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May 6, 2009

House of the Day: 433 Pacific Street

433-Pacific-Street-0509.jpg
This four-story house at 433 Pacific Street in Boerum Hill has one of those envy-inducing parlor floors that can be found in this part of town; the backyard is quite charming as well. The upper duplex (the rental) has three bedrooms and two baths. (What's the market rent for this space, do you think?) Anyway, very nice house but the asking price of $2,495,000 seems pretty high for this market. What do you think?
433 Pacific Street [Corcoran] GMAP P*Shark





Posted by Brownstoner at 1:16 PM | Comments (35)
Categories: Boerum Hill, HOTD

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Comments

Not as high as the $2,250k below.....

Posted by: daveinbedstuy at May 6, 2009 1:19 PM

Wow! But so close to Atlantic Ave and really a hike to either the great stuff about Smith and the great stuff about the Slope. Nothing is just right there. Plus, lets talk subway access. You have to walk 2.5 avenues to get to Atlantic and pay $2.5mm for the privilege. Um, no.

Posted by: LincolnSlope at May 6, 2009 1:20 PM

I'm missing the w/d in the lower duplex, and what does the upper duplex look like?

Posted by: Schultz at May 6, 2009 1:24 PM

This house does NOT have an "envy-inducing parlor floor," in my opinion. The middle wall with pocket doors that would have separated the double parlor is gone. Too bad. Merits a large discount for that alone.

Posted by: bk14 at May 6, 2009 1:27 PM

Who sets these prices, the deluded sellers or the insane brokers?!?! I've been looking fairly actively for over a year now and I see the prices are lower across the board, but not low enough to reflect what has happened to the economy. I know the inventory shrunk as well, but I still don't get it. I mean, how much more could this place have sold for (given all the insightful remarks noted by Schultz and LincolnSlope above) at the height of the bubble? Do we assume that it is by definition 15% off ask?

Posted by: househunt at May 6, 2009 1:30 PM

Lincoln...its ONE block from Atlantic and two to Smith St. It's probably less than 5 minutes to the Hoyt/Schermerhorn A stop.

Not saying its priced right but its not a bad location.

Posted by: daveinbedstuy at May 6, 2009 1:32 PM

Nice enough place, but I'm not feeling the parlor floor envy either.
Pretty sure the floor nazis are going to be up in arms about the plank floors, too.
No parquet--no $2.5M, right?

Posted by: ontheparkway at May 6, 2009 1:35 PM

This house is older than most brownstones. The wide pine plank floors are totally appropriate. I like them.

Posted by: daveinbedstuy at May 6, 2009 1:41 PM

Have to agree with Househunt
Here we have a 2.5mil house being offered now right in the middle of the housing crisis etc - so are we to assume this house would have been listed at almost 3million in 2006 during the height of the BK boom?

Posted by: gemini10 at May 6, 2009 1:42 PM

This is the typical strategy of this particular broker pair-I've seen them do it before. They overprice a house on purpose, then when the buyer underbids and gets the offer accepted the buyer feels like they got a deal. The "real" asking price is usually at least 300k less than what is advertised.

Posted by: verysleepy at May 6, 2009 1:45 PM

This house is priced too high, even for 2006-2007. Comps wouldn't have supported this price even back then.

Posted by: daveinbedstuy at May 6, 2009 1:50 PM

2.5M and less than one wall of kitchen cabinets? i don't get the wall of bookcases where more cabinets should be. the kitchen layout is terrible to me...

Posted by: bkny at May 6, 2009 1:57 PM

price is absurd but I love, love love the wide plank floors. This place's parlor floor seems airy and open, as opposed to many brownstones that seem stuffy and Victorian. I dont want to live in a house where I feel like I need a starched colar and dinner jacket to have a cup of coffee in my living room. Whats with the bedrooms though?? For 2.5 million I'd like more than the 1990s-exposed brick fad.

Posted by: clintonhillbuyer at May 6, 2009 2:04 PM

I like the layout on the rental. How much do they want for that?

I'll offer $2750/mo. Let me know. Need to move by early fall.

Posted by: northsloperenter at May 6, 2009 2:06 PM

I'd pay $3,000 for the rental. Forget about the 2-1/2M though.

Posted by: ontheparkway at May 6, 2009 2:12 PM

Love their backyard. Simple but still beautiful.

Posted by: Mrs. Limestone at May 6, 2009 2:15 PM

That rental is def north of $2800 NSR!

Posted by: gemini10 at May 6, 2009 2:16 PM

Damn!

$3075 for the rental if I can control the heat.

Posted by: northsloperenter at May 6, 2009 2:16 PM

ontheparkway: (re: "Nice enough place, but I'm not feeling the parlor floor envy either.
Pretty sure the floor nazis are going to be up in arms about the plank floors, too.
No parquet--no $2.5M, right?")

Personal taste notwithstanding, those floors are the reason that parlor looks stunning. Here's why: parquet is common and easily gotten (I had to do it on one floor of my house, because there had been some of it existing already; not cheap but not nearly as pricey as wide plank flooring). But those original planks: PRICELESS. You can try to find salvaged planks like that, but you will NEVER get that original look. They make the space, in my opinion. Drop dead gorgeous.

