Real Estate Market

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Back in early November we expressed our skepticism about the $1.5 million price tag that had been slapped on this 5-Story, 7,500-square-foot place on Madison Street in Bed Stuy. Nice place, but that’s a lot of dosh. Sure ‘nuf, we pulled up the listing yesterday and the asking price had been cut to $1.3 million. Given the momentum in the nabe these days, we won’t be surprised if they find their buyer at this price. Anyone have the skinny on activity surrounding this prop?
Bed Stuy 4-Family [New Millenium]
Highest Price in Bed Stuy [Brownstoner]

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We heard a rumor that a bidding war erupted over this place this weekend. It’s a 2-floor, 1-family brick house with nice deets on an extra large lot. We hear the block is quite nice, too. Asking price was $1,175,000. Last we heard the leading bid was at least $1,300,000. Does anyone know the address? How about if there is an accepted offer yet?
Prospect Heights Striking Townhouse [Aguayo & Huebener]

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We can’t get enough of these limestone beauties these days! The exterior of this four-story, four-family place looks perfect and appears to be on rather a grand block with attractive adjacent houses. In addition to the unusually deep front yard, there is also a back yard. The Harborview Realty website, where the house is listed at $795,000, is frustratingly thin on the details–no interior pics, only the assurance that it’s in “very good condition”–so we’d appreciate hearing from anyone who’s actually been inside. Not knowing the layout, we are curious what it would cost to turn this into a two-family.
Homepage [Harborview Realty]

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Another beautiful structure in Crown Heights. According to the listing, the two-family property has been fully renovated, with particular focus on maintaining the original architectural details. The photos reveal wonderful wood beams, fireplaces, and original built-in book cases. New kitchens and bathrooms. This place sounds fairly priced at $899,000 given other recent listings in the area but we would love to hear from someone who knows the Crown Heights market well and can provide some comps.
868 Prospect [Ettelson RE]

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Regular readers know how positively disposed we are towards Lefferts Gardens. Unfortunately, like just about every other neighborhood, bargains are few and far between. This 20-foot wide, 4-story house is a slightly grander scale than the 3-story, rounded front rowhouses that typify the area. It has tons of old-world charm (fireplaces, stained glass windows, pocket doors) and a sizeable rear yard to boot. Listed for $895,000, the 3,750 square foot house is priced at about $240 a foot. If the interior is in decent shape, that seems reasonable to us; if it’s going to require a lot of cash to get it in shape, we’d think twice.
Midwood Street Townhouse [Halstead]

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A reader brought this turn-of-the-century 2-family house in Stuyvesant Heights to our attention. It’s clearly an interesting opportunity to create your dream home from scratch in a gorgeous historic neighborhood–but we are concerned about the expense. If you think you can get the gut reno done for $150 a foot or less-not an easy thing given how gutted this place looks-this could make sense. But keep in mind that the landmark status will certainly add a good deal of time and expense to the process. We’d be interested to hear from anyone who has restored a shell like this in a landmark district. Any words of advice?
Hancock Street Townhouse [Halstead]

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This attractive brownstone in Bed Stuy caught our eye. Located on Vernon Avenue between Marcy and Tompkins, the 4-story, 4-family is fully occupied at present, so it could be a little sticky for a buyer who wants to live there. The $625,000 listing also does not include any other pictures so we’ve got no idea about what kind of shape the interior is in. That said, the exterior looks nice and the block is clearly a decent one. Sorry we don’t have much more to go on, but for some reason, this one just has a nice feel to it. Our biggest concern about this place is that it is probably full of difficult-to-remove tenants.
Listing #656 [New Millenium]

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The latest addition to the Aguayo & Huebener website caught our eye, frankly, because you don’t often see houses in Park Slope for under a million bucks. Granted it’s not on Seventh or Eighth Avenue and it is only three stories, but we thought it was still worth a look. For your $989,000, you get an owner’s duplex and a one-bedroom rental in addition to the rear deck and yard. The interior looks okay but nothing spectacular. Anyone checked this place out yet?
President Street 2-Family [Aguayo & Huebener]