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March 3, 2009

House of the Day: 365 Parkside Avenue

Shortly after 365 Parkside Avenue (one of several Doctor's Rows in the area) was an Open House Pick in 2006, it sold for the asking price of $879,000. The buyers in that transaction have now put the impressive 1901 brick house on the market for $1,150,000. We're particularly liking the original wood floors and coffered ceilings, though we're not so sure about the price in this market.
365 Parkside Avenue [Brown Harris Stevens] GMAP P*Shark

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It will sell--no problem! Median sales prices for Brooklyn townhouses are up.

Posted by: nyc87 at March 3, 2009 1:25 PM

I like the details inside but the front entrance is super fugly. It looks like a generic apt. building door on the front (please tell me it's just reading wrong in the picture!).

I also don't understand not having redone the kitchen. I'm not saying the kitchen is horrible it's just not what I would expect in a house over a million. Doesn't jive in my book.

Posted by: TownhouseLady at March 3, 2009 1:30 PM

Townhouse lady:

What is so "super fugly" about the entrance? Looks like an elegant design to me. A few details and it could be pretty grand.

Regarding the kitchen, maybe they didn't have the cash to redo it, and didn't want to borrow. We need more of that. Plus, anyone wants to buy the house can surely spend $25-$50k to redo the kitchen.

Posted by: new2 at March 3, 2009 1:38 PM

I agree with Townhouse Lady...I was disappointed with the kitchen...mismatched appliances, lack of cabinet space, wood countertops, etc.

overall the place is impressive though.

Posted by: Opinionated at March 3, 2009 1:42 PM

It will not sell at that price. Sale prices for townhouses may have been up as of the last reporting quarter (Q408) but the market has deteriorated so much in the last month that nothing is selling now without a 10% drop below asking price, at least. Prospective buyers will not make an offer now until they smell blood in the water.

Posted by: Mitch at March 3, 2009 1:43 PM

Beautiful property (tacky parking idea). Why are they selling? Nabe not quite working out for them?

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 3, 2009 1:44 PM

I really like the interior - that living room and den work nicely - I do wish they had done something to give the kitchen a bit more of a rustic appeal and not have it with mismatched appliances
I don't know the pricing in that nabe so I don't know if they can get 1.15, but certainly a little over 1 mill

Posted by: gemini10 at March 3, 2009 1:48 PM

new2- How do you figure they couldn't afford to do it but the new owners will be able to? All I'm saying is- you have a house that you want OVER A MILLION DOLLARS FOR and you can't just thrown in matching appliances for continuity?

Regarding the door- It looks like a set of metal(?) doors that you put in a storefront or rental building. The interior door looks like a screen door. It's not appealing. Yes, it can be redone, but it's just more money out of the buyers pocket. I speak from experience, the house I bought someone had taken the double doors off of and installed single doors with a screen door out front and yes, they are fugly. We have it on our to-do list to replace them but it's costly and they're not the easiest to source. Thusly, I'm having to live with the fug-door for a while.

Posted by: TownhouseLady at March 3, 2009 1:59 PM

I am almost potive the front doors are original and very attractive.

The house looks lovely, though I agree the kitchen is obviously in need of some updating. the price looks very August to me, as they say. But we'll see.

Posted by: shillstoner at March 3, 2009 2:19 PM

As an aside, brownstoner summarized that report dead wrong.

Median sales prices for Brooklyn townhouses are NOT up. Median sales prices for brooklyn brownstones are down, with 2 families showing a 9% median price decline.

I'm not a raging bear, but fallacious reporting really irks me.

Posted by: metaphase at March 3, 2009 2:52 PM

IIRC, the front door is original cast iron and glass.

Posted by: Brooklynista at March 3, 2009 3:02 PM

It says READY FOR RENOVATION. You know what that means...

Posted by: denton at March 3, 2009 3:09 PM

Well, the price is not gonna happen, but I love the vibe of this house. They should put the price back at what they bought it for and I bet they would have a deal. One of my favorite houses in recent memory on here.

Posted by: wasder at March 3, 2009 3:19 PM

TL - Sorry about your doors. But I'm saying something incredibly obvious. Rational buyers take the cost and time needed for renovations into account when they decide what to offer.

Posted by: new2 at March 3, 2009 3:22 PM

In re the neighborhood, I think its great. Super close to the park and to the Q train. Somebody on here should buy this house, just not at this price.

