« Foreclosure of the Week: 101 Kent Avenue Owners and Renters Both Suckers, Says The Onion »
December 17, 2008
House of the Day: 87 Woodhull Street
While the exterior and backyard of 87 Woodhull Street aren't particularly inspiring, the interiors still have pockets of charm. (Not sure what's up with that ceiling though?) Given the fact that the house hasn't changed hands in forty years and the glaring absence of any bathroom or kitchen photos, we're guessing this place is going to need a serious makeover. If this four-family house were on one of the better blocks in Carroll Gardens, they might have a shot at the $1,800,000 asking price, but Woodhull ain't Sackett Street, so it seems like quite a reach to us.
87 Woodhull Street [Douglas Elliman] GMAP P*Shark
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/7680
Comments
That is a sad looking house. Looks more like an investment property to rent out.
Posted by: Absolute Beginner at December 17, 2008 1:24 PM
1) Is that a roll of toilet paper hanging over the tan couch?
2) Nitpicking, but could they not have made the bed just a bit more neatly?
3) Backyard shot looks like a solid candidate for the "before pic" in a future Garden of the Day.
No floorplan and a paltry write up for a $1.8MM listing? Come on, Nicole, you can't be that busy these days...
Posted by: Biff Champion at December 17, 2008 1:26 PM
It's a little apartment building, so it's all about the rent roll. I'm sure you could get good rents there. I assume the exorbitant asking price means that the last rent-control tenant was just shipped out to assisted living. If it is vacant, and if the mechanicals are in good condition, this could be a nice income-producing prop. I would offer $900,000.
Posted by: sam at December 17, 2008 1:28 PM
It's still a comeback from yesterday.
***Bid half off peak comps***
Posted by: Brownstones Half Off at December 17, 2008 1:29 PM
"Flexible layouts on each floor..."
I guess we'll have to take her word for it since she didn't include the layout.
A 1.8M listing and you couldn't even include the layout?
No way, no how, will this home sell for anything close to that.
Posted by: TownhouseLady at December 17, 2008 1:31 PM
ITs a hike to the subway from there too.
Posted by: wasder at December 17, 2008 1:37 PM
But you could bat baseballs off the roof onto the BQE wasder.
Posted by: daveinbedstuy at December 17, 2008 1:38 PM
Well no kidding MrB this will indeed need a serious makeover. Look @ that ugly and naked facade. Yep simply an investment rental property that is seriously not worth more than $950K.
BTW anyone know where to purchase Cornices and lintels? There appears to be a huge need for such a service in Brooklyn.
Posted by: pierre de taille at December 17, 2008 1:39 PM
Yeah, but what is up with that ceiling? It looks kinda cool in the photo.
Posted by: BrooklynButler at December 17, 2008 1:48 PM
BB- One of my neighbors has something similar in their home (it's the original plaster) and without going in for the close up it really just looks like glorified drop ceiling tiles. They don't really care for it but since it's original they're on the fence about doing anything to change it.
Posted by: TownhouseLady at December 17, 2008 2:03 PM
Biff...not a roll of tp. It's one of those remote control cozys that used to be sold on infomercials in the 80's!
Posted by: InsertSnappyNameHere at December 17, 2008 2:21 PM
A two-color paint job, some landscaping, new glass doors and brass lanterns would spiff the place right up.
New windows and awnings would actually make it attractive.
As a rental property, the location is A-OK. The asking price however is out of whack.
Posted by: sam at December 17, 2008 2:22 PM
Thanks InsertSnappyNameHere. But why would one need that when they can now get a full-boddied Snuggy? The commercial for this one cracks me up...but I dare say it does look cozy!
https://www.freesnuggie.com/Default.aspx?MID=528678
Posted by: Biff Champion at December 17, 2008 2:26 PM
Biff...I've seriously considered getting the green snuggie since I can't seem to find those pajamas with the feet for adults! Ha :)
Posted by: InsertSnappyNameHere at December 17, 2008 2:53 PM
During the peak of the real estate market, a few years back, a house in the same street, completely gutted and renovated into a triplex and rental apartment, couldn't fetch this price. I can't believe there are still buyers who'd buy this for anything close to the asking price.
Posted by: CGfan at December 17, 2008 3:35 PM
vinnie_barbarino I know of 2 houses that sold on this block in the last year over 1.4 mill and another house on that block is in contract for 1.7 mill. One block over on Summit street a house sold this year for 2.05 mill and this is right across from the place blocks which are to many the most beautiful blocks in Brooklyn.
What i can't understand from the readers on Brownstoner is the negative comments . Now the facade does not look nice but it is a brownstone that could be chipped away for 60k and put back to it's original form. If you want lintels it will be more. For 12k you can get a cornice the same cornice that everyone on this blog goes on and on about. Then you will have a awesome house on the exterior. Interior is another story.
