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April 6, 2009

A Couple of Houses Reduced on Dean Street

190-425-Dean-Street-Brooklyn-0409.jpg
Two houses on Dean Street had their asking prices reduced in the last few days. The two-family house with a storefront at 190 Dean Street hit the market in February (when it was a House of the Day) with a price tag of $1,600,000 and was reduced to $1,495,000 this week. Meanwhile, the two-family at 425 Dean Street, that was an Open House Pick in October at $1,425,000 before getting pulled off the market, has been re-listed at $1,275,000 and is having an open house on Sunday from 2:30 to 4. Thoughts?
190 Dean Street [Corcoran] GMAP P*Shark
425 Dean Street [Brown Harris Stevens] GMAP P*Shark




Posted by Brownstoner at 11:36 AM | Comments (18)
Categories: Price Cuts

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Comments

These are pretty significant price cuts, although these buildings are still only affordable to a very select and priviliged few. The question is will those few chose to live above a storefront? Will they chose Manhattan instead?
Who knows? Neither property has much curb appeal.

Posted by: sam at April 6, 2009 11:57 AM

They are not significant in the least...6.5% and 10.5% ??? No curb appeal is right. A realistic seller needs to understand that when he doesn't get any offers that are close then 10% or less aint't gonna make it happen!!!!

Posted by: daveinbedstuy at April 6, 2009 12:02 PM

I have a feeling Dave is right and 10% or less is not going to make it happen here. But I suppose it is an incremental step. Perhaps the first of several. No one really knows yet where the market is. It is lost in the woods without a cell phone.

Posted by: sam at April 6, 2009 12:10 PM

Ridiculous, yes, but surprising, no. If they're asking 1M+ for a modest house in LFG (cf. last week's HOD) then these with supposed rental income (a 3 car garage, oh my!) are priced to sell. Who is buy, who is pricing, is what I want to know.

Posted by: househunt at April 6, 2009 12:12 PM

The 3-car garage on the corner property is certainly enticing. The big ol'storefront though is kind of scary if it is part of your home. I suppose the best thing would be to live upstairs and rent out the first floor to a commercial tenant. A CPA or insurance office or something like that. It would also make a nice architect's office (with the family home above). But architects certainly have no money at this point.

Posted by: sam at April 6, 2009 12:36 PM

190 Dean at $1 mil would be genius.

At $1 mil I'd try to buy it just for the parking...

I would never live in it, just rent it out, but figure $2k a month for each floor and $250 a month for 2 spots (keep one for myself) that would be $6500 a month in. The building would probably cost about that much with financing, expenses, etc and you'd get the write off and parking as a bonus.

At $1 million it's a pretty solid long term hold for someone already in the are. In my opinion.

Posted by: christopher at April 6, 2009 12:47 PM

190 Dean has a great location, but not much else going for it without extensive renovation, including a bridge to the garage roofs, to give some outdoor space. When it was last posted, I thought the concensus was that the commercial space can no longer be used for a commercial space?

425 Dean is in a terrible location, and the layout is odd, to say the least. What's with the music room? The picture shows a subbasement floor, but not the floorplan. What's up with that?

Posted by: Brooklyn Chicken at April 6, 2009 12:58 PM

190 dean, if around 1M, is an interesting (close to compelling) buy. Not cheap but certainly cheaper (ie keep 1 flr for self, rent out other 2 flrs & at least 1 of the garage spot) than buying a 2 bdrm coop / condo. Parking in that area will only get worst as more & more hi-rise bldgs are built in that area so those parking spots will prove to be very valuable.

while I daydream about buying a $1M ppty, need to hit at least 2nd place drawing on LOTTO

Posted by: more4less at April 6, 2009 1:44 PM

I used to live across the street from 190 Dean when it was a bodega. Ali, Mohammad and Mohammad used to hook up the best sandwiches... Damn I miss those days.

Posted by: mrkknox at April 6, 2009 2:09 PM

Whoops, my bad. Thought 190 Dean was Dean & Nevins, not Dean and Bond... No sandwiches there.

Posted by: mrkknox at April 6, 2009 2:11 PM

Re 190...

I think 3 family conforming limit is about $700k right now.
(and yes, it is 3 family residential, the ground level is no longer zoned commercial).

If you can put 10% down, have good credit, extra cash in the bank, and a solid job, you might be able to get away with $200k liquid and close to $800k in financing (conforming limit plus extra for personal income and garage income).

At $1 mil it is pretty enticing (either as owner occupied or strictly as investment)

Posted by: christopher at April 6, 2009 2:14 PM

no doubt $1M would be juicy but we'll have to wait for owner to slice another 33% off on price. somehow, I'm guess seller wont slice it that much or wait is a yr

Posted by: more4less at April 6, 2009 2:21 PM

Regarding 190 Dean st., is the garage part develoble? I.e. can you buy the property + Sell the garage to a developer?

Posted by: Boerum Hill at April 6, 2009 3:16 PM

that sucks
no garden but cars

Posted by: dutchman at April 6, 2009 3:54 PM

Hey Christopher don't ya think you are being a little too optimistic with the pricing here. Of course $1m will be an excellent deal but this place is still listed @ half a million more.
The price reductions here are basically minimal at this point and will need another 15 to 20% reduction for it to be significant...well at least to most buyers in this market.

Posted by: pierre de taille at April 6, 2009 4:07 PM

Boerum Hill -- 190 Dean is landmarked, so I don't think a play at selling the garage to a developer could work.

Has anyone actually visited and toured inside?

Posted by: Boerumresident at April 6, 2009 9:59 PM

Also, what does the price reduction bode for the (almost shell) house down the block at the corner of Bergen and Bond? Also a 3 story with 3 car garage corner lot, but no commercial. I think it was asking 1.7 a few weeks ago.

Posted by: Boerumresident at April 6, 2009 10:15 PM

Landkmarkin would not influence whether or not a building lot with a garage could be developed. Only what could be built there.

Posted by: Boerum Hill at April 7, 2009 11:07 AM

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