House of the Day: 778 Carroll Street
The price on this Park Slope limestone was recently trimmed from $1.9 million to $1.7 million. On the surface, this sounds pretty cheap for a Carroll Street location less than two blocks from the park. So what’s the catch? The house is being delivered totally gutted. For some people, this might appeal as an exciting…
The price on this Park Slope limestone was recently trimmed from $1.9 million to $1.7 million. On the surface, this sounds pretty cheap for a Carroll Street location less than two blocks from the park. So what’s the catch? The house is being delivered totally gutted. For some people, this might appeal as an exciting opportunity to create their own space without having to do the messiest part of the job themselves. The sellers have already sunk a lot of dough into architectural plans which are being offered as part of the deal. We suspect it may be tough to salvage much value out of the plans though. Wouldn’t most buyers want to put their own imprint on the design? The question really is, What’s this place worth when it’s finished? $2.2 million? 2.5 million? Whatever the number, the question is, Can you do the reno for the difference?
778 Carroll Street [Corcoran] GMAP P*Shark
So I am the buyer in contract for this property, its going to be an amazing house triplex over a garden rental. So let me fill in a few blanks, yes there is a garden, it might be only 16.5 wide but I think people failed to realize that there is an extension on 3 of the 4 floors bringing the total sqft to arpox. 4000 sqft. :), all plans have been filed and approved with landmarks and the city. For the selling price, well, I will leave you all in suspense but I have to say we did not come close to the asking, all you flippers would be kicking your self in the pants. One last thought, the sellers were wonderful to deal with.
it is in contract !!!
well, it is in contract as you can see on the listing so someone is going to fix it so let;s see if it will be condos or private.
It amazes me how crazy some old time buidling owners can be. They often act as if they don’t give a damn about their properties and leave them vacant and deteriorating.
I’ve actaully asked a couple of them why they’re letting their properties fall to pieces and why they don’t just sell them, and their answer is usally that they don’t care about money.
This building is still open on the top floors front and back. Indeed, I have seen pigeons flying in and out. The owner is the Penson Corporation, profiled in the New York Times about a month ago. (I believe the article was earmarked on Brownstoner.) Neighborhood scuttlebut has it that these is an asbestos problem as well as substantial termite damage. (I don’t believe the first floor is fully demolished so all the damage may not be immediately apparent.) Obviously, this is a project for a developer or an individual with deep pockets and a real vision. It is not a renovation project in the usual sense of the phrase. That the present owner is allowing further deterioration through the open windows seems criminal or deeply stupid or both. His company deserves to lose money on this one.
I don’t see what the big mystery on construction costs is all about. Obviously, the flippers are going to know how to do it cheaper and faster, even with the same result, kinda like wholesale vs. retail. The end-user buyer is going to pay a premium for construction, because they will invariably go with a GC and an architect for a job this large. And there is nothing wrong or foolish about that as anon@10:41pm suggests. If you’re a doctor, lawyer, banker, executive, etc. and/or two-income couple, your time is better spent making money, not cutting corners on construction costs. Different mentality than flippers.
Me, I’m an end-user. I did a total near-gut high-end reno of a 4-story, 2fam bstone in the Slope. All-in, even with my wife GC-ing most of the work, was about $500K. And my wife knows how to shave nickels. I would note that virtually everyone who offered estimates on our reno, from architects to contractors, failed to really consider the total all-in costs – the many odds and ends add up to big numbers, not to mention the time and carrying costs. An end-user can certainly do it for less, but not with a top end result.
I remember when they started demo’ing this site a year or so ago. They stopped in the middle, left the windows unboarded and open during the winter months — birds and god knows what else were living in there.
Wait, I thought that there WERE no flippers in Brooklyn?
Flip, I’ve been thinking the same thing. There’s a sucker born every minute. The people on this blog who are paying $300 – $500 a square ft for renovations are being taking for a ride by their general contractors. I’ve served as my own GC on many renovation projects and in the process I’ve saved hundreds of thousands of dollars per job by contracting directly with all of the trades. Architects and designers are another scam. I laugh out loud when I here poster throw out numbers like $500k – $750k to get a decent shaped townhouse “up and running”. We are not talking complete guts here and even so I could get $700k-800k high quality job for under $400k. It’s obvious that with all of the Manhattanites moving to Brooklyn that they’ve bought their high cost construction models along with them. Brooklyn contractors have now gotten into the habit of throwing out absurd numbers because someone inevitably hits their bid. Misinformed bloggers on this site just exacerbate the problem by repeating ridiculous quotes and before you know it all the readers on this site believe that this is the standard. Anyone who uses construction per sq. ft. as a guide for home remodeling is a fool. My advice? Do your homework. Quote each segment of the job separately and then have a GC come over and quote you for the same work – just to see how much you are being taken for. The inflated construction numbers thrown about this site is a dirty little secret to most. We do little to refute them because many of us have done high quality reno jobs at a fraction of the cost and it only serves our interest if new buyers are under the impression that we put in $500k-$800k into our renovations as it will enable us to fetch higher prices for our homes. Ahhhh….the fine art of deception!!!!