« Election 2009: No Big Surprises in Brooklyn Slope Armory Set-Back »
November 4, 2009
Rate It: 513 MacDonough Street Sells for $420,000
This three-story, three-family brick townhouse at 513 MacDonough Street just sold for $420,000. GMAP
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/12107
Comments
(pssst... the Gmap goes to 267 State St in Downtown Bklyn.)
Posted by: tybur6 at November 4, 2009 10:05 AM
Not enough information. even the GMAP is wrong. What block is this???
Posted by: daveinbedstuy at November 4, 2009 10:08 AM
Agree with DIBS. Without more information this poll is pointless.
Posted by: DitmasSnark at November 4, 2009 10:13 AM
513 MacDonough Street
Upgrade from IE 6
Select text>Right Click>select Search Google for> Enjoy.
Posted by: Gross at November 4, 2009 10:13 AM
It's between Patchen & Ralph. Certainly not a prime part of Bed Stuy that's for sure so it's not a "steal."
Posted by: daveinbedstuy at November 4, 2009 10:18 AM
It's between patchen and ralph aves.
Posted by: A CrownHeightsLady at November 4, 2009 10:21 AM
I think the price is reasonable...but it all depends on the interior in my opinion.
Posted by: A CrownHeightsLady at November 4, 2009 10:23 AM
No info on interior or original listing price?
Posted by: JPD at November 4, 2009 10:27 AM
It sounds in the right ballpark to slightly cheap but how can we say without any sight of the interior?
Posted by: the chicken at November 4, 2009 10:27 AM
Too much of course. This isn't 2006.
Posted by: CookieCutterBrownstone at November 4, 2009 10:43 AM
Nice innovative thread, brownie!
The rest of youse guys obviously didn't peep the GMAP link. Comps for this pup will bottom at $300K. 3-story east of X. No need for more info - it's got a freakin' AWNING! Overpaid by 40%. Ouch!
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 10:43 AM
Three choices simply not enough! How about:
Effing Ridiculous
Too Expensive
About Right
A Deal
What a Steal
though with the glacial pace of programming on this site I don't expect any changes.
Posted by: cmu at November 4, 2009 10:45 AM
Sense aint common. The meaning of value eludes whatever near-peak buyers are left.
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 10:50 AM
joining the chorus above, a true evaluation on this sale price is pretty impossible without interior condition taken into account. If its in reasonably move in condition this would seem to be a reasonable price.
Posted by: wasder at November 4, 2009 10:55 AM
$275-$300K tops, ghetto speculation is over (for 98% of the population).
Posted by: cornerbodega at November 4, 2009 11:00 AM
$275-$300K tops,
Posted by: cornerbodega at November 4, 2009 11:00 AM
It sold for $420, dumbass.
Posted by: daveinbedstuy at November 4, 2009 11:03 AM
I dunno about this polling site. I think this polldaddy.com sounds more like some porno place.
Posted by: Petebklyn at November 4, 2009 11:08 AM
Too Damn expensive for this P.O.S $250,000.00
Posted by: Gowanus_Bklyn at November 4, 2009 11:10 AM
This is more about the land and location. $150k tops.
Posted by: CookieCutterBrownstone at November 4, 2009 11:12 AM
No one can say what its worth without knowing what's inside (including tenant issues). It has open DOB and ECB violations. But it is 2,328 sq. ft.
The lunatic fringe will have you believe that it's not worth more than $100 psf and CCB thinks it's worth $64 psf.
At $420, that's $180 psf. But let's hear more from the idiots.
Posted by: daveinbedstuy at November 4, 2009 11:21 AM
Man, are you guys negative. This is a nice block. It's anchored by the Boys School for Excellence on the North West corner, at MacDonough and Patchen. (That was a Bob Stern, $30 million dollar renovation project, if anyone's interested).
NYTimes did a feature on another 3 family on the same block and the young guy who bought it. Varied 3 and 4 story homes, some with cool bay fronts, one or two with turret-style features at the roof. Block just got new tree guards. Neighbors know eachother and say hello.
