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
Hey 2:11 and 2:19, you probably would have said that about Park Slope back in the 1970s and 1980s. $850K may be high, but don’t kid yourselves – you’re not going to see a significant decline in values here no matter WHAT happens in the marketplace. Get real.
Since so many people say New York is not that different than other places around the country (I tend not to fully agree) but for argument’s sake, let’s pretend it is.
In that case, when I see a property like this I say to myself…let’s suppose New York gets bad again like it was in the 80’s and early 90’s. What would a place like this fetch? How about what would a place like this in Philadelphia go for? A fairly nice city with some problems…
I’d say 450K.
So since this is New York, we have to add on a little extra, so I say 650K.
This is a beautiful block with mostly old time residents. The park is definitely an asset in my book. I love this area but I live a few blocks further up and don’t live right next to the projects… so not sure how to assess the price in that respect.
Well, no, it’s not going to lose half its value. Come on.
However, it may not pay off as an investment for a few years. But since CH is still a “fringe” neighborhood, a below-ask offer might nab it. Depending on the rent roll, could be a tidy source of income. If you put down 50%, took out a 400 k mortgage at 6.5 pct, and the rent roll was 4k a month, you’d be looking at income of $1,500 give or take after expenses. Again, this is for an experienced landlord. I don’t see this as a private home.
I have to say, though, from the pictures a gut reno wouldn’t be out of line. It looks like there’s a LOT of layers of paint and plaster.
Also, digging that old sink.
I have to say, I agree with 2:11.
850K is a lot of money. In two years it could be worth 950K, or it could be worth 450K, which means the sale would most likely not cover the outstanding mortgage.
regarding comps, another double duplex in the area recently went into contract:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1020182&ohDat=
the asking price was $925k… not sure what the sale price is
seems to me that anyone who’s willing to pay 850k for shootings, homeless people, loitering teenagers, off leash pit bulls, flooding and close proximity to one of the more disfunctional projects needs to re-examine their priorities.
850K is A LOT of money still, i hope you realize.
this is one of those places that, with a few more shootings and another few slips in the market, could be worth 400K in a couple years.
I haven’t been inside 1087, but I own a home on the street. Despite being a block away from the Albany Houses, it is indeed mostly quiet, and project “issues” tend to stay in the projects. The street is tree-lined and well-lit, with street lamps in front of every house. Some teen-agers tend to hang around the block, and there’s a homeless guy who is ALWAYS around (he will sweep a homeowner’s sidewalk for a handout), but I’ve been here since 2001 and haven’t had any trouble. The biggest problem is improper drainage on the block, leading to flooding problems for some homes during heavy downpours. This is particularly true for homes at the west end of the block, including the one listed here. My neighbor who owns the easternmost of these four connected homes says the building indeed functions nicely as two three-bedroom duplexes. Guest 1:44 is poorly informed. I, along with many of my neighbors, walk my dog in Brower Park every day. There’s a great level of cooperation, and a multitude of different dog breeds including pit bulls. Some dogs are off leash, some are on, everyone gets along and no one gets bit. It’s true there was a shooting there this past weekend, but that would not make this park unique in the city, as there have been shootings at various locations all across New York City. Generally, the park is safe, and my home has appreciated to more than double what I purchased it for. I’m happy.
If they’re trying to sell the place, should they really be showing that kitchen and bath? Yikes!