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November 6, 2009

Open House Picks

houseBoerum Hill
80 Hoyt Street
FSBO
Sunday 12:30-3:30
$1,495,00 was $1,780,000
GMAP P*Shark

houseClinton Hill
147 Vanderbilt Avenue
Corcoran
Saturday 12-1:30
$995,000
GMAP P*Shark

houseWest Midwood
735 Rugby Road
Mary Kay Gallagher
Sunday 1-2:30
$890,000
GMAP P*Shark

houseStuyvesant Heights
480 Macdonough Street
Brown Harris Stevens
Sunday 11-12:30
$649,000
GMAP P*Shark




Posted by Brownstoner at 1:05 PM | Comments (26)
Categories: Open Houses

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Comments

This sampling of open houses seems to bring prices back down to a reality a little bit.

Nice to see...

Posted by: 11217 at November 6, 2009 1:08 PM

I like seeing houses in my neck of the woods, but that Rugby Road house is just creepy to me. It's fine and all, but just makes me think Grandma died there.

Posted by: tybur6 at November 6, 2009 1:10 PM

The link to the Fort Greene house is broken.

Posted by: CarrollGardened at November 6, 2009 1:11 PM

smaller price tags but still far from affordable / reasonable. it's lottery winnings else wait wait wait.....

Posted by: more4less at November 6, 2009 1:16 PM

CGar, that's technically in Clinton Hill. The other side of the house (ie gas station) is in Ft Greene

Posted by: more4less at November 6, 2009 1:18 PM

Interesting note:

"Housing inventory fell by 2.8 percent in the 27 major metropolitan areas between September and October, according to ZipRealty, a real estate tracking firm. This data is atypical for the season, according to another firm, Zelman & Associates, which told the Wall Street Journal that housing inventory generally goes up in October. Some analysts are attributing this trend to the first-time homebuyer tax credit. Although its impact in places like Manhattan is up for debate, the borough saw a 7.6 percent decline in inventory during the same time period." WSJ

Posted by: 11217 at November 6, 2009 1:26 PM

M4L -- Isn't that house north of Myrtle and thus technically "Wallabout"?

Posted by: Boerumresident at November 6, 2009 1:38 PM

"...just makes me think Grandma died there.
Posted by: tybur6"

That fireplace shot with the grandfather clock does give that feeling. I remember a house for sale in the area years ago where they guy collected clocks and the house was filled with hundreds of them. Made it harder to envision as my home.

Posted by: Bklnite at November 6, 2009 1:41 PM

>>This sampling of open houses seems to bring prices back down to a reality a little bit.

Nice to see...

---

11217, agreed. It is good to see prices come down to a level that could bring some diversity in income groups into park slope and brooklyn. Good for the city.

Posted by: stevieb at November 6, 2009 1:41 PM

735 Rugby has been for sale for over 3 years
below is the Brownstoner open house link from 11/2006

http://www.brownstoner.com/brownstoner/archives/2006/11/open_house_pick_95.php

2006 asking price 995K
2009 asking price 890K

needs a lot of work. should be priced under 750K

Posted by: ZooLander at November 6, 2009 1:46 PM

Boerum,

Isn't wallabout cutoff / boundary park ave (vs Myrtle)?

Posted by: more4less at November 6, 2009 2:00 PM

> just makes me think Grandma died there

Yes, but her memory lives forever in that pink floral bathroom.

Posted by: DitmasSnark at November 6, 2009 2:03 PM

doesn't that boerum hill house seem like a very good price? is it because of its proximity to atlantic?

Posted by: mt_molehill at November 6, 2009 2:09 PM

price does seem pretty good on Hoyt. Block tends to be pretty busy and mixed business and residential. But is in zone for pretty good elem school and the new townhouses around the corner sell for pretty big $$$.

Posted by: Petebklyn at November 6, 2009 2:22 PM

Benson/Petebkln-

For kicks I signed up for access to SE for a month. Although all the data is available at ACRIS, SE is more convenient when looking for comps in any given bldg.

To support my 20% off condo pricing thesis:

675 Sackett St: peak $655 psf (#206); latest $527 (#404)-$591 (#301) psf is 10-20% off. also #404 traded for 1.120 in September 2005 and recently sold in August for 1.025. That’s 8% off but there was a lot of missing bull run in that number.

