House of the Day: 356 1st Street
We’re a little surprised that this brownstone at 356 1st Street hasn’t been bought yet. The Park Slope house hit the market just before Christmas with an asking price of $1,600,000 and was reduced by another $100,000 ten days ago. It’s not a huge houseabout 2,400 square feetbut it’s in a good location with nice…

We’re a little surprised that this brownstone at 356 1st Street hasn’t been bought yet. The Park Slope house hit the market just before Christmas with an asking price of $1,600,000 and was reduced by another $100,000 ten days ago. It’s not a huge houseabout 2,400 square feetbut it’s in a good location with nice original details. Is the price really too high?
356 1st Street [Brooklyn Properties] GMAP P*Shark
during the depression, people rented out individual rooms in their houses to strangers. Everyone shared the same bathroom and front door. Boarding houses were the norm then. That could be an option for that 400,000 a year earner who wants to stretch and buy a little two and a half story house. Without a more substantial income, what can they expect?
Right now, it’s really hard to buy something which requires committing to debt of 2 times or more of annual income. Especially so when the absolute dollars are near or more than $1M. It’s not the valuation or ability to get financing that I question but whether how many buyers are that confident or comfortable that this terrible econ wont impact them in the near future. Unless one has a liquid & stable reserve to cover 1-2 yrs of cash outflow post buying the property, it’ll be an expensive purchase with a ton of worry & hesitation. Personally speaking, I would wait (& rent if needed) to get some clarity on price stabilization, job mkt, gov budget gap closure initiative impacts, etc. Rather pay a little more later on just to have that piece of mind that the worst is behind us. Again, this is a ton of $$$ vs. buying something for $200k. Not speaking for all but the many chicken-littles standing on the sidelines.
Mopar, that stove at that Pacific St house is closer to “vintage” than the simply “old” stove at my place – something Montrose confirmed when she dropped by my place
“”Is the price really too high?”
All prices are too high. writes BHO
Dumb, really dumb.
Apparently not the ones appearing in “Last Weeks Biggest Sales” EVERY week!!!!
“Is the price really too high?”
All prices are too high. This one is no exception.
Boom/bust aside and considering comps, for a three story, yes, this is too high. Must be a finished basement for 2 over 2. I agree that it is an ideal location though.
***Bid half off peak comps***
Wow,
Check out the carpet on the stairs, yuck.
That kitchen looks like is was designed for a studio apartment, not a million dollar brownstone.
Nice location though
Good house, bad layout. Bummer.
DIBS – in this house, the alternative would be to rent out the garden level (not sure how much rent you could get for it as a one-room-plus-eat-in-kitchen apartment with a garden) leaving the owner with a little kitchen on the top floor and no outdoor space.
It would work better as a one-family, but it appears to be super clean and in good condition. I think the kitchen and clawfoot bath look nice. I can’t comment on the price, because I really don’t understand anything over $600,000.
I went to the open house in Crown Heights this weekend, the one with all the original details and listed for $699,000 also from Brooklyn Properties.
The place is almost nearing the condition of Admiral’s Row. It needs absolutely everything. The owner lives next door.
The broker babble “Co-Exclusive” is even worse than “Open House by Appointment.”