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November 24, 2008

Condo of the Day: 56 Bergen Street FSBO

Most of the FSBO listings we've looked at recently have done a good job at making up for their publicity disadvantage by outdoing the brokerage firms on presentation. Not so today's FSBO, a, 850-square-foot two-bedroom at 56 Bergen Street in Cobble Hill. The listing boasts of big renovations done last year, but, frankly, the quality of the photos is so bad it's hard to get much of a feel for them. The most compelling part of the listing (and, coincidentally, the best photographed) is the 265-square-foot canopied deck, which looks inviting indeed. Price tag? $797,000. You buying it? There was an open house yesterday, and there will be another one on December 7 from 1 to 3 p.m.
56 Bergen Street, #2 [NYT/FSBO] GMAP P*Shark

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I rent a building across the street. between the annoying loitering skaters (thanks new skate shop on smith!), the "church" two doors down that is so loud and inconsiderate to their neighbors, and the constant pre-dawn dumpster removal trucks (they are gutting the abandoned buildings across the street) i wish this place all the best. Thank god I rent on this block and not own.

Posted by: bowl of dicks at November 24, 2008 12:47 PM

$142 a month maintenance! Is that a misprint? If not, this is a great buy, even if the ask seems high. Normally you'd budgetg for 5-900 a month, so you could carry an extra 150k in mortgage. Do the math and ask if this were $640k with $850 maintenance would it seem overpriced?

Think you're being a bit harsh here about the listing. The photos look fine to me, and they didn't use the Corco-cam that makes even a maid's room look like the grand hall at Versailles...

And the floor plan is pretty cool. They gave an honest usable sf figure. A broker would probably bill this as 1000sf or even 1200 (including the deck).

Posted by: Bolder at November 24, 2008 1:01 PM

You would think that after they saw those pictures, the owners would try again.
Focusing this time.

It would be nice to have some wisteria growing on the pergola.

Posted by: bayridgegirl at November 24, 2008 1:02 PM

wow - truly fab deck.

Posted by: gkw at November 24, 2008 1:10 PM

The owners will have lots of time to re-take the pics, unless they substantially decrease the price in a hurry.

Posted by: Biff Champion at November 24, 2008 1:10 PM

wow, i like this place a lot. 2 BR and a deck in a good area for under 800k w/ low maintenance? AND near a subway!!

im not even into this area and the exterior is pretty ordinary but that outdoor deck has got me salivating...

Posted by: bktycoon at November 24, 2008 1:13 PM

The bathroom is 12x7: Not much smaller than the second bedroom!

Oh, the tax man commeth:
*Real Estate Tax Abatement:
- 100% Tax Abatement through 2009
- 20% annual increase up to current appraised tax in 2013 of $1,043/year

Posted by: 7foundry at November 24, 2008 1:23 PM

Don't love having to walk through the kitchen to get to the bathroom, but it seems like a pretty nice place. I don't really give a rat's ass about outdoor space, but for people who dig that kind of thing, the deck is gorgeous.

Posted by: cwbuecheler at November 24, 2008 1:27 PM

Outdoor space is everything in Brownstone Brooklyn, cw. Stop spending so much time indoors in front of your computer. lol

When are people going to learn to do comps correctly before listing an apartment? I can go a few blocks away, buy more square footage in the BeAtSchermerhorn with 2 bathrooms, not 1, a walk in closet and a balcony for almost the same price. And it would be brand new construction, not an old building with sagging floors and potential issues. In today's market, this apartment is at least $50 to $75,000 overpriced.

Posted by: BrooklynSteve at November 24, 2008 1:46 PM

B'Steve

While I haven't been to that new building I would say though that the corner of Schermerhorn & Hoyt is very different than Bergen between Smith & Court - and not in a good way.

Posted by: 99luftballons at November 24, 2008 1:56 PM

100% Tax Abatement through 2009
- 20% annual increase up to current appraised tax in 2013 of $1,043/year

How does that work? In 2009, the taxes will be roughly $87/month? I don't get the math... that's clearly too low.
Nice looking place, though.

Posted by: broadwayron at November 24, 2008 1:59 PM

really steve - there is simply no comparison in terms of location. wouldn't be caught dead in downtown bkln and this location if really the best - even if street is a little noisy.

