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March 16, 2009

House of the Day: 345 Hoyt Street

345-Hoyt-Street-Brooklyn-0309.jpg
Maybe we're missing something, but we don't see how the asking price for this three-story house at 345 Hoyt Street (at Carroll Street) in Carroll Gardens can be $2,150,000. Sure there's a three-car garage and some unused FAR, but the interior appears to have been stripped of any original charm. As a point of reference, the 2,880-square-foot single-family property sold for $1,275,000 in 2004. We're not that far away from 2004 prices, are we? Maybe they'll get $1,500,000, but this asking price seems nutso.
345 Hoyt Street [Corcoran] GMAP P*Shark
345 Hoyt Street [NY Times]




Posted by Brownstoner at 1:19 PM | Comments (31)
Categories: Carroll Gardens, HOTD

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Comments

I know I Corcoran bash a lot but c'mon. This kind of RIDICULOUS pricing is such a Corcoran move. Would any other broker have the guts, balls or stupidity to put this house up at that price?

Posted by: Prodigal_Son at March 16, 2009 1:25 PM

Mother always told me that if I didn't hve anything nice to say, its best not to say anything at all.

Posted by: daveinbedstuy at March 16, 2009 1:27 PM

60% mark-up in 5 years? Seems very reasonable.

Posted by: tybur6 at March 16, 2009 1:29 PM

It's called a "single family," but the floorplan calls each of the three floors an "apartment." And since the bottom floor doesn't have a bathroom or kitchen, that's not much of an apartment, even. Duplex on the bottom two floors and floor-through on the top appears to be what we are looking at. Or commercial loft downstairs with two apartments above?

The place's fugliness and price speak for themselves. Nice location, though.

Posted by: Brooklyn Chicken at March 16, 2009 1:34 PM

although I don't think we are close to 2004 prices. THis is foolish pricing. Wishful thinking. But I envy having a garage.

Posted by: Petebklyn at March 16, 2009 1:35 PM

How utterly bland. Good luck with that.

Posted by: Montrose Morris at March 16, 2009 1:36 PM

Great location, drab interior, hideous exterior. The garage is a plus but not a multimillion dollar plus. There's not a chance they'll get this price.

Posted by: gracias at March 16, 2009 1:47 PM

60% increase? Clearly you'd be paying for the pristine renovation done by the current owners.

Maybe the broker thinks the price is warranted as a development opportunity, but maybe she hasn't heard that there's not a lot of development money floating around right now.

Posted by: tinarina at March 16, 2009 1:48 PM

the location and the garages are great
but worth 2.15 - no way

But, we all know it WILL sell - just wondering what your thoughts it will sell at?

1.5?

Posted by: gemini10 at March 16, 2009 1:51 PM

The ad says 2 car garage the floor plan shows 3.

The ad says 1 family, the floor plan shows 2.

Love Corcoran. I wonder what the official C of O is and if that ground level is commercial.

I'd buy it for 1.2. Duplex and floor though, probably in the $3k a month range of income. Say $600 total for the garage. $3600 a month. Maybe close to $4k if you do 2 floor thorugh and a commercial space (if allowable).

Not bad if you can get a good conforming loan...


but alas, wont happen...

Posted by: christopher at March 16, 2009 1:54 PM

What is it with these 3-car garage brownstones in Boreum Hill. Man, I need to start shopping over there.

Can't details be recreated?

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 16, 2009 2:13 PM

"Can't details be recreated?"
Posted by: Brownstones Half Off at March 16, 2009 2:13 PM

Sure, but done right it wont be cheap. $100k maybe for moldings, trim, wondows, and what not. Then again, depending on the age of this building there might not have been a lot of original details.

Posted by: christopher at March 16, 2009 2:25 PM

no C of O on file...
http://a810-bisweb.nyc.gov/bisweb/COsByLocationServlet?requestid=1&allbin=3007448

Posted by: janelle at March 16, 2009 2:54 PM

"windows" not "wondows".

I'm use to the edit function of phpBB, I keep forgetting I can't fix my posts after I post.

Posted by: christopher at March 16, 2009 2:58 PM

Wait, I'm confused by the comment from Petebklyn: if we're *not* close to 2004 prices, are you saying that this house should cost a lot less than it did in 2004?

I've been kind of out of the loop so I'm asking this in sincerity. Even with the downturn and all, prices are still marginally higher than they were in 2004, aren't they?

Posted by: Isty at March 16, 2009 3:00 PM

Isty : Much higher the clowns on this site live on another planet.

