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
Okay, ‘dope. I stand corrected about Park Slope and Brooklyn Heights (I found that old ’99 pamplet I had from Landmark Realty and had another look). But I’m right on the money about Clinton Hill. And even if I use your numbers for the other hoods, we’re still triple where we were.
750 – 900 all the way to 2 – 3 mil. That’s triple, +200%, for Park Slope. Same thing for Brooklyn Heights. All fit the formula in the 90’s of 10 x annual rent and arguably 3 x income (of qualified buyer pool).
What you got for my argument on this thread, ‘dope. Nadda! That’s what I thought!
***Bid half off peak comps***
BHO, if the market though that rates will soon skyrocket, they would have skyrocketed already.
ybur6, THAT IS ONE OF THE BEST IDEAS I’VE EVER SEEN ON HERE!!!!!!!
540 plus 400 for a good-quality reno into a single family house gives you a brand-new house with a historic facade for $940,000. That seems in line or a little better than recent sales. But I don’t think there is a large profit margin for a developer. Of course it won’t be ready to live in for another ten to twelve months so who knows what will shake out in the meantime.
It’s not a fantasy, DIBS. It’s a NIGHTMARE. “We” didn’t learn from history and now we’re doomed. I’m facing depression-approaching unemployment, zomby banks and a “China Problem”.
You know and I know that rates will soon skyrocket (see “China Problem”) and the “affordability scale” (let alone the unemployment and lack of confidence effect) will eat comps alive. Wake up period.
***Bid half off peak comps***
Bho there were almost no decent updated brownstones for sale in Clinton Hill. Most of the sales were complete rehab jobs then. I know people who bought a complete wreck 8 years ago, and even then spent 650k plus all the work. Your assumptions and your reasoning are both faulty. That there is downward pressure because of the credit constraints and overall ncertainty is a given, but your simplistic formula just doesn’t apply in most cases.
You know what would be really cool… knock down everything *except* the facade. Then build a “secret garden” in the back. This would be especially awesome if it was part of one of the adjacent properties. Imagine… waling by the “house” and looking through the windows to see a big tree, a pond, a little cabana perhaps. Probably the same costs for renovation, but sooo much more awesome.
bho you’ve argued previously that th were 500-750k in ps ten years before this peak.
*** “A year ago, Mr. Thomas said, sales in Brooklyn Heights and the prime areas of Cobble Hill ranged from $1.3 million to $1.7 million. “By the end of 1997, we had marquis listings — the best properties in the best locations — listed as high as $5 million. The resulting impact in Park Slope is that houses that were trading in the $750,000 to $900,000 range are now listed from $900,000 to $1.3 million.” ***
so much for your basic premise that housing tripled. looks like you’ve underpriced your starting point by up to 50%.
wow. that house is going to take at least 450K to renovate, if not more. it is a SHELL! congratulations to the successful bidder.
I was at the auction, and view the house. it’s very small and need full renovation of at least $300K. it’s too small for rentals. I was ready to pay $400k but 2 buyers pushing each other higher and higher.