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January 21, 2009

House of the Day: 150 Bond Street Revisited

The last nine months have been rough ones for 150 Bond Street. The Boerum Hill single-family house hit the market last April with a price tag of $2,495,000. Since then, it's undergone six price cuts, including one last week that brought the asking price to $1,795,000. The combination of the declining market and the fact that the house is currently gutted must have been too much for buyers. The location and the three-car garage, however, have to start looking good at some point here. What price do you think gets this deal done?
150 Bond Street [CBHK] GMAP P*Shark
Open House Picks: Price Cut Edition [Brownstoner]
Houses of the Day: A Couple of Price Cuts [Brownstoner]
House of the Day: 150 Bond Street [Brownstoner]
150 Bond Price History [StreetEasy]

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Comments

Good friends of mine used to rent the ground floor apt in this house and I spent a lot of time here. Don't know what they have done to the interior but obviously this is a nice location and the price does seem to be nudging into the realm of doable. I would like to know what has happened to the interior here. Sounds like it is totally raw in which case price has to come down some more for sure.

Posted by: wasder at January 21, 2009 1:26 PM

taxes are weirdly high too. Maybe the garage is the reason?

Posted by: wasder at January 21, 2009 1:27 PM

I see from the listing that the broker never even went in and corrected anything.

Just what was the brickwork "reappointed" to???

Posted by: daveinbedstuy at January 21, 2009 1:33 PM

Although I love a corenr house, this one has far too few side windows.

Posted by: Bessie at January 21, 2009 1:34 PM

Yeah, Bessie. What's with that?? That looks weird.

Posted by: daveinbedstuy at January 21, 2009 1:36 PM

taxes are almost always higher for corner properties

Posted by: brownstoner at January 21, 2009 1:43 PM

hhhmmm, a gutted house.

'This 3 story single family home has been completely gutted and is ready for your design.....It will be delivered with an all new steel beam structure, new 3/4" plywood subfloors throughout, all interior brickwork reappointed, a completely new roof, new skylight and blico roof hatch and approved architectural plans. The fun part is up to you.'

Yes, the fun part of doing new plumbing stacks, new electrical, new heating throughout, new partitions, new flooring, new kitchen, new everything....ooooh, what fun!!

The fun part is that you get to spend 1.7m to buy it, spend another 500k-1m to 'Build your dream house in Boerum Hill' while waiting 1+ year while the fun construction work is going on.

Sign me up for this 'Fun' House.

Posted by: bayridgegirl at January 21, 2009 1:43 PM

mopar and I are getting all hot and bothered over the three garages!!!!!

Posted by: daveinbedstuy at January 21, 2009 1:47 PM

Seller bought the house for $1.725 million, closing in September 2007. The attempt to flip in less than seven months for $2.5 million was really silly, and, at this stage, I have a hard time believing that the property is worth more today (given what the economic uncertainty that the country and city are facing) as compared with what it was worth in the summer of 2007. Boerum Hill is great, but it isn't really any greater now than it was 18 months ago.

Posted by: aishling at January 21, 2009 2:17 PM

It needs another story to go for that price in that condition.

1.2 mill max

Posted by: Adam Dahill at January 21, 2009 2:17 PM

Well maybe 1.4 because of the 3 garages. What do garage rentals go per month in B. Hill these days?

Posted by: Adam Dahill at January 21, 2009 2:18 PM

I don't see the 3800 sf that they claim. Does anyone see how they come up with that number. Property shark has the building at 20x42 and the lot at 20.83x75.

Garden level : 20x75=1500
Parlor and 3rd : 2x20x42=1680
Total: 3180

This is counting garages as livable space. Not what I grew up counting as square footage but I don't know the convention here. Even so they are picking up 620 sf from the basement.

Posted by: Ozymandius at January 21, 2009 2:22 PM

Catch: One block from the PJ's. Someone would take a chance on it for $1M.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 21, 2009 2:31 PM

Take 30% to 35% off of what he paid for it in 2007, and thats what it will sell for.

Posted by: Gowanus_Bklyn at January 21, 2009 2:38 PM

I pay $250 incl tax for a garaged parking spot 2 blocks west of here.

Posted by: bowl of dicks at January 21, 2009 2:42 PM

I wish I had the money, I would buy this place for 1.5. Always wanted a garage.

Posted by: billyboomer at January 21, 2009 2:49 PM

Is that lot with the grages on it buildable. What would that be worth on its onw?

Posted by: Boerum Hill at January 21, 2009 2:49 PM

Anybody walk by here lately? When they did an open house last summer the back roof had been removed (I think recently). I presume they at least finished putting it back on, but like 7-10 days later it was still open. Crazy, eh? Don't know that the rain would have hurt much...they gut renovated, put in new aluminum studs, then with plans approved and LPC approral, quite(apparently out of $$).

