House of the Day: 322 Park Place
As great a block as this house is on and as impressive a facade it has, the asking price of $2.2 million seems like quite a stretch for this side of Flatbush Avenue. The same family has owned the house since at least the early ’80s, and besides the strange addition of new granite tiles…
As great a block as this house is on and as impressive a facade it has, the asking price of $2.2 million seems like quite a stretch for this side of Flatbush Avenue. The same family has owned the house since at least the early ’80s, and besides the strange addition of new granite tiles for the wall of the entry foyer, has done little work as far as we can tell. On top of that, while most of the original details are intact, they don’t strike us as being quite as impressive as we’d expect. To be fair, it could be how they’re photographed (subpar for a Corco listing). Anyway, in case it sounds like we’re being overly negative and nit-picky, it’s only because the asking price begs scrutiny. If this had been put on the market at, say, $1.7 million, we’d have a strikingly different reaction. The price is particularly rich for a family that wants to use this as a one- or two-family, as converting from a four-family won’t be cheap.
322 Park Place [Corcoran] GMAP P*Shark
And across the street from this property, someone stole all the tires off a car last night and left it on milk crates. Welcome to the neighborhood!
I have lived in both Prospect Heights and Carroll Gardens, so i think I have a fair assessment of both. Though I like PH., CG has proven, for me, to be much more desirable. There is no impending AY, the schools are better, less traffic and congestion, a more responsive police precinct and the smith/court shopping and eating options. Prospect heights is great, and has beautiful buildings, but doesnt hold a candle to the rest of the qualities of CG. Thats why I rented in PH, but when I bought, I picked CG
But 11:01 why would you draw parallels to your situation in the first place? This entire thread is focused on a building that is listed for $2.2 million, and debating the logic of that. You took things out of context.
Sure 10:21, I’d love to help out!! 🙂 Firstly, let me clarify. I never said I spent $2.2 on my own brownstone. I see where you would be confused. The original brownstone in question here is $2.2, but I spent about $700k last year in Bed Stuy. I was simply responding to someone’s question “Who would want to live on 1 floor?” I was just siting an example of someone who may buy a brownstone and take only 1 floor for themselves. Now, if you want me to go through all of my financials, I will, but I don’t think I have to, now that you know what I paid. My tenants cover everything and I have a free apartment. No, it wouldn’t be worth doing on a $2.2 house unless you HAD to be in a certain neighborhood. Alas clar?
Please tell me that “To Clarify” at 9:54am is just kidding around.
Hah, that list is the best laugh I’ve had all week.
+10 points for wishful thinking, and a fantastic departure from reality.
Wow, this thread, and the property is getting close to home (literally) as I am a very nearby neighbor. I’m rooting for their sale at whatever price – because it clearly indicates the seller want to leave, and the eventual buyer wishes to be there in this neighborhood, and on this block. So I’ll be early with the welcome wagon basket (Yup they do that on this block via the block assoc – so that’s a big plus!). As for neighborhood desirability and block desirability – I’ll say this area and block has alot going for it – witness the price appreciation cited earlier. Is the value there for this asking price – well I’ll stifle my opinion, but I’ll say that’s what makes markets. There will bea clearing price, and I won’t be the agent in either leg of that trade (since I own already and am not looking for more). But would I tell a friend to seriously consider it if they 1) had the $$ to consider this price range – yes, 2) had the housing need for this type of configuration (i.e. single or couple) – yes, and 3) if they did not check it out, then I would also caution them that it’s unlikely that this will be there after 3months. And to Bstoner’s original comment that converting down from 4 to 3 or to 2 units – that could be done easily, and over time, so the reintegration of the units into an integrated 1 family would not be all that painful. But that’s just my thoughts on the matter.
Anonymous 8:37 am says —
I own a 4 story brownstone and my apartment is only 1 floor. I bought this house as an investment
If you bought a 4-story brownstone in any neighborhood, and paid 2.2 million dollars for it, please explain how the rental income justifies your investment, I suspect you bought years ago. We bought our 4-story brownstone nearly 6 years ago, and the income from the rental apartments cover nearly all the mortgage. Now, that same brownstone needs at least an additional million dollars to purchase (really), and the rental income has barely increased. Please tell me how this is a good investment. I truly want to know, because we’ve been looking for another brownstone to purchase as a rental property, and there’s nothing out there that seems like much of an investment (unless you put 1 million dollars down, so your mortgage is “only” another million.)
Thanks.
Just so it is clear,
Apparently, ranking neighborhoods in Brooklyn based on real estate value. the new list is
1. Brooklyn heights
2. Prospect heights
3. Park slope
4. Cobble Hill/Fort Greene
5. Carroll Gardens/Clinton Hill
Or should we put Prospect Heights as number one. The original discussion evolved around the asking price for the apartment, not whether or not Prospect Heights is a great place to live. So based on the arguments for Prospect Heights made earlier. No one should ever pay more for a similar house in Park Slope or Carroll Gardens or Cobble Hill or Fort Greene. The only houses that are comparable and that might not vene be acceptable is Brooklyn Heights.
HAVE YOU ALL LOST YOUR MINDS?
my neighborhood is better than your neighborhood.