Price Cut at 355 Degraw Street

Although this house looks nice, I don't get why everyone is saying that it is a beautiful renovation. It does look clean and simple but why is it beautiful? There doesn't appear to be any 'modern' features or even much original charm.
And the yard is a box with those stockyard fencing.
I knda agree with the comments on the price drop. Back in the good old days bidding would push a price up. But now I think if I were looking to buy I would be making offers of at least 10% less. There is only one buyer for any house and they will have to listen to the offers that are made.

Posted by: oldtimer at May 12, 2009 1:48 PM

Hi Isabel
No, I have never done a gut renovation. I imagine that you are suggesting that if I had done so I would be impressed with the interior of this building. Is that what you are saying?
I going to have another look to try and see what it this that I am missing. I know that the yard just looked like three sides of stock fencing. It may be tanquil like a prision yard (I trying out sarcasism, I notice that it is very popular with many posters)But it doesn't have the simlicity of an asian garden or the blooming charm of a european yard.
But dear Iz, getting back to my not having done a gut renovation. If the whole guts are indeed removed then the designer has complete freedom to create a completely new environment. I have seen many spectacle 'modern' spaces in old warehouse and brownstones when the builder was not restricted by any detail.
This does not look the case but I will look again. I have already said too much. It's not a bad space, put in a couple of Barcelona chairs and a Tukish rug and it would be perfect.

Posted by: oldtimer at May 12, 2009 3:07 PM

De Iz
I had another look and I regret my critical comments. It doesn't look bad at all. But it doesn' look anything special nor lived in. I would guess that the building was renovated to be sold not occupied. A gut renovation would have cost between 100 to 200 k. If they paid 1.4 million five years ago then I hope that they get the asking price, because it's pretty fair.

But if the yard is fantasic then mine must be Versaille (I'm still have a go at the sarcasm)

Posted by: oldtimer at May 12, 2009 3:17 PM

z
Please give me a call when you are looking to do some construction and tell me how much you would like to spend. Maybe 100k is too low but I could make a very decent profit with a $200 estimate. But you can spend as much as you want and a good contractor can find ways to put your money to good use.
But let's say they did spend more; 400 K. then add that to the purchase price of 1.4 million. Well their return is, in the words of Elvis, less than zero. Also if this was a gut renovation then they didn't get to enjoy living there.
We should be feeling sorry for the seller

Posted by: oldtimer at May 12, 2009 4:42 PM

BKLandlord
"Two large trees limit your possibilities" So many gardens are ruined by too much organic matter; trees, bushes, shrubs etc., I think that if the whole yard had been spread with a coat of cement then skies the limit. You would never have to rake leaves or be bugged by blossoms and blooms. They create havoc, especially in the Spring, when an open space will become completely over run. Also trees can pose a danger to children who might want to climb them.
I'm not sure whether your comment that most home buyers are like you; with children is very P.C. In fact it is downright parentist. Brooklyn accepts all types that want to buy a house. Maybe they don't have young children. Maybe they have no children. Maybe they are just lonely children looking for a home.
Remember that we may all have parents but we don't all have children

Posted by: oldtimer at May 12, 2009 11:56 PM

mopar
If this was a gut renovation that cost $515 K as Z suggests then they are breaking even. And have not made a penny on their 2004 investment.

Posted by: oldtimer at May 13, 2009 12:00 AM

SnarkSlope
That was a great post. Learn to read Inglish Daveinbedsty indeed. Doesn't everyone have enough to do learning how to read Ulyess and Gravitys Rainbow.

Posted by: oldtimer at May 13, 2009 12:06 AM

BKLandlord, That was one fine response, but not objective. You had said that most buyers are parents of young children based on attending 50 open houses. I think that going to open houses may be a weekend past time for your demographic group; a parent of young children. Open houses are for nosey neighbours to snoop around and for realtors to catch more leads.
Your objective observation reflects lookers not necessarily buyers. but there again you might be right. Me ? Personally ? I and my wife bought about five years before our children turned up. I saw less than ten buildings and did not look at anything too big and a realtor would not show you something that you could not afford. If I haven't found a home after dragging the young uns around fifty houses I better start to rethink what I am looking for.

Posted by: oldtimer at May 14, 2009 8:44 AM

Dear Good Old Boy/BKLandlord.
Do you think that the agents are annoying you because they are not parents and do not appreciate your children and thought that making a commission would be easier than working and who cares about school districts anyway. And if you want to be living in a million dollar home then what are you doing sending your kids to the local PS. Get thee to a Packer/StAnns/Montesorri and don't you be going to no PS.
But you already know which is the school District du Jour of your demographic so why bother looking out of those areas.

You are right I did buy at 30K a building that now gets offered at 2 million. But there again that was a lot of money (and still is)it was all that I could afford. I think that I was making less than 20 k back then. But then it was a nice mixed neighourhood, of course Smith was a no go zone at night. But there were a few good years before Crack appeared and sketchy was not even a word. But I knew nothing about school districts coz I had no kids.
You say that you have looked at 300 over-priced houses and not found a home. How does that make you feel ? Maybe this is not your time and you are wasting time with all these house tours. How do your family enjoying going to the open houses on the weekends ?
But good luck to you and enjoy everyday.

Posted by: oldtimer at May 14, 2009 11:14 PM

This has to stop but it is fun.
You say that a good salesman doesn't judge a book by looking at the cover (Hey Bo Diddley )Do you feel that these agents are disrespectful and treat you like a kid ?
I'm sorry that I'm mocking you. Here is what you need to do; determine how much house you can afford (counting in deductions, rentals, insurance etc.,) decide your school districts ( but remember that schools are only good for 4 years) and stop getting mad at agents. They never change, they are sales people. Instead of going to all these open houses just run head first into a brick wall twenty times. It will give your kids a laugh and a relief from you asking questions about school districts. By now they know them as well as you do.
You just need a home don't make it so hard on everyone.

Posted by: oldtimer at May 14, 2009 11:34 PM