En Suite bathroom

Thanks y'all for your useful input and recommendations.

It seems that lot of what would determine the current value of this home is the extent of its damage from the leaky roof, i.e. the amount of structural damage caused by the rain water. And perhaps mold, too. We don't know the answers to these issues right now. They are risk factors that need to be taken into consideration when ascertaining the value of the home.

And, of course, our views on the wisdom of undertaking a large scale reno are undoubtedly informed by our views on future home prices, i.e. whether we think home prices are on the rebound or are still dropping.

It's interesting and helpful to hear your views.

-Pigeon, aka Brownlime

Posted by: Pigeon at November 21, 2009 9:50 PM in response to Habitable? Financing? Time-Bomb?

Interesting stuff, MM!

Posted by: Pigeon at November 20, 2009 7:33 PM in response to Walkabout: Montrose Morris - Full Circle

BTW, "Pigeon" and "Brownlime" are both me.
(Brownlime is my old name, which I abandoned when I thought of the quintessential NYC name of Pigeon. I accidently posted this thread under my old name).

Posted by: Pigeon at November 20, 2009 5:19 PM in response to Habitable? Financing? Time-Bomb?

Thanks wyckoff and NeedaPatio.

Wyckoff- It's good to hear that financing might be possible. A friend told me he got regular financing on the home he bought this year even though the home was of questionable habitability. I also like this advice you gave: "don't rely on anything you read on this forum." Made me laugh. (I wouldn't rely on it, but it's helpful and informative nevertheless.)

But why do you suggest getting a contractor before making an offer? Before I hire a contractor, why not see if the buyer would accept my offer. My offer wouldn't be binding. Otherwise, I'd be wasting my money paying the contractor. Right?

NeedaPatio- You are correct. That's the house I'm referring to. And I think you're also correct that the seller is incapable of doing anything such as getting the electricity working. And you're also right that it would take a lot of stamina to have this place renovated. It would be a big project.

Posted by: Pigeon at November 20, 2009 4:31 PM in response to Habitable? Financing? Time-Bomb?

I visited the Garfield Place Brownstone last weekend.
It's the first center staircase brownstone that I've seen chopped into 4 apts. I saw first-hand that center staircase brownstones do not chop up well.

I agree with Broke developer. The buyer will pay a lot of money to be a landlord. Unless, the buyer were to unchop the brownstone into two units; a garden apt under a triplex. But that would be a big expensive ordeal.

Posted by: Pigeon at November 20, 2009 3:02 PM in response to Open House Picks

Matt14,

I hear you.
The building seems like it might make for nice apartments, but is not set up to be a nice house. If I were to buy this place and live in one unit, I think I might feel more like a landlord and super rather than a homeowner.

But maybe I'll take a look at it at the open house Sunday.

Posted by: Pigeon at November 19, 2009 2:18 PM in response to House of the Day: 540 Bergen Street

Great house.
Great location.
It's good to see an asking price that conforms with the new economy.

Posted by: Pigeon at November 18, 2009 2:11 PM in response to House of the Day: 22 Sidney Place

P.S.
I'm not really a pigeon.

Posted by: Pigeon at November 17, 2009 1:10 PM in response to Walkabout: Part 3, MM - Park Slope and Big Business

MM,
Oh!
So you are merely an aesthetic descendant, not a blood descendant, of MM.
Cool.

Posted by: Pigeon at November 17, 2009 1:09 PM in response to Walkabout: Part 3, MM - Park Slope and Big Business

Miss Muffett gives us an informed buyers perspective.
I appreciate this.

11217 gives us an informed Park Slope resident's perspective.
I appreciate this.

DIBS gives us a Bed-Stuy homeowner perspective.
I appreciate this.

BHO gives us a financial-doom-ahead perspective.
I appreciate this.

Can't we all just get along?

