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December 3, 2008
House of the Day: 505 1st Street
What's going on over on 1st Street? There are a TON of houses for sale on this stretch of Park Slope. On October 27, we wrote up 567 1st Street; on November 14, we tapped 356 1st Street as an Open House Pick; the just last week, we featured 566 1st Street as a House of the Day. Now Stribling has dropped another one on us: 505 1st Street. The four-story brownstone has lots of old-school detail, a renovated kitchen and extension to boot. Looks very nice. The price of $3,250,000, however, feels a little leftover from the boom times. Think they can get it?
505 1st Street [Stribling] GMAP P*Shark
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Comments
I hesitate... I hesitate... use caution... remember beating of a couple of months ago...
Screw it. Okay. Here goes.
Decent floor plan, tons of details, nice block. Powder room and good sized kitchen on parlor floor very nice.
3.25 million? No. Here's why: We are in a recession. Perhaps that price could have been reached a year and 1/2 ago, but even then it would have been a very big perhaps. The kitchen needs updating in a big way. Some may disagree, but there you go. No pictures of bathrooms cannot be a good thing. I suspect that the house needs a good face lift inside based on the pictures. And finally, no bathtub on the "kid's floor", meaning a bathroom would probably have to be completely redone and reconfigured on that floor.
There.
Posted by: Nokilissa at December 3, 2008 1:34 PM
Both 567 and 566 have been removed from the broker websites. Do we assume they sold...?
Posted by: 11217 at December 3, 2008 1:37 PM
i told you this in the other thread where you asked!!! it's cuz i moved to 1st street with my crazy pitbull! clearly there's some kind of new flight going on with that block!. i kid, i kid, (but that really is my block.)
*rob*
Posted by: PitbullNYC at December 3, 2008 1:37 PM
I always thought your handle was a joking reference to your entirely pit-bull-ish nature! Because, of course, you are exactly the opposite. Me likes you.
You have a pitbull. Is he/she a sweetie?
Posted by: Nokilissa at December 3, 2008 1:48 PM
Nokilissa,
Are you still looking?
Posted by: BrooklynGreene at December 3, 2008 1:52 PM
Dunno about updating the kitchen. It looks pretty fresh to me, and those cabinets if you believe Stribling are reclaimed wood from the butler's pantry--a nice touch.
All in all, an excellent example of a classic PS brownstone. Compare this to the condo of the day and it looks like a decent deal...2x the price but 4x the space.
Posted by: Bolder at December 3, 2008 1:53 PM
he's a sweetie, but he's a little over-protective. the cool thing tho is that even tho the dog walker he has now is a little expensive, it's really socialized him a lot better. him and my roommates 15 year old beagle get along great :)
*rob*
Posted by: PitbullNYC at December 3, 2008 1:54 PM
I also think the kitchen looks quite freshly updated.
Posted by: 11217 at December 3, 2008 1:55 PM
I like this house but prefer older brick facades instead of later brownstone ones. Is that crazy???
Posted by: BrooklynGreene at December 3, 2008 1:56 PM
Question to me is why sell and move if you own such a nice house? Records show bought 20 years ago - so I doubt mortgage is a problem...plus nice rental for income.
Posted by: Petebklyn at December 3, 2008 1:57 PM
Yes and no. It is a fairly daunting prospect because we would need to sell our loft either first, or try it simultaneously. We've seen some homes we really like lately, but the pricing is entirely too confusing. In order to pay last year's prices for a brownstone, we need to count on last year's prices for our loft. Ack. It feels like extremely high stakes gambling.
Posted by: Nokilissa at December 3, 2008 1:58 PM
I missed the bit about reclaimed wood from the pantry, so perhaps I am wrong.
These things can be deceiving in photos, but with its blond wood cabinets and borders, it reminded me of our "early 80's modern" kitchen that we had to completely rip out and redo a few years ago.
Posted by: Nokilissa at December 3, 2008 2:02 PM
Pete,
Perhaps they simply want to scale back. If this is an older couple, these beautiful houses aren't the easiest to maintain...nor do two people really new a few thousand sqaure feet...
