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July 9, 2009

House of the Day: 180 Adelphi Street

While $1,245,000 may on its surface sound like a low price for a brownstone in Fort Greene, it may not be such a great deal if the house is less than 14 feet wide and devoid of any historic charm, as is the case with 180 Adelphi Street; in addition, the block between Myrtle and Willoughby is not traditionally the most sought-after location in the neighborhood. The two-family listing isn't doing itself any favors either with the paltry and poorly-executed selection of photos (we had to hit the pavement and snap this exterior shot ourselves). Come on...
180 Adelphi Street [Awaye Realty] GMAP P*Shark
Open House Picks 4/24/09 [Brownstoner]

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I saw this building. The broker told me there was an accepted offer.

Huge renovation job and absolutely nothing worthwhile saving in the interior.

Not prime Fort Greene, but still a good location.

Posted by: DeadCatBounce at July 9, 2009 1:28 PM

If I were the seller I'd run far Awaye from this realtor. They can't even focus the camera.

Posted by: daveinbedstuy at July 9, 2009 1:29 PM

this used to be FSBO. their ad, http://180adelphi.com/ is a little out of date but gives you a better idea than the broker's. looks like the broker just hasn't had time to get the listing up right.

Posted by: well_pHed at July 9, 2009 1:32 PM

An unattractive property, what else to say?

Posted by: sam at July 9, 2009 1:35 PM

WOW, well balanced, that FSBO ad is ten times better than the broker's. But that tricycle sitting ominously in the yard is a little scary reminding me of the "Shining."

Posted by: daveinbedstuy at July 9, 2009 1:42 PM

I don't think it's a good location. I lived on the same block of carlton. huge housing project right across myrtle and a monster walk to the manhattan-bound trains. and you are far enough from the G so it doesn't really make sense either.

Posted by: joe_the_bummer at July 9, 2009 1:43 PM

per realtors website:
Building SF: 2472
Building Dimensions: 13.75ft X 100ft

Lot SF: 1375
Lot Dimensions: 13.75sf X 45sf

Now worth 2million to fit a 100' deep house on 45' lot

Posted by: Petebklyn at July 9, 2009 1:47 PM

The location isn't that bad. The housing project is down by the park (and I don't think it really affects the attractiveness of houses on the East side of the park or directly across it) and the walk to the train is probably 8-9 minutes (that's adding a minute for the extra block from my place to DeKalb) - if that's monstrous, it's time to hit the gym. Nonetheless, I suppose I am just playing devil's advocate. The bigger problem with that block is the lack of trees, those two neighbors on the left in the photo, and the church on the other side that is notoriously loud.

Posted by: amt230 at July 9, 2009 1:52 PM

what is the problem with the two neighbors on the left? i thought we liked the modern place, at least. no?

Posted by: well_pHed at July 9, 2009 2:02 PM

one of these houses pictured, and i can't remember which, has totally trash-bagged and boarded windows and looks like a crack den.

Posted by: bklynbpr at July 9, 2009 2:06 PM

worth 650K when its all said and done a few yrs from now

Posted by: cornerbodega at July 9, 2009 2:17 PM

Are the photos blurry? Or am I having a seizure?

Posted by: bridges at July 9, 2009 2:23 PM

What is it with Awaye? They have done a terrible job with other listings too - why on earth would anyone use them?

Posted by: Miss Muffett at July 9, 2009 2:23 PM

Awaye sucks - they rented an apartment I was moving out of and told the new people they could move in the same day I was moving out, even though I still had 10 days left on my lease and needed a day to clean the place.
Poor people who moved in to a not really clean or painted apartment.

Also - anyone know what is up with 165 W 9th St?

http://www.awayerealty.com/detail_rent.asp?webid=850

It's been done for at least 3-4 years, has been on Awaye's website for over 2 years, and is still empty.

Posted by: Flatbushrising at July 9, 2009 2:32 PM

i thought mr. b said he took the exterior photo, and i presume it was relatively recently that he did so. i don't see any trash bags or boarded up windows. frankly, the block looks like a lot of ft. greene blocks to me, with a mix of houses that look well-kept and some that don't.

Posted by: well_pHed at July 9, 2009 2:35 PM

Maybe the realty firm will give Mr. B a cut of the sale for his photography work.

Posted by: mopar at July 9, 2009 3:16 PM

Awaye Realty in my experience are a Joke.

So here we have 3 blurry JPGs in a narrow building on a mediocre block in price depreciated Fort Green, which for the most part will not hold long-term value, and we're to drop a cool $1.24 Million when they can't do us the favor of showing real photos?

Worse yet, the sellers expect that buyers will actually come to cisit their norrow abode with this craptastic listing and beer-goggled perspective on architectural photography.

This bubble actually started in 1981. We have a Awaye to go my friends.

Posted by: MoneyForNothing at July 9, 2009 3:27 PM

At the risk of sounding contrarian, it doesn't look that bad to me. The garden looks nice, although I don't get the deck beyond the bluestone patio, and the house looks to be in good shape. No detail, no character, for sure, but there are things you can do to improve it. It would hardly be my first choice, but at that asking price you're bumping up against the price of 2 bedroom apartments.

