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October 2, 2009

Open House Picks

housePark Slope
545 3rd Street
Douglas Elliman
Sunday 1-3
$2,775,000
GMAP P*Shark

housePark Slope
702 President Street
Warren Lewis
Sunday 2:30-4
$1,695,000 was $1,895,000
GMAP P*Shark

houseClinton Hill
81 Hall Street
Century 21
Friday 6:30-9
$895,000 (pre-reno here!)
GMAP P*Shark

houseCrown Heights
1250 Bergen Street
Corcoran
Sunday 4:30-5:30
$569,000
GMAP P*Shark




Posted by Brownstoner at 1:11 PM | Comments (26)
Categories: Open Houses

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Comments

If you could handle living that close to the BQE the Hall street place looks to be a great buy. Not close to transport but if you had a car would be great. Priced right for sure. You could live in that duplex, have a rental unit in garden and be paying very little per month to live. If subway access is a must this is a tough location.

Posted by: wasder at October 2, 2009 1:15 PM

Wasder, totally agree with everything you wrote. That is my absolute most favorite part of Clinton Hill. feels so different there - really, really like the vibe.

Posted by: infinitejester at October 2, 2009 1:20 PM

wow - insanely good price - only draw back is the BQE, which is admittedly a biggie.

Posted by: LafCH at October 2, 2009 1:23 PM

wasder, I drive by that hall st house often b4 and after the renov, it's not a bad location but it's not a good deal either. there's a few houses on ryerson (next parallel st) and may 1 on Hall that have much better prices and closer to myrtle. the worst craftsman ship on this renov is the steps up to that door - it looks worst than a bad build on a backyard deck

Posted by: more4less at October 2, 2009 1:28 PM

Wow, a 4 story brownstone in central Park Slope asking less than $1.7 million. Who'd ever thunk?

Posted by: tiptoe at October 2, 2009 1:38 PM

Saw the place on President a month ago when it listed for 1.795M (originally 1.895M).

It's got character and details, but cramped, small cut up rooms, pretty dark. And it is JACKED full of stuff, just crammed to the gills. And the bathrooms are pretty glum, along w/ a ho-hum kitchen.

It's a great block of course, but the owner's space is really less than ideal—small and carved up and the 2 rentals are nondescript.

For the money they're asking even now, I think it's a pretty crappy deal for the owner as far as quality of living. As nice as the building itself is in quality, hardly feels special at all.

Posted by: MoneyForNothing at October 2, 2009 1:38 PM

I suspect that crown heights one will sell fast. a bunch of good condition houses (in 700k's) came on mkt recently and almost all of them are in contract already. am a little surprised they're selling that fast.

Posted by: more4less at October 2, 2009 1:46 PM

Is that a plywood ramp up to the front door?

Posted by: slopette at October 2, 2009 2:27 PM

Is that Hall Street house also near some projects? I can't make them out on the map.

Posted by: Brooklyn Chicken at October 2, 2009 2:36 PM

Note to the owners of 702 President Street.

CLEAN
UP
CLUTTER

Posted by: jasetheace at October 2, 2009 2:41 PM

has anyone crunched the numbers on owning a multi family and collecting rent vs just owning the duplex? which is better? I come out about even when I do it.

Posted by: joe_the_bummer at October 2, 2009 3:07 PM

Joe B, haven't done math in a while but I recall straight duplex was cheaper than multi family collecting rents.

Posted by: more4less at October 2, 2009 3:21 PM

Other factor with President is taking on being a landlord to not just 1, but 2 tenants. Many people don't want the headache, esp of tenants overhead (vs. garden).

Posted by: Miss Muffett at October 2, 2009 3:21 PM

yeah... i think a lot of people forget that you have to pay tax on rental income. makes a huge diff in cash flow when I crunch #s. But how awesome would it be to have a basement!

Posted by: joe_the_bummer at October 2, 2009 3:32 PM

the Asking price for 545 3rd street is just plain silly. You have to be crazy to pay this much for a brownstone in this day and age, unless you are a wall street crook.

Posted by: dandel at October 2, 2009 3:41 PM

That Bergen place looks pretty nice, actually - wouldn't take much to get it spruced up properly...

Posted by: Ghostnote at October 2, 2009 3:42 PM

on the other hand, rent goes up over time while mortgage stays flat. so the picture gets better over time.

