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October 1, 2008

House of the Day: 352 Argyle Road

352-Argyle-Road-0908.jpg
We've always had a soft spot for the trio of woodframe houses at the corner of Cortelyou and Argle Roads in Beverley Square West because of their distinctive two-story porches. One of those house, 352 Argyle Road, has been on the market for about six months now, having started with an asking price of $1,200,000. The 3,165-square-foot two-family house is now asking $999,000. There's lot of nice woodwork and a not-so-nice kitchen. What do you think this place will ultimately sell for?
352 Argyle Road [Mary Kay Gallagher] GMAP P*Shark




Posted by Brownstoner at 1:19 PM | Comments (24)
Categories: HOTD, Victorian Flatbush

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$915,000

Posted by: guestula at October 1, 2008 1:41 PM

I went to dinner right down the street from this place a few weeks ago. It's not a bad area nor a bad commute on the Q. 1mm seems a bit high, but I'm not the best judge of prices, especially without having seen the place in person.

Posted by: cwbuecheler at October 1, 2008 2:01 PM

I think this house is priced much more realistically given what appear to be structural issues and a bizarre layout. However, 1 million is by no means high for the neighborhood... at least not before the recent downturn. House prices here vary tremendously, largely based on level of existing period detail and recent updating and renovation.

Posted by: Architerrorist at October 1, 2008 2:06 PM

Honest question: If you buy a two-family house is it legal to rent out one half of it? Or do you have to find another family to go in on the purchase with you (assuming you don't need both spaces)?

Posted by: cwbuecheler at October 1, 2008 2:13 PM

It's almost always one owner who rents the second unit out.

Posted by: Fast Freddy at October 1, 2008 2:16 PM

Two story porches are to me what recessed lighting is to Brownstoner:

"HERE BE WHITE TRASH".

Just sayin'.

Posted by: infinitejester at October 1, 2008 2:49 PM

Two story porches remind me of the grand homes in Charleston and Savannah. PWT would have never been able to afford them. Their digs would be more reminiscent of the Beverly Hillbillies before they loaded up the truck.

Posted by: Just Wondering at October 1, 2008 3:00 PM

Fugly kitchen but it's in good enough shape that you wouldn't have to update it right away. Anyone know what the bathrooms look like?

Also how much are rentals in the area? Thx.

Posted by: Ozymandius at October 1, 2008 3:06 PM

If I am understanding the ad correctly, one duplex occupies the first floor of the house, and then two rooms on the third floor, and the second duplex occupies the second floor of the house and then two rooms on the third floor. Seems odd... Do you think that means there are two staircases, or you reach the third floor through a common staircase?

Posted by: lucybb at October 1, 2008 3:12 PM

Almost all of these houses were built with two staircase. I large "formal" staircase, and a more utilitarian staircase for servants.

Posted by: Architerrorist at October 1, 2008 3:16 PM

Don't know about this building, but I have seen a similar building in Jamaica Plains, Boston. One unit had most of first floor with uninterrupted stair to half of third floor, while second unit had vestibule on first, all of second and half of third floor. Completely separate entrances (house on a corner). Really neat, if odd. It reminds me of how unsophisticated the lay-out is on most row houses (such as the one I own).

Posted by: Putnamdenizen at October 1, 2008 3:18 PM

I think it's a lovely place... maybe someone wants to buy it for me? You can live there too - it's a duplex after all.

Posted by: tybur6 at October 1, 2008 4:02 PM

On MKG's website there is a house with a similar set-up available for rent for 3750 monthly. Might be this same house.

Posted by: Just Wondering at October 1, 2008 4:17 PM

No that house is in PPS, not BSW. Although, sounds like a triplex involving the servants' staircase.

Posted by: Architerrorist at October 1, 2008 4:51 PM

No - the one for rent is "half" of one of those enormous houses on Albemarle. We looked at it as one of our rental options while scoping the area and waiting for prices to come down to a level I'm happy with.

The rental property is a huge space (my guess 2,500-3,000 sq feet) but kind of shabby and the owners won't budge on the rent. We loved it but in a "wanting to own it and renovate it" rather than a "rent it and put up with the problems" way.

This house is not in the same league - although the rental should be around half the price.

Posted by: the chicken at October 1, 2008 4:57 PM

Architerrorist beat me to it.

I'd also add that I think this house will go for 700k...eventually (if the owners are willing to sell for that).

Posted by: the chicken at October 1, 2008 4:58 PM

I'm not sure... I think it will go for more. $849 is my prediction.

It's obviously going to be a buyer's market for awhile, but I'm not sure it's going to get that dire. Depends on how long buyers are willing to wait and see.

One thing to remember with the shabbier Flatbush houses - usually the owners are elderly, bought it for a song (say $29K in '72), and do not have to sell. Hell, they might do better renting and leaving it to their grandkids.

It's the reno'd properties where recent owners have bought high and invested money that have to flip quickly. That's where you will find the best buys in the year to come, IMO.

Posted by: Architerrorist at October 1, 2008 5:15 PM

we were supposed to go look at this house on friday but were told by MKG staff that it is now in contract, so no point in seeing it. not sure what the buyers agreed to pay.

Posted by: brooklyn guy at October 1, 2008 5:30 PM

Are you sure you don't mean the red house on Rugby? Or did she think you wanted to look at that house? Because it's now in contract, according to her website.

Posted by: Architerrorist at October 1, 2008 5:35 PM

you make a good point re some owners not being forced to sell at lower prices. But when those forced sellings hit the market, it brings the comps down - leaving the non-forced sales to languish on the market at higher prices, or be taken off the market altogether.

The other thing with long-term owners is that the properties tend to need more doing up. When we were new homeowners, we put in a new kitchen and bathroom, and skimmed and painted all the walls. When we sold it 12 years later, things were looking a little tired. The repairs and maintenance along the way get done on a budget because, inevitably, you don't put any money aside for these so the big bills hurt the pocket.

Now multiply this for houses that have been in the same family for two generations and add on that there is no mortgage so they aren't forced sellers and you can see why some properties just sit on the market forever.

Posted by: the chicken at October 1, 2008 5:36 PM

Mary Kay seems to still be moving these houses. Maybe not as fast as she used to but they are selling. The house on Rugby must have just gone into contract last week. If this one is in contract good for both the seller and the buyer.

Posted by: Just Wondering at October 1, 2008 7:06 PM

If I were a rich man ...

http://www.marykayg.com/html/0530.html

drool! drool! drool!

Posted by: Ozymandius at October 1, 2008 9:22 PM

That listing is a house that was a foreclosure of the week a couple of months back.

http://www.brownstoner.com/brownstoner/archives/2008/08/445_e_19th_stre.php

Posted by: Bklnite at October 2, 2008 11:35 AM

That's called a Double Porch and they're not considered tacky or white trash in the South. Quite the opposite, as somebody said. I love this feature. I can't see why anyone would hate the idea of the 2nd floor having a nice outdoor sitting area for reading that's elevated above the street so you don't feel on display for people and cars passing by. I myself would much prefer that on a busy street.

Posted by: traditionalmod at October 2, 2008 12:01 PM

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