House of the Day: 155 West 9th Street
You can’t blame him for trying, but the owner of this three-story brick house at 155 West 9th Street is dreaming if he thinks he’s going to turn his $422,000 investment from back in 2004 into the $1,200,000 pot o’ gold he’s asking on the place. The house is being pitched as an owner-occupied three-family…
You can’t blame him for trying, but the owner of this three-story brick house at 155 West 9th Street is dreaming if he thinks he’s going to turn his $422,000 investment from back in 2004 into the $1,200,000 pot o’ gold he’s asking on the place. The house is being pitched as an owner-occupied three-family house. There’s a tenant in place on the top floor (paying an undisclosed rent), an empty second floor apartment, and the owner is supposed to live on the ground floor and basement (and this is a real basement, as in totally below grade). As for the interiors, a generic renovation, complete with beaucoup de recessed lighting has been done. Not offensive but hardly the thing house hunters’ dreams are made of. What do you think the market-clearing price on this place is?
155 West 9th Street [Awaye Realty] GMAP P*Shark
Exterior photo by Kate Leonova for PropertyShark
I walked by this place after seeing it on craigslist. TERRIBLE location – 9th street is basically a truck route there. No matter how gentrified surrounding area is, it will never be a good block to live on. I think anyone who pays near this amount may have serious buyer’s regret.
I tend to agree with 2:19. After following this site for over 2 years now and seeing some of the rundown POS houses that the site brags about being ‘steals’, I thought anything in Kings county was automatically a steal at $1m or more. I continue to be amazed at how anyone who didn’t buy before 2000 can afford to buy even a run-down POS now. I think the market is finally starting to turn in the area though. It is definintely being overbuilt in condos and there are more and more vacant ‘steals’ even in the upper $600’s now in many decent areas of Brooklyn. I also watch the Jersey City market and have watched the same types of brownstones as we have here that were listed in the 600’s 2 years ago now are in the 350’s, and even JC is mostly gentrified. Only a matter of time before everyone who wants to move here is here and vacant overpriced houses go back to the banks who loaned on their inflated values. It doesn’t cost $1m in lumber and materials to build row houses, even with top of the line materials. I do however concede that the landmarked big brownstone houses in the slope and heights probably will be ok as their value is more like a museum or piece of history than typical residential houses, but for the masses in houses like the one above, prices are destined to come down.
Certainly not ideal spot in CarrollGardens – but new condos are selling around corner on Court and another new building going up – so things do sell.
Price doesn’t seem so out of line – if this were on other side of block on Huntington would be easy sell.
But if the occupied apt. is rent-control that would answer question on why not selling. Most brokers would specify and not that many RC – but this AWAYE – who knows.
I lived on W 9th for two years. Lots of loud foot traffic from people coming and going to the F train. Buildings shaking from the BQE and elevated subway at all hours. Honking all morning during rush hour.
The houses are not that bad, but I don’t think it’s worth that price given the above issues.
West Ninth has a lot of traffic
W. 9th is definitely a different kettle of fish than 9th Street in Park Slope. You’re in the shadow of the BQE and it’s pretty noisy on this street (both the side yard AND the backyard, which both abut the highway. People use W. 9th as a through street between C. Gardens and Red Hook, so there’s a lot of car traffic barreling past.
I looked at a house just like this one (might have even been this one) about 4 years ago. They were asking under 500K then — of course it’s a different world today. As a neighbor, I can see an upside here … IF the price was more reasonable. But at this price it’s just nuts.
okay, i totally agree that the price is nuts… but isn’t that the kind of price appreciation that this site usually thinks is normal. a few weeks ago there was a tiny three-story in Red Hook for around the same price, also bought around 2004 for a similarly low amount. that was promoted by Brownstoner as a potential deal.
so what gives? does this house especially suck, or is market perception slowly turning?
I’ve seen this thing posted to craigslist every other day for months now. Give it up.
“prime” Carroll Gardens????