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House of the Day: 11 Wyckoff Street

Categories: Cobble Hill, HOTD

11-Wyckoff-Street-Brooklyn-0210.jpg
The location of this new townhouse listing at 11 Wyckoff Street in Cobble Hill is great and it's a 25-footer, but, from the looks of it, the interior's going to need a lot of love. Given that, we have a hard time seeing how this baby can fetch it's asking price of $2,300,000. Do you?
11 Wyckoff Street [Smith Hanten] GMAP P*Shark




By Brownstoner at February 4, 2010 1:11 PM | Comments (34)

34 Comments

By more4less on February 4, 2010 1:18 PM

CGar, this is fine with me. go get it. offer 1.55

By Brownstones Half Off on February 4, 2010 1:22 PM

1.15 x 2M (widget at presstime) = 2.3M. Done deal if before summer. That setback suuuuuuuuucks!

***Bid half off peak comps***

By CGar on February 4, 2010 1:23 PM

Sorry, m4l, not at all interested. My broker sent me the listing the other day. I like any of the 3 houses for sale on Cheever Place much better.

By daveinbedstuy on February 4, 2010 1:28 PM

Frankly, I think this place is a POS. This will not get a buyer willing to spend $2MM or anywhere near that.

By CGar on February 4, 2010 1:30 PM

Exactly what I said when I saw the listing, Dave.

By Pigeon on February 4, 2010 1:32 PM

POS?
What does that mean?

By Pigeon on February 4, 2010 1:33 PM

Oh... Piece of Sh**?

By CGar on February 4, 2010 1:34 PM

On the one hand, it's like any POS automatically asks over $2 million just because it's in Cobble Hill. On the other hand, the ad says "perfect for condo conversion", which is just what Pete would say if he wasn't in sunny Florida today. I'm not sure the asking price justifies what you'd recoup after a high-end condo conversion, though, which is what I think would be required to sell them in Cobble Hill.

By Pigeon on February 4, 2010 1:34 PM

With an asking price of 2.3M, I agree, Dave.
With an asking price of 1.5, I would think it might be wonderful.

By DitmasSnark on February 4, 2010 1:35 PM

http://www.meredy.com/bettedavis/bd-dump.wav

By CGar on February 4, 2010 1:36 PM

Agreed Pigeon.

By Expert Textpert on February 4, 2010 1:36 PM

I get such a good laugh from some listings.

By daveinbedstuy on February 4, 2010 1:37 PM

Yes, Piece of Sh&*t

By daveinbedstuy on February 4, 2010 1:38 PM

Ditmas...thank you. I'd like to kiss ya but i just washed my hair.

By daveinbedstuy on February 4, 2010 1:43 PM

Oh Blanche, you know we got rats in the cella?

By CGar on February 4, 2010 1:44 PM

Classic, Snarky!! Thanks for the heads up, Dave.

By CGar on February 4, 2010 1:47 PM

Oh, well, if we're doing the Full Bette:

"But y'are Blanche, y'are in that chair!"

By more4less on February 4, 2010 1:49 PM

Agreed Pigeon.

Posted by: CGar at February 4, 2010 1:36 PM

hence why I told you to offer 1.55M. now take me off the spam filter

By CGar on February 4, 2010 1:57 PM

Very sorry, m4l. I totally missed your suggested bid until you pointed it out. Yes, you're quite right, at that price.

By gemini10 on February 4, 2010 2:01 PM

This place is a big Ol "UGH!"
well I certainly won't comment on price any Cobble Hill Buildings in fear that the Cobble Hill Gentry will come out of the woodwork and blast me for even thiking that any building, no matter what shape it's in shouldn't be priced for anything less than 2mill!!!!

By Stonergut on February 4, 2010 2:17 PM

Looks like that nasty real housewives of New York house but kind of better because it lacks the flocked wallpaper and vampire color scheme.