Posted by: sebb at December 17, 2008 3:37 PM
Sorry, correction to above post -- a newly renovated brownstone one block over on Rapelye could sell, not on same block
Posted by: CGfan at December 17, 2008 3:37 PM
"This building has been lovingly cared for by its owners for almost 50 years."
No, it hasn't.
"Flexible layouts on each floor come create your dream home. A must see!!"
It's been remuddled beyond hope.
But she did use TWO exclamation points. I'm there!
This is a piece of crap listing for a piece of crap home. I'd only pay this much if I knew there was $1 million hidden under the floorboards.
Posted by: Bolder at December 17, 2008 3:38 PM
Sebb, that Summit St. house was owned by people who did an extremely high-end renovation of both the interior, exterior, and garden before selling. And, despite all the money they spent, they were fortunate to have sold it for $2 million when the economy and real estate market were still very good. A better comparison is to the Rapelye house that could not sell for this price, even after a complete gut renovation, that included digging out the basement. These blocks aren't bad, but there's a world of difference between Woodhall and a place block, despite their proximity. Didn't you notice all the unrenovated place block brownstones that aren't selling these days?
Posted by: CGfan at December 17, 2008 3:47 PM
I have noticed a few homes that the owners took on to much work. But overall things are well in the Blue chip nabes. When you say aren't selling these days , there is a reason for that , nobody can get financing. Does not matter what your credit score is. But watch what happens when the mortgage rate goes to 3.5%.
Posted by: sebb at December 17, 2008 4:05 PM
sebb...you'd better check in with Adam on that. He seems to be doing a ton of mortgage business right now.
Posted by: daveinbedstuy at December 17, 2008 4:26 PM
Really dave ? I will take your word for it.
Posted by: sebb at December 17, 2008 4:31 PM
Sebb, as someone actively looking in the blue chip hoods, let me tell you - brokers are getting nervous and prices dropping. They are starting to call me back on my lowballs, and serious sellers are going way down in price. Your optimism seems delusional in this climate, rate cuts or no. That won't magically erase this problem, which has been many years in the making.
Posted by: Miss Muffett at December 17, 2008 4:35 PM
I was going to say that Brownstoner is wrong to criticize the garden, which will be very useful for growing food now that the apocolypse is here.
But then I noticed it's half a block from the BQE, just like my old place on President St., and any figs or zucchinis would be full of heavy metals.
You should have seen the soot on the window sills after one week. If you have children, it would be like forcing them smoke three packs a day.
Posted by: mopar at December 17, 2008 5:00 PM
I don't really understand the comment at the end of the original post: "Woodhull ain't Sackett Street". Woodhull isn't a particularly lovely block, but neither are most blocks of Sackett. If you were going to point out a beautiful neighborhood block, I'd probably say ond of the landmarked blocks, like President or Carroll between Smith and Hoyt, or one of the place blocks. But why Sackett??
Posted by: CGfan at December 17, 2008 5:16 PM
Miss Muffett: If I were you I would just move out of state. I can't wait until a few years go by and you get burned. You think you are so smart and can time this market on the way down. Let me tell you something you can come on this blog everyday talking your junk. But everyone is on to your game you just want to try and push prices down with your useless comments. It won't work. Until you understand Real esate and have owned many homes I think you would be better off sticking with what you do best (Sewing)
Posted by: sebb at December 17, 2008 5:26 PM
Sebb - your vitriol is very strange. I, an anonymous individual on a blog, do not have the power to single-handedly push prices down, no more than you do to keep them up (which you seem to wish to do). Why on earth would I move out of state when I love Brooklyn and prices are coming down to a level where I can at last afford a bigger place for my family? I'm just reporting the reality on the ground, as someone who is looking and bidding. Say what you like, but the evidence is all around us: prices ARE coming down. Just in the last few months, a few places I've looked at have had major price cuts. Had I bought a few months ago, I would have needlessly paid over 100K+ more - now, why on earth would I want to do that? Especially when all indicators are that the price cuts in NYC have *just begun*? Yes, in the rest of the country, they've tumbled a lot but NOT here, or at least, not *yet*. So, when you say this is a great time to buy, well, that may be true in other US markets where prices have already tumbled in the double digits, but here in NYC, they have barely hit the single digits. But, it is changing. It just is. You cannot seriously be predicing price gains for 2009? Or even level prices? Face it, Sebb - this is an undeniable downturn, and all the red-faced, grammatically challenged, and embittered invective you spew will not change the downward movement of prices in NYC.
Posted by: Miss Muffett at December 17, 2008 5:43 PM
And Sebb, what do you mean when you say I'm best at Sewing? I wish I was so good at sewing! But alas, I'm not. (Ah, your unintentional comedy...)
