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
to piggyback on tybur6’s great idea. i always thought it would be great if someone plunked down one of those great prefab ‘small homes’ that have been so hyped for the past few years on some lot in bk. how cool would it be to leave the shell, have a big garden, and then one of those super-eco, super-designed little houses all the way in the back?
DIBS,
I like your logic, but I’m not convinced by your argument. It seems overly optimistic.
There are costs to the buyer/owner that you seem to minimize.
And there are potentually expensive unknowns in buying at auction.
Even the broker’s website says:
“Requirement: Buyer must be prepared to
make immediate emergency repairs to back
wall and roof. Both DOB and LPC are
prepared to expedite permits for repairs.”
Bk8, you were at the auction. What was the deal with the needed “immediate emergency repairs?”
I’d be more interested in knowing with this house will be worth as a finished 1-family. I agree with those who think that’s what will most likely be done with it. That’s what I would do.
tyberg, some people are thinkers, some people are doers. the more you think the less you are likely to do as life really is so fraught with hazards and uncertainty.
BHO, you are a perfect exampl of what is referred to as the “lunatic fringe” with that 11:00 post.
Not worth debating with anymore.
Thank you DIBS — I’m an idea man, if nothing else!
Those places are not like they were in 2007 either, DIBS. We’re returning towards crime levels of the 80’s/90’s (unreported robberies, shootings on Fulton), not that we’ll get all the way there but comps will fall. Stop pressing pause on the camcorder. The economic and Brooklyn housing collapse is well underway.
***Bid half off peak comps***
“Your assumptions and your reasoning are both faulty.”
90’s numbers to the contrary please, Maly? Shells cost roughly $100K/floor to renovate. So your people effectively bought a renovated brownstone for a mil in 2001 (after boom of tech bubble). That easily deduces to about 750 back in the 90’s. Yes, there were plenty of boarded up and dilapidated houses but there were renovated ones as well. Again, if you have a handle on what the market was doing back then, give me numbers to the contrary! I personlly know people who bought shells for 250 to 500 grand during that period.
“your simplistic formula just doesn’t apply in most cases”
Complicated analyses are usually wrong and designed to fool unsuspecting buyers. It’s the black box mark to model syndrome. Traditional metrics are based on income and rent. That’s what we’re returing to. Mean reversion. Ouch!
You guys got nooooooothing!
***Bid half off peak comps***
BHO, what you fail to understand is that places like Clinton Hill, Ft. greene, Bed Stuy and others ARE NOT LIKE THEY WERE 10-15-20 years ago in terms of “gentrification”, amenities, crime or whatever you want to call it.