House of the Day: 280 Carlton Brownstone Condos
We’re going to boldly predict that 2006 will be the year of the brownstone condo. Even with the slight easing in prices over recent months, the only way for anyone to make a quick buck on a brownstone now is to turn it into condos–which will often fetch a good 20% more on a per…
We’re going to boldly predict that 2006 will be the year of the brownstone condo. Even with the slight easing in prices over recent months, the only way for anyone to make a quick buck on a brownstone now is to turn it into condos–which will often fetch a good 20% more on a per square foot basis. This place at 280 Carlton is a good example. As far as we can tell, there are three units in building listed at a combined price of just over $2 million. As a single family, this probably would only fetch around, what, $1.7 million? It sold last July for $1.325 million and, if it’s the house we’re thinking of, it was in decent shape at the time. If the buyer put in another, say, $100 a foot, her cost would be a little under $1.7 million. That $300,000 spread is not a bad year’s work for a small-time developer–though mortgage costs would have eaten up another $50,000 or so in the meantime. Do our guesstimates sound about right?
280 Carlton Avenue #1 [Corcoran] GMAP
280 Carlton Avenue #3 [Corcoran]
280 Carlton Avenue #4 [Corcoran]
I agree with Sam and Joe. $625k for a 750sf 2 br?
I am very curious how the condo conversion thing goes – a friend recently purchased a building with the same intentions. Seems like pretty bad timing – trying to get the conversion done while you sit and watch the value of the property decline. The flip (no pun intended) side is that she made so much freakin money on the house she sold to buy the new property (just over double her money in 4 years) that hopefully it won’t kill her. Probably should’ve rented and sat on her loot for a while before putting money back into RE, though.
I was the 11.59 am poster. One thing that could be a problem is marketing these during the holiday season. Not the best time. I would have waited until mid January when more people are looking again and/or have received bonuses.
I wonder if the owner/developer established a substantial reserve fund for the bldg. I wouldn’t buy a condo with no reserve fund. Things come up, as we brownstoner owners know, too frequently even after (especially after) a renovation.
I know that two 850+/- sq. ft. apartments (2 bed/1 bath) in a coop brownstone (well maintained) on a nearby block sold for $600K +/- at the end of 2004/2005. Both had roof decks, prime location. These are condos, have lower maintenance/common charges and have outdoor space or roof rights. Depending on what the market will support now, I don’t think the prices are too far off what has been sold in the past year or so. Then again, I do not know what the reno is like in these places and what they are like from a “feel” perspective as there are no photos of the interiors.
the ground floor looks like a standard garden apt to me, with extension and garden. I just went to an open house for a similar place in Brooklyn Heights that was 100k less.
Bubblicious!
I think Minsky hasn’t heard of the ‘softening’ market yet. He probably thinks he is underpricing the property to set up a bidding war.
Snickering anonimously.
Would that really sell for $1.7 as a full brownstone? That seems high, especially now that the market is dropping. I agree with Anon at 11:09 as well … seems like they’re priced for Brooklyn Heights. I like FG better than BH, but BH’s proximity to Manhattan does justify a bit of a premium.
All in all, too pricy. I think this flipper/converter is going to get bit by the deflating bubble.
We’d assumed the bottom apt was a duplex–maybe there’s an extension on the ground floor instead. Wow, if she’s trying to get over $2 mil for just three floors that does seem like a serious stretch.