Posted by: gkw at November 24, 2008 2:09 PM

Ridiculous. Corcoran has a MUCH bigger (1150 sf) 2BR, 1BA in center slope (PS321) for 699K, and they are supposed to be aggressive with their prices. These owners are extremely unrealistic.

Posted by: Miss Muffett at November 24, 2008 2:09 PM

$937/sf?

Posted by: SnarkSlope at November 24, 2008 2:16 PM

Oh, I forgot to add that the Corcoran 699 listing also has an amazing roof deck.

Posted by: Miss Muffett at November 24, 2008 2:26 PM

I don't see this lisitng on Corcoran's web site -- the only 2 BRs thay have at $699K are not in PS 321, and the only 2 BRs they have in PS 321 for $699K or less are at the Crest or the Novo.

Posted by: babs at November 24, 2008 2:30 PM

Ok! Let's revisit Friday's post about not being able to sell a simillar 2 bed on Henry Street 475K http://www.brownstoner.com/forum/archives/2008/11/advice_for_a_fr.php

One is a co-op in what I think is a better location (Henry), almost identical square footage. That strech of Bergen is a fugly street but the condo is more modern and has outdoor space.
I know condos generally fetch 20% more, but the price difference here is huge.

I am no expert but the Bergen Street condo seems really overprice by comparison.

Posted by: kdabrowski at November 24, 2008 3:06 PM

Ok! Let's revisit Friday's post about not being able to sell a simillar 2 bed on Henry Street 475K http://www.brownstoner.com/forum/archives/2008/11/advice_for_a_fr.php

I am no expert but the Bergen Street condo seems really overprice by comparison.

Posted by: kdabrowski at November 24, 2008 3:06 PM

Curious- on a price per sq ft do people value outdoor space at.....

I would assume less then interior space but at what kind of discount 50%, 75% anyone have an opinion

Posted by: fsrg at November 24, 2008 3:23 PM

BrooklynSteve - I totally understand why people want outdoor space. It's just not that interesting to me. If I'm going to be outside, I'd rather be walking and seeing stuff than sitting in a backyard. I can always accomplish the latter by going to any of the zillion restaurants in my area with an outdoor patio.

Or to put it another way: I'd be happy to have a nice backyard, but I wouldn't pay any extra for it. Obviously one as nice as this listing has is a significant contributing factor in the cost of the house. So I'd consider the same space with no back yard and a price reduction to be a better deal for me.

Posted by: cwbuecheler at November 24, 2008 3:39 PM

Or Henry St. is a real bargain (which I think it is).
Yet, Bergen St. altho not prettiest of block is more prime and more expensive of location. ALso monthly fixed charge is much higher on Henry st (because of underlying debt on a coop).
Big problem now is no buyers (or very few) so those that need to sell end up at bargain basement prices.
Market is at relative standstill because of eceomic 'crisis'. It has everyone too anxious to make move. So I see why Henry St keeps reducing to more than reasonable price and gets little notice. Who knows how long will last.

Posted by: Petebklyn at November 24, 2008 3:52 PM

Here's that Corcoran listing for 1150 sf 2BR/1BA PS 321 apt with huge roof deck:

http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1416022

It just went into contract which is probably why you could not find.

In any event, I've seen other listings that are WAY better than this one, for less money. Don't have time to list them all now, but really, these owners should do their homework, esp in a declining market.

Posted by: Miss Muffett at November 24, 2008 3:58 PM

Well I think a lot of people would consider this a better location than the henry street house since it's closer to the subways in downtown and firmly in cobble hill rather than in 2nd fiddle carroll gardens. Plus people do pay a premium for outdoor space so it should be more than the henry st. apt which after all is pretty generic. Bergen is actually quite nice btw court and smith, lots of beautifully restored houses - just kind of a thruway. since NO ONE seems to be buying right now, I'm sure they will have to bring price down substantially.

Posted by: gkw at November 24, 2008 4:30 PM

I don't know miss muffett - I think bergen apt is more interesting - roof deck doesn't compare to a big outdoor room that is right off the kitchen with a wall of windows - that makes it really usable and basically from april-oct it's an extra room. you just can't use a roof deck like that. Plus many people would consider this a much better location than park slope.