There are a million reasons why they might want to leave...If they bought the place for a couple hundred grand, they probably don't care if they get 3 million or closer to 4 (if they would have sold last year).
Posted by: 11217 at December 3, 2008 2:04 PM
"I like this house but prefer older brick facades instead of later brownstone ones. Is that crazy???"
No ... I like bricks and limestones better than brownstones, too. Tho the problem with many of the brick rowhouses is they're just flat-fronted, which is kinda boring compared to having nice bay windows.
This is a nice-looking house, and only, hmmm ... about $2.8mm out of my price range! :P
Posted by: cwbuecheler at December 3, 2008 2:06 PM
I love it when brokers exaggerate so blatantly that you can spot it in their own listings. "The house is 20x50 but has a unique 12x12 extension on the garden and parlor floor." Their own floor plan shows a 20x42 floorplate.
Posted by: Frederick Law Homestead at December 3, 2008 2:09 PM
Where is the garage? Is it next door? Out back?
If it is contiguous with the property, that increases the value of the house enormously. I don't believe the recession is impacting many of the uber-rich. Especially those who saw the warning signs and pulled out of securities and into t-notes or cd's. There are a lot of smart money people out there. This is a great house, with a nice guest unit below and a garage!! Very comfy and livable.
I don't think properties like these will have trouble selling. It will be the two-bedrooms walk-ups and the houses on non-prestige blocks that will have a lot of trouble finding buyers.
Posted by: sam at December 3, 2008 2:13 PM
I just looked up 566 and 567 on Streeteasy, and they are listed as unavailable on December 1 and the other on December 2nd.
What does that mean?
Posted by: 11217 at December 3, 2008 2:18 PM
"privately deeded parking space across the street"
Now that's fabulous! Who cares about the kitchen?
Posted by: sam at December 3, 2008 2:20 PM
Isn't that a record-player and row of LPs in the living room? You youngsters on this site might not recognize them.
Posted by: Back40 at December 3, 2008 2:21 PM
Add #555 to the 1st street houses for sale:
- http://www.bhsbrooklyn.com/detail.asp?id=932209
Posted by: SnarkSlope at December 3, 2008 2:21 PM
cwbuecheler I think you will find bay front brick townhouses in South Park Slope but you have many brick bay front Queen Anne houses in Bedford Stuyvesant... But more in the Bedford Section on streets like Hancock, Jefferson and Putnam near Marcy Ave. Also I think you might see a few in Clinton Hill.
Posted by: Amzi Hill at December 3, 2008 2:21 PM
Noklissa can you please explain your queries with this kitchen. We happen to think it is very attractive but restrained at the same time. Also your thoughts on the interior needing a face lift based on the pictures will be appreciated. The details are all intact and we will probably only ditch that wall paper:) We really love this place and that facade is simply beautiful.
The price unfortunately is outrageous but the location is great (especially with Pitbull Rob as a neighbor)so this will sell.... at a significant discount though.
BrooklynGreene to answer your question yes that is crazy.
Posted by: pierre de taille at December 3, 2008 2:25 PM
Amzi Hill - Cool, thanks. "Explore Bed Stuy" is on my list of things to do on a warm-ish day. I don't know the neighborhood. Clinton Hill has many beautiful houses in all types, so no surprise that they've got some nice brick ones. :)
Posted by: cwbuecheler at December 3, 2008 2:37 PM
Amzi Hill any street suggestions for interesting brick front houses in Clinton Hill or Fort Greene. We prefer brownstones but we really like interesting brick homes as well (a la Woodford house in PS).
Noklissa please disregard our question just noticed your other response...too much multi-tasking today:)
Posted by: pierre de taille at December 3, 2008 2:42 PM
Back40...did you ever spend time in Chicago? There was a bar there with a "back40"
Posted by: daveinbedstuy at December 3, 2008 2:48 PM
DIBS, I haven't spent enough time in Chicago to be familiar with that bar. The tag is a wry reference to the footage between my back door and the property line.