Posted by: Pigeon at November 17, 2009 1:05 PM in response to Last Week's Biggest Sales

MM,

On flicker, your user-name is Montrose Morris III.
Are you the man's grandson?

P.S. Thanks for another great post!

Posted by: Pigeon at November 17, 2009 12:51 PM in response to Walkabout: Part 3, MM - Park Slope and Big Business

"But [Miss Muffett is] the expert on the Park Slope market, right...?"

Posted by: 11217 at November 17, 2009 11:45 AM

I don't think anyone is saying Miss Muffet is the expert. But she does seem to know what she's talking about. So, perhaps it would be fair to say that, while she is not THE expert, she is AN expert.

Posted by: Pigeon at November 17, 2009 12:17 PM in response to Last Week's Biggest Sales

Mr. B-

The widget guess on the Garfield home was $1,524,906.
The figure you have posted above -- $1,399,683 -- is erroneous.

Posted by: Pigeon at November 17, 2009 12:13 PM in response to Last Week's Biggest Sales

Very interesting, Albemarle!
Thanks!

Posted by: Pigeon at November 13, 2009 4:39 PM in response to All Systems, Go — Away?

True, Petebklyn.

Google maps "street view" is not up-to-date, and thus can be somewhat misleading. But still it's a great quick way to get a general, usually fairly accurate, feel for things.

Posted by: Pigeon at November 13, 2009 2:39 PM in response to Open House Picks

DIBS,

I couldn't watch the pigeon video because it wouldn't play on my work computer.
:(

Posted by: Pigeon at November 13, 2009 2:25 PM in response to Big Turnout for 437 Waverly Auction

Miss Muffett,

A week or so ago, I looked up the Bergan Street house using google maps, as the house seems reasonably priced. My surprise that the realtor's photo of the exterior was misrepresentational was only moderate, as we all know that misrepresentation is a large part or what realtor's do.

As mentioned by BST, above, google maps is a great way to get a sketch of a property's exterior and a sketch of the block on which the property sits.

Posted by: Pigeon at November 13, 2009 2:12 PM in response to Open House Picks

"Some people are thinkers, some people are doers. The more you think the less you are likely to do, as life really is so fraught with hazards and uncertainty."

Posted by: Minard Lafever at November 13, 2009 11:11 AM

I like that!
Where'd you steal that from, Minard?
Lao Tzu?
Nietzsche?
Ayn Rand?

Posted by: Pigeon at November 13, 2009 11:29 AM in response to Big Turnout for 437 Waverly Auction

DIBS,

I like your logic, but I'm not convinced by your argument. It seems overly optimistic.

There are costs to the buyer/owner that you seem to minimize.

And there are potentually expensive unknowns in buying at auction.

Even the broker's website says:

"Requirement: Buyer must be prepared to
make immediate emergency repairs to back
wall and roof. Both DOB and LPC are
prepared to expedite permits for repairs."

Bk8, you were at the auction. What was the deal with the needed "immediate emergency repairs?"

Posted by: Pigeon at November 13, 2009 11:23 AM in response to Big Turnout for 437 Waverly Auction

I'm always disappointed when a lovely house such as this has no cellar and no Garden Apartment, but just an English Basement.

(Am I using these terms correctly? Garden Apartment is enough above ground so that it can be a legal apartment. Right? If it's not above ground enough, it's an English Basement. Right? The cellar is what would be beneath these. Right?)

Posted by: Pigeon at November 12, 2009 5:40 PM in response to House of the Day: 540 4th Street

"I can't imagine this could be well renovated for less than 500K which would bring price to 1000/psf, which is bubble levels. There are a host of other homes right around this location which are lingering at price points well below that on a psf basis."

Posted by: Miss Muffett at November 12, 2009 1:28 PM

I agree, Miss Muffett. Plus, carrying costs for the new buyer. Plus, it's only 3 stories (the english basement, I presume, is more "basement" than "garden level.") The location is prime, but there should be a bigger discount if it requires a renovation, depending, of course, on the extent of the renovation needed.

