House of the Day: 150 Bond Street Revisited
The last nine months have been rough ones for 150 Bond Street. The Boerum Hill single-family house hit the market last April with a price tag of $2,495,000. Since then, it’s undergone six price cuts, including one last week that brought the asking price to $1,795,000. The combination of the declining market and the fact…
The last nine months have been rough ones for 150 Bond Street. The Boerum Hill single-family house hit the market last April with a price tag of $2,495,000. Since then, it’s undergone six price cuts, including one last week that brought the asking price to $1,795,000. The combination of the declining market and the fact that the house is currently gutted must have been too much for buyers. The location and the three-car garage, however, have to start looking good at some point here. What price do you think gets this deal done?
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You have to know how to work with the landmarks commission chicken. they will allow a masard and new windows.
sam…if cornerbodega says its worth less than $1MM then, its worth less than $1MM. He seems to be the biggest of the loons these days!!!
At a 6% yield, the garages (at only $200 per month each) are worth $120k.
cornerbodega has a hard time with the math as well; but we all knew that.
pierre, you say that you are a bear but the cuts that you suggest only nibble around the edges.
Take a step back and have a think about what a million dollars is – how long it would take the average person to save from their after-tax & after living expenses income.
The bubble has burst, normality will return.
40% off 1.65 mil (nobody buying @1.795) will bring it down under a mil. And that 1.65 # is still high. Was that math too difficult for you?
BRG while you are right about this place needing a ton of work we beg to differ that it is worth less than $1m. The size and location are simply too good for such a fantasy even as a shell let alone one with 3 garages. Remember worse shells in Fort Green and Carroll Gardens are selling for around a million and they don’t have garages (Lafayette Ave shell in FG sold for $900K post Lehman).
Now we are very bearish on the RE market right now and would love for your prediction to be true but < $1million is er a touch UNREALISTIC. We are pretty certain that if this was priced at around a million it would sell within a few days…yours truly will be bidding as well:)
Sam, you have a very fanciful idea of what Landmarks will permit. No mansard addition on top of the garages, and no extra new windows. No. No. No.
The owner is caught pants-down, holding a perfectly nice chicken and pretending it’s a pheasant. Good luck with that.
This property is worth more than 1.1 million. It is not ideal for someone on a very tight budget, but for someone with a little dough, this could be a very sweet place.
two car garage (turn the third garage into a skylit pool/winter garden) a charming corner house (with more windows put in as you may require}. Charming. Perfect. Not cheap, but hey, designed to your specs and not that expensive.
1.1 as of today’s closing
‘BRG were you serious about the less than $1m comment? How much do you realistically think it will cost to fix this place up.’
Yes, I am serious…less than $1M.
By the description of the listing it’s a shell with a new roof and new beams. It also states there are approved plans. what if you don’t like what they proposed to do. You’ll need to hire an architect to re-design, take over the DOB application, blah, blah, blah. It ain’t cheap.
Put in all new mechanicals; plumbing, electrical, HVAC, etc. (this is money that needs to be spent)
New flooring, New kitchen, according to the plans 3 full baths and 2 half baths, laundry room, re-build stair (?) etc. etc. etc. (you buy a 1.7m dollar house, I’m assuming you don’t want to put Fedders in the facade (not that landmarks will let you) or formica on the counters.
I say, without seeing the house, bare bone renovation 500k. You want to step it up to the level of a showstopper, 1m+ renovation.
So, is this house worth 2.2m – 2.7M+ when done? and the headaches of getting it done?
btw – I looked at the floor plans: no half bath on living room floor; I def. would want one on the parlor floor; and one of the garages is being converted into a bedroom.