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September 9, 2008

House of the Day: 293 Prospect Place

293-Prospect-Place-0908.jpg
Great block, pretty nice house but not cheap. That's our quick take on 293 Prospect Place in Prospect Heights. The four-story, two-family house has been renovated in a slightly unusual but interesting aesthetic. As evidenced by the bedroom, there's still lots of historic charm left. But still, $2,295,000 for a 3,200-square-foot place in Prospect Heights seems like a stretch at this stage of the game. Agree?
293 Prospect Place [Corcoran] GMAP P*Shark




Posted by Brownstoner at 1:20 PM | Comments (32)
Categories: HOTD, Prospect Heights

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Comments

That's a really nice house in a really nice location, but still...Definitely a stretch at that price. The yard looks amazing and I like the way its been renovated overall. Certainly I could see somebody who really connected with this house and this location buying it for something resembling the ask but that would be lucky for the sellers. Most likely it will end up moving for more like 1.8.

Posted by: wasder at September 9, 2008 1:33 PM

Over a Million more than yesterday's larger house of the day in PLG. Yeah I know all about location, but are the locations all that different?

Posted by: LM at September 9, 2008 1:36 PM

Looking forward to seeing the floorplan. I don't understand what's with the extremely narrow living room and dining room in the pic.

Not enough architectural detail for me.

Posted by: daveinbedstuy at September 9, 2008 1:38 PM

LM--In my opinion that is a way better location than the PLG house yesterday. There is so much more happening in this neighborhood from a lifestyle standpoint (restaurants, bars, shopping etc) that I definitely think its worth a good bit more. Maybe not as much as they are asking but still, I would pay a good bit more to live in Prospect Heights over PLG. Others may feel differently.

Posted by: wasder at September 9, 2008 1:41 PM

LM - by that logic, one could ask whether PLG and PH are really all that different from Park Slope. why shouldn't they all be priced the same?

DIBS - I think this is a relatively narrow house to start with. it looks to me like they kept the entry hallway in the parlor, but yeah, the floorplan will tell.

Posted by: i disagree at September 9, 2008 1:42 PM

I wish there was a floorplan. Imo, these narrow houses can be really difficult to renovate for today's living -- no room for closets or parlor floor powder rooms, which I would expect at that price. I like the look of the renovation from the photos but Jessica is big-time workin' the wide angle lense. This house is narrow. Correct me if I'm wrong but I think houses selling near that price in prime PH have been closer to 20 ft wide. One on that block priced around 2 mil sat on the market for quite awhile recently. I know it wasn't as polished, but still.

Posted by: Nobrokersplease at September 9, 2008 1:42 PM

I noticed that the listing says there is a half bath on the parlor floor. Would like to see where they jammed it in.

Posted by: Nobrokersplease at September 9, 2008 1:45 PM

I can't see why Asshats still want to buy overpriced housing. This POS is not in Park Slope! That's where you can get 2 million plus for your house. But storm clouds are on the horizon.

Federal budget deficit to remain near $400 billion, CBO says

WASHINGTON (MarketWatch) -- With the economy weakening and spending on the war rising, the federal government's budget deficit is expected to more than double this year compared with last year, the Congressional Budget Office estimated Tuesday. The federal deficit is projected to hit $407 billion in the fiscal year that ends Sept. 30 (compared with $161 billion in 2007) and to remain near $400 billion in 2009 and 2010, around 3% of gross domestic product. In its summer budget update, the CBO said the economy will likely grow 1.5% this year and 1.1% next year. In the long-run, the nonpartisan budget office said, "the federal budget is on an unsustainable path."

You see dumbfucks Government borrowing is going to get expensive! Higher rates, higher taxes, lower property values. I'm the manic?! Yep keep dreming....

The What

Someday this war is gonna end....

Posted by: what at September 9, 2008 1:51 PM

I guess we're sure as hell in a depression with those estimates for GDP growth.

What...we're all OK with you posting on the broader topics of discussion but stay off of the HOTD with this top-down crap of yours.

Posted by: daveinbedstuy at September 9, 2008 1:56 PM

Beautifully done and a nice garden. Looks really narrow though. Also, at that price, you're probably going to be signficantly subsidizing your garden level renter, unless you're thinking the one bedroom is going to offset more than $2500 of your $10K monthly mortgage interest payment (plus heating, maintenance, etc.). That said, it's a beatufil renovated house, and so it will find a buyer, probably around the 1.7 - 1.9 range.

Posted by: LOL at September 9, 2008 2:04 PM

FYI....lot is 16'-6" X 102'

Posted by: bayridgegirl at September 9, 2008 2:08 PM

I may be mistaken, but the lots here may be 117'-deep, like those on Prospect btw. Vanderbilt and Carlton. I think this will sell very close to ask. There's a glut of buyers who want a townhouse and don't want to think about renovations. And this place looks pretty frickin' good.

Posted by: Fjorder at September 9, 2008 2:08 PM

If this were wider...but I really like what they've done inside. I suspect that eliminating some of the details (which may not have been worth salvaging) gives it an airier, wider feel, and the exposed brick gives you 3-4" extra. 2.2? I agree that someone would have to love it at that price, but taking a look at the sales in today's other posts, there are still some buyers out there...

Posted by: Bolder at September 9, 2008 2:15 PM

Nothing new here folks: nice house but narrow as dibs pointed out and price is Corcoranized i.e. massively inflated. The garden is awesome but I agree with wasder this place should be priced around $1.8m max.

LM in terms of location PH and PLG are that different unfortunately.