Posted by: Pigeon at November 12, 2009 3:07 PM in response to House of the Day: 540 4th Street

Thanks, MM, for the link to the old photo of this building.

I thought the building in the above photo looked "off," but I couldn't imagine it with a cornice. The link you provided shows it not only with a conrnice, but a front porch.

The front porch, to my eye, looks like it may have originally been open, and enclosed only at a later date. No?

Posted by: Pigeon at November 12, 2009 12:22 PM in response to House of the Day: 75 New York Avenue

Very cool, MM.
Can't wait to learn of his Park Slope masterpieces, in next week's column!

Posted by: Pigeon at November 12, 2009 12:09 PM in response to Walkabout: MW Morris- the Commissions Cometh

I agree, Mr. GoGoMrPoPo, that developers generally far outpace the government. This is clear. But when it comes to issues of cleaning up toxic waste, I feel we should not put our trust in developers. Their interests do not lie with long-term public health.

Posted by: Pigeon at November 11, 2009 6:30 PM in response to To Superfund or Not To Superfund, That Is The Question

"Its curb appeal is greatly diminished by the absence of a cornice. To me, that is a sign the building has not been properly taken care of."

Posted by: Minard Lafever at November 11, 2009 2:12 PM

This didn't originally have a cornice, did it? It has a mansard roof. Mansard roof buildings don't have cornices, do they?

Posted by: Pigeon at November 11, 2009 6:19 PM in response to House of the Day: 75 New York Avenue

We've all neglected the second half of the poster's question:

"Any idea on what the closing costs would be on a home this price?"

I've heard that a buyer should expect to pay, in taxes, closing costs, and other fees, between 5 and 15 percent of the purchase price. But this is such a wide window. Plus, I don't know about the accuracy of this estimate.

Does anyone have more intelligent or detailed info about closing costs, closing taxes, and other expenses associated with closing?

Posted by: Pigeon at November 11, 2009 6:09 PM in response to Mansion Tax

P.S. I think Bloomberg is great. But I don't like his position on this issue.

Posted by: Pigeon at November 11, 2009 2:08 PM in response to To Superfund or Not To Superfund, That Is The Question

The canal is beautiful.
I hope it never gets filled.
It should, of course, be cleaned.

If it is super-funded, then at least it's ostensibly on track to be cleaned.

It it's not super-funded, who knows?
NYC politics are unstable.

Posted by: Pigeon at November 11, 2009 2:06 PM in response to To Superfund or Not To Superfund, That Is The Question

The poster is trying to save money.

Those who are urging the poster to pay the mansion tax are not being helpful.

That extra 10k might be the difference between being able to afford the home and not being able to afford it.

Posted by: Pigeon at November 11, 2009 1:57 PM in response to Mansion Tax

"New sneaker mentality" is people trying to show they're not poor.

Posted by: Pigeon at November 10, 2009 5:32 PM in response to New Sneaker Boutique on Tompkins

BHO,

I think DIBS's good point is: for many people, "It's about what you like, what you want and what you can afford."

I disagree with DIBS, however, when he refuses to acknowledge a relationship between purchase value of a home and potential rental value of that home.

Posted by: Pigeon at November 10, 2009 5:18 PM in response to House of the Day: 615 2nd Street Revisited

I love to read DIBS and BHO (and stevieb) debate the factors warranting buying a home.

BTW, I think both sides have good points.

Posted by: Pigeon at November 10, 2009 4:42 PM in response to House of the Day: 615 2nd Street Revisited

Very Cool.

Posted by: Pigeon at November 10, 2009 4:28 PM in response to Closing Bell: New Public Art on Flatbush

tybur6,

Thanks for refering to the idea I posted elsewhere that it can be nice when your walk to the subway is through one of the most beautiful parts of NYC. (Even though you were being facitious.)