By Boerumresident on February 4, 2010 2:24 PM

I think people are grossly overstating how bad it looks. I ahve seen plenty of places in far worst shape. It's in a great location and doesn't scream total gut renovation.

The biggest problem is that it's a 4 family, so I don't think the rent roll here would be more than 108/year unless a lot of the units are real 2 BRs. Whether you go by 10x or 15x annual rent, that's a long way from a 2.3M selling price -- which is why I guess they want to tout the condo conversion potential.

Also, what's wrong with the setback. It looks normal for any townhouse with a stoop -- or maybe a little more shallow than usual.

By CG_ups on February 4, 2010 2:42 PM

seems underwhelming, actually seems like the widget is tracking pretty close to reality on this one. someone with a tasteful eye could probably turn it in to something nice, but price needs to go down a bit to accomodate.

By Donald Brennan on February 4, 2010 2:58 PM

I am a principal as well as a broker. I have been denied access by the listing broker to tour this property as they do not co-broke. Refusing to co-broke seems to run counter to the claim on their website (see below) that they will expose the property to "all qualified buyers."

"We are also well equipped to help sellers realize the full value for their properties through our understanding of the market and our ability to effectively expose and promote a property to all qualified buyers."

Where is their fiduciary responsibility in this scenario - with the buyer or with themselves?

We have been getting the "we don't co-broke" alot lately. Anyone know what is going on? Are we trending to a no co-broke model. I thought REBNY did not support that.

By Donald Brennan on February 4, 2010 3:04 PM

sorry meant to say -
with the seller or with the themselves?

By antidope on February 4, 2010 3:04 PM

broker BS for a POS.
if i were the seller, i'd be PO.

By Johnny on February 4, 2010 3:11 PM

Always strikes me odd when folks list investment properties at retail prices. Can't say I blame seller for trying but doesn't work price-wise as a conversion, likely rent rolls don't add up as commercial, and bloody expensive to turn back into nice 1-2 fam residence.

Interesting to see what happens.

By Donald Brennan on February 4, 2010 3:25 PM

Back in the day, borrowed funds to undertake a conversion of this size were avialable to any Tom, Dick, Harry or Mary. Not so much today. Also, end-user pricing was a little easier to approximate. We track all properties like this and the common theme is that acquisition pricing dictates end-user pricing in the ballpark of $1,000 psf. I am pretty certain that is not where the market is today, especially in this type of location.

By antidope on February 4, 2010 3:33 PM

...that a broker refuses to accept an offer.

By Bklyner on February 4, 2010 3:52 PM

It's pretty bad. I've seen part of it. I don't know what those interior photos are of, but it's in worse shape than that. Have been looking in the $2m range for a while and I literally laughed out loud when I heard what they are asking for this building. Great location, but the price is a joke. Same owners forever and it doesn't seem like they have done a thing to keep it updated. I'd be scared of the inspection results.

By BKLandlord on February 4, 2010 4:19 PM

I went to see this house just before it came on the market and it is one of the most overpriced properties in recent memory. It has zero original details and the interior is much smaller than the dimensions would indicate. The main issue is that the stair case must be close to 8ft. wide which looses a lot of the width. Also, this block is not very pretty and is not in PS 29 or 58.

By Boerumresident on February 4, 2010 4:23 PM

Donald -- Do you want to look at the property as a principal? They shouldn't give you any hassle about that.

If they don't want to co-broke, I don't see why that's a problem as long as that was disclosed to the sellers in advance. Usually the decision not to co-broke accompanies a lower commission to the seller.

By Ljubitca on February 4, 2010 4:41 PM

This place is a rape shack.

By Boerum Hill on February 5, 2010 2:59 PM

Feeling a little neighborhood sensitive. I couple of weeks ago houses on Warren and Bergen in Boerum Hill were beaten up for being "too close to the projects". This Wykoff Street house gets a Cobble Hill listing and gets lauded for its great location which just happens to be two blocks from the Gowanus Houses.

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