(If you want to see a real dump - and that's being too kind - go see 358 Prospect Place, HOTD on 6/30/09, for which they're asking $1.2 million. http://www.brownstoner.com/brownstoner/archives/2009/06/house_of_the_da_714.php)

Posted by: CarrollGardened at July 9, 2009 3:49 PM

I saw this property shortly after it first listed. It actually is really nice inside and has a beautiful back yard. It is true that it does not have any period detail inside. It is a very modern renovation. Like DeadCatBounce, I was told by a broker that the house was no longer on the market, so it is surprising to learn that it still is.

The comments about Awaye Realty are spot on. It is especially strange that the owner went with this broker given that he passed out a pretty decent flyer with good photos when I saw the house. If you can make your own marketing materials better than your broker, why hire them??

Posted by: LostinBedStuy at July 9, 2009 3:55 PM

Doesn't look that bad?

ONE POINT TWO FOUR MILLION DOLLARS!

And for this, you get to pay 12K in mansion tax and add an extra point to your mortgage (minimum) for being over 1 mil in loan (if you can get it). 25K added to your nut for the privilege of a reno, and better be sure you've got 30$ down.

So you're looking at over 400K in cash to purchase this turd so you can drop another 100+K to fix it.

Current comps mean nothing. Who care if you're getting near 2 BR condos...We are deleveraging from the greatest asset bubble in global history.

Don't think 2004 prices, think 1997....before banks started offering 100% financing and negative amortization loans.

As someone who could afford this craptastic home at the risk of stretching myself thin, I have to ask, who exactly is getting approved for the loans on places like this, and eager to jump in bith both feet?

Nobody, that's who.

Posted by: MoneyForNothing at July 9, 2009 3:57 PM

Miss Muffet, see yesterday's HOTD for a surprise. I agreed with your post.

Posted by: mopar at July 9, 2009 4:05 PM

Money, never underestimate how many rich idiots still out there looking to over pay

Posted by: more4less at July 9, 2009 4:06 PM

Fort Greene "will not hold its long-term value"? Wow, you are dumb.

Posted by: mopar at July 9, 2009 4:06 PM

I'm standing my ground. I'm well aware of pre-bubble prices - I bought my now former brownstone in 1996. I'm also well aware that I'm not going to get another house at 1996 prices; I believe the market has further to fall, but I'm not so unrealistic as to believe it's going to fall that far. You're not going to pay the $1.24 million asking price; you may even be able to get this house for under $1 million in which case you avoid the so-called mansion tax. I've been looking at apartments at this asking price, many with no outdoor space and high maintenance, and my point is that, at those prices, I'd prefer this house with the nice garden.

Posted by: CarrollGardened at July 9, 2009 4:12 PM

MOPAR...

Ohhhh nice, the first flame directed to me. I feel christened!

At these prices, Fort Green will never hold the same value in a long-term recessionary market comparative to say, park slope.

The point is, Fort Green is fine in many regards. And sure, long term, a desirable place given proximity to NYC. Some great housing stock in certain areas.

But it is a recent entrant in the gentrification.

As a buyer, you got to get PAID to take the risk of a nabe that will feel some pain in the RE market. Buyers are being asked to overpay (still) in almost every NY area due to lagging decline rate to national trend.

Sooooo....

If you're going to buy, and have to overpay still, expect a decline. That said, other nabes will "hold their value" long term (maybe I should have said medium term), much better. B/C there are more services and a higher houshold income there, better schools.

You dig?

That smart enough for you?

Posted by: MoneyForNothing at July 9, 2009 4:16 PM

well phed - the house next door is the one that used to have a black garbage bag window for the last two years, although you are right, if that picture is current it has apparently been fixed - but that doesn't say much for the care the neighbors take of their place. and as for the modern building, i'm thinking that may have been sarcasm, but if not, you may as well move in next to a mechanic's garage - that guy has no less than two vintage mercedes spewed across the driveway/sidewalk/ in pieces at any given time.

Posted by: amt230 at July 9, 2009 4:23 PM

This brownstone actually looks nice inside based on the New York Times photos, especially the yard. If the house looks as nice as the photos, I would say that it is priced in the right range-an entire brownstone for the price of a 3-bedroom condo. I also used to live 2 blocks from this block, and it is a nice area--very close to the park.

The New York Times advertisement does not mention Awaye Realty. It still is listed FSBO. Weird.

http://realestate.nytimes.com/sales/detail/253-NS90414875/180-Adelphi-Street-Brooklyn-NY-11205

Posted by: Jumbo at July 9, 2009 4:26 PM

amt230 - i don't spend a lot of time on that block so wouldn't know about the mercedes. i wasn't being sarcastic, though. i'm pretty sure i saw a post here a while back speaking positively about the modern renovation.

all i'm saying is that the block doesn't seem that much different from lots of ft. greene blocks (or clinton hill or boerum hill or - gasp - park slope for that matter) where you have decent, well-looked after homes right up against their more downtrodden and disrespected cousins. i'm guessing nowhere in brooklyn is truly immune from this, and if a buyer is trying to control what his or her neighbors do in/to/in front of their homes, there are probably some homeowner's associations in florida that buyer should look into instead of brooklyn.

