House of the Day: 87 Garfield Revisited
While most signs point to a fairly strong market for townhouses in the more desirable neighborhoods of Brownstone Brooklyn, one property in Park Slope just took a 20 percent price cut after failing to attract interest at its initial asking price of $2,500,000. When we wrote about 87 Garfield Place back in June, we thought…
While most signs point to a fairly strong market for townhouses in the more desirable neighborhoods of Brownstone Brooklyn, one property in Park Slope just took a 20 percent price cut after failing to attract interest at its initial asking price of $2,500,000. When we wrote about 87 Garfield Place back in June, we thought it looked best-suited to a condo conversion because of its unusually large floorplates. Before someone with some kind of vested interest chimed in multiple times in the comments section, several readers expressed negative views about both the price and layout. Seems the cynics were right. We’ll see whether the new price of $1,990,000 stimulates more interest.
87 Garfield Place [Corcoran] GMAP P*Shark
House of the Day: 87 Garfield Place [Brownstoner]
My favorite bit of floorplan doublspeak: Can’t legally call it a bedroom…hmmmm…depends on what is is…let’s call it a “Sleep Area”. My favorite “Sleep Area” is located just off the kitchen on the parlour floor. Think of it as a new twist on the old saying “Wake and Bake”.
Nice location, wonder if it is delivered vacant, $6000/per month in rental income seems low for three apartments in prime Park Slope.
re: 3:32 —
But that’s exactly the explanation people have been giving for why the NYC market, esp. luxe, is still hot — rich foreigners buying second homes. And there are a lot of people who want to live in Miami; it’s the financial center for Latin America and attracts all sorts of people who want to be immersed in Latin American culture while still living in the U.S.
There’s also been a _ton_ of condo development in NYC (see 4th avenue, Dumbo, Williamsburg, etc.). Miami and NYC may not be so different…
comparing new york to miami is apples and oranges.
most of the condos built in the last 7 years in miami were for second home purchases. besides foreign investors here, we do not have that same scenario. these places in brooklyn are being bought to be lived in.
while i don’t disagree with the fact that prices may stagnate for a bit, giving a reason that because miami must, then we must gives little validity to your arguement.
oh…and have you ever BEEN to miami? it’s ok to go to south beach once in a blue moon, but i don’t know a lot of people who are dying to live in miami.
i do, however know quite a few who would give their left arm to live in new york city.
The main issue with this house is that the configuration as such means that any single floor is really unlivable space for a family. You really need to get 2 bedrooms, each with windows (not interior space), in each apartment, and that isn’t the case as such. However, if cheap enough, if could be a good space for 2 families to share — perhaps even splitting the middle floor, if the english basement isn’t legal space. But I don’t see spending $2 million for this — you can easily get a proper 4-story 20 x 45 house in other nice neighborhoods for this price, and the renovation isn’t as complicated.
rental income doesn’t reflect speculative value or the credit bubble (people don’t borrow to pay their rent…unless they’re living off of credit cards, which does happens but is a bad thing).
expectations will change. sale prices have dropped a ton in miami and other parts of florida and things still aren’t moving.
900K max. You’d have a line down the block of people with checks in hand for that kinda price.
Price depends on what can do with building – current configuration is bad. Someone would need to go in and relocate kitchens, baths.
If zoning permits – could duplex the 1st floor with english basement adding ‘rec space’. and if still FAR (which might not exist hence the drop in price) – add a room on top of 3rd floor with large outdoor terrace.
New cornice is easily added.
2:21….since you say home values are overinflated, why do you not use the same logic for the rental income figures you mention?
if you think this is 900K max which personally I think is rather silly to say, then why did you not decrease your 6000 figure accordingly?
without comps, it comes down to complete speculation and opinion, which sounds even scarier than where we are now to me.
What’s the fundamental value? Rental income of $6000/month? If so, then I think it should go for $900k max.
That’s a much better way of valuing an investment than comps, given that values have been overinflated by the credit bubble (you know, that thing that’s got Wall Street freaking out lately).
I just dont like the facade to this place. At least for a primary residence. Investment wise I say 1.5 but I with the decrease I say someone will pick it up in the 1.75 – 1.8 range.