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January 5, 2008
price per square foot in Forte Greene or Clinton Hill?
A friend just told me that the price per square foot in a renovated or good condition)brownstone in Fort Greene is $900. This sounds very high to me.
Does anyone have any recent experience with properties in Fort Greene or Clinton Hill? Is this a realtor-inflated value or has anyone actually bought/sold something in this range?
I realise that prices are different between South Oxford and St. James, but I we like both.
Thanks in advance-
Cl.
Comments
That is such a ridiculous price quote per square foot. I don't know how a "friend" could tell you that with a straight face.
Posted by: guest at January 5, 2008 6:20 PM
hello!
It's an ongoing debate, not a slimy realtor.
If you have a more accurate estimate I would appreciate it.
Posted by: clementine16 at January 5, 2008 7:33 PM
Over $800/sf sounds right for something that is already renovated and does not need any work.
Manhattan averages are over $1100/sf already.
Brooklyn is getting dangerously close to that. I think I read that it was around $900/sf.
Queens is about $400-$650/sf.
Doesn't anyone read the NY Times?
Posted by: guest at January 5, 2008 8:13 PM
Look--if brownstones in MOST neighborhoods in Brooklyn were going for 1000/psf then you'd see lots of $4.5-$6 million brownstones in every single neighborhood OTHER than Brooklyn Heights? Do you? I don't think so. Not even in Park Slope.
Posted by: guest at January 6, 2008 1:08 AM
The best way to find out is to do the math and research yourself. Don't go by what others tell you. I suggest you choose a few sales (or even just listings) in Ft. Greene and then in Clinton Hill, and divide the price by the square footage. Streeteasy has a great search function that allows you to find recently sold properties (and it still has links to the original listing.)
Obviously try to gauge the interior state of the houses by listing photos and description. Most houses, unless totally renovated, will need some kind of work. Ft. Greene is more expensive than Clinton Hill, although some sellers don't know that, considering they price their properties as high or higher than Ft. Greene or Park Slope even. Those houses just sit.
Posted by: guest at January 6, 2008 1:23 AM
Ok. Let's take two of the most recent sales of the nicest and highest quality brownstones, located in high-demand neighborhoods (excluding Brooklyn Heights). These sales were notable and should give us a good indication of price per square foot for the high-end of the market.
1.) Park Slope: 270 Berkeley. Perfect high-end renovation (which is RARE) and 5000+ square feet JUST closed for $3.35 million. That means approximately $670/sq. ft for a prime house, PERFECTLY renovated in prime Park Slope.
See listing:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1070981#
(see Property Shark and Streeteasy for all info--note that many times Prop. Shark does not take into account garden level. You have to check each instance and factor in that square footage).
2.) Fort Greene: 30 South Portland. Beautiful 5-story house, 5000+ sq. ft., in great condition, but needing new kitchen, baths, and mechanicals. JUST closed for $3.010 million, which equals approximately $602/sq. ft. Again, prime house, prime location, great condition though not renovated.
(Listing no longer available on BHS website; other info on Property Shark and Streeteasy.)
Posted by: guest at January 6, 2008 2:34 AM
The average-PPSF as applied to an entire neighborhood is useless. I don't understand why that's used at all by anybody. Blocks are too different from one another, even in the prime neighborhoods. Do as 2:34 did and look only at recent sales.
Posted by: guest at January 6, 2008 1:47 PM
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