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February 10, 2009
House of the Day: 296 Degraw Street
One thing's for sure: This one-family house at 296 Degraw Street would not have been listed for under $2 million a few months ago. The charming four-story brick building has lots of original charm as well as renovated bathrooms and kitchen. To top it off, it has its own garage, something that really matters in this part of town. The current owners paid $1,595,000 for the house in 2006 so, assuming they were the ones who did the recent renovations, they're unlikely to make a whole lot of dough given the current asking price of $1,900,000. That said, we bet they will get pretty close to the asking price, even in this environment.
296 Degraw Street [Brown Harris Stevens] GMAP P*Shark
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Comments
Is that a garage or a gated drive for keeping the carriage in?
Posted by: dittoburg at February 10, 2009 1:22 PM
The reason it's listed under $2 million is because the lot is 31x25 (house is 21x25) and thus you have absolutely zero outdoor space--no backyard, no patio. So you get the garage but no yard, not even a sliver.
Posted by: bk14 at February 10, 2009 1:23 PM
why do people in brooklyn sell their houses SO fast. 2006? that's like just yesterday. who buys a house and only stays in it for 3 years? ive seen so many examples of even worse people buying just months before they resell it? what gives, what am i missing?
*r*
Posted by: PitbullNYC at February 10, 2009 1:25 PM
No yard??? Might as well live in a condo.
Posted by: dittoburg at February 10, 2009 1:26 PM
I thinks this is a good looking little house
Posted by: bklynrosie at February 10, 2009 1:29 PM
I love this house. This is the kind of house I want. But I need a yard and I am not sure where on Degraw this is. But, wanted to chime in that I love the feel of it.
Posted by: WTbound at February 10, 2009 1:33 PM
This is a weird little house. The carport is great (yes a garage would be better) and there IS a deck off the parlour floor above the carport.
Posted by: daveinbedstuy at February 10, 2009 1:35 PM
Is this house a SQUARE?! I've never seen a building like this with dimensions like this!
http://media.bhsusa.com/floorplans/W991242.jpg
oh my, just looked at the satellite map image ... it is a square. I think this house was a "tuck-in" built on the Court Street corner house's back yard lot.
Posted by: Mr Joist at February 10, 2009 1:35 PM
it looks like there is a deck on top of the garage, accessible from the kitchen, so there's *some* outdoor space. This house is cute as a button, notwithstanding the lack of backyard. At the right price, it's a good alternative to a condo, no?
Posted by: Maly at February 10, 2009 1:43 PM
My bad--didn't see the "deck", which means at least part of it would be over the carport then?
Posted by: bk14 at February 10, 2009 1:47 PM
I love square houses -- works so much better imo. and a carport? love more than a yard (and if you don't you could use it as a side yard, right?). and PS29. I think this gets done somewhere north of 1.75
Posted by: Ringo at February 10, 2009 1:50 PM
couldnt you put a roofdeck on this thing.
Posted by: Santa at February 10, 2009 1:51 PM
Nice location, across the street from the historic district but not in the historic distrcit. Even though there is no backyard there is outdoor space. one could build a nice deck/garden on top of the garage and on top of the house itself. It is a charming little house. Nothing wrong with it, except perhaps the price, which is too high by several hundred thousand dollars.
Posted by: sam at February 10, 2009 1:54 PM
I have a parlour level deck and a large yard. The yard is nice to look at but I rarely go down there except to weed and pick tomatos.
I think this deck did not have a staircase down to the car which is too bad.
Posted by: daveinbedstuy at February 10, 2009 1:58 PM
I think this is a gated drive with the deck at the back end. [If my snooping is correct!]
Posted by: cobblehiller at February 10, 2009 2:05 PM
I love the floors!
Posted by: new2hood at February 10, 2009 2:09 PM
That's a boxy little house. GMAP streetview shows a car parked in front of the carport. Can you look up somewhere if it has a legal curb cut? I didn't see anything that would show one way or the other on the dob property profile.
http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet?requestid=2&bin=3004203
Posted by: Bklnite at February 10, 2009 2:17 PM
Wide but short, with windows on the staircase, could mean it's really old. Except this area didn't get built up until the 1850s. Definitely means it's full of sunlight.
Posted by: mopar at February 10, 2009 2:32 PM
I've been in this house. It is cute as a button but it is tiny, a doll house. The new owners did the renovation. It is 1/2 a brownstone. The kitchen, dining area and living room are all in what typically would be the living room.
Posted by: carroll2stones at February 10, 2009 2:46 PM
I live on this block. House is cute. VERY small. Those wide angle pics the rooms look bigger than they are, I think. And yes, there is a legal curb cut there, always has been. Sometimes the owners don't feel like pulling in (it is a tight fit) and just use their always-open curb cut spot to park in....
Posted by: ThinkC at February 10, 2009 2:53 PM
how can I get ca curb cut?!
Posted by: Ringo at February 10, 2009 2:55 PM
yet, that bugs me where those people with curb cuts get a 2nd parking spot for themselves only on the public street.
First car goes in garage and then they only get to park on the street.
And also since house priced at $900 sq ft - with probably no further FAR to expand, and little outdoor space...I'm not sure even a year ago (or whenever you think was top pricing) houses were priced higher per sq foor.
Posted by: Petebklyn at February 10, 2009 3:03 PM
They were very smart to get the curb cut when they could. The rantings of the self entitled who did not apply for a curb cut, or spend the money for a nice set of doors to the carport are always fun to listen to.
"Why can he have a curb cut and I don't?" Waaaaaaaa
Posted by: daveinbedstuy at February 10, 2009 3:11 PM
Charming house, but small. Definitely not a garage. I think this the building a bit off Court, next to the shoe repair and the fluffy dresses for little girls store. Since all the hassle of renovation is done, and there is a place to park and good schools, I think they will get close to ask. If not full ask, no less than 1.6 M.
