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September 15, 2009

House of the Day: 434 4th Street

434-4th-Street-0909.jpg
It's hard to guess what you think a property will sell for without seeing some interior photos but since this agent can't seem to be bothered, we might as well try! On its face, an asking price of $1,200,000 for a single family home in the North Slope seems pretty darn attractive. The listing for the center-staircase house does mention that the place "needs renovation" but doesn't get any more specific than that. Best guess?
434 4th Street [New Millenium] GMAP P*Shark





Posted by Brownstoner at 1:10 PM | Comments (43)
Categories: HOTD, Park Slope

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Comments

I wouldn't consider 4th Street to be "North Slope," but that's just me. I think the price is somewhere in the ballpark, although about a year and a half ago, there were 3 brownstones on my block which sold for a million each (actually I think one was 900K). They all needed to be gutted (and 2 have now been totally redone).

Posted by: 11217 at September 15, 2009 1:23 PM

> Best guess?

Given that the listing says "This home has infinite potential" I am guessing that "needs renovation" is a generous understatement.

Posted by: DitmasSnark at September 15, 2009 1:33 PM

Eeesh - that row of houses really isn't doing it for me. What is that block like?

Posted by: dirty_hipster at September 15, 2009 1:45 PM

there's comments about Novo's exteriors in that thread, but damn, this is UGLY. it's soo ugly. my god. ugly old lady brown. bleeechhhh

Posted by: wine lover at September 15, 2009 1:45 PM

Old ladies get such a bad rap. I might be one one day!

Posted by: Nomi at September 15, 2009 1:49 PM

My stars, a brownstone that is brown! What an outrage!

Posted by: DitmasSnark at September 15, 2009 1:52 PM

is this a brownstone? ...looks like stone and brick to me. of course, i think brownstone's are super ugly, but this this is DEPRESSING. this is like soul sucking. would be a big bummer to come home to this.


Posted by: wine lover at September 15, 2009 1:55 PM

about as center of ParkSlope as you can get.
Nice opportunity for someone. Especially when seller uses these noname brokers. Off the radar so can get better deal.

Posted by: Petebklyn at September 15, 2009 1:56 PM

Great location, must assume the worst about condition, only 15' wide. How much would a nicely renovated 15 footer cost? Deduct $600,000 for work and aggravation.

Posted by: Maly at September 15, 2009 2:01 PM

For some reason the place does not look plumb to me in the photo.

Posted by: Fjorder at September 15, 2009 2:01 PM

> of course, i think brownstone's are super ugly

Good thing you spend so much time on Brownstoner.com.

Posted by: DitmasSnark at September 15, 2009 2:03 PM

If it does need to be gutted, that is approximately $400K, yes? Doesn't seem like a crazy asking price.

My old lady defense notwithstanding, I agree that there's something depressing about the exterior of this house. But maybe there are ways of cheering it up that are relatively inexpensive.

("Notwithstanding" is yet another word/expression that I don't understand; shouldn't it be "withstanding"?)

Posted by: Nomi at September 15, 2009 2:03 PM

It's brick, with brownstone trim.

In case you haven't noticed, wine lover, nobody gives a rats ass what you think.

Posted by: daveinbedstuy at September 15, 2009 2:15 PM

Just a guess, but the outside makes it look like a "three family." You know, one apt with a railroad style layout per floor. Not an original one family house that's been subdivided into apartments.

Likely means narrow kitchens squeezed into the side on the back, dining room in back, parlor in front, tiny bedrooms in the middle.

Posted by: mopar at September 15, 2009 2:18 PM

With a renovation and a window box in every window, this place would be a nice place to call home.

The block and location are great.

Judging by the blooming peach blossom tree in the photo, this place has been on the market a while though.

I think it will need to sell for just under a million to get a deal closed.

Posted by: 11217 at September 15, 2009 2:23 PM

This broker specialized in no photos, even of "FULLY RENOVATED" houses.

Posted by: Nomi at September 15, 2009 2:25 PM

There could be rent controlled tenants from 1973.

Posted by: mopar at September 15, 2009 2:26 PM

I think this place could be a real steal for someone who has time and cash. You could probably get it for under a million, and put some money into making an owners triplex with a nice garden and rent the top floor.

Posted by: gemini10 at September 15, 2009 2:36 PM

Well, the ad talks about transforming it into "an exquisite single family home."

Posted by: Nomi at September 15, 2009 2:38 PM

(That was in response to mopar.)

Posted by: Nomi at September 15, 2009 2:39 PM

wrong - he didn't say turn into single family.
I think is already a single family so don't worry about RC.
Also center stair so makes all rooms width of house.
I think folks who by instinct pick out/see negatives whether real or not are the ones that will never really buy
and for sure can't see bargains when they appear. No imagination or talent to make something really nice.

Posted by: Petebklyn at September 15, 2009 2:44 PM

I did mean it was or wasn't already a single family: the point was transforming it into an EXQUISITE single family home told me that renters are not an obstacle.

Posted by: Nomi at September 15, 2009 3:01 PM

Mopar has great imagination.

And it's reasonable to be questioning of a listing that has no interior pictures.

Posted by: Nomi at September 15, 2009 3:02 PM

The 15’ width is a bummer but I don’t see any big issues with the façade. This house is one of four matching townhouses with light decorative brick bands and a nice cornice.

Some new windows and a few window flower boxes and this could be a gem. I think New Millennium R/E is across the street, hence the listing.

Also, closing fees, taxes and a full gut of three floors plus some façade work = at least $600k so the question is: Is this place in pristine renovated shape worth $1.8 million?

Hard to tell without pics but I say it sells for a bit over $1 million.