But seriously, wouldn't it be nice to live a few extra blocks from the subway if those few extra blocks are an extraordinarily beautiful walk? Or, do people prefer to live closer to the subway, even if that means you don't enjoy the beauty of your neighborhood as much?

Posted by: Pigeon at November 10, 2009 2:07 PM in response to House of the Day: 615 2nd Street Revisited

Ted,
The Joralemon enterence to 1BBP is exactly the spot I find dangerous.
Granted, I've been to 1BBP only 3 times but, each time, I've felt that Furman Street is pedestrian unfriendly and dangerous.

Posted by: Pigeon at November 10, 2009 1:54 PM in response to Last Week's Biggest Sales

You have good points, tybur6.

If you live at 1BBP, your walk to the subway "begins/ends with the creepy, scary, dangerous bit at the BQE." Something needs to be done about that traffic/pedestrian conflict.

Also, I wouldn't underestimate the value of your daily walk to the subway. It's the route we New Yorkers walk more than any other route. It's a big part of our lives.

Posted by: Pigeon at November 10, 2009 1:27 PM in response to Last Week's Biggest Sales

Regarding 1BBP, THAL complained about the traffic.
THAL wrote: "You need to go under the BQE then walk past that service road that is like a higway. And the sidewalk is like 3 feet wide so it feels like cars are coming right onto the sidewalk."

I agree, THAL.
Terrible planning.
1BBP residents risk getting plowed down by speeding vehicles on a busy "service road."
(I believe the "service road" is Furman Street.)
Something needs to be done about that situation.
The Furman Street traffic situation is inappropriate now that there is a residential community (1BBP) just west of it.

Posted by: Pigeon at November 10, 2009 1:21 PM in response to Last Week's Biggest Sales

The broker's website says:

"Requirement: Buyer must be prepared to
make immediate emergency repairs to back
wall and roof. Both DOB and LPC are
prepared to expedite permits for repairs."

Phew! Buyer beware!

Posted by: Pigeon at November 10, 2009 12:30 PM in response to Waverly Shell Coming Up for Auction

Regarding the location of 1BBP, tybur6, I think it's a great location.

If you live there, your walk to the subway is through arguably the most beautiful streets of NYC. Twice everyday you'll be treated to a beautiful walk to the subway. That is worth a lot, in my opinion.

If your apt faces west, you have one of the most beautiful views of NYC.

You're close to Smith Street and Montague Street.

1BBP is not my style at all, and it does seem too pricey. But I think the location is cool.

Posted by: Pigeon at November 10, 2009 12:07 PM in response to Last Week's Biggest Sales

Good point, joe the bummer.
The 1BBP sales apparently entered into contract approximately 2 years ago (11/5/07 and 1/18/08).
The values have surely dropped since then.
What do you think took so long to close?

Posted by: Pigeon at November 10, 2009 11:59 AM in response to Last Week's Biggest Sales

MFN
Thanks for sharing your info.
It's interesting to hear of your home-buying journey.
Congratulations, and good luck in beautiful Hoboken!

Posted by: Pigeon at November 9, 2009 5:32 PM in response to House of the Day: 430 10th Street Revisited

BBB,
Why do you say 11217 is a fool?
Because he didn't accurately predict the future?

Posted by: Pigeon at November 9, 2009 1:42 PM in response to House of the Day: 430 10th Street Revisited

11217 likes the slope, and he's optimistic.
There's no harm in that!
(But I think even he would be bearish on this 10th street house, no?)

Posted by: Pigeon at November 9, 2009 1:39 PM in response to House of the Day: 430 10th Street Revisited

Not such a pretty block.
Not such a pretty exterior.
Not such a pretty interior.
Not such a great location.

Sadly, another case of Schadenfreude.

Posted by: Pigeon at November 9, 2009 1:34 PM in response to House of the Day: 430 10th Street Revisited

Argentina wrote:
"This guy had the thickest Bensonhurst accent imaginable."