Posted by: Carol Gardens at February 10, 2009 3:21 PM
Don't know whether the Buildings Dep't considers the curb cut legal, but the Finance Dep't is taxing them for it
Posted by: NorthHeights at February 10, 2009 3:58 PM
i would love to have the car port! hell ya. it's awesome.
Posted by: wine lover at February 10, 2009 4:48 PM
Nice for a small family. Too bad this family must make over 600K.
Pitbull: They see their property as an investment. If it is bound to tank they sell it.
Posted by: MaplewoodGuy at February 10, 2009 5:16 PM
"why do people in brooklyn sell their houses SO fast. 2006? that's like just yesterday. who buys a house and only stays in it for 3 years? ive seen so many examples of even worse people buying just months before they resell it? what gives, what am i missing?"
Good question. I thought everyone was in it for the long haul. I thought Brownstone Brooklyn TM had no flippers or distress.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 10, 2009 5:56 PM
Sorry, but are you folks living in your own world or what?
Only a fool would pay over a million for this house at this time.
Wall Street AND Main Street are getting flushed down the toilet folks.
Are any of you faintly aware of what's going on?
Our government is run by a gang of vote pandering shmucks that has zero clue what to do.
By this time next year, you'll be amazed that you ever considered it remotely possibly that a house could fetch over a million dollars ANYWHERE in Brooklyn.
WAKE UP!!!
Posted by: IronBalls at February 10, 2009 7:55 PM
B'stoner sez:
"The charming four-story brick building has lots of original charm"
Gee...guess it's really CHARMING.
Time to invest in new thesarus!
Posted by: WonTon at February 10, 2009 9:09 PM
ironballs is right.
things are down the toilet.
right now this house has close to zero value.
I think we need to fasten our seatbelts.
Posted by: sam at February 10, 2009 9:12 PM
Will it get asking? I don't know.
Does it have zero value like sam said? No, not even close.
What people, like IronBalls, fail to remember is that even if the stock market is falling traders still get paid per transaction. Even if it's all sell off someone is making a commission. And then there are the lawyers doing closings (sales were up in December) and foreclosures, doctors, etc.
No matter what shape the economy is, or has ever been in, someone always makes money.
Someone out there will see value in this building. That is why Brooklyn Heights, Cobble Hill, Carroll Gardens, etc have been pretty decent neighborhoods overall, throughout numerous downturns.
Someone with a few bucks in cash, a kid or two at school age, maybe a car, will find value in this and pay pretty close to asking.
My .02
Posted by: christopher at February 10, 2009 10:22 PM
It's adorable, I just think it must suck to live through renovations and then sell. Doesn't look like it was renovated as an investment... the bathroom is too distinctive. (Which I like.)
Posted by: Heather at February 10, 2009 10:26 PM
Christopher,
Is your "commission argument" a joke? MILLIONS of Americans have lost their jobs in the last year -- MILLIONS. Along with the stock market tanking, retirement accounts have been slashed in HALF.
NYC happens to be the financial capital of the world. Ummmmmm. . . we're screwed.
Only a complete and utter moron would pay much over one million for this house in this economy.
It doesn't matter if they have kids or whatever. It would be INSANE to pay anything remotely near asking price.
I could afford this house, but instead I'm renting a much nicer place somewhere else for much much less than a mortgage payment would be on this house. When asking prices drop significantly, maybe I'll buy a place. But what's the rush? We won't see price appreciation in real estate again for years.
The game's over even though Brownstoner is pretending it's not.
And unlike the What, I'm not glad things are falling apart. I'm a landlord and personally stand to lose a lot of money. I'm just calling it like I see it.
Posted by: IronBalls at February 10, 2009 11:19 PM
ZEE sky is falling again, an overpriced brownstone, good lord help us all. We are doomed we are doomed. What a bunch of pansies on this site try living in Cleveland or fucking Indiana that is where the fucking sky is falling. Fuck.
Posted by: billyboomer at February 11, 2009 12:28 AM
No, my argument is not a joke. Regardless of the market people still get paid. More when it goes up, but they still get paid even if it goes down.
You are right, millions of people are losing jobs, but not everyone. Right wrong or indifferent there are people who prosper no matter what, and some people/businesses prosper even in recessions.
Sure the economy is in bad shape, but not every citizen of this city or country is in exactly the same boat.
My argument is this, YOU may not want it or find value in it, but I have no doubt that SOMEONE somewhere does see value in it and does want it. Will it go for asking? Probably not, I'm just saying that this "it's all over" ranting is not necessarily an accurate depiction of everyone in NYC or the USA.
Posted by: christopher at February 11, 2009 8:32 AM
"It's all over" refers to rapid price appreciation.
The only price that makes sense is if mortgage payments are less than or equal to equivalent rents.
There's nothing wrong with buying a house. There's A LOT wrong with paying twice what it's worth because market prices haven't yet fallen back to earth.
Posted by: IronBalls at February 11, 2009 11:56 PM
"The only price that makes sense is if mortgage payments are less than or equal to equivalent rents." - IronBalls
Fair enough, however...
... a 3 bed 2,000sqf rental on 4th Place/Clinton is asking $6k a month. Plus $150 a month for parking.
Lets say $1.8 million. A 30 year mortgage with 25% down would cost roughly $9k a month.
So it's higher than a $6k rental, but it's also a lot closer to transportation, many would consider Degraw more desirable than Clinton/4th Place. And you get your own parking. and you own as opposed to rent.
Using your metric of mortgage close or equivalent puts the Degraw house pretty close to satisfying that. Drop $100k or so, to about $1.8, and you're right at that metric.
Posted by: christopher at February 13, 2009 10:30 PM
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