Big Turnout for 437 Waverly Auction
There was a big turnout and lots of bidding yesterday at the auction for the shell of a house at 437 Waverly Avenue in Clinton Hill. The first round of bidding was done privately on paper, with the highest bid coming in at $415,000. At that point, the public bidding started at $415,000 and quickly…
There was a big turnout and lots of bidding yesterday at the auction for the shell of a house at 437 Waverly Avenue in Clinton Hill. The first round of bidding was done privately on paper, with the highest bid coming in at $415,000. At that point, the public bidding started at $415,000 and quickly worked its way up to a winning bid of $540,000, well above what we thought it would go for (and far above the pricing widget average of $382,448. Surprised?
Waverly Shell Coming Up for Auction [Brownstoner]
437 Waverly Avenue [Brooklyn Properties] GMAP P*Shark
IMO, the size of this place is a plus as well. It is hard to find a one family size rowhouse. Usually, you end up buying something larger and even if you do not need the rental income, the place is so large that it is silly not to rent at least the garden floor (even for a family of 5). Here, you don’t have to pay the premium for all the extra space, and can make it a one family with four bedrooms easily, and for around $1MM when done. Good deal imo. A small frame house around this size on St. James (#154) just sold for $1.1 or so (someone posted that on this site – it was featured on this site a few months ago and most said it would never break $1MM for such a small place.
I’m not surprised at this price at all. Spend another $450K doing it up the way you’d like to and you have a great single family with a center stair in a good landmarked location for around $1MM (which is a bit less than a well done renovated version of this house would likely sell for, even in today’s market). If I was liquid enough, I would have taken this on, and rented out our current house once this was finished. I wonder if they have the FAR to do a small two story extension? Facing East/West would not result in much of a light issue for the neighbors’ back yards…
I think the central point here is that you aren’t going to find ANYTHING else in any condition for that price in this area. There are a fair number of people who want a place that needs a gut reno, or want a shell to reimagine. There are a lot of new building techniques out there, and renovating this as a modern box might be less expenseive than most of us think.
But I’d say the seller should thank Brownstone for drumming up interest.
five straight monthly c/s upticks. thawing market. tax credit extension. i think we’ll make it your own metric by feb, maybe even jan. then all you’ll have is your misplaced 10x, 3x straw men.
you’ll be kicking yourself having missed the second mother of all rebounds. having already missed the mother of all equity rebounds.
nothing wrong with renting either cuz this is gonna be a dead cat bounce. there’s safety in a litter box.
BHO, I bought at 40 percent off peak in Bed Stuy, thank you very much, and FWIW the total monthly costs are actually cheaper than renting. Maybe you should think about a purchase?
“bho- that’d be february at the rate we’re going now.”
Sorry, ‘dope. It aint quite that linear. We’re in false-glimmer-of-hope mode right now because YOY temporarily turned up, as it did last year, but will eventually turn back down to reality, as it did last year. Perhaps C-S is incorrectly calculating out the seasonal effects. You can extrapolate on this noisy curve all you want but we’re years away from the bottom. Economy’s on life support. Soon the Feds/Obama Admin will have no choice but to pull the plug.
***Bid half off peak comps***
bho- that’d be february at the rate we’re going now. but c/s won’t report it til may. better start the search now if you want to set the bottom. 😉
Thanks Dibs and Tyburg–I always thought that the box with the X was condemned, usually because buildings usually came down once that mark was on them.
I’ll buy at the bottom (wife permitting), when Case-Shiller YOY gets back into the green. Enjoying beautiful, spacious rental in the mean time, between time.
***Bid half off peak comps***