You Gotta Be Kidding: Overpriced in Gravesend
Century 21/William B. May hasn’t had made much of a dent in Brownstone Brooklyn as far as we can tell and the firm’s latest listing further out in the borough isn’t likely to help improve its reputation among market-watchers. We just have to scratch our head at the $2,600,000 asking price for this undistinguished 2-family…
Century 21/William B. May hasn’t had made much of a dent in Brownstone Brooklyn as far as we can tell and the firm’s latest listing further out in the borough isn’t likely to help improve its reputation among market-watchers. We just have to scratch our head at the $2,600,000 asking price for this undistinguished 2-family brick on Ocean Parkway. Granted we don’t have a clue about this neighborhood and we’ll be the first to admit we’re brownstone snobs, but 4-car garage or not, we can’t imagine anyone paying this kind of money for any kind of a house in Gravesend. Is there any precedent whatsoever? The listing does mention that it’s on an oversized lot, so maybe there’s a development play here that we’re not aware of, but barring that, we can’t imagine this place is worth more than a million bucks (if that). What are we missing here?
Ocean Parkway prime [William B. May]
The gravesend community has an aversion to living in apartment buildings. Withstanding, there are a few projects (4 or 5) going on in the area, and are expected to sell at $1,000-1,400+ per sqft.
The 4 development companies I know who are involved in these projects are trying to buy properties close enough to the “base” community, but it’s hard to find suitable sites since most lots here are R2X, max R4.
BTW, most houses being knocked down here are for private homes. The crazy prices are due to owners being willing to pay more than developers for the same properties, since developers need a wider margin for profit and overhead.
I also live in the area and I have noticed that a lot of houses are getting knocked down for condo buildings.
Are the people you know getting offers like that from developers?
Wow, never expected to see my prowling grounds be explored on Brownstoner. I’d bet that many here would be suprised to learn that the corner property of East 4th and Ave S was bought last year for $13 million, and the down the block on the corner of East 3rd & Ave S was sold for $8 million. A friend of mine is now contemplating selling his house on East 2nd, after getting offered $12 million, and the prices here are just getting more insane every day.
BTW, they’re not just “Sepharadim”, they’re Syrian Jews.
Here is the possible solution to the mystery.
Another listing on Ocean Parkway where 2 townhouses are for sale “to developers” for 4.5 Million.
http://www.halstead.com/detail.aspx?id=1020940
Since the listing brownstoner lists has a wide lot, it is probably for developers to build condos on ….
I think Brownstoner is being a little myopic here, as one previous poster noted. The large, often newly rebuilt, remodelled homes along Ocean Parkway, and particularly some of the side streets off Avenues P and T, are highly valued by a financially well-off demographic than tends not to be concerned with many of the same issues that obsess Brownstone Brooklyn. Sephardic Jews have a strong foot-hold in this community, spend tons of money on their homes, and have been known to purchase overpriced houses here solely for theirlocation (tearing them down and rebuilding minutes after closing). It might strike some of us Slopers, Clinton Hill types, Carool Garden dwellers, etc… as odd – but who are we to solely determine what makes a particular area valuable?
I think Brownstoner is being a little myopic here, as one previous poster noted. The large, often newly rebuilt, remodelled homes along Ocean Parkway, and particularly some of the side streets off Avenues P and T, are highly valued by a financially well-off demographic than tends not to be concerned with many of the same issues that obsess Brownstone Brooklyn. Sephardic Jews have a strong foot-hold in this community, spend tons of money on their homes, and have been known to purchase overpriced homes here solely for location (tearing them down and rebuilding minutes after closing). It might strike some of us Slopers, Clinton Hill types, Carool Garden dwellers, etc… as odd – but who are we to solely determine what makes a particular area valuable?
In fact, the funny thing about c21wbmay.com is that it doesn’t even appear they have a brookyln section, this listing in their “downtown manhattan” section.
Brown Harris bought the _Brooklyn_ branch of william B. May. The Manhatten part got bought by C21, and is now competing with it’s old sibling.
Regarding the old men playing chess on Ocean Parkway, etc. I was not in anyway stating that to justify the price of the property … notice I said it is crazy (crazy as in 2.6M for that house is crazy …) The little blurb on Ocean Parkway was just informational. Maybe chill out a bit 🙂