Without knowing much about the house, 420k for a three story brick-front house that doesn't appear to be falling apart seems pretty reasonable. If you figure it's a 2000 sq foot house, that's $210/sf. If the house is more like 2300sq feet, that's well under $200/sf. If the awning bothers you that much, you can take it off.
Posted by: P at November 4, 2009 11:23 AM
I just noticed that it looks like there's a full staircase entry into the cellar. I've never seen one of those.
Posted by: daveinbedstuy at November 4, 2009 11:27 AM
"No one can say what its worth without knowing what's inside"
But you can give a range. What are your limits, DIBS?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 11:29 AM
"If the awning bothers you that much, you can take it off."
You missed the point. An awning typically tells us that the house has not been updated let alone restored. How many awnings do you see in the so-called prime brownstone blocks of Park Slope, Fort Greene and Brooklyn Heights?
NYTimes RE = Infomercial Central
The only way this values at 420K is if floor-through rents can be sustained at 420K/10/12 = $1,167/mo (even DIBS will struggle to get this in Stuy High). In this collapsing economy, in this part of town, not a chance. I'm sure it's a great nabe with great people but the median income is not great enough for this price.
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 11:45 AM
I'm getting $1,200, BHO. I could get $100-150 more if I wanted to.
And when are people like you going to learn that a primary residence is not valued by a potential rent roll??????
Posted by: daveinbedstuy at November 4, 2009 11:48 AM
What bunch of bozos. Probably none of you has ever been farther east than Stuyvesant Avenue, if you've been to BedStuy at all. Over here in the proposed historic district of Stuyvesant East, where 513 MacDonough is located, we have block after block of tree lined streets with mostly uninterrupted rows of owner occupied brownstones, limestones, and brick houses, (many of which have shed their corrugated sheet metal awnings in about 30 minutes); we enjoy quick access to 3 subway lines, a friendly atmosphere of active block associations, and the awesome trees of Saratoga Park. Every time somebody comes to visit and says, "wow, I never knew about this great area", we just smile. I welcome the new neighbor(s) and wish them the best in their amazing bargain of a house.
Posted by: CommodoreStephenDecatur at November 4, 2009 11:57 AM
"Saratoga Park...amazing bargain..."
ROTFLMMFAO! What's the median income, CSD? Like I said, probably nice block and residents. But these brownstones went for $200K to $300K in better times before Ponzi lending. The Crown Heights North landmarking aint stopping the correction there and that's already a done deal!
DIBS - What range of value would you give this prop? There's a floor AND a ceiling regardless of condition. What are your numbers?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 12:17 PM
"And when are people like you going to learn that a primary residence is not valued by a potential rent roll??????"
Never. It aint true. The fundamentals always come back!
So today's snapshot of the economy allows you up to $1,350/mo. This will easily fall to $1,167/mo or lower (considering the falling rents even before the unleashing of massive inventory) rendering the $420K price above laughable as it is far outside your coveted Stuy Heights hood.
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 12:29 PM
If I was buying this house at this price I would live in two floors and rent one. Don't know exactly what the mortgage payment would be but I would assume around 2G per month. I would then rent one floor for say 1100 per (or less if need be--its not that crucial--1000 would work fine) and have a house with a yard and two floors for approx 1G a month not including upkeep etc. Doesn't sound too bad to me. Also, given how low this number is vis a vis most other houses that are this close to the city, one has to believe in the long haul the property will appreciate at a rate that keeps up with inflation.
Posted by: wasder at November 4, 2009 12:37 PM
I have to agree with CommodoreStephenDecatur & P...
I love this part of Bed-Stuy I think it is absolutely charming.
and I really have ask Dave this question because I saw above you stated that Between Patchen & Ralph aves is not prime,have you ever taken a walk down to this part of Bed-Stuy??
there are actually beautiful rows of brownstones in the area
and it has changed alot since I moved here. I love the Saratoga Park also!!