Posted by: Back40 at December 3, 2008 3:57 PM
Nobody on this blog likes anyone else's kitchen. That's one of our little things.
Posted by: sam at December 3, 2008 3:59 PM
Nothing says class like a wood-paneled dishwasher!
Posted by: cwbuecheler at December 3, 2008 4:03 PM
"Nothing says class like a wood-paneled dishwasher!"
I wonder if they got it off this old station wagon.
http://www.flickr.com/photos/brainfag/442931556/
Posted by: Biff Champion at December 3, 2008 4:06 PM
I could certainly live with this kitchen. It's probably nicer toned color of wood in real life. I love the kitchen in the Condo of the Day...and they are both miles apart aesthetically.
Posted by: daveinbedstuy at December 3, 2008 4:09 PM
Biff -- awwwwww yeah!
Posted by: cwbuecheler at December 3, 2008 4:29 PM
I agree this kitchen is v. ugly and will quickly look dated. Love the kitchen in the condo of the day. You just can't beat subway tile, IMHO.
Posted by: gkw at December 3, 2008 4:34 PM
actually I don't LOVE that kitchen - hate the double height counter.
Posted by: gkw at December 3, 2008 4:36 PM
pierre de taille I would look at Gates near Franklin. Gates has a handsome row of houses on the south side of the street also check out Clinton/Washington Ave. I don't know much about Ft Green having Queen Anne style brick townhouses. Fort Greene and the downtown area are older neighborhoods and is where the children of later residents PS and BS grew up. Check this article out from Aug 1893 talks about all the different types of Brownstone styles in the new neighborhoods like Park Slope, The Hill (Clinton Hill today)and The Bedford Section or Hancock Heights (Bedford Stuyvesant today) http://eagle.brooklynpubliclibrary.org/Repository/ml.asp?Ref=QkVHLzE4OTMvMDgvMDYjQXIwMTMwMA==&Mode=Gif&Locale=english-skin-custom
Posted by: Amzi Hill at December 3, 2008 4:47 PM
This looks very much like my aunt's and other neighbor's houses on Jefferson Ave, in Bed Stuy, as Amzi mentions. Great, classic brownstone. This looks beautiful. I love the unique/horrible slag light fixture. I'd keep it wherever it is because it's so unique. Kitchen doesn't wow me, but I could certainly live with it, it wouldn't be a deal breaker if I was in the market for a house in this price range.
I'm sure a price correction will be in order. I enjoy looking at these places, even though I could never afford them, it's house porn. Like going to Newport and looking at the mansions, fun to imagine living there, staff and all, but pure fantasy. This is a great house. Parking is icing on the cake. Someone will be very happy.
Posted by: Montrose Morris at December 3, 2008 4:51 PM
cwbuecheler when you explore Bedford Stuyvesant stay south the better townhouses are closer to Fulton Street between Bedford Ave and Stuyvesant Ave. North Monroe the homes are not as grand. Willoughby/Vernon is kinda nice in the North section of the area.
Posted by: Amzi Hill at December 3, 2008 4:54 PM
I'm a little afraid to weigh in here, but here goes. Much as I'd like modest 3 story brownstones not on park blocks to go for over $3M, this seems wildly overpriced to me. I like 1st St. (actually 1 St. on the sign) plenty, but between 7th and 8th, I think 3rd St. is the better block, what with the double wide sidewalks, and there have been a few listings on 3rd recently priced well under this one (http://www.brownstoner.com/brownstoner/archives/2008/09/house_of_the_da_556.php).
Honestly, $3M seems outlandish to me. But if anyone is buying at that price, I'll definitely consider selling.
Plus, with lending the way it is right now, is anyone going to lend on houses that are near the high end even of a reasonable range? And how will it appraise?
Posted by: MaxOthermoxx at December 3, 2008 5:01 PM
You know the funny thing Montrose Morris this house looks like mine in Stuyvesant Heights on MacDonough St. I have the same plan and detials maybe it is a Amzi Hill house... I think I know your aunts block on Jefferson btwn Marcy and Thompkins.. You have a few of this style of brownstones on the block.
