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September 10, 2009

House of the Day: 455 Henry Street

This house at 455 Henry Street has charm to spare (love that dining room!) and the Cobble Hill location's just peachy. The kitchen's the only thing shown in the listing that doesn't really float our boat. The asking price of $2,250,000 feels a little high to us, especially since the house is less than 17 feet wide and is configured as a three-family. What do you think?
455 Henry Street [Douglas Elliman] GMAP P*Shark

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Great location, great bones. Kitchen definitely needs some upgrading. Garden looks fantastic. The only thing I would change is I would make it owners triplex with one rental on top. Knock off a couple hundred thou and it sells pretty easily I would imagine.

Posted by: wasder at September 10, 2009 1:28 PM

Below grade bedrooms would be too grim. Make it a triplex and put the bedrooms above the parlor.

Posted by: wasder at September 10, 2009 1:32 PM

I love this house. Compare it with the Joralemon street house from yestersday. This house is much deeper and roomier and is on a much deeper lot. also the basement is not entirely underground. It is a much better house, but it has been divided into two apartments, which seems odd for a smallish 2.2 million home. The reno costs of this have to be factored in. Plus a new front door and repainting the windows black.

Posted by: Minard Lafever at September 10, 2009 1:34 PM

$2 Million Dollars to have to walk past the Boiler Room to get to the Master Bedroom. And when that sucker kicks in, the humming will lull you to sleep.

Posted by: Expert Textpert at September 10, 2009 1:42 PM

I think that dining room is effin tacky as all getout, but if you're a super rich grandma looking to blow your retirement cash, this is the look for you.

The exterior is blah.

No one looking to spend $2.25 mil is going to
a) want to keep decor, or
b) want 2 tenants

let the price drops begin...

Posted by: MoneyForNothing at September 10, 2009 1:46 PM

Being a landlord of two units while next to the boiler is clearly a good investment for your 2.2 mil while your and your tenants income is shrinking. What a great bargain! Hurry, hurry!

Posted by: bklplebe at September 10, 2009 1:49 PM

Change the front door and paint it and the window casings black..$3,000 a most

Strip the DR wallpaper and paint it.

Make the basement level into the rental unit and keep the top three floors for yourself. Who wants to spend $2MM and have tenants walking through their house???

Is there no cellar below this basement unit????

Posted by: daveinbedstuy at September 10, 2009 1:51 PM

I really like the dining room.

Posted by: Minard Lafever at September 10, 2009 1:53 PM

Didn't we see this house not long ago?

Posted by: Nomi at September 10, 2009 1:54 PM

Egads, that dining room looks like Laura Ashley exploded inside it.

Posted by: stray bongo at September 10, 2009 1:57 PM

yes, we saw this house about a month ago. who could forget that dining room?
A landmarks approved front door may set you back 6 to 10 thousand depending on how elaborate the design needs to be.
No biggie, and well worth it.
keeping the lower level as a guest apartment with a tiny convenience kitchen is a good idea. I wonder if the facade has been painted. If so, one would need to deal with that as well. Stripping the paint off the facade and repointing the brick could run into some bucks.

Posted by: Minard Lafever at September 10, 2009 2:02 PM

Mssr. Lafeve is correct about the door. I had not seen that it was landmarked. This is why i got my facade done and replaced my door this year. My block is calendared and I hear it's being accelerated.

Posted by: daveinbedstuy at September 10, 2009 2:19 PM

Smart move DIBS. And a good question -- why no cellar?

Posted by: Boerumresident at September 10, 2009 2:45 PM

Makes no sense:

Price to rent ratio -> Fail
Comparison to other houses (e.g. clinton st brownstones) ->Fail
Price to Income -> Fail
Price to Condo equivalent ->Fail

Somebody may buy it, but they might lose a ton of money on it as well

Posted by: thwackamole1 at September 10, 2009 2:51 PM

I love the dining room. Stop bashing grannies.

Posted by: Nomi at September 10, 2009 3:06 PM

Depends upon how long they plan to stay in it, thwak.

Posted by: daveinbedstuy at September 10, 2009 3:18 PM

This looks like a lovely house -- and it's in a beautiful neighborhood. The absence of a sub-basement, however, substantially diminishes its value.

Posted by: brownlime at September 10, 2009 3:51 PM

Do three family's typically demand less on the market?

Posted by: bklynrosie at September 10, 2009 4:25 PM

from 7 weeks ago...
http://www.brownstoner.com/brownstoner/archives/2009/07/house_of_the_da_727.php
Brownstoner having a senior moment, or no new listings so gotta recycle?
Then... "Ick, it's like somebody's granny exploded in there. Posted by: DitmasSnark"
today... "looks like Laura Ashley exploded inside it. Posted by: stray bongo"

Appraisal widget is pretty consistent around 1.8 both times.

Posted by: BKLee at September 10, 2009 4:31 PM

Widget also consistently significantly too low when compared to actual selling prices.

Posted by: Nomi at September 10, 2009 4:35 PM

"Depends upon how long they plan to stay in it, thwak."

Exactly. If they are planning to stay for 20-30 years then they should wait for a couple of years; it will surely be much cheaper.

"Appraisal widget is pretty consistent around 1.8 both times."

Right-whatever the widget says.

Posted by: bklplebe at September 10, 2009 4:39 PM

Agree that the basement bedrooms with boiler is a downer, a not small downer, as half your living space.

Posted by: Nomi at September 10, 2009 4:47 PM

Everyone please plan to meet again here in November to discuss:
-Price too high
-Tenants
-Crappy door
-Ugly wall paper

Posted by: BKLee at September 10, 2009 4:49 PM

I'll be here . . .

Posted by: Nomi at September 10, 2009 4:50 PM

bklplebe, in case you haven't been following, whenever a house sells that has had a widget appraisal, it ALWAYS beats the widget.

I'm glad you know when the market is going to bottom. I've already stuck my neck out there and said that brownstone prices will bottom by the end of the year.

Posted by: daveinbedstuy at September 10, 2009 4:55 PM

I don't think you can look at what sold within 2 months and assess the widget accuracy from that subset. I think if a listing sells quickly, it will probably beat the widget.

Posted by: Maly at September 10, 2009 4:55 PM

"Do three family's typically demand less on the market?"
That's a good question, Bklynrosie.
Does anyone have an opinion?

Posted by: brownlime at September 10, 2009 5:03 PM

three families always seem to be less highly valued. One reason is the the owner's apt might be on the small side. Even so, two apartments could knock $5000 off the monthly mortgage, letting less wealthy buyers into the market. I have a three family, and found it was the only way into the market. That was three years ago, so no bargain in terms of the purchase price. With rent increases in the two upstairs apartments, we are now able to live in our smallish first floor apartment for just about $1800/month. So it has absolutely paid off in terms of our monthly out of pocket.

Posted by: FixtheCanal at September 10, 2009 5:57 PM

Fascinating that the widget this time (admittedly on 40 guesses) is averaging $116K over the appraisal in mid-July (with 48 guesses).

Also, this HOTD is wrongly categorized in Brooklyn Heights -- it should be Cobble Hill

Posted by: Boerumresident at September 11, 2009 9:46 AM

FixtheCanal,
Thanks for your view on the issue of the value of a three-family homes. It confirms the impression I'm beginning to get: most people who can afford a brownstone don't want 2 tenants. (But, of course, there's a great economic advantage to having 2 tenants!)

Posted by: brownlime at September 11, 2009 11:39 AM

« Condo of the Day: 70 Washington Street, #7E Streetlevel: Big Green Space on Baltic Now for Rent »

September 10, 2009

House of the Day: 455 Henry Street

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