House of the Day: 712 Degraw Street
At first glance, $1,395,000 for a house on Degraw Street sounded cheap to us. Now we’re not so sure. It turns out that the building is only three-stories tall and 16.5-feet wide. If the two-family house is truly in “great shape” and has “lots of original detail,” as the listing says, it could still be…
At first glance, $1,395,000 for a house on Degraw Street sounded cheap to us. Now we’re not so sure. It turns out that the building is only three-stories tall and 16.5-feet wide. If the two-family house is truly in “great shape” and has “lots of original detail,” as the listing says, it could still be well worth it There’s no mention of any significant renovation or upgrades since the property last changed hands in 2003 for $667,000 but a doubling in price in the last five years doesn’t sound crazy. Guess it all comes down to what those interiors look like.
712 Degraw Street [Leslie J. Garfield] GMAP P*Shark
Photo by Kate Leonova for PropertyShark
“don’t worry 4:45, all the closed down broker offices will correct the imbalance.”
Brown Harris Stevens is doubling the size of it’s 7th Ave and Union Street office, and Corcoran is opening up shop where the Tea Lounge is closing on 7th Ave.
“there was an actual sale listing yesterday here of a 3br that sold for the same price this year that the buyer paid last year”
Actually that turned out to not be true. It sold for closer to 1.599 million.
don’t worry 4:45, all the closed down broker offices will correct the imbalance.
The retail market in Brooklyn is still growing, despite the economic downturn, and more national and regional retailers are looking for space in the borough, according to a report by Marcus and Millichap. About 750,000 square feet of retail space is expected to be delivered this year, compared to 192,000 square feet last year. The median price in multi-tenant properties has grown 11 percent over the past year to $267 per square foot, compared with a 4 percent growth in the previous year. Marcus and Millichap expects the year to end at 4.7 percent vacancy, and the average asking rent to increase 9 percent, with even higher increases for national tenants seeking leases. TRD
4:37, can you move your helicopter just a bit to the left? you’re blocking my directv signal.
S&P down 20% in a year. some stock prices have decline by 40-80% in a year, so i guess housing will see the same…
wow. connelly gave the brokers something to hump for months. this house is basically the cpw of brooklyn. totally irrelevant when discussing normal price levels for typical housing stock. there was an actual sale listing yesterday here of a 3br that sold for the same price this year that the buyer paid last year. that is an actual loss when you factor in interest, closing costs and inflation/repairs. connelly house changes nothing.
I don’t see why everyone’s jumping on Brownstoner for stating an objective fact about what the whole Brooklyn market *has* demonstrably done in the last five years. Whether you like it or not, prices have doubled–actually in less than five years–in Park Slope, Clinton Hill, Bed Stuy, Brooklyn Heights–you name it.
If you think it’s *all* crazy, fine. But clearly what Brownstoner meant is that it’s in line with appreciation in the surrounding area.
Recall the Recent Sale from a couple weeks ago on 10th Street, a house much like this one on a worse block. It sold a few years ago for $700k. When it was a HOTD, tons of commenters said there was no way it would sell for more than $1.05M, maybe less. It went for $1.35M.
What did you want Brownstoner to say? “This house is in line with the rest of the market–and I both reject and denounce it!”
Oh, before you say it, yes, I am a broker, and also the seller of the house, and an anxious owner who just bought who is trying to prop up the market, and a member of the Trilateral Commission, and I am currently hovering over your home in a black helicopter.
Won’t some people need to sell who were counting on their stock portfolio to buffer their retirement? Dow is looking painful, with more pain ahead…