Posted by: pierre de taille at September 9, 2008 2:17 PM

I guess we've discussed seriously everything we can until we get the floorplans. However, no one has mentioned either the recessed or track lighting.

So, do you straight guys think Jessica is hot???

Posted by: daveinbedstuy at September 9, 2008 2:23 PM

Is everyone at Corcoran a vp of something?

Xander Crews, (VP of Commenting)

And I would probably hit that, but I wouldn't tell her my last name so I don't have to pull out.

Posted by: Xander Crews at September 9, 2008 2:34 PM

I used to live across the street from this place. It's a fantastic block,soon to be landmarked, with one of the best playgrounds in brooklyn on one end and a commercial strip that is the next smith street on the other. The location is ideal (and LM, this is speaking as someone who moved from renting on this block in PH to owning a townhouse in PLG. They are both great neighborhoods but worlds apart from an amenities standpoint. That could change, and likely will, but PLG is probably a decade behind PH in that department.)

This house, however nice the reno is, is not worth this ask. It is narrow and has a relatively short lot. The lots across the street are 20x131ft with south gardens. This garden will be almost completely shaded by the house. Most of the houses across the street are a floor shorter (around 2600sf), and the most one has gone for is 1.8 at the peak of the market. My guess is no way this goes for over 2 million.

Posted by: Frederick Law Homestead at September 9, 2008 2:42 PM

Jessica is not my cup of tea. Give me the brighton beach girl anyday.

Posted by: dittoburg at September 9, 2008 2:45 PM

ditto, we know you prefer your women with a tad more "flava" than Jessica appears to have.

Posted by: Biff Champion at September 9, 2008 2:54 PM

si si

Posted by: dittoburg at September 9, 2008 3:16 PM

What do you guys think about the relative values of Prospect Heights & Fort Greene, all other things being equal? I mean, would a house in prime PH go for about the same price as a comparable house in prime FG?

Posted by: Isty at September 9, 2008 3:36 PM

Pretty equivalent I would say Isty.

Posted by: wasder at September 9, 2008 3:41 PM

FG is more established and more expensive than PH, although PH is catching up with all that work on Vanderbilt. I used to think that Clinton Hill and PH were a good comparison but maybe PH is starting to move a little ahead.

Posted by: Aussie at September 9, 2008 4:02 PM

perhaps im a little bit biased bc i live in PH, but i prefer PH over FG any day for a few reasons:

1) prospect park
2) subway options beyond the G and C trains.
3) restaurant options are much better, especially if youre on the PH side closer to flatbush, which gives you easy access to park slope's 5th and 7th aves, not to mention flatbush, vanderbilt and washington. In FG the majority of spots are concentrated on lafayette.


i know i know, FG has BAM anddd ITS CLOSER TO THE CITY!! blah blah

anyways back to the topic at hand, this house is really nice and should grab just under 2 mill, although if it were on the other side of vanderbilt further from underhill, i could see it going for close to asking.


Posted by: bktycoon at September 9, 2008 4:18 PM

Tycoon--the majority of FG restaurants are on DeKalb, not Lafayette. And depending on where in Fort Greene you live, the closest trains might well be the Q or D or 4/5 at Atlantic Ave or DeKalb. Trying to decide which neighborhood is "better" is always a losing proposition because it just comes down to what you are more used to. I for one vastly prefer FG to PH--I find it more exciting and more manageable from the perspective of a pedestrian--more street life equals better quality for me. But that's just me.

Posted by: wasder at September 9, 2008 4:29 PM

wasder - your point is well taken. i always thought of the dekalb stop as being in the fulton mall/almost downtown brooklyn area, but i understand how you could live in FG and be a close walk away. youre also cortrct that its personal preference in the end, and i guess for me being a 5 min walk to a 2/3 and Q/B and prospect park makes it more enjoyable. And i am highlighting that bc i live near this particular HOD.

dont get me wrong i love FG, I just think PH has more going on...

Posted by: bktycoon at September 9, 2008 4:45 PM

Just moved to PH after 9 years in FG. I'm on Carlton btwn St.Marks and Prospect Pl. I love PH and we are very happy here (the proximity to the park and subway are priceless) however I do find that Fort Greene has more of a neighborhood feel--DeKalb on any given weekend is filled with people--the street life is much more lively then on Vanderbilt. Anyway, I definitely miss some things about FG, but can say safely that aside from my small quibble PH is a solid trade.

Posted by: bklynrosie at September 9, 2008 5:44 PM

Supporting the modern movement. I ditched most of my architectural detail. Have an original mantle with surround & banister rail, spindles and newel if anyone is interested.

Posted by: pig three at September 9, 2008 6:41 PM

wasn't this place FSBO in 2006 in the 1.6s? if that's the place i remember it being very narrow - seemed like too high a price then.

Posted by: BrooklynLove at September 9, 2008 9:15 PM

pig three,
Can you email photos of your spindles (how many do you have?) and newel to kevinonbianchi@yahoo.com?
Thanks.

Posted by: ksquared at September 9, 2008 9:20 PM

thanks for the opinions about FG/PH! I am a fort greene booster, myself, so I can't assess these values objectively (not that anybody can, or that housing values are established objectively, but-- it helps to hear what others think).

Posted by: Isty at September 10, 2008 1:25 AM

I think NY home buyers are still in denial. I seriously doubt that place is worth 2.3 Mil. Maybe if it were in Park Slope but for the Heights you're looking at 1.75 tops. Stop overpricing your homes, the housing boom is over....even in NY. I bet this house sits on the market for months before the owners get the message. It is a nice though!!

Posted by: theone2233 at September 11, 2008 3:57 PM

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