438 12th St.: peak $850-950 psf; latest $680-760 psf is 10-20% off

330-346 2nd St: peak $833 psf; latest $648 psf is 22% off
306-314 2nd St. and 305-309 3rd St: excluding the lower duplexes, which sell for a big discount to rest of bldg (sub-grade): peak $839 psf; latest $681 psf is 18% off. As Benson’s pointed out there is another unit in contract that will define a more current comp.

If you post some other condo addresses I can check for real comps…

Posted by: antidope at November 6, 2009 2:39 PM

asking prices seem to be moderating.

Posted by: Minard Lafever at November 6, 2009 2:45 PM

I don't know, to say asking pricing is moderating based on these picks doesn't seem totally spot on. Take the Vanderbilt place - three floor through apartments in need of a lot of work on a small lot. It's an investment property. The Boerum Hill house looks devoid of any details inside and is on a mixed residential/commercial block. The other houses seem in line with what has been asked in those neighborhoods. Just sayin...

Posted by: 1842 at November 6, 2009 3:04 PM

too many people have not awaken from the programmed brain washing of last couple of years. Repeat after me:

- Home ownership should be a joyful situation and not a tenuous budget balancing act
- nice homes in nice hood shouldn't automatically be at least $1M
- if you can't save $$ for rainy day, kids' college, your own retirement,..... the damn house is too expensive for your income
- there's nothing wrong with renting

Posted by: more4less at November 6, 2009 3:14 PM

not bad mfourl. not bad.
nevertheless, i'd like some more of the kool-aid pls.

Posted by: antidope at November 6, 2009 3:25 PM

Antidope, koolaid doesn't work on you or I else we both would've paid stupid prices for a ppty already. somehow, I think you're greedier than me in the price point that would trigger you to go buy something

Posted by: more4less at November 6, 2009 3:33 PM

Interesting work anti...I do see 1 that sold at 12th street address for over $1000+ sq ft (2006)but that was PH so probably can't include that one.

Posted by: Petebklyn at November 6, 2009 3:51 PM

i think it is very hard to comp apt even in the same complex unless you know the layouts/improvements.

smaller apts seem to have a larger $/psf. bc kitchen is larger p.c. of floorplan? is this typical moving down to 1br and studios?

otoh, the 675 sackett ppty that traded DOWN and missed 2 yrs of bull is an important data point.

Posted by: antidope at November 6, 2009 3:59 PM

I saw the Hoyt street place last year -- nice bare bones, not at all fancy, and I think either aprtment would probably need some work before an owner would want to move in. It's short lot, almost no interior detail, and it is is on a rather busy block. In addition to the cars backed up leaving downtown between about 4 pm and 6:30 pm, it also has the bar Kili across the street which stays open and active until 4 pm Thursday through Saturday). There's also this weird phenomenon of (I assume) wannabe late 20's hipsters skateboarding at all hours of the night on this block.

OTOH, it is in PS 261, which is not a bad elementary school and regularly draws students from other districts. Also, it's two doors down from Fast and Fresh, which makes pretty tasty tortas and burritos. My guess is that this price will find a buyer within a few weeks.

Posted by: Boerumresident at November 6, 2009 4:17 PM

M4L -- I don't claim to be an expert over in that area, but I have always assunmed it was Myrtle. See http://www.hdc.org/neighborhoodatriskwallabout.htm

Posted by: Boerumresident at November 6, 2009 4:17 PM

"This sampling of open houses seems to bring prices back down to a reality a little bit."

Things are not what they seem. Vanderbilt/Murdah Ave. Another grossly overpriced brownstone east of Ma Ma Ma Ma Maaaaallllcom X. Boerum-erhorn Hill.

"Interesting note:" - 11217 @ 1:26

Pumped noisy data isn't interesting at all.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 6, 2009 4:57 PM

I went to see the Nov. 3 Co-op of the Day today. Wanted to mention that the kitchen, which feels awkward in both the photos and the floor plan, and was much discussed on the thread, is actually quite comfortable in life, surprisingly unawkward despite that whole diagonal thing going on. It's nice. Only complaint is the floor which is a laminate. Apartment is lovely -- extra high ceilings, beautiful wood trim and details all over over the place. Designed as a very nice sized one-bedroom; works OK as a two with the second fairly small and directly off the living room; could function uncomfortably as a three, sacrificing the dining room.

Posted by: Nomi at November 8, 2009 5:15 PM

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