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February 18, 2009

1304 Glenwood Road Sells 20% Below Original Ask

1304-Glenwood-0209.jpgEight months, two brokers and one price cut after it was first listed last May for $1,275, the charming, slightly-ramshackle Victorian house at 1304 Glenwood Road in Ditmas Park closed at the end of last month for a mansion-tax-avoiding price of $999,000. Elliman had the listing first, then it was off the market, then it came back on with Fillmore again in November. The buyers were a couple from Sunset Park. GMAP




Posted by Brownstoner at 10:44 AM | Comments (18)
Categories: Sales, Victorian Flatbush

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Comments

I suspect both buyers and sellers were happy with that.

Posted by: daveinbedstuy at February 18, 2009 10:48 AM

That seems like a totally reasonable price for that house--certainly not a steal.

Is 20% below ask that unusual? I've heard of many cases.

Posted by: shillstoner at February 18, 2009 11:13 AM

I would have totally bought that place for the original asking price of "$1,275"

Posted by: dirty_hipster at February 18, 2009 11:46 AM

Maybe that's why there was such demand for that seminar "Homebuying for hipsters" a few months ago. :)

Posted by: daveinbedstuy at February 18, 2009 11:48 AM

If that house can't break $1 million, I'm not sure what around here will. Never been inside, but it looks really sweet from the outside, has a nice yard, is on Glenwood with those planted medians, and across from the LDS church, which is a pretty building.

Congrats to the buyers and the sellers.

Posted by: Sparafucile at February 18, 2009 11:59 AM

A lot of properties out there sell for $999,999 plus undisclosed amounts of cash precisely to avoid paying the mansion tax. Speaking from personal, as well as a relative's experience.

Posted by: heck_of_a_job_brownie at February 18, 2009 12:00 PM

Don't know what was going on here.....a lot of mortgage activity since the seller bought it in late 2002 and then a lis pendens in 2008.

Posted by: daveinbedstuy at February 18, 2009 12:07 PM

This house is not what I would consider prime Ditmas Park. It is quite a walk from Cortelyou and a long walk from both the Avenue H and Newkirk train stations. I did not see the interiors of the house but assuming that it needed minimal updating (new kitchen and baths) this price would seem appropriate.

Posted by: Chosen at February 18, 2009 1:12 PM

Chosen is right. This house was by no means prime for Victorian Flatbush. Price seems right. I saw interior and it needed work. Glenwood is pretty, but the West Midwood side is too close to busy CIA. Big drawback. And quite a walk from Newkirk, never mind Cortelyou or Prospect Park. You might as well be living in Midwood. Avenue H is the closest shopping district (although there are many positives associated with that..., just not the ones buyers in VF tend to be looking for).

Posted by: Architerrorist at February 18, 2009 1:58 PM

Argyle is two blocks from CIA, so you're not going to get noise, but you do have proximity to local and express buses and some tasty South Asian cuisine. So I'm not sure why that's a big drawback. True it's a hike to Prospect Park, but that's also the case to a greater or lesser degree anywhere in Flatbush other than Caton Park and PPS.

I've never understood why Cortelyou is such a draw. It's a local subway stop, and there are about four or five OK restaurants amid the vacant or marginal storefronts. At least at Newkirk I can visit a bank branch and catch an express train.

I'm neither buying nor selling any time soon, so the price differentials don't matter to me, but I'd like to understand people's thought process. To me the nicest area in all of Flatbush might be E. 17th Street south of Foster, but judging on price, that's a minority opinion.

Posted by: Sparafucile at February 18, 2009 2:28 PM

Here is my thought process Sparafucile;

I would rather be closer to Cortelyou because there is a great wine shop and a liquor store. There are several dining options and coffee chops like Vox Pop, Connecticut Muffin, Tibetan Cafe, Mimi's Hummus, The Farm, Sycamore, Visions, 773, San Remo's pizza, Cinco de Mayo, John's Bakery, the Mexican Bakery and soon a Philipino place. Within a two block walk from Cortelyou is the Gyro place on Coney Island Avenue and Madina for Pakistani fare. There are numerous Indian pastry shops on Coney Island Ave between Beverley and Cortelyou. There are also nursery schools, daycare centers, Montessori pre-school, public elementary school, two children's playgrounds, music school, dance school, pharmacies, hardware stores, car service and two organic food markets. Let's not forget the dentists, opticians, upholsterer, dry cleaners, laudromats, nail salons, hair salons, barber shops, bodega's etc...

The Botanic Gardens and the Park are also within walking distance. Although it is a local stop on the Q/B, you can time the trains so that you would go just two stops and hop onto the express as it pulls into Church Avenue and boarding at Cortelyou or Beverley Road, on the local only adds an extra 5 minutes to your commute. Express buses are an option as well.

So to me the closer to Cortelyou, the better. Yes there are empty store fronts as there are all over but like I posted in another thread earlier today, Cortelyou is no Smith Street but it is far from a barren wasteland.

Posted by: Chosen at February 18, 2009 4:11 PM

You can time the trains so that you just hop from your local Q to the arriving express B at Church? Wow, I wish I had that kind of power over the MTA's schedule.

Based on what you describe, being a few blocks closer to the park is the main difference, and I'll agree that's a big one. Except that we have one fancy restaurant instead of four, and our coffee shops are Kabir's and Dunkin Donuts, rather than Vox Pop and Conn. Muffins, the mix of services seems essentially identical to what we have on Foster and in Newkirk Plaza. I don't know if we have a day care nearby, since my kids are way too old for that, but they like being able to walk to the movie theater at CIA and Avenue H. Of course Cortelyou has a library, and we have to decide whether to walk up to Cortelyou or down to the Avenue J branch (usually it's Avenue J, since it's better stocked).

I can't wait for the new recreation building at Brooklyn College to finally open - it's only about 18 months behind schedule. For my taste, a 25-meter indoor swimming pool will be worth at least a dozen bars and restaurants.

Posted by: Sparafucile at February 18, 2009 5:42 PM

I saw this house, there is a reason it sat on the market for as long as it did. It was not a nice house and did not have that much going for it.
Photo's can be very mis-leading

Posted by: Absolute Beginner at February 18, 2009 5:46 PM

Is there a decent (walkable) grocery store near Newkirk?

Posted by: SnarkSlope at February 18, 2009 6:20 PM

There is a C-Town and a Key Foods near Newkirk Plaza, but I think standard grocery stores are, well, gross, so I would walk to Cortelyou for the Flatbush Food Coop or Natural Frontier Market. There are also many ethnic grocers around with good cheap fresh produce and other goodies.

Posted by: westminster at February 18, 2009 8:23 PM

Thanks westminster.

Posted by: SnarkSlope at February 19, 2009 9:58 AM

The view towards CIA from Glenwood in South Midwood (even from Argyle) stinks. Just like the view down the side streets off Stratford in PPS. Brings down the asking price every time.

Posted by: Architerrorist at February 19, 2009 10:07 AM

Anyone who thinks this house is too far from the subway is crazy. It's about a three minute walk to Newkirk station. CIA is close by but not at the doorstep. That said, if the house is in bad shape(I have not seen the inside) then $999K seems a bit high. I bought a place nearby for considerably less that needs a ton of work.

Posted by: bklyn_girl at February 20, 2009 11:12 PM

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