet side street. So I fail to see how anyone could deem it "underpriced." You've been listening to Brownstoner too much.

Posted by: shillstoner at July 30, 2008 1:48 PM

I always liked these houses(I used to spend alot of time in PS - looking at architecture and hitting the ps321 flea market).

Nothing architecturally significant about them, but it's cute and PRIME location. Shared Drive isn't going to deter people. It's a guaranteed parking spot EVERY single day, no rolling around looking or alternate side to deal with.

A little sprucing up and it's a fine house. Add over sized columns to the front, diner furniture, a chandelier, and a stone menagerie of animals to the front yard and a bidding war will ensue :)

Posted by: bayridgegirl at July 30, 2008 1:49 PM

If this were a highrise with tremendous park views then location would be an asset, but since there are no views (over the trees), I'd say this location is less desireable than a side street that has a greater sense of community and more intimacy. Nice floors though.

Posted by: LilBitOfLuck at July 30, 2008 1:54 PM

I think that's the same color green as in the Dyker Heights house. Yet, somehow it looks a lot more sophisticated.

Posted by: daveinbedstuy at July 30, 2008 1:56 PM

I agree completely, LilBitofLuck.

But I also think the price is getting to the point of almost being a good deal, for what it is.

During the peak (which in this area seemed to be last summer) there were a couple nice houses near the Park which went for over 3 million. I think one on Berkeley Place sold for close to its 3.4 million asking price.

So given the smaller size of this house and the softening market, I think 2.5 - ish will do the job.

Posted by: 11217 at July 30, 2008 2:01 PM

Aesthetically, this house is very attractive. No, it's not a brownstone or limestone, and someone coming to PS might not be looking for something "different," but that might simply be because they don't know it's there.

Posted by: Architerrorist at July 30, 2008 2:03 PM

I'm definitely surprised. Has anyone been inside? The kitchen remodel looks pretty bad, especially that granite. The other pics look good, though.

Posted by: FatLenny at July 30, 2008 2:08 PM

This house is small compared to many other in Park Slope, has a tiny garden that is probably surounded by high walls, and the garage may be shared with the house next door... I think I saw this house when it was for sale four or five years ago. It looks nicer now but if memory serves the third floor had low ceilings, limited light and space. So basically two floors plus basement and 'attic'.
I don't think it's a bargain.

Posted by: Ray at July 30, 2008 2:11 PM

I love the eloquent and classy feeling of this house, especially the beautiful green walls that match the one seat chair and carpet. Too bad I won't be living in Brooklyn anymore. I need more space.

Dave - you always have plenty to say and a lot of insight on certain topics. What do you think about this new house I just bought http://www.opal-ridge.com/thumbgallery.asp?propertyid=4&proppageid=41

Posted by: Smatchums at July 30, 2008 2:16 PM

Based on the interior decor, it is clear that the people who live here are not fancy, which means they've probably lived in this house a long time, which means even with a half million dollar drop they will make a massive profit. People who had bought in past three years would not be so amenable to dropping the price to meet the market - as the general stubborn insistence on unreasonable asking prices makes so irritatingly clear.

Posted by: gkw at July 30, 2008 2:18 PM

Smatchums....you see the flack I get from many about living in Bed Stuy. Everyone should live where they want and buy a house that suits their needs and taste. With developments like that, the community is the key. What you always have to watch out for is the developer's quality of construction and that the developer is financially sound so that a lot of lots aren't left vacant and units go unfinished

Posted by: daveinbedstuy at July 30, 2008 2:24 PM

Dave - I totally agree with you on the community aspect, which is why I thought it was a great area. Its also great for raising a family and you can't beat $250 a square ft. More than half the lot has already been developed, which gave me some peace of mind. Your points are all valid and thanks for your input.

Posted by: Smatchums at July 30, 2008 2:37 PM

all of you who are surprised at this 'low' price are still living inside the bubble. 1 mil sounds about right to me...

Posted by: travy at July 30, 2008 3:12 PM

"all of you who are surprised at this 'low' price are still living inside the bubble."

Totally Agree!

"1 mil sounds about right to me..."

Well, I'd say more like 1.8M to 2M.

