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September 25, 2009

Open House Picks

houseClinton Hill
219 Washington Avenue
Brown Harris Stevens
Sunday 2-4
$1,999,000 was $2,275,000
GMAP P*Shark

houseWindsor Terrace
102 Windsor Place
Orrichio-Anderson
Sunday 2-4
$1,400,000 was $1,525,000
GMAP P*Shark

housePark Slope
352 6th Street
Fenwick Keats
Sunday 12-3
$1,295,000 was $1,650,000
GMAP P*Shark

houseProspect Park South
225 Marlborough Road
Mary Kay Gallagher
Sunday 2:30-4
$975,000 was $1,080,000
GMAP P*Shark




Posted by Brownstoner at 1:05 PM | Comments (33)
Categories: Open Houses

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Comments

219 Washington Avenue house looks great, but it's been for sale since MAY 2007 and is immediately next door to a total dump.

No one is going to want to pay 2 million dollars to live next to that.

Still needs major price choppage.

Posted by: 11217 at September 25, 2009 1:16 PM

That clinton hill property is nice....but is it me, or does it feel a little "soul-less"?

Posted by: moreteasir at September 25, 2009 1:20 PM

WT house link is wrong

Posted by: gemini10 at September 25, 2009 1:25 PM

Is Mary Kay Gallagher the character on Saturday Night Live who sticks her hands under her armpits and smells them?

Posted by: Brokedeveloper at September 25, 2009 1:34 PM

moreteasir: It's you.

Posted by: Park Sloper at September 25, 2009 1:34 PM

some of these sellers seem to think that the downturn is over and that buyers are snapping up multi-million dollar houses in places like Clinton Hill again. I kind of doubt it.


Posted by: Minard Lafever at September 25, 2009 1:37 PM

No, that's Mary Catherine Gallagher. Mary Kay is the doyenne of Prospect Park South real estate. That house was the Kliot's OB/GYN practice, it was a pleasant doc's office by Brooklyn standards, can't vouch for the rest of it. Anyone seeking to convert it to residential will inherit the issues that come with (a) a huge corner property (virtually a double lot) and (b) the Brighton Line culvert in the back yard heading into the Beverly Road station, but it lies at the foot of one of the loveliest blocks in Brooklyn.

Posted by: Brenda from Flatbush at September 25, 2009 1:40 PM

Fair enough. Just seems like the various furniture and kitchen remodel doesn't fit with the "feel" of the house.

Maybe I have too much soul!

Posted by: moreteasir at September 25, 2009 1:42 PM

chop chop chop chop chop chop chop

Posted by: Santa at September 25, 2009 1:44 PM

Park Slope price is still ridiculous. $750/sf for THAT?

Posted by: DitmasSnark at September 25, 2009 2:00 PM

In defense of the Clinton Hill house, if you compare the St James house yesterday that just sold for 1.4, listing this place at 1.9 doesn't sound outrageous to me. Overall, it has far nicer finishes, it is a larger, wider house with central air, etc.

Posted by: Schultz at September 25, 2009 2:28 PM

Schultz I have never seen a house like that sell for 2 million in Clinton Hill even at the height of the bubble. I would guess that the seller is not serious

Posted by: bitter_bubble_buyer at September 25, 2009 2:46 PM

Ridiculous. The reflation trade has gone to people's heads.

6th street place is laughably pathetic at that price. Unless you're into Grandma Chic.

Clinton Hill $2 Mil? Please.


Posted by: MoneyForNothing at September 25, 2009 3:04 PM

Yes, 6th st is laughable - tiny house, gut job, no stoop. WT is still priced per bubble (we actually saw that house). Sellers need to pay attention to OH6months later and get a grip on reality in setting their asks.

Posted by: Miss Muffett at September 25, 2009 3:17 PM

A few Clinton Hill brownstones sold in the 2MM range (plus or minus 100K) in recent years, not many though. It will be interesting to see if this one gets the price. I think it's a nice place, but we'll see.

Posted by: 1842 at September 25, 2009 3:34 PM

an ask divorced from reality means they are not serious sellers (either fishing for a sucker or not really distressed or trapped by circumstance) or they are really stupid. (this "ask the moon" syndrome is a symmetric reflection of the more outrageous bottom feeders 'round here, btw.)

i see the MM takes the latter view (sellers r stoopid) and offers her sage wisdom for free on the point. surprisingly her advice supports her world view that - if it ultimately prevails - will allow her to get into a perfect home at a nice discount to current market prices. of course, this assumes she'll still make the same money in the new depression era. i'd hazard there might be some correlation risk.

Posted by: antidope at September 25, 2009 3:44 PM

The house has been for sale for 2 1/2 years.

That should tell you something.

Posted by: 11217 at September 25, 2009 3:49 PM

Taxes are high on Marlborough, presumably because of its use as professional office as well as residence. I love the large yard even though a lot of it is now patient parking, but you're so close to the train station that you'd probably have to listen to the conductor's announcements all day and night.

To me, this makes more sense for a doctor or dentist who wants to live above the shop than someone thinking of converting it to fully residential.

Posted by: Sparafucile at September 25, 2009 3:51 PM

'dope - I see nothing wrong with the MM comments on the two houses she mentioned. Do you actually think the estate sale on 6th St. has no interest in selling and is just fishing? Maybe the children of those now dead old folks with bad taste are really planning on moving in together.