Posted by: sebb at March 16, 2009 3:23 PM

yes, I think prices are still much higher that 2004.
But at any point in time, people paid too much (like whoever bought this in 2004). I also see $1.5 for this...but in 2004 he paid too much.

Posted by: Petebklyn at March 16, 2009 3:27 PM

Corcoran is the testicular cancer of Brooklyn Real Estate.

Posted by: Xander Crews at March 16, 2009 3:27 PM

I love it how people always blame the broker first. Never the seller.

You know what...Corcoran would probably LOVE it if this were priced a few hundred thousand lower. They'd get a deal done much quicker, have less work to do (fewer showings, open houses) AND still make a sizable commission.

It's delusional to think that each time we see an overpriced house that it's the sole fault of the broker. Just like a lot of overzealous buyers who couldn't afford homes were part of the reason we got us into this mess, a lot of overzealous sellers are still clinging to pre-bust prices and helping inventory rise, thus increasing supply.


Posted by: 11217 at March 16, 2009 3:38 PM

"Sure, but done right it wont be cheap. $100k maybe for moldings, trim, wondows, and what not."

0.1/1.275 = 8%. I'd say that's cheap. Bid 0.1 less and make the seller pay for it.

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 16, 2009 3:39 PM

i saw this house when it was for sale in the lows 1's circa 2004/5. its even more charm-less in person that the photos indicate, including the cheap imitation bricks used on the facade..And this "renovation" was already done back then, so the mark up is nothing but seller's wishful thinking

Posted by: blackstoner at March 16, 2009 3:44 PM

11217 - you are right,it's a mix of the seller and the broker. I think a smart broker wants to price things a bit lower than what they think other brokers would want to list a property for.

Posted by: gemini10 at March 16, 2009 3:48 PM

If the agent can not control his seller and explain that yes your piece of shit house isn't work 2 million, maybe he should be selling cars or copy machines and not houses.

Posted by: Xander Crews at March 16, 2009 3:49 PM

Xander Crews, Is there a broker out there that you would let control you? I have recently bid on 2 Corcoran properties and the sellers wouldn't budge and believe me the Corcoran broker didn't want to sit there for the 18th open house. This is a major battle for brokers to convince sellers that it is a new world out there.

Posted by: Jebby at March 16, 2009 4:15 PM

Well first I wouldn't use Corcoran 90 percent of their agents are mouth breathing imbeciles and second an agent doesn't get paid till the property closes so it's his own damn fault for taking an overpriced listing in the first place and not trying to communicate to the seller that his price is unreasonable.

Posted by: Xander Crews at March 16, 2009 4:30 PM

While you guys are talking about crazy markups , check out this listing from sotheby's. This Greenpoint home was purchased in 2001 for 160K and totally renovated. Gosh , even if it cost 150K to reno , you are talking about a 310k cash outlay. Now less than 10 years later , the owner is trying to more than triple their investment on a crappy Greenpoint framehouse. Just bonkers!!!!! It's not even a brick home for crying out loud, GREED!!!!

http://www.sothebyshomes.com/nyc/sales/0134650

Posted by: rdl1972 at March 16, 2009 5:46 PM

Xander, Like anywhere else there are great people and turkeys. I had a wonderful agent sell my house in Cobble Hill last year which she found for me in 1996. There are lots of sellers that don't follow the direction of the broker in setting the price or accepting an offer. I've seen a lot of it recently as I just bought a house after looking for a year.

Posted by: Jebby at March 16, 2009 7:24 PM

That Greenpoint house does seem too high, but I like it. Also think the renovations were more than 150k.

Posted by: Nomi at March 16, 2009 9:56 PM

212 Calyer in Greenpoint was purchased in 2001. When do you think it was renovated ? In 2008? Most likely it was renovated in 2001 when it was sold. I really doubt that the owner spent more than 200k to renovate this property. Let's be generous and say that they did spend 360k for home and renovation. 8 years later they expect a 600k profit for a property that cannot even cover the mortgage ? Good luck!

Posted by: rdl1972 at March 17, 2009 7:51 AM

I think brokers will take an over-priced listing from a stubborn / stupid / delusional seller because they think the seller will eventually relent on the price. Like after the place has sat on the market for six month without a single offer.

Brokers have a lot less business now, so I think they will take whatever listings they can get.

Posted by: Kris at March 17, 2009 10:55 AM

Isn't corcoran out of business yet?

Posted by: Xander Crews at March 17, 2009 1:48 PM

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