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November 7, 2008

Open House Picks

house Carroll Gardens
28 2nd Place
Brooklyn Bridge Realty
Sunday 12-1:30
$3,100,000 (was $3,900,000)
GMAP P*Shark

house Park Slope
394 6th Avenue
Heights Berkeley
Sunday 12:30-3:30
$1,950,000
GMAP P*Shark

house Prospect Heights
136 Underhill Avenue
First Champion Realty
Sunday 12-2:30
$1,200,000 (formerly in foreclosure)
GMAP P*Shark

house Bedford Stuyvesant
242 Clifton Place
Quality Home Sales
Sat 12-3, Sun 12-3
$589,000
GMAP P*Shark

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Comments

CG - Just 3.1 mil down from 3.9 - what a bargain this must be. A going out of business sale?

Posted by: dittoburg at November 7, 2008 1:28 PM

Carrol Gardens and Bed Stuy prices way out of whack?

Posted by: DOW8000SP800 at November 7, 2008 1:29 PM

"A going out of business sale?"

Yup. The MARB (courtesy of What) is officially OOB.

Posted by: DOW8000SP800 at November 7, 2008 1:32 PM

Does the Bed Stuy place come with its very own squatters, or what?

Posted by: cwbuecheler at November 7, 2008 1:34 PM

"Carrol Gardens and Bed Stuy prices way out of whack?"

Dow they was always out of whack! Wick wick whack!

The What

Someday this war is gonna end...

Posted by: Return of The What at November 7, 2008 1:34 PM

They are wainscotted windows.

Posted by: dittoburg at November 7, 2008 1:35 PM

That Park Slope kitchen is particularly ugly. SnarkSlope...anything would be better than that particular granite selction.

Posted by: daveinbedstuy at November 7, 2008 1:38 PM

The Underhill place says "Under Contract" on the RE Agent's website.

Posted by: johnife at November 7, 2008 1:38 PM

"Dow they was always out of whack!"

Especially CG. I guess they mistook the BQE for Atlantic Ave.

Posted by: DOW8000SP800 at November 7, 2008 1:42 PM

2nd place: what a horrible listing. More pictures of Frankie's and ladies eating ice cream than of the interior of the house.

Posted by: MR at November 7, 2008 1:44 PM

I do not understand what you folks are saying about CG listing. The house is on one of the best blocks in NYC and the house is a great condo move. So what is wrong with that? I guess you guys never invested a dime in Real estate

Posted by: sebb at November 7, 2008 2:00 PM

34 feet wide on 2nd Place. That is awesome! I can't afford it, but it's awesome.

Posted by: Susan Elkins at November 7, 2008 2:01 PM

Would you be able to get a mortgage - any mortgage - on that BS house in its current condition?

Posted by: 11233 at November 7, 2008 2:03 PM

589K for a fixer upper, offer 24K and a carton of Marlboro lights.

Posted by: Xander Crews at November 7, 2008 2:04 PM

Sebb, what's wrong with the CG listing?!

What could the rent possibly be for the "two high-income rentals"?! You think you could get $5,000+ each per month? Seriously? Not to mention 2 floors still need to be renovated! (the floor the owner lives in it sound like)

The mortgage payment (with 25% down) is gonna be anywhere between $15k and $20k per month! So, what sort of craziness is this?! You're going to spend crazy amount of money... and still have two units with tenants in them?!

The best part is that $3,000,000 is crazy.... but it was originally almost $4,000,000!!!

Don't get me wrong, I think Carroll Gardens is wonderful, but we're talking about needing an income of at least $500,000 per year AND still having tenants!! (i.e., sharing your home with two other families) You would have to be in the $750k to $1 million range to convert this and make it a 1-family. And for all scenarios you need to have many hundred of thousands of dollars just kickin' around for the downpayment.

I know - this city is chock full of people with that sort of income. The streets are literally teaming with them... but that's beside the point. How does this possibly make any everlovin' sense!?!?

Posted by: tybur6 at November 7, 2008 2:14 PM

I gotta agree with you Sebb. Clealry the CG pricing was completely rational, after all its only come down 1 million dollars. Its not like they pulled that asking price out of a hat or anything.

Posted by: dittoburg at November 7, 2008 2:26 PM

Looks like homeowners in Brooklyn are still on crack.