Posted by: iz at May 6, 2009 2:36 PM

Outside looks nice but why is it a shy bit shorter than the house next to it. I was not awed by the interior either. However based on location (Boerum Hill), condition, and not to be overlooked extra width I think this could be worth a full 2 million. Maybe more if there are extras like the bathrooms are beautiful and the basement is nice and high and could be turned into usable space.

Posted by: boroughbred at May 6, 2009 2:39 PM

I really like this house and the plank floors. And location is pretty sweet actually. 1.8 should get this sold one would think.

Posted by: wasder at May 6, 2009 2:39 PM

While I agree it's overpriced, I'd still much rather buy this than the co-op of the day.

It's in a pretty solid area. Quick walk to BAM, quick walk to the nice part of fulton street behind BAM, tons of transportation. Being only a block off Atlantic is a bit of a bitch, but I bet the brownstones behind you cut a lot of the noise.

Posted by: cwbuecheler at May 6, 2009 2:49 PM

Great houses on that street as well as State St north of Atlantic but that area is just weird. Hoyt/Schermerhorn is also a crappy subway station. Just never feels safe there. Plus you have that big halfway house on Nevins with all types of undesireables walking around.

That said 1.8-1.9 will get it done. 2.5 is crazy talk.

Posted by: Adam Dahill at May 6, 2009 2:51 PM

There is actually a better house, in my humble opinion, for sale on Bergen Street. Here is the link http://www.prudentialelliman.com/Listings.aspx?ListingID=1103825&SearchType=broker_current&BID=

I saw it and it is pretty awesome. The yard was one of the nicest I have ever seen. Here, again, the kitchen is on the small, not enough storage size, but overall the house is beautiful. It is listed at 2,375,000. I think it will go for $2,100,000. They are getting a good number for the rental.

Posted by: homey at May 6, 2009 2:54 PM

Pretty! I love the plank floors and the bookshelves in the kitchen. It seems a bit enthusiastically priced. Even if we were at the peak of the market, this would be a stretch. Very lovely though.

Posted by: Maly at May 6, 2009 2:56 PM

If it's truly 3600 sf, I think it'll get close to 2 Mill.

Posted by: FatLenny at May 6, 2009 2:58 PM

Boerum Hill resident here. Proximity to Atlantic would only be an issue for me if you had traffic noise. Living closer to Smith St. is not an advantage unless you enjoy like noise and occasionally having a bar patron vomit on your stoop. I know the last few sales on my block (2008 deals) were at around $2.0 mm, so $2.5 mm ask seems high. The double duplex seems tricky to me. You get better rental income, but who wants to pay all that money and just have a duplex for themselves. Single family or triplex + rental seems like a better configuration.

Posted by: Boerum Hill at May 6, 2009 3:09 PM

I agree with Boerum Hill that this is an awkward layout for the asking price. I'd much rather have a garden rental, plus triplex for myself. Figuring the duplex would rent for around $3500, (maybe that's high) but the garden alone would go for $2000.

So you'd be losing a whole floor and making yourself go up an extra flight of stairs just for $15k a year after expenses? On a $2 million home? Doesn't work for me.

Posted by: Bolder at May 6, 2009 7:22 PM

if you want a triplex plus rental -just go buy one.. some of those for sale too. One just came on market on Butler St for $3.2m

Posted by: Petebklyn at May 6, 2009 7:40 PM

This is a good example why the real estate market is in trouble in Brooklyn. You pay $1.5 - $2M for a building. After putting down 20-30%, you end up with a $7500-8000 mortgage, struggle to get a tenant at over $3.5k/month and still end up with only half the building and an outrageous mortgage.

Posted by: vinnie_barbarino at May 7, 2009 1:09 AM

Yeah, and your tenant has a nicer space than you do for a heck of a lot less money...

Posted by: northsloperenter at May 7, 2009 9:08 AM

vinnie, well put. Amazing how this type of common sense went out the window in the last few years. Figure this place is worth a 6K mortgage 20% down I put the value at $1.2m.

Posted by: thedudeabides at May 7, 2009 9:37 AM

Figure all you want. the house will sell for more than $1.2 mm.

Posted by: Boerum Hill at May 7, 2009 10:34 AM

What's up with this block (zoned for PS 38 if that's an issue) and houses that are all at least 25-35% over where they should be? I think this is the fourth or fifth house for sale on Pacific between Bond and Nevins.

(1) BHS has a listing for a house one or two down from this one asking $2.55 (with the wall of glass), and
(2) another one across the street for what I think might be that shell that was foreclosed on last year for $1.995M.
(3) Halstead is selling the house with the empty lot next door for $1.995M (which is probably a much better deal if that includes the double lot),
(4) I think one of the local brokers (maybe Nancy McKiernan) is selling the house at the corner across the street from the "green" house for $1.85 or so.

And don't get me started on the weird house on the next block up (across from the senior center parking lot) that looks like it's collapsing and is listed with a broker I have never seen before in the neighborhood who is looking for something like $2.7 "firm."

THe houses on this block peaked at $2.3 in Jan 2008.

I think when we see one of these move at significantly below the $2M mark you will start to see a shift in the asking price realities of our neighborhood.

Posted by: Boerumresident at May 7, 2009 1:35 PM

This sold at asking at the first open house.

Posted by: pennytile at May 21, 2009 12:55 PM

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