Sad case...

Posted by: BoerumHill at January 21, 2009 2:52 PM

> "1.2 mill max"

I second that.

Posted by: SnarkSlope at January 21, 2009 3:39 PM

"Catch: One block from the PJ's. Someone would take a chance on it for $1M."

Projects have nothing to do with it. Practically any home you find in Boerum Hill is close to the projects. This is a good location.

Posted by: wasder at January 21, 2009 3:40 PM

all of upper smith street is "one block from the PJ's"

its a smaller block tho.

I walk by this house every month or so and always think to myself how great it is. I really love this area. Too bad rentals in the area are weirdly high and few and far between.

Posted by: Santa at January 21, 2009 3:50 PM

"1.2 mill max"

This is a gutted house, meaning there's nothing inside.....
....less than 1 mill!

Posted by: bayridgegirl at January 21, 2009 3:51 PM

I don't know that the "one block from the pj's" has no bearing on this one. Because it is on a corner lot, and on the main thoroughfare for walking, biking or driving between Flatbush and said projects, it doesn't have a nestled-in-Boerum-Hill feel.

Posted by: Nokilissa at January 21, 2009 3:54 PM

noklissa--I used to visit this house all the time when my friends lived there and it was a great location. I am in agreement that these people are on crack if they think they can get this amount for a shell of a house but for me anyway, the fact that there is public housing near by is not the reason this is overpriced. People are always so fast to mentioned projects and I think this is ridiculous.

Posted by: wasder at January 21, 2009 3:59 PM

Fair enough Waz, but I'm speculating that could have something to do with its sitting for so long. It has an "exposed" feel when on that corner, at least when we've wandered about, as compared to being on Dean or Pacific btwn Hoyt and Bond or Nevins.

I think these folks spent a fair amount on plans and architects as well. May be trying to re-coop at least some of that.

Posted by: Nokilissa at January 21, 2009 4:03 PM

i went to an open house on this one in the fall. If i remember correctly the 3800 sqft. corresponds to the approved expansion plan. This includes a potential built out area over the garage. I thought it was pretty lame to be claiming possible square footage instead of actual even if the permits and plans are in order.

Posted by: ran at January 21, 2009 4:06 PM

This is a really nice property.
I see nothing wrong with it.
And I understand the demo phase of the reno is complete.
I bet the landmarks commission would let you add a second story to the garages if it is designed nicely -maybe a mansard?

Posted by: sam at January 21, 2009 4:06 PM

Can you build on top of the garages?

All of B Hill and most of upper Smith is near projects and they still command high prices.

Bowl_of_Dicks I assume you are a Louis CK fan? I love his comedy. Prob one of my favorites right now. Too bad his show got cancelled.

Posted by: Adam Dahill at January 21, 2009 4:16 PM

"Seller bought the house for $1.725 million, closing in September 2007. The attempt to flip in less than seven months for $2.5 million was really silly"....
Well this is a perfect example of why we had a bubble which is in fact not sustainable. We are sure permits and architect fees are considerable but a 45% markup in only 7 months? Beyond greedy really.
While we loath anyone losing $$ a touch of schandenfreude is acceptable here folks.
We predict this place will sell within the year but @ less than $1.6 millions even with the garages and great location.

Wasder you are correct the projects are not a factor here at all.
BRG were you serious about the less than $1m comment? How much do you realistically think it will cost to fix this place up.

Posted by: pierre de taille at January 21, 2009 4:31 PM

Oh yes we are!

Posted by: mopar at January 21, 2009 4:57 PM

I hear you about the "exposed" nature of this property noklissa. My friends always felt a bit like they were living in a fishbowl on the ground floor. I just get annoyed when people use the projects as an excuse for why a house is over-valued.

Posted by: wasder at January 21, 2009 5:00 PM

Pierre....go to the Open Thread...did you hear that the US slapped a 300% import duty on French Roguefort???

Posted by: daveinbedstuy at January 21, 2009 5:11 PM

I lived on Dean (about 1 block up the street) from 2004-7 in a ground floor apt. There is 24/7 street noise on this block, mostly because of the foot traffic (esp. due to the train station on Schermerhorn).

I have also lived in other parts of Boerum Hill which had a lot less noise. The long main streets (Pacific, Dean and Bergen) are quiet and idyllic, but the side streets (Dean, Hoyt, Nevins) get a lot of traffic. Garden apts are especially noisy, and when your bedroom has a window leading out the to a side street - privacy is relative. You sort of get used to it, but the 3am weekend screaming matches on the street between PJ residents are never a fun wake up alarm. Your mileage may vary.