Posted by: well_pHed at July 9, 2009 4:57 PM

I own this house, and I have never heard of Awaye Realty. Awaye Realty is fraudulently holding itself out as representing us without any authorization whatsoever. I have no idea why my house is listed on its website. It appears that this realtor copied information and photos from an (admittedly amateurish) website that I made--www.180Adelphi.com--in order to create the listing.

As for the various comments above, I agree with all the positive ones and disagree with all the negative ones :-) If you want to actually see our house and form your own opinion, come by this Sunday. We are having an open house 2-4PM.

I also should add that there never was an accepted offer on the property and it was never taken off the market. The brokers who told the commenters above that this happened were lying. I have to admit that between Awaye Realty and these other brokers who lied about my property, this experience has not heightened my view of brokers, although I am sure there are good ones out there.

--Jeff
917-836-0676

Posted by: Surprised Owner at July 9, 2009 5:40 PM

I'm confused as to why this listing is getting more positive press than the one on Vanderbilt (twice the size and a LOT closer to the C-train) a few weeks ago.

Posted by: Heather at July 9, 2009 6:16 PM

An update concerning Awaye Realty: I just called Awaye Realty's main number, and asked to speak to the realtor listed on the website as the broker for 180 Adelphi. The agent answering the phone said that she was out of the office. I explained the situation and asked that the brokerage de-list my property. The agent said that nobody who could help me was in the office. I asked the agent's name, and she literally said, "I don't have a name," and then hung up. It is hard to understand how Waye has held a license for 10 years. (Of course the statement on the website that Waye is licensed could be just as false as the assertion that she is the broker for my property.)

Posted by: Surprised Owner at July 9, 2009 6:25 PM

Jeff / Surprised Owner,
Wow, that is strange and worrying. I would e-mail Mr B as well to make sure he is aware of your comment.
It's up to you how far you take it in publicizing Awaye's shadiness, but my inclination would be to not let them get away with it.
Best of luck with the open house, and in selling your place!

Posted by: etson at July 9, 2009 6:36 PM

Surprised Owner...
My advice.... If you are really interested in selling, you need to cut the price on your house seriusly. Look forward for value, not backward. I really suggest you look at 190 Clermont listing and 202 Clermont. These are high quality housing stock with pristine renovation. 202 has sat on the market for a long time. I suspect it will sit longer. 190 clermont is an awfully nice home that needs little to no work. Asking 250k more than you, and expect price cuts on this new to market home as well. As a potential buyer with means to do so, even 190 clermont is not worth jumping on, so I will wait.

Even if others may disagree with my value assessment of the other properties in your nabe, it seems pretty clear it is far and away a better property than your home. It is your competition.

So if you want to avoid death by a thousand cuts, get in front of the market, price to draw high interest, and do what you can to convince a buyer to step in instead of keeping their powder dry. I have been actively searching for brownstones for 10 months and my take is that special homes can move, others sit, get cut, or get delisted.

Just my opinion, but sitting on a depreciating asset in a recession and asset bubble seems like a bad idea to me.

Posted by: MoneyForNothing at July 9, 2009 8:09 PM

I read this blog daily but this is my first posting. I live in the neighbourhood and this is a nice block, albeit a bit far from the subway.

This would sell quickly if priced right, which should be about $950k at the moment. At that price it would beat an expensive new condo or a large coop apt with high maintenance fees. Plus the rental of the duplex or triplex apartment would make owning this quite reasonable.

Posted by: E_Minor at July 9, 2009 8:35 PM

what an unfortunate situation the owner must find him or herself in. I am a little ashamed to admit that as an old Brooklynite, I have always thought of this area as being very sub-rosa, filled with residents who are, well, not model citizens. I suppose, as the French say plus ca change plus ca la meme chose. Fort Greene still has a ways to go to be respectable in my books. Sorry but this is just appalling.

Posted by: Minard Lafever at July 9, 2009 8:48 PM

Minard, if the situation that you are discussing is the unethical and appalling actions of Awaye Realty, that realtor is based in Carrol Gardens, not Fort Greene. The fact that brokers in Carrol Gardens are trying to take advantage of homeowners in Fort Greene does not support your theory that Fort Greene, former home to Spike Lee, Branford Marsalis, Larry Fishburne, Vernon Reid, and Chris Rock, has always been "filled with residents who are, well, not model citizens."

Posted by: Jumbo at July 9, 2009 10:32 PM

Truly amazing on the part of Awaye Realty. Would they sneak in a client, then try to pressure the seller to pay their commission, or try to scam the buyer out of something? I know of a broker in Jackson Heights who did this also. Terrible.

Posted by: mopar at July 9, 2009 11:28 PM

jeez it's like the real estate version of gossip girl up in here! lol

*rob*

Posted by: PitbullNYC at July 10, 2009 10:07 AM

« Co-op of the Day: 75 Livingston Street, #7B Streetlevel: Coffee Shop Coming to Berkeley Place »

July 9, 2009

House of the Day: 180 Adelphi Street

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