According to 'dope buyers and sellers are all smart. Nobody makes bad deals. The market rules and prices are flat. I'm guessing you bought some property in, say, 2007 or 2008. Either that or you are a broker.

Posted by: Brokedeveloper at September 25, 2009 4:00 PM

antidope - a key reason that I am so patient, and cautious, is precisely because I am aware of the income risk in this climate. Evidently, others are too - just one of the factors exerting continuing downward price pressure. And I don't think sellers are stupid, just unrealistic.

Posted by: Miss Muffett at September 25, 2009 4:03 PM

i predict 2 of these four will be sold in 6 months.

none have pulled their prop and all have taken the first painful step of a price haircut. they're ready to give some more.

and the buyer freeze is defrosting just enough.

prices will be down up to 20% from peak comp on the high quality goods.

pls don't bother me with the ask discounts. gigo.

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

352 6th Street should be priced like 323 7th Street: $850,000.

Same type of house, both estate condition, one block away from each other.

The comps have spoken.

Posted by: DitmasSnark at September 25, 2009 4:43 PM

That Windsor Terrace garden is amazing.

Posted by: Nomi at September 25, 2009 4:45 PM

"i predict 2 of these four will be sold in 6 months. "

Not for nothing, statements like that are just silly.

Soothsaying at best.

Posted by: MoneyForNothing at September 25, 2009 4:56 PM

oh i forget, blogs are for serious economists like you. ha ha ha ha.

of course it's silly speculating but, at root, it's no sillier than anything and everything you've ever graced us with...

Posted by: antidope at September 25, 2009 5:07 PM

re Mary Kay Gallagher no Mary Kay Gallagher is not the SNL character, however Mary Kay does have a daughter Mary Katherine who was a cheer leader some years back.

Posted by: joanne at September 25, 2009 5:19 PM

I've seen the Clinton Hill house on Washington and some of these comments are completely off base. Firstly, if you don't think it's worth 2 mil just go and see it -- beautiful reno, central AC, fantastic space and light. (I heard they had offers at well over 2M when the market was hot and decided not to sell). The house next-door has now sold and is getting a total reno. And as to nothing in Clinton Hill selling for this much, the house across the street sold last year for 1.7 and needed a complete gut... This property has just been a victim of the market crash, simple as that.

Posted by: clintonhill_res at September 25, 2009 6:12 PM

I agree the Washington Ave house is very nice (great bones, nice original details, terrific views of Manhattan from the top floor). It was on the Clinton Hill house tour a few years back. But I suspect they shot themselves in the foot by over-pricing and even though they've now come down -- probably not enough -- they've lost the interest of serious, good-faith buyers.

Posted by: grand army at September 25, 2009 6:33 PM

Two million dollars does not buy merely central a.c. and a modern kitchen, it also needs to buy a good location. This is not a two million dollar location. This very basic tenet of real estate is one that many posters on this site are oblivious to.

"The house has central a.c. and a lovely parlor. why shouldn't it be two milllion dollars?"

-The reason is that it is not located in Brooklyn Heights or Park Slope. It is located near Myrtle Avenue.

Why this very basic factor of real estate pricing seems to flumox some on this site is weird. I think it may be due to their extreme youth and naivete.

...or because they are seasoned realtors exploiting extreme youth and naivete.

Posted by: Minard Lafever at September 25, 2009 10:25 PM

Other houses in Clinton Hill have sold for such prices, and more, so its not outlandish for the location. 147 St. James (a less interesting house) sold for 1.93 in Nov/Dec. 08. There are others on Washington that needed lots of renovation that have sold in the 1.7 range. I think your perception of what the comps are is skewed by your feeling about the desirability of the location. Clearly your opinion of the location is not universal, otherwise such high comps in the past years, even post Lehman, would not have been so common. That's not to say they'll get their price (overpricing it intially will likely work against them).

Posted by: 1842 at September 25, 2009 10:47 PM

I love Clinton Hill, I think this house is lovely, but the idea that it is worth two million dollars is ludicrous. How many houses have sold in the neighborhood for two million in the past three years? one? two? The neighborhhod has hundreds of houses.

Posted by: Minard Lafever at September 26, 2009 12:11 AM

What a nice bunch of ghetto properties unaffordable to almost anyone except wall street crooks. Hmm. Beverly Hills, the Hamptons, or Crack Avenue? Where do I want to drop my $2 mil?

Posted by: williamsburgguy at September 26, 2009 12:57 AM

Minard, two and three family houses have sold for close to and over $2million in Clinton Hill every years since at least 2005. 2008 was the only year where $2 million was not exceeded (147 St. James came the closest at $1.93 in 12/2008). I don't know if this will get the price in this economy, but saying it won't because people don't pay such prices for Clinton Hill is patently false, regardless of what your opinion of the neighborhood is and what you think people should pay. Just check out the department of finance list of closed purchases for evidence of what I'm saying.

http://www.nyc.gov/html/dof/html/pdf/08pdf/rolling_sales/neighborhood_sales/brooklyn_sales_prices.pdf

Again, who knows what they will get here. But your argument that they won't get $2 million because people don't pay that for Clinton Hill is factually incorrect.

Posted by: 1842 at September 26, 2009 4:07 PM

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