Open House Picks
Kensington 618 E 5th Street Broker: Ideal Properties Price: $999,000 Sunday 1:00 – 2:00 GMAP Sheepshead Bay 2672 Haring Street Broker: Fillmore Price: $749,500 Saturday 12:00 – 2:00 GMAP Canarsie 126 East 88th Street Broker: Fillmore Price: $379,000 Sunday 2:00 – 4:00 GMAP Canarsie 1230 East 99th Street Broker: Fillmore Price: $369,000 Saturday 1:00 -…
Kensington
618 E 5th Street
Broker: Ideal Properties
Price: $999,000
Sunday 1:00 – 2:00
GMAP
Sheepshead Bay
2672 Haring Street
Broker: Fillmore
Price: $749,500
Saturday 12:00 – 2:00
GMAP
Canarsie
126 East 88th Street
Broker: Fillmore
Price: $379,000
Sunday 2:00 – 4:00
GMAP
Canarsie
1230 East 99th Street
Broker: Fillmore
Price: $369,000
Saturday 1:00 – 3:00
GMAP
I am the Broker on this listing and It’s listed as Kensington, So I am very much confused about reference to it saying it’s located in Ditmas Park.
@argylerd: I live in the area and have an amassed amount of knowledge regarding “Brooklyn areas” .
The house is set to close and without disclosing any exact information, it is selling for “over asking”. Anyone looking to have a professional handle the sale of their house, feel free to contact me.
Affordable? It’s 999,000, not exactly peanuts. It looks like it’s got some serious linoleum floor action, and un-pictured baths and second kitchen, so let’s assume you put at least 50k into minimal remodeling.
So the buyer has 250k sitting around and something like 150k of yearly income. Remember that teacher’s salaries start at 45k a year.
Yes, I know, there are many people who have those finances ready to go. You are the mortgage broker, so you know more than anyone. But affordability is all relative.
The Canarsie listings look a little more affordable.
On the other hand, as to the poster who says this stretch of Cortelyou has “little to offer”, it has to offer a house about 500,000 less than the “historic” stretch of Cortelyou. Kensington is not so shabby. Actually there is a terrific bakery (Uzbek I think) on Ditmas right near this house.
618 E 5th Street is not is Ditmas Park by even the most generous expansion of the neighborhood boundaries. That’s Kensington.
Well, it sold for over ask.
$1,150,000
Kensington is no longer affordable.
You are right about teachers, and of course, you are right about the monthly payments.
I’m not sure this will sell for under ask, with the way Kensington has been going. I’m also not sure if whoever buys it will only put down 20%. Plus pretty sure that whoever buys it will end up paying at least 100k in repairs before moving in – you told me how contractors were gouging everyone.
We bid on a house next door a few months ago. We were outbid buy an all cash buyer.
So yes, the two hypothetical teachers can afford the monthly payments, but are they starting with 200k? or 300 or 500k? What do they need in reserve in addition to that?
Up to a few months ago, we fit the profile of your buyers almost exactly and we were convinced we could get something like this in Kensington. We bid on a house on this same block, very similar, at a similar price. We were outbid buy all-cash buyers (more than one, I believe).
Also bear in mind that in these Victorian two families, the larger unit is the top duplex. The top floor is an attic, with lower ceilings, which doesn’t lend itself to being an independent apartment like a row house top floor does. The ground floor level is a 1 or 2 bedroom, about 800 – 1000 sq ft, but with good light. If you want more room you have to finish the basement and put in an illegal bedroom. Living in the top duplex means cutting off access to the yard. So you are paying almost 1 million to have a relatively small apartment, albeit with good rental income from the large upper unit. Not everyone’s cup of tea.
Many orthodox families are getting squeezed out of Borough Park and are moving eastward into Kensington (which always had an orthodox presence), putting even more pressure on the low inventory.