House of the Day: State Street Under $2 Mil
We’ve got no hard evidence, but it feels to use like there’s been about a 10% correction in asking prices. Even though this place needs work, we feel like six months ago this would have been asking over $2 million, now it’s $1.875 million. As is typical of houses in the area, this one has…
We’ve got no hard evidence, but it feels to use like there’s been about a 10% correction in asking prices. Even though this place needs work, we feel like six months ago this would have been asking over $2 million, now it’s $1.875 million. As is typical of houses in the area, this one has original wide-plank floorboards; it’s also got tin ceilings, pocket doors and 6-over-6 windows. It also has the favored lay-out right now: Kitchen at rear of parlor floor with a deck with stairs leading down to the garden. One catch: it’s currently a legal one-family being used as a two-family. As we understand it, you can go the other way (legal 2 used as 1), but it’s not to code to have an extra apartment, along with an extra kitchen. Anyone seen it? It would be interesting to know how much TLC it really needs.
State Street Townhouse [Brown Harris Stevens]
weren’t there just 2?
Talking anecdotal evidence: Every Brooklyn property listed in today’s Times recent sales round-up went for slightly below asking.
I like reading the real estate section in the Sun, here they have two places that recently sold:
http://www.nysun.com/article/33668
One was on the market for 5 mo, the other 14 weeks. They both went below initial offer. Yes it’s anectdotal and only two data points…
Saw it. It needs a lot of work. Upstairs windows don’t close b/c it’s that off square.
I can’t help but wonder whether the price is adversely affected by the fact that the bulk of the new Boymelgreen 75 Smith building now looms over the house’s back garden blocking out the afternoon sun. At 4 foot wider and nearly a million less than the 14 Townhouses across the street, there’d be a lot of money left over to bring it up to snuff.
John Ife
my above “really?” was to the 12:12 comment that things were moving quickly.
Really? It seems to me that the listings for BH, PS, etc are the same as 3 or 4 months ago. I’m not seeing much movement.
As for overall prices, I can’t really tell, but this particular listing seems cheaper than it would have been, TLC or no.
one would be crazy to buy this without a $500,000 reduction in the price. What do you do when you need to have work that you can’t do on the sly without a work permit, like upgrading the electricity? As soon as the inspector comes around and sees your extra kitchen, you will be smacked with a $10,000 fine and told to get that second apartment out of the way. This can work for you only if you are willing to spend $1.9 only to spend another $500,000 to convert it back to a one-family. But if you have that kind of cash, why are you living in Bo Hill anyways — for that money you could get a fully renovated 1 family in the best parts of the slope.
I don’t know…when they come out say it needs TLC like that, it’s probably fairly priced. Have asking prices in places like Cobble and Boerum Hill really come down or are brokers just trying to get a bidding war? It doesn’t seem like the homes in prime areas are sitting on the market too long.