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October 26, 2009

House of the Day: 291 8th Street

291-8th-Street-1009.jpg
This house at 291 8th Street in Park Slope is a bit unusual in that it as a legal commercial space in the ground floor. We like the looks of the ground-floor space, which is fully built out on the lot and has a bunch of nice skylights installed. The renovation on the rest of the house, while thorough, isn't really floating our boat. In particular, all the light colored wood trim looks out of place to us. But that's easily fixable as is, we imagine, the asking price of $2,100,000, which seems quite high unless the rent on that commercial space is potentially much higher than we would imagine. Thoughts?
291 8th Street [Douglas Elliman] GMAP P*Shark





Posted by Brownstoner at 1:14 PM | Comments (28)
Categories: HOTD, Park Slope

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Comments

I love the idea of living above a commercial space. But this place, at this price, is not tempting.

Posted by: Ringo at October 26, 2009 1:16 PM

....

Interesting floor plan. I realize that the ground level is commercial but the living quarters are still odd to me.

Lovely exterior but odd layout. Just my two cents!

Posted by: A CrownHeightsLady at October 26, 2009 1:21 PM

Is that the Pilates Garage? I used to see them stacking sandbags out front whenever it rained.

Posted by: DitmasSnark at October 26, 2009 1:22 PM

Sand bags? Really?

That's not a good sign at all.

Posted by: A CrownHeightsLady at October 26, 2009 1:23 PM

I just checked out the street view on Google Maps. Yep, that's the place. There is a slope from the sidewalk level to the entrance of the commercial space, and apparently no drain.

Posted by: DitmasSnark at October 26, 2009 1:28 PM

"...easily fixable as is, we imagine, the asking price..."

LMAO. Ground floor cellar?! Commercial is slowly crashing with comps. This is a ridiculous price (even relatively) if only two stories above boiler room.

***Bill Thompson for Mayor***

Posted by: Brownstones Half Off at October 26, 2009 1:28 PM

hahahaha
is this a joke?
2.1 million????
the interior is a complete yawnfest

Posted by: gemini10 at October 26, 2009 1:28 PM

This place has been on market a long time. That big bldg next door, plus drab renovation and no garden, make this very unattractive to me. The price seems very high.

Posted by: Miss Muffett at October 26, 2009 1:32 PM

This is the ugliest house I've ever seen on Brownstoner.

Posted by: slopette at October 26, 2009 1:32 PM

This has been on the market for at least a year and started at 2.8M

Posted by: broker at October 26, 2009 1:35 PM

I think they should price it well under 2 mil (say 1.5-1.6 tops) and be done with it. Even that would be a lot given the weirdness/ugliness of space.

Posted by: Miss Muffett at October 26, 2009 1:51 PM

I've never seen the Photoshop 'shadows/highlight' filter so abused.

Posted by: denton at October 26, 2009 1:56 PM

agreed
price it at 1.6 and it will move

Posted by: gemini10 at October 26, 2009 1:56 PM

It's worth a mil max but will go for 1.84 mil after widget adjustment (widjustment).

***Bill Thompson for Mayor***

Posted by: Brownstones Half Off at October 26, 2009 2:02 PM

They call that "four bedrooms?"

What a laugh.

Three of those four bedrooms don't even have closets.

Two of those three bedrooms should *be* closets.

Posted by: DitmasSnark at October 26, 2009 2:05 PM

impossible to evaluate without knowing how really renovated this space is. it's just so not nice as is, so if it needs decorating help, fine, but if it's not waterproofed and not truly updated, then ick and double ick.

Posted by: wine lover at October 26, 2009 2:06 PM

you'd think they'd include what kind of rent they get for that space

Posted by: Ringo at October 26, 2009 2:26 PM

for ONLY 2.1M, a buyer shouldn't do too much math to see if they can afford it, how does this compare to comps,... come on people, it's only 2.1M!!! why think so much? just buy it like it's a cup of coffee in the morning

Posted by: more4less at October 26, 2009 2:33 PM

Problem is that commerical space is going to limit the number of banks that you can go to for financing. You are going to get stuck with a mixed-use loan which is at least a full percentage point higher than normal multi-unit properties.

-Adam Dahill
WCS LENDING

Posted by: Adam Dahill at October 26, 2009 3:20 PM

The agent said that the commercial rent would depend on the use, but a ballpark of $3,500 doesn't seem that much more than what you could get as a residential rental. $1.5-1.6 seems much more on point.

I think the problem with this one is that you give up 1,400 square feet or so to the rental, and a big chunk of the 3,850 square footage left is a deck that isn't much use when it's raining or cold.

Posted by: PShousehunter at October 26, 2009 4:02 PM

As one of the bloggers noted, this property has been on the market at least a year; better bet is this property has been on the market for close to three years. Probably greater than a year with this broker. I guess the attitude is hold a listing that will not move rather lose a townhouse listing. Are there ever any open houses for this property? Only know about it through word of mouth. Never really see it advertised - except for on brownstoner. Perhaps a new marketing approach and a price adjustment might eventually to the trick; or, do nothing and the owner will eventually figure it out.

Posted by: foulplay at October 26, 2009 4:06 PM

The long time on the market is no mystery:

1) The price is way too high
2) The weird the configuration severely limits the pool of potential buyers.

Posted by: DitmasSnark at October 26, 2009 4:13 PM

$3500 a month would only cover about 1/3 of your monthly costs. Really? Why would anyone even entertain this price. Or really, anything over a million. Folks have thrown out any rational thought in this town. If it doesn't make business sense, don't buy it! Why is that such a hard concept?!

Posted by: tybur6 at October 26, 2009 4:58 PM

You can find a much better house in this neighborhood for this price.

Posted by: Tara in the Slope at October 26, 2009 5:01 PM

how many sq feet is this place? property shark says 1,400 sq feet. 2.1mil for 1,400 sq feet sounds very high.

Posted by: stevieb at October 26, 2009 5:05 PM

a quirky weird layout that should be very cheap.
but there are weird quirky rich people out there who may think this is just the ticket. But they probably would not overpay either.


Posted by: Minard Lafever at October 26, 2009 7:30 PM

"$3500 a month would only cover about 1/3 of your monthly costs. Really? Why would anyone even entertain this price. Or really, anything over a million. Folks have thrown out any rational thought in this town. If it doesn't make business sense, don't buy it! Why is that such a hard concept?!" (tybur6)

No one's buying it . . .

Posted by: Nomi at October 26, 2009 11:52 PM

That's very tall for the garden floor -- 14". How did they manage that?

Posted by: Nomi at October 26, 2009 11:56 PM

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