Posted by: shillstoner at July 30, 2008 3:16 PM

where are those of you who touted 210 prospect place as a bargain for $2.5M?
if that was a great deal than this is a ridiculous steal. . .
who in their right mind wouldn't buy this one for just $100K more than that one?

Posted by: ontheparkway at July 30, 2008 3:16 PM

I live in Park Slope and love it, but I prefer the 210 Prospect Place house compared to this one.

Assuming there are no issues with the quality of the renovation, which some on here mentioned...

Posted by: 11217 at July 30, 2008 3:25 PM

11217..you've mentioned your cherished Park Slope abode a few times here...i'm sensing "neighborhood hypersensitivity syndrome".

Posted by: daveinbedstuy at July 30, 2008 3:35 PM

I only mentioned it because the previous commenter seemed to suggest one would have to be a fool to not prefer this PS home over the Prospect Heights one, and I'd MOVE from my cherished hood, if those two homes were my options!

Sorry to come across that way. I hope you know I love all Brooklyn neighborhoods!

Yours included! Although I could stand to explore it a bit more...

Posted by: 11217 at July 30, 2008 3:39 PM

not any park slope home. . . this place is right across from the park!

btw, i'm not saying either one is worth the money in this market.

but you really can't be seriuos that you'd rather take a place on prospect place instead of this one. no way.

Posted by: ontheparkway at July 30, 2008 3:42 PM

kidding 11217

Posted by: daveinbedstuy at July 30, 2008 3:47 PM

It must not be selling because the house utterly lacks a wow factor. I had always liked these houses on PPW looking at the exteriors passing by, so it was such a disappointment to see such a blah interior when this listing appeared. I'd suspect somebody ripped out a lot of stuff. There are similar houses of this era in PLG and they have cool details like ornate ceilings and stained glass windows. I owned a 1928 house in another state once and it too had lots of character, built-ins and details. So the later era alone is not to blame.

Posted by: traditionalmod at July 30, 2008 3:47 PM

I realize this place is right on the Park. That's one of the things I don't like about it, actually. I'm not saying I hate this place, but yes, I would prefer Prospect. I like the nice, leafy side streets with charm.

If I were interested in high-rise living, yes...I'd choose PPW.

Posted by: 11217 at July 30, 2008 3:48 PM

i'd be interested in the inherent value of the house, which is definitely more on PPW than prospect place in PH, a nabe i live in and love!

Posted by: ontheparkway at July 30, 2008 3:50 PM

I personally would prefer to live in the prospect place house than this one, and think its worth more than this one. Despite the fact that this is on the park it is not right in the middle of things in terms of shops and restaurants, its farther from the subway and as many on here have noted PPW is practically a highway, with cars traveling at 40-50 mph. The Prospect Place house is right on the express train and right in the middle of a very attractive block in the middle of everything, amenities-wise. I like PS just fine but to assume that everyone would rather live there than Prospect Heights is presumptuous to say the least.

Posted by: wasder at July 30, 2008 3:51 PM

You hit the nail on the head, tradionalmod. It lacks the wow factor. I think that, combined with the overstated initial asking price is what's keeping this one on the market.

If I were the broker, I'd re-stage the interior and add some greenery to the outside.

You don't want to go into the fall/winter with this one...dormant trees aren't going to do this place justice...

Posted by: 11217 at July 30, 2008 3:53 PM

Sorry ontheparkway--just saw your post saying you live in prospect heights. Apologies for jumping to conclusions. Even in inherent value I am not sure that this house is worth more though.

Posted by: wasder at July 30, 2008 3:53 PM

I also don't get how this house went from 1.4 to 2.6 since 2004, esp since it doesn't look like any high-end work was done. I also agree with those who say the location is actually a downside in some ways, since PPW is not pleasant at your front door, and honestly, I'd feel a little spooked walking home to this location at night. Even 8th Ave is better but both PPW and 8th are loud & busy. I much prefer the side streets, and while being near the park is nice, it's also nice to be a bit further down so you can be closer to 5th Ave (PS sidestreets between 5th and 8th are the sweet spot IMO). I'm in the market for a modestly-sized townhouse, which this is, but I would not even consider this for over 2mil. Travy's estimate of 1mil is unrealistic - for that to happen, the market would have to totally crash to 1999-2000 levels, which I doubt is going to happen - though I could easily see them going back to 2005 levels, given the ridiculous recent run-up, which is already starting to edge back down, as this house makes clear...

