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?
150 Bond Street [CBHK] GMAP P*Shark
Open House Picks: Price Cut Edition [Brownstoner]
Houses of the Day: A Couple of Price Cuts [Brownstoner]
House of the Day: 150 Bond Street [Brownstoner]
150 Bond Price History [StreetEasy]
PJ’s = Projects.
What is “PJ”? Also, Knickerbocker, we bought in 2002 in Boerum Hill. Back then 1.3 could get you a finished but not newly renovated 4 story brownstone. Haven’t seen prices like that since. We purchased one that needed a gut for 850k.
If it was West of Smith or between Dean and Atlantic, it would get snapped up @ $1.75M. You can renovate your brownstone but you cannot renovate your location (at least not single-handedly and within a year or two). The projects are a factor (3-car garage, hello!).
I’m gonna take a drive over there one day to verify if somehow these projects feel different. That is not my recollection from the last time I drove through there.
***Bid half off peak comps***
I lived on Dean (about 1 block up the street) from 2004-7 in a ground floor apt. There is 24/7 street noise on this block, mostly because of the foot traffic (esp. due to the train station on Schermerhorn).
I have also lived in other parts of Boerum Hill which had a lot less noise. The long main streets (Pacific, Dean and Bergen) are quiet and idyllic, but the side streets (Dean, Hoyt, Nevins) get a lot of traffic. Garden apts are especially noisy, and when your bedroom has a window leading out the to a side street – privacy is relative. You sort of get used to it, but the 3am weekend screaming matches on the street between PJ residents are never a fun wake up alarm. Your mileage may vary.
That being said, there are 3 and 4 story brownstones in Boerum Hill. My target price would be 1.3M for a finished 4 story and 1M for a 3 story. Don’t buy a gut job in this area – there was a lot of neglect over the years. I’m guessing the current owners of 150 Bond are well aware of that now.
Pierre….go to the Open Thread…did you hear that the US slapped a 300% import duty on French Roguefort???
I hear you about the “exposed” nature of this property noklissa. My friends always felt a bit like they were living in a fishbowl on the ground floor. I just get annoyed when people use the projects as an excuse for why a house is over-valued.
Oh yes we are!
“Seller bought the house for $1.725 million, closing in September 2007. The attempt to flip in less than seven months for $2.5 million was really silly”….
Well this is a perfect example of why we had a bubble which is in fact not sustainable. We are sure permits and architect fees are considerable but a 45% markup in only 7 months? Beyond greedy really.
While we loath anyone losing $$ a touch of schandenfreude is acceptable here folks.
We predict this place will sell within the year but @ less than $1.6 millions even with the garages and great location.
Wasder you are correct the projects are not a factor here at all.
BRG were you serious about the less than $1m comment? How much do you realistically think it will cost to fix this place up.
Can you build on top of the garages?
All of B Hill and most of upper Smith is near projects and they still command high prices.
Bowl_of_Dicks I assume you are a Louis CK fan? I love his comedy. Prob one of my favorites right now. Too bad his show got cancelled.