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October 6, 2009

House of the Day: 417 Sackett Street

417 Sackett Street was an Open House Pick last March when it was with Corcoran asking $2,875,000. After a reset, the four-story brick house in Carroll Gardens is now getting the marketing treatment from Brown Harris Stevens and has the benefit of a new asking price of $2,595,000. In our humble opinion, the price is still too high. The recent gut renovation looks perfectly nice but there's no wow factor, either for old house devotees or modern architecture lovers. Agree?
417 Sackett Street [Brown Harris Stevens] GMAP P*Shark

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Dropping Rents Will Drag House Prices Down with Them

http://tinyurl.com/ycfk6z8

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:27 PM

Wake me up when it's listed under $1.9M. If it were zoned for PS29 and were in the landmarked area of Cobble Hill, I could understand.

Posted by: Maly at October 6, 2009 1:29 PM

Oct. 6 (Bloomberg) -- The U.S. economy is on the mend and housing is poised for a rebound, said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York. “The momentum in the economy is moving forward,” LaVorgna said today in an interview on Bloomberg Radio.

Housing is close to a turnaround because “we have had a tremendous improvement on inventories,” he said. “We are much closer to a housing bottom than many believe.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=an1vxMc2SMEU

Posted by: 11217 at October 6, 2009 1:30 PM

Oct. 6 (Bloomberg) New York’s vacancy rate fell to 2.9 percent in the third quarter from 3 percent in the second, as the end of summer brought an influx of tenants signing leases, Reis said.

Posted by: 11217 at October 6, 2009 1:37 PM

"U.S. economy is on the mend and housing is poised for a rebound"

ROTFLMMFAO!!!
O
T
F
L
M
M
F
A
O
!
!
!

Thanks for the laugh. That was therapeutic!

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:38 PM

11217
Deutsche Bank is still calling for a 35 percent decline in the metro ny area. I am not sure if I would be trying to make a bull case for NYC based n what they say.

Posted by: bitter_bubble_buyer at October 6, 2009 1:40 PM

Yeah, you're right BHO. I'll take your word on it over the chief U.S. economist at Deutsche Bank.

What was I thinking not listening word for word to a guy named "Brownstones Half Off" for my economic news!

Posted by: 11217 at October 6, 2009 1:42 PM

2.9 vs 3. Hmmm...

2009 vs 2003. Woah! Now THAT'S a difference! An impending avalanche of rental inventory, nondos or otherwise.

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:42 PM

That looks like the wrong picture of the exterior

Posted by: crank at October 6, 2009 1:44 PM

I'm not making any calls, Bitter.

I'm simply showing that there are two sides to all of these stories. BHO posts that the U.S. vacancy rate is up, yet completely neglects to mention that the NYC vacancy rate is down.

We live in New York, in case you were unaware...

I like to see all sides to the story, not just one posted by an egomaniac on brownstoner.

Posted by: 11217 at October 6, 2009 1:44 PM

another thread monopolized by 11217....I pass.

Posted by: Minard Lafever at October 6, 2009 1:47 PM

At least he added the factual data here that BHO conveniently left out, Minard.

Posted by: daveinbedstuy at October 6, 2009 1:49 PM

11217
i agree but the only problem is that you are quoting a bank that is calling for a further decline of 35 percent for NYC.

Posted by: bitter_bubble_buyer at October 6, 2009 1:51 PM

11217 is on the dumbass side.

Sorry, Jonathan. The house is lovely. Now I see why people block up windows on those corner houses. They're kinda akward.

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:52 PM

2.6m for Sackett and Hoyt is 1 million too high.

Posted by: buttermilk channel at October 6, 2009 1:54 PM

May I have the whole chart on that data for the cycle, DIBS? I thought not. 3 to 2.9 - LMAO! Count lights on at night.

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:56 PM

bitter, I see the direct DB quote that 11217 posted, I don't see your facts.

Posted by: daveinbedstuy at October 6, 2009 1:57 PM

"you are quoting a bank that is calling for a further decline of 35 percent for NYC"

PWNED!

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 1:58 PM

Minard:

I didn't say anything when you posted 6 comments on yesterday's Atlantic Antic thread, did I?

Again, I will say it. You have issues. If you have something you'd like to add to this HOTD, please be my guest and stop being so immature.

Not exactly sure what your problem is, but we are all free to comment as we like. You have added zero to this thread so far.

Posted by: 11217 at October 6, 2009 1:58 PM

wow factor is the offstreet parking and 5 minute walk to me.
And I think the house used to be rectory for the church so
probably very holy spirits walking around.

Posted by: Petebklyn at October 6, 2009 1:59 PM

As the house next door is asking $2 million even, there is no way this place will sell this year for over that amount (even with the side windows and presumably the option to build a curb cut on the Hoyt street side of the house into the rear garden.)

Posted by: Boerumresident at October 6, 2009 2:00 PM

and parents get their own floor and the laundry is upstairs with the noneck monsters so they can learn to do their own.

Posted by: Petebklyn at October 6, 2009 2:00 PM

Oh snap! Peep the forum...

"Advice on Rental Market
I have owned a brownstone in a very good location in North Park Slope right near the park for almost eight years. Until late last year all I had to do was put one ad on craigslist,I got an enormous response and had the apartment rented.

Well, no more. The market has flipped. It's incredible..."

That's Incredible! (remember that show?). ROTFLMMFAO!

GTFOOH, 11217! Rents AND prices are getting smashed! Unemployment is looking through a telescope and sees 25%.

***Bid half off peak comps***

Posted by: Brownstones Half Off at October 6, 2009 2:03 PM

Oh and Minard I see 7 posts from you on yesterday's Orange Street co-op thread.