Posted by: Miss Muffett at July 30, 2008 4:01 PM

the market will crash to 99-00 levels which is when the speculative bubble began. maybe not all the way but way below where we are now...

Posted by: travy at July 30, 2008 4:15 PM

11217...email me at davebedstuy@yahoo.com if you would

Posted by: daveinbedstuy at July 30, 2008 4:19 PM

Travy,

I do not agree. Since 1999/2000, many of the areas we are speaking about in Brooklyn are 100 times better/cleaner/safer than they were 9 years ago.

There would absolutely be appreciation due to gentrification of these neighborhoods outside the factors of the housing bubble.

To compare 5th Avenue in 1999 to 5th Avenue in 2008 or Dumbo in 1999 vs. 2008 or Bed Stuy or Vanderbilt (the list continues) is like night and day.

Your comment seems very short-sighted.

Posted by: 11217 at July 30, 2008 4:21 PM

I wonder how the upcoming elections will affect the NYC housing market. There is so much uncertainty in the air, with the volatile stock market, credit crisis, recession, Bloomberg & Patterson's doom & gloom etc. Whatever his faults, Bloomberg has done a great job steering the city through potentially tough financial times (i.e. 2001-2002) and I really wonder how his successor will do, and even who his successor is likely to be (does not seem to be much excitement about any of them). And then there is the question of our next president. Anyway, this house really does seem overpriced given how small & unremarkable it is, but as for what it says about the broader market, I'm curious what others think about these external political factors, and the role they will play.

Posted by: Miss Muffett at July 30, 2008 4:25 PM

clearly nabes that have had complete makeovers like dumbo will not return to pre bubble levels but others like brooklyn heights, park slope, cobble hill, and most of manhattan will. incomes in nyc simply have not kept up with real estate prices and must correct. to think they won't is short-sighted...

Posted by: travy at July 30, 2008 4:29 PM

Well if you read any of my other posts, you would know that I do think prices will correct. I think probably 10-15% in NYC.

You do realize that nationwide, the median price has dropped 15%, correct? That means many areas have seen less then that, because cities like Los Angeles, Miami, Las Vegas and Miami make up a bulk of the declines with those cities tallying up almost 30% drops.

If you think Dumbo is the only area of Brooklyn which has seen sweeping changes in the last 10 years means you aren't really very familiar with Brooklyn, in my opinion.

In the last 5 years, it has become "cool" to live in Brooklyn. That, in fact even trumps many of the MASSIVE changes in terms of restaurants, bars, shops, reduced crime, increase in quality of public schools and a new downtown Brooklyn in the midst of a major revival.

I actually HOPE Brooklyn and NYC prices slide a bit to keep this city interesting, diverse and affordable to the creative and moderate income folks. That's what made it special for me, and I hope others have the same fortune.

Posted by: 11217 at July 30, 2008 4:37 PM

i didn't say dumbo was the only brooklyn nabe to have sweeping changes and i'm not going to argue with someone so clearly set in their beliefs as you 11217, so keep believing your park slope place will make you rich as an arab prince for all eternity...

Posted by: travy at July 30, 2008 5:04 PM

I own a small co-op in Park Slope, one in which I plan to live in long term and honestly could not give two rats asses if it increases in value. So never was it in my brain that I'd get rich from the purchase of my home.

My mortgage and maintenance are at least a couple hundred dollars less than my place costs to rent (got a great deal fsbo) and love my hood.

Speaking of arab princes, I'm off to Dubai in two weeks...I'll tell him you said hi.

Posted by: 11217 at July 30, 2008 5:11 PM

Is that the Prince of "Do Buy"?

Posted by: wasder at July 30, 2008 5:48 PM

aw, just tell the prince there's a steal of a deal on ppw... :^)

Posted by: travy at July 30, 2008 5:53 PM