Posted by: Miss Muffett at December 17, 2008 5:47 PM
See Muffett what you did fail to realize again is your costs. You are paying rent right? Or do you live in a box? So factor that in to your 100k in saving you talk about. Now take the closing costs and the real estate attorney fees. Now take the moving expenses and don't forget the tax write off. Now how much is the 100K down to? I don't know about you but my closing costs were close to 50k on one of my homes.
Posted by: sebb at December 17, 2008 5:55 PM
Muffett all can do is sit there and hope. I hope you say your prayers tonight.
Posted by: sebb at December 17, 2008 5:57 PM
"Just in the last few months, a few places I've looked at have had major price cuts. Had I bought a few months ago, I would have needlessly paid over 100K+ more"
"in the rest of the country, they've tumbled a lot but NOT here, or at least, not *yet*."
Miss Muffett, I think you're actually very cordial and composed when facing your detractors. Further, I'm not saying your predictions are inaccurate nor am I suggesting housing prices won't decline further in 2009. However, the two excerpts above from your last in your 5:43pm post seem contradictory.
Posted by: Biff Champion at December 17, 2008 6:00 PM
I live in a nice, spacious apt that with modest rent - trust me, even if I rent for a few years, I will save far more than my rent and moving expenses (and "lost" tax benefits) by the price cuts I'm seeing which in some cases, have been well over 100K - more like 200-400K (and again, it's JUST starting). You don't need to teach me real estate 101 - I've been in this game for a while with several properties. Plus, I hope to buy in the next year or two (depending on what i find). As for closing costs, they go DOWN when the property is cheaper, so by waiting, I save there too. I don't need to say any prayers - I just pay attention to the news, and the calls I'm getting from brokers - all of which point to lower prices/increased savings for buyers in the future. Maybe you need to say your prayers - you sound like you have a lot to lose in this downturn.
Posted by: Miss Muffett at December 17, 2008 6:06 PM
I can see the Sackett comparison. Because OBVIOUSLY it is not a prime block or location. But it isn't even as nice as an okay house on an okay block of Sackett. Just guessing, looks like 1.2-1.4 at most.
Posted by: Carol Gardens at December 17, 2008 6:07 PM
Biff - let me explain the apparent contradiction. A few places have cut their prices a lot, but the VAST majority have not. The ones that have not are lingering, but the sellers are in some cases being obstinate until they cave. In other words, the lower prices right now are the exception, not the rule - but that's typical of a bubble bursting - first a few sellers cave, then the others follow. I am confident this will change in the future, and prices across the board will come down on most properties.
Posted by: Miss Muffett at December 17, 2008 6:16 PM
Thanks Miss Muffett. Personally, if I was a buyer, I would remain on the sidelines and see how things play out in 2009 as I think the odds of prices declining are greater than the odds of prices going up. Anyway, while your posts and predictions can be repetitive (ok, often mine are too), I do think people are sometimes unduly harsh with you and I really don't think you believe you're moving the market with your comments. You seem very even-keeled. But I do look forward to observing the tone of your posts if and when you finally buy. Good luck in your continued search.
Posted by: Biff Champion at December 17, 2008 6:32 PM
Miss Muffett: see you are wrong again. Here is why. This is not florida > People here actually put 20% down. People in Nyc actually live in the homes. People in Nyc actually need a Lawyer to close on the home unlike many other states. People in Nyc in established Blue chip nabes like Park Slope and Cobble Hill Carroll Gardens and Bklyn heights have lived in these homes for many many years. They are not desperate to sell to some vulture like you. When you see these price cuts what you are seeing is overpriced starting prices. Don't you get it ? look at Corcoran they price some of the homes 400k over the price it should be. Then when you see the 400k off of the closing you are duped into thinking the home went for 400k less and the sky is falling. Wake up !
Posted by: sebb at December 17, 2008 6:44 PM
: vinnie_barbarino I hear you vinn. BTW the other one is pretty sure to sell they had problems with the c of o
Posted by: sebb at December 17, 2008 7:58 PM
Um, Sebb - how is seeing a house selling for 400K less than ask "getting duped"? Actually, your last post is confusing - if you're saying that Corcoran (and presumably the other major realtors) are vastly overpricing properties, then maybe we're actually saying the same thing. All the more puzzling how angry you sound.
Posted by: Miss Muffett at December 17, 2008 10:46 PM
Sam=loser
Posted by: sebb at December 17, 2008 11:34 PM
Miss Muffett don't be confused I want to see if you know what you are talking about. I can tell you one thing I do.
Posted by: sebb at December 17, 2008 11:35 PM
Latest Restaurant Additions
-
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn
Post a comment
Please be patient while your comment is published. It may take a moment.