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
Another episode of “As the Market Turns”…
I am also a flipper and you people are NUTS to think a reno costs more than $500. I guess i should keep quiet and keep your mindset as it is. Sorry fellow flippers but I had to do it.
You cant compare total sq ft. of a 20′ and a 16′. A 20′ can allow for a much more desirable layout where a 16′ almost always leads to a Railroad style apartment.
I’m also an experienced flipper that looked at this property along with others this seller is letting go.. nice house, yes..but when looking to market something, i want to avoid any negative stigma, or conversely, I want to attract the most buyers. Any townhouse under 20′ is perceived as narrow, or at least empowers buyers to use this as leverage to downgrade the price. Some say the line is set at 18′ footers, but I’ve learned the hard way. If I’m selling a prop at the high end, I need to appeal to the high end buyers and they want width, which provides them social capital or bragging rights. Nobody wants to admit they live in a sub 20 (or 18) foot home. At a price of 1.2 I’d be interested,..I’d shift gears and market at the mid tier,..they don’t care to brag, and will settle for location and schools..but then again, at that point, the line is around the block. just can’t seem to find the sweet spot with this one.
I’m pretty sure this doesn’t have a backyard. Anyone confirm?
…and thus spake the broker.
not to split hairs but its 16.58 not 16′ wide. And it is deep – at 50′. So sq footage is same as a 20 x 40′.
And with floorplan as proposed – does not give narrow rooms (because all rooms are width of house).
And I would think Carroll Street above 7TH avenue would be considered pretty desireable territory – not ‘a less than desirable’ location.
Taxes are high because was a 6fam. Why the current owner is selling who knows.
They paid $1.9 earlier this year.
I’m a flipper with experience flipping. The 16 foot width combined with the high price make this a bad deal.
Remember, you have to buy low and sell high to make money. Even if you buy the place at a “reasonable” price, it’s gonna be tough to get a high price for such a narrow house that’s not in the most desirable location.
And remember, currently there are hundreds of townhouses languishing on the market in Brooklyn and Manhattan.
I’ll pass on this one, thanks!
to the 124pm poster… gut reno for less than 500k?? i dont think so
you are looking at 750k but probably 1mm or so. and then add the 1yr it will take you to get it done…
$500/sf- $1.6M, if lucky 750 reno $2.4M but seems steep for such a sm house