Posted by: HOBOKENROCKS at November 7, 2008 2:29 PM

SEBB is the owner of that 1.5 million dollar home asking 3

Posted by: HOBOKENROCKS at November 7, 2008 2:32 PM

34' width huh? I jumped the gun. Just generally out of whack with everything else. Damn that's wide!

Posted by: DOW8000SP800 at November 7, 2008 2:32 PM

WOW...34' and a magnificent staircase. Sellers are being done a disservice by the realtors and the lack of pictures. Unless....

Posted by: daveinbedstuy at November 7, 2008 2:36 PM

Guys what i am trying to say is this. You can turn that CG place into 4 units that could easily fetch 1.5 mill each according to the comps. You could walk away with plenty after renovations. It is being done all over the city. You have to think this thru and understand the way it works. I am not going to sit here and walk you thru but if you do some homework you would understand better.

Posted by: sebb at November 7, 2008 3:19 PM

can we get some interior pictures of the underhill house!

Posted by: Pragonetti at November 7, 2008 3:38 PM

Sebb - your CG calculations are based on comps that might change a lot by the time the renovation is done. Clearly things are changing rapidly since this place already had a 800K cut, and others are having several 100K cuts more and more (but this is truly only the beginning since, as we also see, many sellers still refuse to accept reality and are holding firm in their asks, and only dropping once place lingers). The Park Slope house listed here is a case in point - it came on the market last year for well over 2 mil - I believe closer to 2.1 or 2.2. But it's still way overpriced. This is a narrow house with a bad renovation on a short lot - they are still overreaching by far.

Posted by: Miss Muffett at November 7, 2008 3:40 PM

That PH house has some promise. Why doesn't the broker's site give more info? It's a 2-family -- but is it a triplex with a rental, or a double duplex or what? I'm guessing the place needs some serious work for that price (and of course there are no interior photos), but still worth checking out.

Posted by: Lesloaf at November 7, 2008 4:22 PM

I think one would have a very difficult time selling each floor of that CG house for 1.5 million in this market. I'm sure sebb is more informed than me about real estate, but 1.5mm for a 2 BR (most likely) co-op/condo seems out of line even for the nicest areas of Brooklyn. There are cheaper places in Dumbo, Center Slope, and Brooklyn Heights.

Posted by: cwbuecheler at November 7, 2008 4:59 PM

Not taking a position on the CG price, I just think the listing is terrible. Limited interior shots is bad enough, but when you fill out the listing with neiborhood shots I think it's just insulting.

Posted by: MR at November 7, 2008 5:08 PM

Seriously... cwbuecheler, I'm not so sure about sebb's real estate competency here.

$1.5 to 2 million gets you a whole brownstone, three floors all your own. Why would you pay $1.5 million in the same neighborhood for an apartment in a building you share with 2 or 3 other units. (Same neighborhood, apples to apples... not brownstone in Bed-Stuy and an apartment on Central Park West.)

Posted by: tybur6 at November 7, 2008 5:08 PM

Not to mention, just the thought that a 2-bedroom apartment should cost $1.5 million makes me a little ill. That would simply be spending money for the sake of spending... with no connection to the value (real or imagined) of the product/property being purchases.

Posted by: tybur6 at November 7, 2008 5:55 PM

The 2nd Place building is a case where the owner really has unfortunate timing.

If a 34ft building is overpriced at $3.1M on a really special block, then how much should a 25ft, 20ft or 18ft brownstone go for?

Posted by: vinnie_barbarino at November 7, 2008 8:43 PM

Do you think that BBR is splitting commissions with those ladies pictured in Carroll Park? What a pathetic listing. "Hey, spend 3mil because we have Frankie's and the gals. Oh, and check out my faux-artsy photo of the subway stop. I took it on an angle - bet ya thought it was taken by a pro, huh?"

Posted by: lapmax75 at November 8, 2008 12:21 AM

funny how Clifton Place is Clinton Hill on the ad in the NYtimes

Posted by: Amzi Hill at November 8, 2008 1:57 PM

Well, for those few who refused to believe a downturn in NYC was possible, check out:

http://www.nytimes.com/2008/11/09/realestate/09cov.html?ref=realestate

I repeat: the price cuts are just beginning!

Posted by: Miss Muffett at November 8, 2008 4:05 PM