Posted by: Mr Joist at September 15, 2009 3:14 PM

That's not a peach tree in flower. It's a pear...the typical Bradford pear (or called "Calgary pear"). They're from East Asia (China)...and the branches are famous, unfortunately, for breaking off suddenly, especially when there is a snow/ice load. As the tree ages, they drop branches. I forgot why...I read it somewhere--it's something about the way the tree is internally structured.

Because of this, I believe the City no longer plants them as street trees.

It's strange that a vase-shaped tree can lose branches more easily than an oak, linden or beech that has nearly horizontal branches, but that's the way it is. Chalk it up to Nature's structural engineering.

I won't comment on the house aside from it not being my favorite mish-mash style...I have no idea what it should/might sell for. And yes, with the right colors, window boxes, etc. it might look very nice.

Fourth Street surely isn't bad. I, also, would consider it to be in "Center Slope" rather than "North Slope"--but aren't those boundaries a bit amorphous?

It's not the same as with landmarked districts side-by-side. For example, Fort Greene and Clinton Hill share Vanderbilt Avenue as their "boundary" for what it's worth.

Posted by: BrooklynGreene at September 15, 2009 3:23 PM


DitmasSnark, you are one funny MF. Seriously.

Posted by: East New York at September 15, 2009 3:30 PM

PEAR!! That's it! I knew it sounded incorrect as I was typing it. Lack of sleep...

Posted by: 11217 at September 15, 2009 3:30 PM

My Best Guess is that it's atrocious inside.

Either that or the seller has an awesome home, but hired the laziest broker in town and somehow hasn't figured it out yet.

Insulting to anyone's intelligence to try and get traffic to a 1.2 Mil property with a pic of the facade. Please.

Posted by: MoneyForNothing at September 15, 2009 3:39 PM

It's actually a Callery Pear, not Calgary. That species of tree is not supposed to be hardy enough to survive Calgary let alone be named in reference to it.

Posted by: kensington gal at September 15, 2009 3:41 PM

"think this place could be a real steal for someone who has time and cash."

Posted by: gemini10 at September 15, 2009 2:36 PM

A real steal at WHAT, 1/3 it's current price?

Posted by: MoneyForNothing at September 15, 2009 3:43 PM

Some recent listings have bare trees in the photos - I think they just used archived shots & it isn't necessarily an indication of how long it's been on the market.

Posted by: Arkady at September 15, 2009 3:48 PM

joist, my sense is that few props requiring full gut are moving right now. those few that are trading are already move-in condition.

as a result, these type of guts will be where the deals are made. it will take lots of cash (and guts) but the strong willed buyer will pick this up for a bigger discount to peak prices than even a condo would trade.

unfortunately for the bargain hunters shopping at the 99 cent store, i doubt this prop will be that "deal." there appears to be no mortgage on the property so the owner is unlikely, barring unseen and unknown circumstances, to sell at such a discount.

Posted by: antidope at September 15, 2009 3:57 PM

Kensington Gal,
Thanks! I realized my typo after clicking "post". At least *someone* reads my musing! ;-) And such a close reader! Good!

Posted by: BrooklynGreene at September 15, 2009 4:00 PM

A nickel says this is an estate sale.

Posted by: DitmasSnark at September 15, 2009 4:13 PM

Oh well, now that I've actually read the listing I see it IS a single family house with a center stair. NEVER mind!

Ha ha!

Posted by: mopar at September 15, 2009 5:36 PM

It is a single family house, brick with brownstone trim. home was recently toned up by the malek guys about 5-6 years ago, but they did a hinky job on the brownstone stairs, which are chipping.
it was home to a very elderly man until he became infirm a summer or so ago. there's a nice deep yard.
and yes, this will need a top-to-bottom gut. even has the old '50's tv antenna on the roof. This will be good for a single family; too skinny for a 3+ family. It's part of a row of similar homes that are all 1-family deals.
the tree next door is a bradford callery pear that's probably about 25-30 years old. even has a tag on it from the parks department saying what type of tree it is. i remember seeing them go in as saplings.
the garage in the picture is not part of the building.
good neighborhood, active block association, quiet block; the john jay kids don't frequent it.
fyi: mopar's description is like the car parts company his name comes from. dodge-y and close to bankrupt.

Posted by: 5w30 at September 15, 2009 6:52 PM

ENY - Thanks for the props.

5w30 - Thanks for the info.

winelover - You confuse me. When referring to your own home, you said "the exterior was of zero concern." Yet, when referring to this house, you said this about the exterior: "...this is DEPRESSING. this is like soul sucking. would be a big bummer to come home to this." Please explain this double standard.

Posted by: DitmasSnark at September 15, 2009 6:58 PM

He loves wine too much, or maybe he likes to whine so much. Also, if this house were in Williamsburg, it would be a gorgeous beauty.

Posted by: Maly at September 15, 2009 7:30 PM

and yes, this will need a top-to-bottom gut. even has the old '50's tv antenna on the roof.

Ya know that old antenna will now get you pristine uncompressed hi-def TV over the air, unlike the compressed crap delivered by your local cable company.

Posted by: denton at September 15, 2009 10:28 PM

Definately not North Slope. North Slope is Union to Flatbush.

Posted by: broker at September 16, 2009 9:23 AM

lookie here a brownstone in prime park slope for 1.2. less than 5 blocks away another brownstone is priced for 3 plus.

Where are the care bears?

Posted by: jack slade at September 16, 2009 5:32 PM

Saw the house after I posted, (some of you bloggers insist on being spoon fed and love picking "umptions" out your ass)
very solid building, no columns or arches in the subbasement, no saggy floors, original layout with some details plus 2 blocks from ps 321.

It does not need a total gut. It needs TLC.
With 600k you can build a 3 story extension in the yard. 100k tops.

Posted by: jack slade at September 16, 2009 9:52 PM

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