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September 15, 2009
Sunset Park Brownstone Broker?
My aging mother is going to be selling her 3 story brownstone, which my family has owned since the beginning of the 20th century, in the next few months. Does anyone know a realtor who specializes in the Sunset Park area and knows a lot about Brownstones?
Comments
Use a name realtor from downtown brooklyn or park slope (a brownstone brooklyn neighborhood).
A realtor from Brownstown neighborhoods can introduce clients to a 'great house at a lower price' in Sunset Park that would seem like a bargain compared to prices elsewhere.
A local realtor is more likely to have a local client base who are already 'shell shoked' at the 'high' prices in Sunset Park.
I own a brownstone in Bay Ridge and have noticed over the years that when a house on my block sold, the sales price was always higher when a 'Corcoran' type agency had the listing as opposed to the sales price of similar homes listed by one of the many local bay ridge realtors.
Posted by: SenatorStreet at September 15, 2009 3:11 PM
I agree with Senatorstreet.
Although you will pay a higher comission (don't go higher than 6%)with a brownstone Bklyn based real estate agency, you will get a better marketing plan,more web exposure and an established client base willing to move a bit out of the areas they have been looking at for a nice house such as your moms. Also it will help to have an agent who will take decent pics of the place and advise if the house needs some staging or de-cluttering
Good Luck
Posted by: gemini10 at September 15, 2009 3:36 PM
I sold my house on 37th street in sunset park in 2007 and a neighbor on the block sold it the same year,we both got more then we expected.We used Brown Harris realtor's.
Posted by: janko at September 15, 2009 3:39 PM
I like Alyssa Morris at Corcoran, in the Slope. Tell her I sent you.
Alyssa.Morris@corcoran.com
Posted by: denton at September 15, 2009 4:21 PM
Thank you all for your comments/advice. I have another question. My mom's house is actually 4 floors (I forgot about the basement) but is in need of a great deal of repair work: rewiring, central air, new kitchen, etc. That being said, it has all the original wood paneling and fireplaces, and is structurally sound. Are buyers willing to spend $850K-$900+K for a brownstone that would require this type of investment? I live in D.C., so I don't know what the real estate market looks like in Brooklyn these days.
Posted by: dalyd at September 15, 2009 5:02 PM
Send the address and the pictures.
Posted by: Crooklyn at September 15, 2009 5:06 PM
A brownstone on 44th street between 5th and 6th ave. was sold for $800k in 2007 and it needed work so you would be in the ballpark.
Posted by: janko at September 15, 2009 5:18 PM
Some good real estate companies in Park Slope would be:
Corcoran
Brown/Harris/Stevens
Betancourt
Warren Lewis
I would say those are your 4 best bets
Posted by: gemini10 at September 15, 2009 5:21 PM
See this Brownstoner House of the Day post for more info on current sales prices in Sunset Park:
http://www.brownstoner.com/brownstoner/archives/2009/08/house_of_the_da_748.php
Posted by: mopar at September 15, 2009 5:30 PM
I agree with the other posters. I've bought and sold using both Corcoran and Brown Harris Stevens in Brooklyn Heights, and, in my experience, Corcoran did the superior job. I recommend Gail Morin at Corcoran (ggm@corcoran.com).
Posted by: CKDexterHaven at September 15, 2009 5:31 PM
I would recommend Aileen Truesdale at Brown Harris Stevens. She is very professional and understandable when it comes to a house that has been in a family for a long time. Where is this house located? Good Luck!
Posted by: dragontales at September 15, 2009 5:38 PM
"(don't go higher than 6%)
Posted by: gemini10 at September 15, 2009 3:36 PM"
Is that the going rate for commission now? For comparison, the rate in the UK is 2.5% for sole agency with a big-name agency (2% for most places) and even that is considered meaty with a lot of calls for it to be lowered.
Posted by: the chicken at September 15, 2009 5:50 PM
here's an article talking about it earlier this year:
http://business.timesonline.co.uk/tol/business/law/article5933639.ece
Posted by: the chicken at September 15, 2009 5:52 PM
6% was standard before the real estate meltdown. But I have heard (from brokers themselves) that even "name brand" brokers (Corcoran, Brown Harris) were accepting 4% a few months ago.
Posted by: pmmtenement at September 15, 2009 6:05 PM
6% and you're being robbed. You can easily negotiate 3% in the current market.
Posted by: Zarathustra at September 15, 2009 6:29 PM
I agree. 6% is INSANE in this market (always was in my opinion, but hell, people were paying it). It seems the commissions have been negotiable in the last 9 months or so, and 3.5 or 4% is absolutely possible.
Posted by: Nokilissa at September 15, 2009 7:09 PM
I don't think you should be aiming at 2007 prices! Nobody is going to pay today what was being paid in 2007. Plus, the location the previous posted mentioned -- 44th between 5th and 6th, is probably the most desirable in the neighborhood as it faces the park.
Posted by: southbrooklyn at September 15, 2009 8:49 PM
The 2007 prices are long gone. I would recommend to get the house appraised, (not by a real estate broker), just to give you an idea what the house is worth. I used Frank Viola - great guy and knowledgable about brownstones. Good Luck!
Posted by: dragontales at September 16, 2009 6:31 AM
I'm going to give advice a bit different than most of the other posters. A Corcoran type broker MAY in fact be able to get a higher price for the house than a local broker; however, if the price set by that broker is significantly higher than the neighborhood (even if it's in the "OK, that's reasonable" range of the Corcoran-shopper), your mother's house will sit. Time is money.
Price it right for the neighborhood; if you're going with a Corcoran type broker, maybe it can be pitched a little higher, but be realistic, especially now, if you need to sell it.
Posted by: Minmin at September 16, 2009 6:55 AM
Brown Harris Stevens and Corcorcan agents are not allowed to accept less than 5%, it just a rumor if you hear otherwise. They are not allowed to negotiate even in this market. That is how they do business. Smaller offices can negotiate the commission and will accept 4%. If it is a reputable smaller office with you recieve the same bells and wistles (nytimes ads, website presence, professional floor plans/photos, open houses, etc) as a larger corporate office. You will also recieve a more personalized service.
Posted by: broker at September 16, 2009 9:18 AM
Corcoran agents most certainly can accept commissions less than 5%. I sold my co-op through Corcoran only because they agreed to match the 4% commission a smaller agency offered me.
Posted by: billtubbyhouse at September 16, 2009 10:18 AM
Your right, there is one circumstance when they can match the 4% and that is when the specific agent you signed with personally sells the property but not if another agent from the office sells it or if it is cobroked as most properties are, then is goes right back to 5%. So basically, only 4% commission if one person can get it all done, which seems to defeat the purpose of using Corcoran, which most people say is for the exposure to all the agents and cobrokes.
I am not against using Corcoran and Brown Harris Stevens, it is just that a lot of people on this blog seem to automatically say to use them instead of local brokers and I do not think the reasons are necessarily valid.
Posted by: broker at September 16, 2009 10:40 AM
3% for an open listing. For an exclusive(co-croking with other brokers, holding open houses etc, etc) 6 maybe 5% if they have to co-broke with a buyer's broker / 4% if they sell it directly.
Posted by: Crownlfc at September 17, 2009 4:14 PM
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