House of the Day: 1087 Prospect Place
This double-duplex house on a dead-end block of Prospect Place in Crown Heights just hit the market this weekend and won’t have its first open house until next Sunday. Unfortunately, there aren’t any interior photos up yet. (Update: Photos are up now but aren’t very conclusive.) The listing references the fact that the house (which…
This double-duplex house on a dead-end block of Prospect Place in Crown Heights just hit the market this weekend and won’t have its first open house until next Sunday. Unfortunately, there aren’t any interior photos up yet. (Update: Photos are up now but aren’t very conclusive.) The listing references the fact that the house (which is one of four identical ones from 1912) is on a “Model Block” from the 1960s, which, combined with the fact that it is bounded at one end by Brower Park, makes for a quiet residential vibe. Also, since this was originally designed as two separate duplexes, chances are that they work nicely as such. One potential negative: There are projects a block away. We’re unaware of any recent comps —and have no idea what the interior’s like—so your guess is as good as ours about whether the asking price of $849,000 is reasonable. Perhaps someone has been inside?
1087 Prospect Place [Corcoran] GMAP P*Shark
…I’m still drooling over last week’s open house picks at 404 Stuyvesant Avenue.
If I only could afford it. Anyone have the latest scoop on that one.
Funny how the same was said about Harlem and look at it now. Oh the houses arent worth it, look at the area, so much crime,projects,etc. Well alot of people overlooked that and now own some beautiful homes in Harlem.
Anything is possible. But is it likely? I wouldn’t be willing to bet on it, let’s put it that way. But hey, let’s wait 10 years. I’ll still be here to tell you about how the value of my Crown Heights has progressed, and you can tell me about rates in the place where you have a home. Meanwhile, stop trying to diss my neighborhood.
So I’m assuming you aren’t old enough to remember all the “hype” in the 50’s, 60’s, 70’s about the suburbs to cause a MAJOR flight of residents from New York City?
You don’t think that’s possible again?
I certainly do.
Nice oversimplification, 4:47, except you neglected to mention that NYC suffers from a huge lack of affordable housing in various categories, which is why so many Manhattanites have moved to Brooklyn, and one of the reasons why prices have skyrocketed. Addtionally, many of Manhattan workers have come to realize it’s more convenient to live in Brooklyn than one of the far-away suburbs. The factors behind the rise in home prices in the region is a complex picture that can’t be easily summarized as “hype.” Smart professional people don’t make informed choices to move into and renovate previously under-utilized homes and neighborhoods based solely on “hype” and “foreign investors.” New York City is NOT South Florida (or Philly for that matter).
I bought my home because I wanted to be a homeowner for over 20 years before it became a reality. I wanted an old house, dripping with period details, as I love old walls, old sinks, woodwork, tiles, high ceilings, and the works. I wanted to walk in my house every day and appreciate the craftsmanship that went into it, the legacy of anonymous craftspeople long dead, but still appreciated. My house has some of that detail, and for now, I am content.
I grew up in an older house than this, so I know they need constant upkeep, and that anything that can go wrong will, and that the house can suck up money like a sponge. While I am appreciative that my property has tripled in value, I really don’t think about it that often. I wanted a home in a part of Brooklyn that I love, and that is what is most important to me. It is my home first, an investment second.
Because it is my home, I will work to improve it and the neighborhood it sits in. I am proud of the history and beauty of my neighborhood, and proud of the people who kept it together when the city gave up. Why is it so difficult for some people to give those people, and myself and other satisfied homeowners and neighbors, our due for making wise choices that we are happy with?
People will always need a place to live. People who want to live in an historic home will continue to come here. The neighborhood will evolve and make room, and hopefully what is good will stay and what is not will leave. Real estate trends will come and go, and prices may go up and down a little bit, but I do not think that this neighborhood will fall back into the pits of 40 years ago, and I don’t think prices will fall significantly anytime in our lifetimes, unless something truly horrific happens, God forbid. The doomsayers can downgrade Crown Heights all they want. It will be nothing but sound and fury, signifying nothing (but regret and jealousy.)
I’m not saying no one should move to this neighborhood. I’m saying that spending 850K on a place in this neighborhood (and needing a gut reno) is absolutely ridiculous.
When the markets correct over the next 2 years, those that paid a million dollars to live in a very marginal neighborhood are the first to suffer.
What IF demand doesn’t live up to what the mayor predicts? Crown Heights will not be on the radar of those moving from Manhattan any longer. To not realize this means your head is in the sand.
Keep buying. Just make sure you don’t overpay.
Yes I agree, real estate is over and everyone talking about how these types of places can’t ever lose half their value are either realtors trying to keep people smiling and keep buying, or dreamers. If a house can double its value in 2 years, it can also lose that same value in 2 years. I mean what happened to double it? Did it get gold plated with platinum plumbing? No. The property didn’t change at all, just the hype of the city. It’s all driven by foreign investors buying into the hype and jacking prices. It can and will come down eventually, sooner if this year’s wall street bonuses go to crap or if the country does go into a recession. We are not isolated. South Florida said exactly the same thing last year. Their prices more than halved, some are 1/3 of what they were last year. I know, as I am looking into buying a vacation condo there now and just looked at the same condo for $180K that was $550 last year and still hasn’t sold even at the new price. So you dreamers keep on dreaming, and when your house is worth half of what you paid for it keep on telling yourself that it is just on paper. No matter what professional analyst you ask, they are all saying NYC real estate prices are unsustainable at the current levels.
4:05 I dont think you know what you are talking about. I just moved to this neighborhood with my family from Manhattan and we love it. This neighborhood is really changing. A white architect moved in just next door. We have a Japanese across the street. Another neighbors a few doors down are middle class Mexicans. I love to old timers too – very friendly , respectful and they really make you feel you belong to a community. Crown Heights sure aint what it used to be.