House of the Day: 216 14th Street
We’d glanced at this listing at 216 14th Street in the South Slope before but hadn’t given it much thought based on the exterior. When we took a closer look at the interior shots recently, though, we were struck by how nice it is. The two-family house is clearly a flip-job, but, other than the…
We’d glanced at this listing at 216 14th Street in the South Slope before but hadn’t given it much thought based on the exterior. When we took a closer look at the interior shots recently, though, we were struck by how nice it is. The two-family house is clearly a flip-job, but, other than the Home Depot-esque doors, appears to avoid most of the pitfalls typically associated with that kind of thing. (It was purchased back in June for $1,150,000.) The floors, moldings and bannister were all maintained and restored. The cabinetry looks a whole lot better than one would expect from a flipper in this part of town as well. The big question is whether the sellers have added the $500,000 in value that justifies the $1,650,000 asking price. Waddya think?
Property #118 [Townsley & Gay] GMAP P*Shark
2:38…most people if given the opportunity would buy a house instead of a 3 bedroom if they are the same price.
that’s why the south slope has become so insanely popular. it’s nice…these homes down here are what are keeping a lot of young families happy enough to stay in the city instead of defect to the suburbs.
brooklyn heights is nice. but it’s also stuffy and a bit conservative.
some of the more liberal, funky and artsy mided people would much prefer a house like this than a stodgy 3 bedroom in the heights.
i know i know. rant away…
The inside is very tastefully done. It has some nice touches that are a surprise in a flip. But the exterior is definitely hurting its potential.
The price seems very reasonable considering what other houses are going for in this area. But I dont think the market that is opening on 7th avenue has much of an effect for 4th/5th avenue residents. Its a long two avenues.
why is this more money than the flip job on President for 1.4mm?
This is a nice renovation, Move in condition, someone will bite. too bad about the location…
There was a place that sold on 13th between 3rd and 4th for 1MM recently, and it was in very poor shape, but also brick like this one. There was a place on 12th between 4th and 4th that was brick and went for over 1MM recently with corcoran, and it was in poor shape. I still think 1.3 is a going rate kind of price for this place. Someone might pay more. Certainly not 1.6, though. This is for people who aren’t wealthy enough to buy a house on their own, but hope that in a few years they can get rid of the renter when they’re doing a little better. None of the 2-3MM houses in the slope make sense for rental income/occupier models anymore.
This appears to be a really nice renovation, great outdoor space and great detail throughout but I would be interested to see the size of the two small bedrooms on the top floor. They look tiny on the floor plan and with no pictures, I wonder if you could even fit a small bed in either of them? The location next to 4th Ave. isn’t the best either. I think probably $1.3 to $1.4 tops.
Lousy location and overpriced… you could take the same money and buy the 3BR on Montague St. that everyone was kvetching about a few days ago.
In that part of the Slope, no way!
Uh, this is on 4th Avenue. Veeery far from 7th. Veeery far from the park. Veeery far from $1.65M.
I’d pay, let’s see, about $1,150,000 for this. The renovate-&-flip was a stupid decision here.
All you bulls can spout off as much as you want about how the RE market never goes down, but even the bulls have to admit that a 6-month 50%-appreciation flip-job on 4th & 14th is simply not in the cards. It probably would have worked in 2003, or 2004, or even 2005. But 2007 is simply a different market. Even if it’s still a rising market, it’s not the market this guy thinks it is.
Buyers being the lemmings that they are, they won’t try to undercut the asking price too much. There will be a couple pricechops and then it will sell 5 months from now, for 1.3 or 1.4.