Real Estate Market

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After all the heat that is given to Corcoran for overpricing, it’s refreshing to see a listing that we think will sell within days because it is so attractively priced. Unless there’s some undisclosed catch (like an SRO tenant camped out on the Parlor floor), this 4-story, 2-family limestone on Willoughby between Clinton and Waverly looks like a screaming buy to us at $1,325,000. Although there are some finish details we don’t love (like the kitchen), the house appears to be in excellent shape with a surfeit of original woodwork and flooring. The garden is also unusually nice for the neighborhood. Frankly, we’re surprised the price tag on this isn’t higher. Maybe broker Rodolfo Lucchese is heeding Barbara Corcoran’s recently revealed advice to underprice a property in order to generate a huge wave of interest and thus a bidding war. If that’s the case, mission accomplished. As we said, we bet this place will be gone by the weekend.
Addendum: It has been brought to our attention that this property is only 17-feet wide, which does moderate our initial enthusiasm somewhat. Still looks like a very nice place though.
116 Willoughby [Corcoran]

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Well, now we know for sure that that the new State Street townhouses are market price. No subsidies here! For $2,650,000, the lucky buyer of the first limestone and brick house will get a double-height entertaining space in an open plan layout distinguished by a 20-foot-high glass window, an 8-foot-wide skylight and a fully-decked out Bulthaup kitchen. The target buyer? A “sophisticated, design-savvy urbanite,” according to Corcoran broker Kerri-Anne Scalia.
State Street [Corcoran]
State Street Getting 25 New Townhouses [Brownstoner]
State Street Follow-Up [Brownstoner]

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A picture is worth a thousand words on this one. A million bucks for three stories of charmless, 1970s-era interiors in second-stop Williamsburg. Puhleeze! Perhaps there’s some way to rationalize this as an investment property, but we just can’t imagine anyone paying this kind of dough to live here. (We doubt even the die-hard modernists on the blog will defend this one.)
Great Corner Townhouse [aptsandlofts.com]

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Blogger Transfer ponders the dearth of hotels in downtown Brooklyn:

Why does nearside Brooklyn only have one Hotel? Where do all those parents stay when visiting their South Brooklyn dwelling Oberlin grad kids… Well the Marriot is building 28 more stories of overpriced (yes, $210/night for Downtown Brooklyn, monopoly is a beautiful thing, Mom) chain experience.

According to New York Construction, the hotel is indeed in the process of a $77 million, 24-story, 190,000-square-foot expansion that will almost double room capacity from 376 to 656. Ian Schrager can’t be far behind.
More, More, More [Transfer]
Lincoln Road Townhouse [New York Construction]
Lincoln Road Townhouse [New York Construction]

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What a difference a year makes in a turnaround neigborhood. We doubt this place would have been more than $800,000 last Spring and now it’s coming on the market at $1,150,000. But what price perfection? Built in 1905 by Frederick B. Morris, the three-story house has a triple parlor with pristine original woodwork including a Pier mirror and oak and cherry mantels. The layout sounds a bit strange though: the kitchen for the owner’s duplex is on the top floor along with the bedrooms. We can only assume this was in an effort not to disturb the uniformity of the parlor floor. Another red flag: The listing mentions that this is currently configured as a two-family. We thought this was a no-no in Lefferts Manor so potential buyers should make this is not a violation.
Lincoln Road Townhouse [Brown Harris Stevens]

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One of our eagle-eyed readers happened to be browsing Corcoran when he noticed an unusual caveat in the description of a 3-story house listed in the South Slope for $999,000 by Nick Arnold: “Listing broker is a co-owner.” His interest piqued, he hopped over Property Shark to dig a little deeper. Imagine his surprise when he discovered that the seller, 330 10th Street LLC, had just closed on the property in early March for $749,000. A 25% 33% price hike in less than two months? Maybe it’s not quite as egregious as it sounds, since the $749,000 price was probably locked in several months before the close. But still, a look at the title history suggests that the LLC partners had to put down $172,270 in equity, so if they get their asking price, they would make a return of almost 150% on their cash over six months or so. Nice work if you can get it.
330 10th Street [Corcoran]

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Blogger Only The Blog Knows Brooklyn has been inside the new Foer residence in Park Slope and came away with the same impression we got from looking at the pictures online:

The house on Second Street that the Foer-Krauss’ are buying is super deluxe; a to-die for brownstone. The decor, however, is ugly, ugly ugly. Overdone wall treatments, expensive appliances, bad art. Way too much money combined with way too little taste. That was my feeling, anyway. But the house has what you call great bones. Really fantastic bones, I would say and lots of historic detail. I would be MORE than happy to live there. And so would you.

No argument here. The night photos above are of the rear yard that runs through the entire block. That’s right, the entire block.
The House That Jon Bought [OTBKB]

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It feels like this house has been up on the Aguayo & Huebener website forever. Back in January, we put it on our Listings page. Back then it was priced at $1.2 million. One reader who had seen the house as far back as September commented that, despite needing a good deal of work, the owner would not budge on price. Au contraire, it turns out. The owner has budged, just not in the direction you might think for a property that isn’t selling. At some point in the last couple of months, the asking price was bumped up to $1,299,000. The listing doesn’t give the address, but a commenter did note that the closest subway stop was the Classon Clinton-Washington G, so this can’t exactly be prime Clinton Hill. At this rate, it seems to us this house might continue to sit on the market for quite a while.
Prime Clinton Hill Townhouse [Aguayo & Huebener]
Listings Blog [Brownstoner]