House of the Day: 306 Washington Avenue
This five-story brownstone at 306 Washington Avenue in Clinton Hill is an impressive place. Owned by the same person for the last three decades, the house has beaucoup original detail—crown moldings, pier mirrors, the whole nine yards. The only downer is the fact that it’s a four family house and the three floor-through apartments are…
This five-story brownstone at 306 Washington Avenue in Clinton Hill is an impressive place. Owned by the same person for the last three decades, the house has beaucoup original detail—crown moldings, pier mirrors, the whole nine yards. The only downer is the fact that it’s a four family house and the three floor-through apartments are generating a measly $3,021 per month. Given the cost of converting to, say, a two-family, the $2,300,000 asking price might be a bit on the high side. What do you think?
306 Washington Avenue [Douglas Elliman] GMAP P*Shark
A reader forwarded a couple of Park Slope emails to us dealing with issues of crime and graffiti. The first email says that burglaries have increased recently in Park Slope (there a community meeting tonight at 7:30 at the 78th Precinct at Bergen and Flatbush) and that there have been about 12 break ins in a ten-block radius in the last several months.
$2.3 million for a 4-family house with rent-stabilized apartments in CLINTON HILL??? Really??? This must be a mistake, or a joke.
No mistake. You are just out of touch with the area, what is really going on there and what prices are doing. This house on comps is ok value.
People seem to think that bad mouthing Clinton Hill on this site will bring down prices… but it wont. If you want to bring down prices convince someone to sell something to you cheap! If you can do that then all comps might start to fall. I’m always ready to buy cheap but I’m not finding much.
“”I had a friend who was beaten on dekalb also his legs were broken and he was knifed by a gang. It was the second time it happened in a week. He said that he had a dog with him to protect him the second time, but they stole the dog.”
You are a total liar.”
OMG it was a joke, I live in Clinton Hill. I walk around at all times of night because the area is so beautiful at night. The more beautiful buildings are actually lit (don’t know who pays for this) and many still have gas burning lamps in the front garden. I was being sarcastic because everyone was being so over the top about crime.
… I will be more careful about what I say if comments so obviously sarcastic can be read literally. It goes to show people don’t really know FG/CH. I’m amazed!
“So however many opportunities there are for individuals to move up, there also will be lots of bitter people who didn’t, or worse.”
That doesn’t give them the right to physically attack their neighbors and take their stuff. These lazy ass teens aren’t beating and robbing people because they can’t move up above their loser section 8 drug addicted parents. They’re only teenagers. They haven’t even tried to move up in the world yet. They are choosing to commit these crimes because THEY are the ones who are racist. They can’t accept that the whites who have moved into these houses worked hard to get the money to buy them.
If it’s a 4-family it ain’t rent stabilized. Stabilization is for over 5 family buildings. Could be they haven’t raised the rent ’cause they didn’t need to (same owners for decades? probably no mortgage, they paid what, $20k for it?)
One across the street sold for $2M last year, the new owner is still renovating it.
$2M will get you a nice 16-footer in the north Slope. Why don’t all you slopies just buy one of those tiny houses over there and quit making inane comments about CH/FG? Oh, right, you can’t afford the Slope….BITTER RENTERS!
The statistics just show that for everyone who succeeds in moving up, someone else moves down. So however many opportunities there are for individuals to move up, there also will be lots of bitter people who didn’t, or worse. Just look at most of the defenders of the bubble on this site… they think that any contrary viewpoint might take away their lottery ticket, and they are pissed.
9.26 – and what is your point? Low mobility means that people aren’t moving. Doesn’t mean they can’t if they are fed (and believe) the crap.
I come from a place where you absolutely cannot move. Look at the mobility of those who have just come here, not the inertia of those beleiving the bull. The opportunities here are great, and are discarded and ignored by the masses.
Comparables are one element of a rational price explanation, if they are comparable. Of course, in a bubble market, the comps themselves tend to be somewhat irrational.
The new economy generates a small number of people–disproportionately in NYC–who very quickly get very large amounts of money, and there will always be some who equally quickly waste it.
But surely supply and demand haven’t been completely repealed.
At $2.3m for buildings occupied by rent stabilized tenants, supply should be effectively infinite. If there aren’t enough in the nineteenth century parts of the city, I’d be happy to build more. With a budget of $1000 psf for the owner occupied part, it shouldn’t be difficult to fake a few pocket doors and dark interior rooms, or to find grumpy old people willing to rent large apts for 1/2 market rates on condition that they give the landlord reasons to feel sorry for himself.
And one would have thought that demand would be limited: how many B&D fans with multi-million dollar entertainment budgets are there, even in NY??
US actually has rather low rates of income mobility, by the standards of the rich countries, combined with one of the highest levels of inequality (which makes being at the bottom, or even the bottom of the top, far more painful).
And for the last generation, incomes in the middle half have been completely flat, which means that on average people are doing no better than their parents. Worse, in general, given the run-up in housing prices.