House of the Day: 547 9th Street
At the asking price of $1,600,000, this three-story limestone at 547 9th Street in Park Slope is the best deal we’ve seen in a long, long time. The 3,000-square-foot two-family bay-front is located on a park block and dripping in historic details. The Orrichio Anderson listing says that the lower duplex will require a full…
At the asking price of $1,600,000, this three-story limestone at 547 9th Street in Park Slope is the best deal we’ve seen in a long, long time. The 3,000-square-foot two-family bay-front is located on a park block and dripping in historic details. The Orrichio Anderson listing says that the lower duplex will require a full renovation; since the floors, woodwork and walls all look in good shape, we assume they mean new bathrooms, kitchens, heating, etc. We bet $300,000 would go a long way here for someone with a little creativity and then look what you’ve got. Fantastic.
547 9th Street [NY Times] GMAP P*Shark
1st of all, I live on 9th Street. I bought a 4-story house btwn 7th & 8th Ave, that was in similar condition. Plenty of details and wood intact, but in need of total systems overhaul (plumbing, elec, roof, etc.), and replacement of 2 kitchens and 3 baths. Our reasonably high-end, but by no means over the top reno, including redo of the backyard totaled $500K. And that was with us cutting a few corners too. Nobody – not the brokers, contractors, architect, etc. – told us it would add up to this much. We kept careful acctg of all expenses and this is what it cost. Don’t let anyone tell you any different if you are truly replacing all the systems and restoring the home to its former glory. That said, most people spread these projects out over time, but if its in bad enough condition, it propbaly pays to get it done in one big swoop. Once the walls are open, you might as well get it all in.
So, what can I tell anyone who is thinking about this building:
1) I really enjoy living on 9th Street. I was worried about the subway noise/vibration. It has not been an issue and I am somebody who is very sensitive to this kind of issue. I actually felt the vibration much more when I lived on 8th Street. From talking to neighbors, it seems that it really depends on exactly where the house is located in relation to the subway station.
2) You cannot beat the value/location. You’re at the entrance tot he park, the subway is right there, and its walking distance to lots of shopping, restaurants, etc. Also, everything on this side of PS is a bit cheaper (food, booze, etc.) and its not as congested.
3) There is still a bit of Old Brooklyn on 9th Street, even above 7th Ave. There are families who have been here for 2-3 generations. This is a positive. I say this as a totally yuppified invader. Not only have these people welcomed me to their block, they have mostly become good friends. We stick together, we watch out for each other, we are invited into each other’s homes. This is the Park Slope I kept hearing about (the close-knit neighborly community) but did not find in my snotty co-op.
4) People on 9th Srteet care very deeply about their blocks. Witness the controversy over the bike lanes. While I might not have agreed with the opposition, it was well-intentioned.
5) If you are going to renovate a house in need of so much, be prepared for a 2-year reno that will drain every dollar from your bank account and then some. But, it is well worth it.
6) If I had a choice btwn paying less for the 3-story with no rental vs. paying more for a 4-story with a garden rental, I would prefer the 3-story. The rental income is nice, but I really don’t like being a landlord. I’d rather have my house all to myself.
7) The F-train is not nearly as bad a commute as some people on this board make it out to be. People like to exaggerate.
I will be pilloried, but I don’t think you can get a competent contractor to fart in your general vicinity for$300k.
Completely ridiculous that 1.6 million is consider a fair deal, but that’s what I think this is.
Think about it, buy it for 1.6M, add about 300K of renovations, and then try to sell and see if for over 2M. If it goes, it goes. If not, sit on the fucker and sell it in a few years.
On the SHTREEEEEET we call 50’s “Grants”
what are 50’s?
I think this a good price for the area…
nope. I lined my basement with 50’s.
you say you can hear the subway, but can you feel the subway?
I do not know about HOTD structural issues, but our house is probably closer to the same subway line on the same stretch.
Our house never had any structural problems. In fact the best first thing that we liked about our house is that floors were level and even on all three floors and house just felt solid like a rock.
We saw may be 20 houses in Park Slope before we bought and our house looked the best from the structural point of view. Later we hired an architect for renovations and he told us the same: our house is structurally in a very good shape.
You could hear subway in the basement or on the first floor if you really listen but nothing really bothering. Average street traffic on one way street gives you more noise.