Yikes...that's a lot.

Posted by: 11217 at October 6, 2009 2:03 PM

11217 you're a lunatic. Get a life. When do you leave for Turkey?

Posted by: Minard Lafever at October 6, 2009 2:07 PM

sorry Deutsche bank is calling for a 39 percent decline not 35 percent i misquoted here is the link daveinbedstuy
http://pull.tmr3.com/cgi-bin/pull/DocPull/745-26FB/51078190/0900b8c081747b38.pdf

Posted by: bitter_bubble_buyer at October 6, 2009 2:08 PM

altogether now folks,

people can ask whatever they want...

this price/location doesn't add up to anything but a future de-listing. bless their heart.

Posted by: antidope at October 6, 2009 2:11 PM

bbb- db was selling rmbs up thru the bitter bubble broke; so they've been wrong on a similar subject previously. they also thought the y2k bug was gonna cause a major recession, so u might want to take it w a grain o salt.

Posted by: antidope at October 6, 2009 2:13 PM

The article you just posted Bitter Bubble is on the National Housing Market and is stated as such:

"We are now projecting an additional decline in home prices nationwide of 10.5% current-to-trough (where “current” is as of the end of Q2 2009), and a peak-to-trough decline of 38.1%."

Do you understand what this means BBB, because it does not mean a further decline of 39% as you stated above.

You and BHO have been officially PWNED!

Posted by: 11217 at October 6, 2009 2:14 PM

antidope that is my point, did you not read the thread? I was telling 11217 that trying to make a case based on what Deutcshe bank says is dumb.

11217 I think maybe you not know how to read a research report so well. You should actually read it before you make such a fool of yourself and the people who read it know exactly what I am saying. :)

Posted by: bitter_bubble_buyer at October 6, 2009 2:22 PM

I was thinking, "Hmm, 30 posts in the HOTD thread, maybe some good info..."

I am falling all over myself laughing, this stuff is HUGELY entertaining.

Posted by: infinitejester at October 6, 2009 2:32 PM

bbb- you are a disagreeable type, eh? i did not read your link, i apologize, but you are not making sense (again). i would attempt to reason with you but it occurs to me that you are the second comnig of (the not to be reasoned with) brickoven. i'd be willing to bet my handle that this is the case. so (un)welcome back incoherent brickoven.

Posted by: antidope at October 6, 2009 2:33 PM

Did we just had a Scooby Doo style unmasking!

Posted by: Brokedeveloper at October 6, 2009 2:35 PM

You babies need to give this bickering a rest, or else put the negative energy to good use; I suggest a jello wrestling match in your speedos at the next Plusa meeting. I would definitely come to attend, and I bet it could help the turnout. We could charge an entrance fee to benefit landmark conservation, and make it a win-win-win.

Posted by: Maly at October 6, 2009 2:35 PM

antidope its not my fault that you are too much of a retard to read a thread before you say something! Read a thread before you jump in and say something stupid

Posted by: bitter_bubble_buyer at October 6, 2009 2:42 PM

Woah, Bitter, watch the word choice. Some of us truly do take offense for reasons you may not know.

Maly, I would pay immense amounts of money to witness such an event. Seriously. And I understand 11217 is quite a looker ;)

The house: Probably 5 hundy (k) over. It is nicely redone, and has a very pleasant layout plus parking. It has the requisite half bath on parlor floor, the (pooh mist as Rob would quibble) ensuite master and tons of light. On the other hand, it looks like shiny new construction with nary an original detail in sight. I like it, but at 1.9, not at 2.6.

Posted by: Nokilissa at October 6, 2009 2:51 PM

this one and the one next door were owned by the church.
They sold the 2 to a developer in a package deal for $1.7m I think. They were renovated as single family ( and I think a small chunk of this ones backyard was sold off as another bldg lot).
Then 415 Sackett sold for $1.4m and this one for $1.17 in 2004. This does have the curbcut already for parking. Not sure why this one sold for less than 415 because it is larger (but smaller yard).
It does look like great layout, maybe they perhaps spent some more money..maybe not....
But the $2m figure seems like top for the block.

Posted by: Petebklyn at October 6, 2009 3:01 PM

May I just add... any house that crossed the $1 million mark should be pretty damn fantastic if you ask me.

The acceptability of crap hole living in the rental market finds its analogy in the sale market way too often. This place is *ok* but not worth even CLOSE to $2.5 million.

You folks... and I mean YOU FOLKS on here... have no concept of value and need to stop thinking a couple of million dollars is a "deal." Snap out of it. Location only brings you so far... even in NYC.

Bunch o' ninnies.

Posted by: tybur6 at October 6, 2009 3:08 PM

Putting market data aside - is this a 2.6 million dollar block?

Posted by: dirty_hipster at October 6, 2009 3:13 PM

No ditto, and I don't think it's a 2.6 million dollar house either.

Posted by: brownjokester at October 6, 2009 3:37 PM

And those kitchen cabinets look cheap!

Posted by: brownjokester at October 6, 2009 3:38 PM

no, DH, I don't think anything on the block has sold that high. I think $2m is ceiling.
I wouldn't judge quality/price of cabinets from a little picture.

Posted by: Petebklyn at October 6, 2009 4:29 PM

Guess What????
another Brown Harris overpriced listing...cmon guys
where do you get these prices?
Check what sold in the last year or so in the area >block...this should go for no more than $1,999,000!!!

Posted by: tjj at October 22, 2009 9:40 PM

« Co-op of the Day: 55 Pineapple Street, #7H Streetlevel: New Pharmacy for Atlantic »

October 6, 2009

House of the Day: 417 Sackett Street

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