Open House Picks: Four in Move-in Condition for Under $2 Million
This weekend’s open houses span the neighborhoods Bedford Stuyvesant, Crown Heights, Windsor Terrace, and Kensington. None is an architectural showstopper, none is teetering on its foundations — they occupy the ground in between, in varying conditions. The pick in the best shape is also the most expensive, at $1,800,000. At 235 Brooklyn Avenue in Crown…
This weekend’s open houses span the neighborhoods Bedford Stuyvesant, Crown Heights, Windsor Terrace, and Kensington. None is an architectural showstopper, none is teetering on its foundations — they occupy the ground in between, in varying conditions.
The pick in the best shape is also the most expensive, at $1,800,000. At 235 Brooklyn Avenue in Crown Heights, it’s been renovated from top to bottom, though the backyard is still something of a blank slate. A brick row house, it’s got upper and lower duplexes, with a finished basement connected to the latter and a roof deck atop the former.
Moving a step down in price, we have a two-story, single-family home on East 8th Street in Windsor Terrace, up for $1,595,000. It’s got four bedrooms, two bathrooms, and a driveway that offers private parking, the object of many a Brooklynite’s dreams. (Though SUV drivers take note: It’s apparently only suitable for a “midsized car”). It looks to be in decent shape, though there are some kitchen and bathroom schemes that aren’t going to float the boat of every buyer.
The only brownstone of the lot is in Bed Stuy, at 460 Van Buren Street. It’s another new renovation, likely a flip job, offering an owner’s three-bedroom duplex with a garden rental. The price is $1,199,000.
Our least expensive pick is at 317 Webster Avenue in Kensington, listed for $1,155,000. It’s a three-story set up with one unit per floor. Photos are few and do not suggest grandeur within, though there’s a reasonably nice-looking parlor-floor living room with bay windows. It’s a fair bet there’s plenty of room for upgrading here.
235 Brooklyn Avenue in Crown Heights
Price: $1,800,000
Broker: Town Residential
Sunday 2 to 3:30 p.m.
Photo by Town Residential
38 East 8th Street in Windsor Terrace
Price: $1,595,000
Broker: Warren Lewis Sothebys
Sunday 3 to 4 p.m.
Photo by Warren Lewis Sothebys
460 Van Buren Street in Bedford Stuyvesant
Price: $1,199,000
Broker: Corcoran
Sunday 2:30 to 3:30 p.m.
Photo by Corcoran
317 Webster Avenue in Kensington
Price: $1,155,000
Broker: Corcoran
Sunday 2 to 3 p.m.
Photo by Corcoran
@johnbk
First off, I am not an end user, strictly an investor, and in order to maximize the rents, and get a decent cap rate for the property, you would definitely need to do some decent cosmetic renovations to command the rents required at that purchase price. I am not even remotely advocating marble, granite or stones at all. I would be never put luxury, high end finishes in a rental unit in the first place.
But the mechanical’s need to be separated out for each of the units, all of the the floors need to be refinished/refurbished, and the kitchen/bathrooms are in dire need cosmetic upgrades/update to be relevant for this decade.
I am not knocking the neighborhood completely as I live nearby across Coney Island Ave in Ditmas Park. I agree Kensington does have its appeal, but it’s primarily a residential neighborhood right now.
To be honest Bill, there is absolutely zero chance you’ll find a deal on a website like this one. It’s nice for window shopping and following general trends of neighborhoods, but never in 1000 years will they actually post houses that are investment properties. Those houses just don’t look pretty.
Here’s one:
http://www.zillow.com/homes/for_sale/2104396352_zpid/200000-500000_price/736-1840_mp/24m_days/40.679661,-73.921091,40.667667,-73.942119_rect/15_zm/0_mmm/?view=map
Here’s the address if the link doesn’t work: 85 Scenectady Ave, Brooklyn, NY 11213
House has been listed for months, it’s a dump. But it’s 389k near a good train and in Crown hts SFH 1500sq ft you put 100k into renovating that house and you could flip it for probably just shy of 700k in under a year. That’s 200k in under a year and yeah it’s a full gut job, but get a good crew and make some moves right?
Those houses don’t look pretty enough to drive website traffic, brownstoner is in the website traffic business, not the housing business. Houses are just the means to drive the traffic.
How in god’s name are you going to make that habitable for 100k? The electrical and plumbing alone could be almost that much, never mind the structural issues that surely exist with that much water damage. That property is almost surely being sold for the lot only.
Visited 317 Webster Ave in Kensington for the open house held last weekend; I would not call this property move in ready at all – it needs a lot of work and updating throughout. At least 100K in renovations. I also cannot believe this area of Kensington is approaching these types of prices!
Bill there’s a big difference between ‘wanting’ a renovation and ‘needing’ a renovation. It’s outdated– but you can live there people can use laminate counters; marble, granite, stones are not a necessity (furthermore what does it say about the state of things when people begin to think that they are?).
Personally this neighborhood is far more desirable than living next door to Marcy houses or Lafayette Gardens. Break it down: travel time to midtown is nearly the same, schools are better, crime is lower in kensington, generally speaking cost of living is basically the same (groceries, cup of coffee etc..), food is better in bedstuy, but restaurants have started popping up in kensington.
I get what your saying, but the part you miss is that Clinton hill / Bed Stuy are much more centrally located areas of Brooklyn than Kensington and Midwood. This means that you can easily enjoy the amenities of not just your neighborhood, but also the neighboring ones. For Clinton hill / Bed Stuy that means Boerum Hill, Downtown Brooklyn, Fort Greene, Williamsburg, Crown Heights, and Prospect Heights are all within a 2 mile radius. The 2 mile radius of Kensington and Midwood is much more residential and less interesting for many people.
This is somewhat true. But Kensington is adjacent to Windsor Terrace and Ditmas Park. There’s amenities there. Plus plenty of ethnic eats in Kensington. Jewish food in adjacent Borough Park as well, if you dig that – I do. Ever check out Moldova in Midwood?
Bigger issue is you can’t compare Kensington prices to Bed Stuy or Clinton Hill. $1.1m for a 3 family? Maybe in far eastern Bed Stuy, but then how are the adjacent neighborhoods there?
There is a gap in the market around this price point. If your budget is $1.1m max and you want a house in Brooklyn, it’s Kensington, just barely, or Flatbush.
You featured 235 Brooklyn Ave in open house picks a few weeks ago. 🙁
It is covered in mold. It’s also got a giant holes in the walls and questionable utilities.
It’s also been listed on and off for nearly a year, at it’s lowest priced at 349k. I would bet you could still go in and get that price or better. I think they are motivated to sell and in no position to negotiate with a serious buyer.
Who cares if it’s an all cash purchase? You’re advertising a 1.8m dollar house up top. Conventional financing would mean a downpayment of (drum roll)…. 360,000 + closing costs! Which is the entire price for this house.
If you were an investor it would make far more sense to pay cash for this house, withdraw the equity after the purchase, finance the house while renovating it. Then have it relisted in 6-12 months. You could gross more $ out of this house in 12 months than anything listed above in 12 months.