HOTD: Park Block for $1.6 Mil? What's the Catch?
It’s always hard critiquing a listing with very few pictures and no address–we wonder when brokers will realize how important a marketing tool their web presence is. Anyway, enough ranting. This listing from Brenton Realty seems to fall into the “too good to be true” category. A 3,200-square-foot house (although 800 of those feet are…
It’s always hard critiquing a listing with very few pictures and no address–we wonder when brokers will realize how important a marketing tool their web presence is. Anyway, enough ranting. This listing from Brenton Realty seems to fall into the “too good to be true” category. A 3,200-square-foot house (although 800 of those feet are basically underground) between Prospect Park West and 8th Avenue for $1.595 million seems a little fishy. It’s a three-family, which we guess makes it less desirable in that part of town. And, we can only assume it’s near the Southern end of the park–near the movie theater maybe? The one interior shot shows the house to be in okay condition, but it probably could use a real upgrade. We’ll stop our speculation here and just hope some of you have checked it out already and can give us the straight dope.
Park Block Townhouse [Brenton Realty]
If sold a few months ago then price current owner paid is relevant since that sale price would be used as ‘comp’ for appraisal by anyone getting a mortgage.
This is a park block. 3 blocks to the subway. Exterior and interior designs are plain.
3200 sqft total. 800sqft on garden level has small windows in the front of the house and large windows in back of house on garden level.
The price that the current owner paid is irrelevant.
3 and 4 unit houses are comparitively valued to 3 to 4 co-ops apartments of similar sizes.
That is how the market goes up, by attracting buyers who thinks it is a bargain compared to other location’s RE prices…Be it manhattan, or park slope or california..
Sloper,
Agreed. From the comments, it’s sounding like it ain’t the biggest bargain.
Forgive me if I’m being dense, but how is it a good deal if they’re selling for $445k more than it was bought for May 2005? In 5 months, have they really added $445k worth of renovations? I certainly don’t think the market has appreciated that much since then.
Have walked thru several times. Don’t love the layout, seems narrow and cramped but can’t remember the width at this time. used to be 3 floors, the 4th floor is the converted basement that was dug out.
Strike the 1:14 comment. My wife informed me that we lived next door at 576. This building is between 576 and the corner.
I actually rented the top floor before it was sold. Great location but it needs a ton of work on the inside.
I believe is 576 11th Street. Sold May of this year for $1,150,000. (all mortgaged). I didn’t go to open house – so don’t know how ‘new kichens and baths’ look on this flip job.
But I’m sure the the 3200 sq ft includes some of the basement – which is not a ‘garden level’ or legal bedroom level.
But nice location.