Posted by: wasder at March 3, 2009 3:22 PM

What I've always liked most about these Parkside Avenue houses is that the front parlor is the full 20' width of the house. This house has been modified in a couple of ways. One is the parking, which largely replaced the front garden; the other is the ground floor apartment which IIRC was originally a ground floor entrance hall in front, with a utility room (heating system, etc.) in back). I personally prefer the original layout, but there's no denying the appeal of the income and the parking.

FWIW I THINK the entrance doors are original, but, unless I walk past I can't be sure. Too bad I drove down this block earlier today, before reading Brownstoner.

Here's a photograph of the row I made several years ago, for a PLG Housev Tour poster. I think this house is second from the left:

http://brooklyncameraclub.org/v-web/gallery/album196/Parkside_2

And another where [I THINK, again] it's five from the right:

http://brooklyncameraclub.org/v-web/gallery/album196/Parkside_3

Posted by: Bob Marvin at March 3, 2009 3:41 PM

I guess the sarcasm in my first post did not come through.

BTW, what happened to the earlier post on Brooklyn/NYC RE prices? It's gone.

Posted by: nyc87 at March 3, 2009 3:49 PM

I actually endorse not redoing the kitchen. I think people's taste in kitchens tend to be very particular (and idiosyncratic), more so than any other room - and the cost of redoing a reno not to your taste is so much higher. Much better to leave it as is and let the new owner do what they want with it, rather than spend a bundle on a reno that could turn buyers off.

That said, I live near here and I think it's overpriced in this market by at least $200K. It's a great house but not a great block - lots of traffic and too close to Flatbush. And the front parking is convenient, but ugly as sin.

Posted by: geekspice at March 3, 2009 4:14 PM

Offer 599K

Posted by: Xander Crews at March 3, 2009 4:28 PM

Agree with geekspice on the area...and the front parking atrocity. (Although the naturalist/esthetician Ms. Barbara Corcoran disagrees, contending that a cement pad in front of your town house with an SUV smacked down on it does wonders for your property value; or sadly, perhaps the creature is right...)

Posted by: Brenda from Flatbush at March 3, 2009 4:43 PM

The proximity to Flatbush is the major downer here otherwise pretty nice house even with that kitchen. The parking situation can be fixed inexpensively...just don't park there and add some potted plants:)
Now if it was bought for $870K in 2006 we don't see how it is worth more than $900k in this recession...

Posted by: pierre de taille at March 3, 2009 5:23 PM

I just got back from looking at the front of this house.The door IS the original iron and glass, identical to other houises in thev row.

BTW Pierre, it's closer to Bedford than Flatbush. The Flatbush Avenue sound volume doesn't penetrate that far.

Posted by: Bob Marvin at March 3, 2009 5:41 PM

Bob- That's a relief, thanks for updating us on the door situation. I was really hoping that was the case and that it just wasn't reading properly in the photo.

I agree with Geek & Brenda with respect that I'd rather do the kitchen myself than live with someone the choice someone else made but, that's usually the case for a fixer-up not a 1MM+ home. If I were the seller, and wanted to make my asking price, I'd have at least did a spruce up (matching generic appliances at least) of the kitchen so that the buyer couldn't say they'd have to replace everything.

Posted by: TownhouseLady at March 3, 2009 6:04 PM

As Bob said, these doors are original as other homes on that block have the same ones. It is a very nice block - tree-lined with some houses set back a bit more than the usual brownstones. Being close to Flatbush does have some advantages - quick trip to the subway and busy enough to be safe coming home at 3:00 in the a.m.

Posted by: pmg at March 3, 2009 6:07 PM

"Now if it was bought for $870K in 2006 we don't see how it is worth more than $900k in this recession..."

Wasn't 2006 pretty close to peak when everyone thought things were going to be great forever? Aren't we now in the worst recession in at least 50 years? thus, shouldn't it be worth less than $870K?

Posted by: thedudeabides at March 3, 2009 6:13 PM

thedudeabides that is exactly our point. It cannot be worth GREATER than $900K taking closing costs and minimal sprucing up costs into account. That is anything under $900K is fair game today...triste mais vrais!

Posted by: pierre de taille at March 3, 2009 6:32 PM

any decent schools in prospect/lefferts?

Posted by: mamaSita at March 3, 2009 6:40 PM

maple street school on lincoln road is great but it's only for kids 2 to 5 years old. i've heard the other schools in the neighborhood are not great.

Posted by: winthropst at March 3, 2009 8:09 PM

« Co-op of the Day: 344 6th Avenue, #2 Streetlevel: New Jewelry Store Opens on Fifth Avenue »

March 3, 2009

House of the Day: 365 Parkside Avenue

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