Posted by: joe_the_bummer at October 2, 2009 3:48 PM

Joe B, question is will the rent go up fast enough for you to cover the massive spikes in ppty tax, water & sewage, Ins,... that you know we're in for the next few yrs - ie the gov has to plug budget gap somehow right?

Posted by: more4less at October 2, 2009 3:52 PM

Wow, a short sale in 70 Washington? I wonder if this is some kind of marketing ploy to get it bid up.

http://realestate.nytimes.com/sales/detail/4447-298642/dumbo-brooklyn-ny-usa/700000-900000-price/PRICE-HIGH-sort/185-1051463--4447-298642--44-1521378--185-1724716--44-1521168-ls/5-t

Posted by: AndYouWillKnowUsbyTheTrailofRenters at October 2, 2009 4:12 PM

that will move above new ask, for sure. despite darkness, it looks to have killer views. i'd venture it'll move around $1.

Posted by: antidope at October 2, 2009 4:57 PM

Ooo, Bergen street is gorgeous. I want it. Price looks great. What is the catch?

Posted by: Heather at October 2, 2009 5:13 PM

Funny thing is that Bergen street has been on the market for more than 8 months now. Originally it was listed with Coldwell banker Mid-Plaza where the asking price was only 499K. YES 499K. It's an estate sale where the sellers are required by the court to sell to the highest buyer, and it's being sold AS-IS. Reason why I know all this is because I was interested in this but the whole court situation steered me to another property than the same seller owned. The property I bought is located in PLG and I closed on it two days ago after first getting the contact signed 6 months ago. I think this house is in the historic section of CH. Good luck.

Posted by: Attention2detail at October 2, 2009 8:00 PM

That Crown Heights place looks like a bargain. (though I'm surprised it's been on the market for that long. Maybe some other issues?).

Unless it needs a complete mechanical overhaul, it looks like you could live there and slowly renovate...though you'd need about 600 gallons of Peel-Away...but it looks like everything's there.

Posted by: Bolder at October 2, 2009 10:16 PM

"Wow, a 4 story brownstone in central Park Slope asking less than $1.7 million. Who'd ever thunk?
" - lots of people are astounded how high the price is.
I had friends buy few door down for $110K.

Posted by: Petebklyn at October 3, 2009 11:43 AM

Crown Heights seems both nice and reasonably-priced... I'm surprised it's not gone already. (the photos are kind of amusing- They must have brought those chairs with them for the shoot)

Posted by: bfarwell at October 3, 2009 5:19 PM

What's the catch indeed? Well, that's the reason why we decided to go and check it out.

Honestly, I have mixed feelings about the place. Not sure whether it should be qualified as a crack-house or a waste dump. No, seriously. The place is unbelievably filthy.

The parlor floor (the pictures) is fine: old, dusty but okay. Then going up one level brings you to another world. There are piles of garments everywhere. All windows have been padded with T-shirts to block the air coming from the outside. There are visible water stains on the ceiling. All doors are busted, and the bathroom needs to be replaced.

To reach the top floor one must go up a flight of stair that looks like it's going to fall. This is the crack-house part of the property. In one of the bedroom there's a hole in the ceiling. The bed in there has 2 mattresses on top of one another. They are covered with mold, but the cherry on the cake are the bedbugs, easily spotted on the bed sheet. The amount of clutter is astounding. All ceilings are stained of course, which is a nice combination with the smell of urine. One is left wondering why there's a 2.5 feet machete next to a bedstand, or simply where the cocaine is concealed.

The street level apartment is full of junk: piles and piles of books, old bicycles, personal belongings. The Corcoran rep provided flashlights to explore. That came handy as we stepped on cardboard, and unidentified junk trying to make our way between the piles of rubbish stored in there. The basement, well it's like the rest. Overall, it feels like the occupants left in a hurry leaving all their "things" behind.

So here is what you're up against at a minimum: replace all windows, new mechanicals, new roof, at least one new flight of stairs, new bathrooms (3), new doors inside, new plumbing, new kitchens,...

Frankly, it has me pondering why would Corcoran even represent such a property. It simply isn't professional. Now, to offer it at $569K you're either coming from Mars, or wandering in dreamland thanks to the substances found in the small bedroom on the top floor.

This is definitely a gut job, and given how the market is today I wouldn't' offer more than $300K for this property.

Posted by: From Mars at October 6, 2009 12:50 PM

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