Posted by: mysideofstuy at November 4, 2009 12:42 PM
Lol, Dibs getting all worked up over Bed Stuys' (de)valuation.
Posted by: cornerbodega at November 4, 2009 12:45 PM
"a house with a yard and two floors for approx 1G a month not including upkeep etc."
Again, wasder, add hypothetical loss divided by hypothetical months of ownership.
84K down
336K mortgage
300K resale price after four years
48K loss
1G/mo + 48G/48 months = 2G/mo
Financial benefits cancelled or maybe even negative by upkeep and etc
Would you rent a duplex in this hood for $2,000 plus per month?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 12:55 PM
420k in brownstone bklyn = A steal
Sideliners here's your half off in brown and white!This puppy will triple in value in less than 30 years.
flippers look that a way------->
Posted by: jack slade at November 4, 2009 12:58 PM
What would you say the median household income and floor-through rents are, mysideofstuy?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 12:58 PM
"300K resale price after four years"
Didn't I say "in the long haul"? For a buyer such as myself reselling in 4 years is not in the cards.
"Would you rent a duplex in this hood for $2,000 plus per month?"
If it is as friendly and attractive as several posters above make it sound then this is not an unheard of proposition.
Posted by: wasder at November 4, 2009 12:58 PM
In all fairness, a miracle can happen and I could be wrong, wasder. But you have to look at the realistic depreciation risk.
"in the long haul the property will appreciate at a rate that keeps up with inflation"
This is one of the premises for half off. Historic inflation is way down there somewhere.
100K (mid 90's 513 MacDonough price) x 1.04 (historic inflation rate) ^ 15 (years to date) = 180K say 200K = more than half off 420K which has to be dangerously close to peak comp for a three-story east of X.
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 1:11 PM
"This puppy will triple in value in less than 30 years."
While a loaf of bread goes 20 fold!
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 1:13 PM
"For a buyer such as myself reselling in 4 years is not in the cards."
That's God's decision. The wildcard is always in the deck. People tend not to account for this risk. Look at all the beautifully renovated brownstones for sale. I'm sure they were for the long haul as well.
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 1:20 PM
I see all the loones are out today.
wasder, these people don't understand a word you're saying.
Posted by: daveinbedstuy at November 4, 2009 1:20 PM
The house is worth somewhere between $300,000 and $600,000, BHO.
And yes, in 30 years or less it will triple in value. It may actually triple in 10-15 years.
Posted by: daveinbedstuy at November 4, 2009 1:25 PM
"While a loaf of bread goes 20 fold" Maybe BHO. I believe in Time. In prime Park Slope a brand new brownstone went for like 1000 bucks in the 19 century,during the 70s it was 30k, now in the 21 century it's 2 million.
It's all good we will never agree because I'm really on that "Bull" Shit and I think the longer you wait the better Kansas will look.
Posted by: jack slade at November 4, 2009 1:36 PM
We get $1500 and $1595, respectively, for our recently renovated two and 1.5 bedroom floorthrus on Macon Street. Tenants have been with us since we moved in a few years ago. And we are outside the historic district.
Posted by: housebywe at November 4, 2009 1:46 PM
Thanks for the response, DIBS. But how will a loaf of bread fare during that time?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 1:49 PM
Huh? Oh, sorry, I was busy polishing up some of the extensive quarter-sawn oak woodwork that is intact throughout our townhouse, one of the many grueling duties we Eastern BedStuy folks endure in our poor depressed "hood" if we can fit it in with the original-brass hardware polishing and quiet garden tending, etc.
(I'm sure BHO has the luxury of hired help to dust the sheetrock and Depot light fixtures in his/her $600,000 1Br in the Slope.)
I hope the 513 MacDonough buyers are reading BHO's obviously envious comments. Further cause for them to rejoice.
BTW, we get $1,300 for our top floor 1BR apt.