Posted by: Amzi Hill at December 3, 2008 5:05 PM
People buying $3MM houses don't put 10%, 15% or 20% down. There's usually no issue whatsoever in getting a decent mortgage.
Posted by: daveinbedstuy at December 3, 2008 5:12 PM
True, but after taking some blame for the bubble and its effects, I suspect banks will look not only at the loan amount and the buyer's debt/equity ratio and ability to make payments, but also at the "reasonable" value of the property. I expect they won't want to be seen as continuing to ratify exaggerated valuations.
The last property I bought was financed by the seller and I haven't borrowed from a bank for a while, but I imagine there will be some unexpected lending policy changes relating more to appearance than economics.
Posted by: MaxOthermoxx at December 3, 2008 5:23 PM
I've gotta agree with the kitchen nay-sayers - faux wood-grain dishwasher? And that mustard tile - blech. Rest of house looks nice in a stately, heavy kind of way (not my taste). I actually much prefer the more modest, smaller townhouses without all that dark woodwork - I think I'd find it oppressive, like living on a Masterpiece Theater set. Parking is a major plus, though. As for price - well, I think you all know my position on that!
Posted by: Miss Muffett at December 3, 2008 5:58 PM
I love this house, I think it is my favorite on this site so far. Looks traditional! Like a brownstone would have looked back in the day. Amzi Hill, do you also have that to-die-for crazy light fixture in your place?
Posted by: mopar at December 3, 2008 6:23 PM
Exactly the place, Amzi. Same built-ins, same large, sturdy walnut and mahogonny woodwork. I know it can be a bit much for many people, but I love it.
Posted by: Montrose Morris at December 3, 2008 7:04 PM
Looks beautiful, priced way too high.
Posted by: nyc87 at December 3, 2008 7:13 PM
I blessed to have my own crazy victorian alabaster light fixture in my entryway and matching one in the parlor. But I kinda like it looks like a big bowl... Just got to get rid of my 1979 chandler in my dinning room.
Posted by: Amzi Hill at December 3, 2008 7:13 PM
I walk down the block all the time when coming from the YMCA. I have a plumber friend that lives across the street. his family has been in the area since the 1930s. His mother use to make money as a kid on Fridays turning out the lights for the Jewish people on that block back during the 30s and 40s. Your family lives in a great house. All those homes are great. Jefferson is very nice street once you pass Nostrand going east.
Posted by: Amzi Hill at December 3, 2008 7:20 PM
The grotesque but wonderful chandelier and the private parking spot across the street makes this my favorite house of the year.
Well worth the three million.
Posted by: sam at December 3, 2008 7:22 PM
"Both 567 and 566 have been removed from the broker websites. Do we assume they sold...?"
No. Streeteasy says both are "temporarily off the market". Also, when a property enters contract, the broker websites show it as "in contract"--they don't just disappear.
Posted by: nyc87 at December 3, 2008 9:35 PM
Also, 555 1st Street, which was an open house pick in September:
http://www.brownstoner.com/brownstoner/archives/2008/09/open_house_pick_201.php
Posted by: nyc87 at December 3, 2008 9:40 PM
And 318 1st Street, a HOTD:
http://www.brownstoner.com/brownstoner/archives/2008/11/house_of_the_da_597.php
It's crazy--all these listings on 1st Street! I think there are more...
Posted by: nyc87 at December 3, 2008 9:43 PM
566 is really quite nice.
Posted by: Dean Street at December 3, 2008 10:53 PM
Amzi - Andrew the plumber?
Posted by: Montrose Morris at December 3, 2008 11:35 PM
yes Montrose wow small world
Posted by: Amzi Hill at December 4, 2008 12:25 AM
Thanks Amzi Hill. Now we have to go explore Bed-Stuy also...sounds way too interesting to miss out on.
Posted by: pierre de taille at December 4, 2008 1:33 AM
So has anyone seen this house yet?
Posted by: bk14 at December 6, 2008 2:00 PM
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