Tsk...tsk, Argentina.
Shame on you!
Lack of awareness!
You are not hired, Argentina.

Posted by: Pigeon at November 6, 2009 4:21 PM in response to Contractors & Chauvinism

Yes, schadenfreude undoubtably is what many of us are feeling.
Very funny, tybur6.

Posted by: Pigeon at November 6, 2009 12:42 PM in response to 85 State's Roller Coaster Ride

"Yummy Molding"
:)

Posted by: Pigeon at November 6, 2009 11:19 AM in response to Welcome to The Albemarle Reno Blog

Very cool.

Posted by: Pigeon at November 6, 2009 11:08 AM in response to The Albemarle Renovation Blog Launches!

"Do you own a place, Brownstones Half Off?"

I think BHO is hoping for more decline in NYC real estate, so that a nice brownstone will be more affordable for him.

I can't blame him.

He often presents his bearishness rather well, I must say, even if it is an extreme and rather unlikely view.

But -- who knows? -- he could be right.

Posted by: Pigeon at November 5, 2009 7:56 PM in response to Park Slope PPSF

Nokilissa:

I, too, live in Manhattan and I share your idealization of brownstone brooklyn.

Posted by: Pigeon at November 5, 2009 4:48 PM in response to House of the Day: 119 Fort Greene Place

BTW, "Pigeon" and "Brownlime" are both me.
(Brownlime is my old name, which I abandoned when I thought of the quintessential NYC name of Pigeon. I accidently posted this thread under my old name).

Posted by: Pigeon at November 20, 2009 5:19 PM in response to Habitable? Financing? Time-Bomb?

I also saw this house at the open house last month. Given the amount of work that needs to be done, I cannot imagine paying more than 800K. Anything over 850K would be ridiculous. When will sellers finally realize the bubble has burst?!

Posted by: onefineday at November 21, 2009 9:57 AM in response to Habitable? Financing? Time-Bomb?

I have a mortgage broker that has helped alot of my clients in today's wonderful economy. If you need an Architect, drop me a line.

Posted by: jockdeboeraia at November 21, 2009 10:01 AM in response to Habitable? Financing? Time-Bomb?

I have done plenty of reno's and this particular house can not be done nicely for under 500k at the very least if this is the one i think it is. most likely more.
It needs a full gut to the studs and possibly beyond. Roof joists are surely damaged and probable structural work throughout.
Pigeon, you are surely a pigeon if you are thinking of paying anywhere near a million.
proceed with caution! Ever hear of the term "money pit" ?

Posted by: slopescum at November 21, 2009 10:04 AM in response to Habitable? Financing? Time-Bomb?

Daveinbedstuy.....pricing the reno at 100 per floor is unrealistic. This type of project would be minimum $150 sf and probably closer to $200. This house is just under 3,000 sf so you should figure on 450k-600k.
I will be very interested to find out the final number after it is finished and see who is closer to the actual cost.

Posted by: slopescum at November 21, 2009 10:15 AM in response to Habitable? Financing? Time-Bomb?

Hay slopescum if someone has all that money to give away why not let them. There are pleanty of people waiting to dump their turds on someone else.

Posted by: hannible at November 21, 2009 1:13 PM in response to Habitable? Financing? Time-Bomb?

Thanks y'all for your useful input and recommendations.

It seems that lot of what would determine the current value of this home is the extent of its damage from the leaky roof, i.e. the amount of structural damage caused by the rain water. And perhaps mold, too. We don't know the answers to these issues right now. They are risk factors that need to be taken into consideration when ascertaining the value of the home.

And, of course, our views on the wisdom of undertaking a large scale reno are undoubtedly informed by our views on future home prices, i.e. whether we think home prices are on the rebound or are still dropping.

It's interesting and helpful to hear your views.

-Pigeon, aka Brownlime

Posted by: Pigeon at November 21, 2009 9:50 PM in response to Habitable? Financing? Time-Bomb?