Posted by: gkw at November 24, 2008 4:35 PM

The floorplan for that Corcoran listing is very unappealing to me -- and the kitchen looks gross in the photos. The second bedroom is tiny and I really don't believe the square footage claim, considering that the building is listed on ProeprtyShark as being 19' x 50' -- they must have been including the roof deck. And I agree, a terrace off one's apartment is nicer than a walk up two flights to a roof deck (on a roof with other decks).

Posted by: babs at November 24, 2008 5:32 PM

I prefer the new prospect heights listing. I think these places are all overpriced and PH is underrated (at least in the first block between flatbush and Vanderbilt) because it is near 4 trains (BQ23). GO PH!!!

Posted by: JENNYFROMTHEBLOCK at November 24, 2008 6:16 PM

GKW,

Carroll Gardens doesn't play second fiddle to Cobble Hill. In fact most people don't even know where Cobble Hill ends and Carroll Gardens begins. If you have kids, I don't think the apartment is zoned for PS 29, but PS 261. I'd rather live in the Henry Street apartment and be zoned for PS 58, which I hear is a great school with a dual language program.

Personally I like both apartments. I find the Henry Street one to be a real deal though. This one is pretty good too. The deck rocks and you are literally steps from the subway.

Posted by: brooklyn44 at November 24, 2008 7:40 PM

We're neighbors & friends of the sellers and felt like throwing in our 2 cents: Their deck is unbelievable and because access is through the main living area, it extends their open living/kitchen space giving it an expansive (and very green) feel. It also allows lots of light to enter since it's on the second floor AND it's totally private out there. We feel like we're in Tuscany when we're invited in the summer!

The price seems very reasonable to us when you consider their monthly charges are so low. While most analyze the price/square foot, their layout coupled with the location is unique (read: functional, bright and open).

This block was rezoned 10 or so years ago from commercial to residential so their bldg. has all new wiring and plumbing from the original renovation in '98. And I think they just put a new roof on along with all of their interior renovations last year (?)

It's a fabulously convenient block in the center of everything. Whenever we've been in their place we've been undisturbed by noise - out back all we ever hear are the birds.

We really hate to see them go, but they do have a gorgeous apartment.

Posted by: Anya at November 24, 2008 8:28 PM

Gosh, embarrassing!
The photos do look awful on the Times ad, but if you're interested they look far better on www.fsbo.com (they're actually in focus!!)

Posted by: CCSafian at November 24, 2008 9:01 PM

anya - you must not really be a "neighbor" if you haven't been disturbed by noise on this block. this is a sidewalk apartment on a block that is getting noisier and will get worse ( hello, there is a reason why they are gutting the abandoned bldgs across the street) and as i say, thank god i rent bc i can bail at any time. and btw i live 6 floors up from the street.

Posted by: bowl of dicks at November 24, 2008 9:09 PM

Here's another Corcoran listing - 3 BR (or 2.5 depending on your definition of BR), roof deck, prime PS (PS321), 1100 sf, 749K

http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1451582

Again, Corcoran is notorious for overpricing and yet this seems like a MUCH better deal that this property...

Posted by: Miss Muffett at November 24, 2008 10:16 PM

again MM - monthly common charges are signicantly higher on that corcoran listing. Can't look at price solely when someone is planning their monthly budget.

Posted by: Petebklyn at November 25, 2008 9:58 AM

I feel I must respond to the postings about the noise:
We have the usual street noise in the bedrooms but I really must tell you that I am not disturbed by any early morning dumpster issues. Am I simply a heavy sleeper? During the daytime I'm not spending too much time in the bedrooms so there may be noise I'm unaware of. Yes, I've heard the skateboarders. They sometimes skate for 30mins or so, but nothing more. And Con Ed is doing some work on the street on occasion....but it's 10:15 on a Tuesday and it's practically silent in my living room on the second floor.
I know, I shouldn't remark on my own apt. so that's all from me!

Posted by: CCSafian at November 25, 2008 10:18 AM

Additionally, that second Corcoran listing has TINY bedrooms and it's another situation of the roofdeck being one flight up, and on a roof with other decks, not just off the apartment.

Posted by: babs at November 25, 2008 1:36 PM

« 111 Lawrence Revealed House of the Day: 566 1st Street »

November 24, 2008

Condo of the Day: 56 Bergen Street FSBO

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