Posted by: CommodoreStephenDecatur at November 4, 2009 1:49 PM
Ralph Ave? I've always associated Ralph Ave with East Flatbush and Brownsville, basically north and EAST of Marine Park. This is Bed Stuy? How friggin far east is this? It's strange how narrow Brooklyn is along that central Eastern Pkwy corridor.
Posted by: Joe from Brooklyn at November 4, 2009 1:59 PM
Thanks for the response, DIBS. But how will a loaf of bread fare during that time?
***Bid half off peak comps***
Posted by: Brownstones Half Off at November 4, 2009 1:49 PM
You probably eat Wonder bread. That price won't change. Nor will it get moldy. A nice ciabatta or an olive & rosemary sour dough will go up.
A nice gourmet grocery with freshly baked bread is likely to open in this neighborhood in the next few years...that'll boost home prices by about 15%.
Posted by: daveinbedstuy at November 4, 2009 1:59 PM
This is a wonderful bargain for a brick house in this area. Presumably it needs an electrical and plumbing upgrade, but is currently habitable -- hence the price. Please note that cost of owning is considerably less than renting.
Posted by: mopar at November 4, 2009 2:02 PM
This is a wonderful bargain for a brick house in this area. Presumably it needs an electrical and plumbing upgrade, but is currently habitable -- hence the price. Please note that cost of owning is considerably less than renting.
Posted by: mopar at November 4, 2009 2:02 PM
You naysayers are the same ones who complain that the cost of ownership in Park Slope, etc., is higher than the cost of renting. Yet when you see a house where the cost of owning is in line with renting (cheaper, actually), you dismiss it and say it's overpriced.
The only way this house could go lower would be if rents continue to decrease. Or if it were vandalized to the point where you would need cash or a 203K loan to buy it.
Posted by: mopar at November 4, 2009 2:24 PM
mopar, the naysayers don't own homes.
Posted by: daveinbedstuy at November 4, 2009 2:41 PM
Sounds like a great deal, 420 for a brick townhouse in brooklyn! Where else can you find a deal like this? It' actually a very nice block.
Posted by: dubstey at November 4, 2009 2:42 PM
yes indeedie Mopar it's brick laced with orginal brownstone. And look there's a ADT sign in the gate evidence of recent work. no?
The naysayers wanna spend triple to live in a plain Jane siding house in slummy parts of Park slope breathing fumes from BQE traffic. Let them stay away.
BHO dont be a loaf stop "Wonder"ing how much bread you're gonna have to drop and make a move;) Big O is offering $$$ if you buy this year.
Posted by: jack slade at November 4, 2009 2:55 PM
"People tend not to account for this risk."
You are correct. There are many contingencies that I don't have time to factor into my plans. There is an inherent set of risks in life. One's house depreciating in value is one of those risks. I personally am not going to spend too much time worrying about this because I have other things that I find more pressing. But I don't begrudge others the opportunity to make these sorts of calculations.
Posted by: wasder at November 4, 2009 3:10 PM
"But I don't begrudge others the opportunity to make these sorts of calculations."
Yes, LOL and they are always extremely precise but rarely accurate!!!!!
Posted by: daveinbedstuy at November 4, 2009 3:11 PM
Yes it's worth it.
There's only been a dozen murders in this precinct this year, including those 2 kids who were gunned down in September while sitting on their stoop about a block west of this place.
TOTALLY worth it.
Posted by: bryanx at November 5, 2009 12:45 AM
Latest Restaurant Additions
-
Petit Oven
added December 1, 2009 12:00 PM in Bay Ridge -
Hachi Asian Bistro
added November 30, 2009 12:00 PM in Williamsburg -
Zio Toto
added November 25, 2009 12:00 PM in Bay Ridge -
Manna
added November 24, 2009 12:00 PM in Williamsburg -
Piattini Ristorante
added November 23, 2009 12:00 PM in Bay Ridge -
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens
Post a comment
Please be patient while your comment is published. It may take a moment.