That being said, there are 3 and 4 story brownstones in Boerum Hill. My target price would be 1.3M for a finished 4 story and 1M for a 3 story. Don't buy a gut job in this area - there was a lot of neglect over the years. I'm guessing the current owners of 150 Bond are well aware of that now.

Posted by: Knickerbocker at January 21, 2009 5:50 PM

If it was West of Smith or between Dean and Atlantic, it would get snapped up @ $1.75M. You can renovate your brownstone but you cannot renovate your location (at least not single-handedly and within a year or two). The projects are a factor (3-car garage, hello!).

I'm gonna take a drive over there one day to verify if somehow these projects feel different. That is not my recollection from the last time I drove through there.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 21, 2009 6:05 PM

What is "PJ"? Also, Knickerbocker, we bought in 2002 in Boerum Hill. Back then 1.3 could get you a finished but not newly renovated 4 story brownstone. Haven't seen prices like that since. We purchased one that needed a gut for 850k.

Posted by: boroughbred at January 21, 2009 6:11 PM

PJ's = Projects.

Posted by: YngRntr at January 21, 2009 6:20 PM

'BRG were you serious about the less than $1m comment? How much do you realistically think it will cost to fix this place up.'

Yes, I am serious...less than $1M.
By the description of the listing it's a shell with a new roof and new beams. It also states there are approved plans. what if you don't like what they proposed to do. You'll need to hire an architect to re-design, take over the DOB application, blah, blah, blah. It ain't cheap.

Put in all new mechanicals; plumbing, electrical, HVAC, etc. (this is money that needs to be spent)

New flooring, New kitchen, according to the plans 3 full baths and 2 half baths, laundry room, re-build stair (?) etc. etc. etc. (you buy a 1.7m dollar house, I'm assuming you don't want to put Fedders in the facade (not that landmarks will let you) or formica on the counters.
I say, without seeing the house, bare bone renovation 500k. You want to step it up to the level of a showstopper, 1m+ renovation.

So, is this house worth 2.2m - 2.7M+ when done? and the headaches of getting it done?

btw - I looked at the floor plans: no half bath on living room floor; I def. would want one on the parlor floor; and one of the garages is being converted into a bedroom.

Posted by: bayridgegirl at January 21, 2009 6:23 PM

1.1 as of today's closing

Posted by: raphael9 at January 21, 2009 6:41 PM

This property is worth more than 1.1 million. It is not ideal for someone on a very tight budget, but for someone with a little dough, this could be a very sweet place.
two car garage (turn the third garage into a skylit pool/winter garden) a charming corner house (with more windows put in as you may require}. Charming. Perfect. Not cheap, but hey, designed to your specs and not that expensive.

Posted by: sam at January 21, 2009 7:58 PM

Sam, you have a very fanciful idea of what Landmarks will permit. No mansard addition on top of the garages, and no extra new windows. No. No. No.

The owner is caught pants-down, holding a perfectly nice chicken and pretending it's a pheasant. Good luck with that.

Posted by: Brooklyn Chicken at January 21, 2009 8:08 PM

BRG while you are right about this place needing a ton of work we beg to differ that it is worth less than $1m. The size and location are simply too good for such a fantasy even as a shell let alone one with 3 garages. Remember worse shells in Fort Green and Carroll Gardens are selling for around a million and they don't have garages (Lafayette Ave shell in FG sold for $900K post Lehman).
Now we are very bearish on the RE market right now and would love for your prediction to be true but < $1million is er a touch UNREALISTIC. We are pretty certain that if this was priced at around a million it would sell within a few days...yours truly will be bidding as well:)

Posted by: pierre de taille at January 21, 2009 11:16 PM

40% off 1.65 mil (nobody buying @1.795) will bring it down under a mil. And that 1.65 # is still high. Was that math too difficult for you?

Posted by: cornerbodega at January 21, 2009 11:42 PM

pierre, you say that you are a bear but the cuts that you suggest only nibble around the edges.

Take a step back and have a think about what a million dollars is - how long it would take the average person to save from their after-tax & after living expenses income.

The bubble has burst, normality will return.

Posted by: the chicken at January 22, 2009 5:38 AM

sam...if cornerbodega says its worth less than $1MM then, its worth less than $1MM. He seems to be the biggest of the loons these days!!!

At a 6% yield, the garages (at only $200 per month each) are worth $120k.

cornerbodega has a hard time with the math as well; but we all knew that.

Posted by: daveinbedstuy at January 22, 2009 8:14 AM

You have to know how to work with the landmarks commission chicken. they will allow a masard and new windows.

Posted by: sam at January 22, 2009 10:27 AM