House of the Day: 18 Willow Place
It’s looking like the folks who bought the 2,600-square-foot brick house at 18 Willow Place in Brooklyn Heights for $2,500,000 in 2006 aren’t going to make a whole lot of money, considering that they did a renovation and have relisted it at $2,850,000, not a lay-up price by any means. While the renovation looks thorough…
It’s looking like the folks who bought the 2,600-square-foot brick house at 18 Willow Place in Brooklyn Heights for $2,500,000 in 2006 aren’t going to make a whole lot of money, considering that they did a renovation and have relisted it at $2,850,000, not a lay-up price by any means. While the renovation looks thorough and conscientious, it’s not a look we like: A traditional style without any of the charm that an older space would have. Still, it’s sure to appeal to buyers who don’t want to scrimp on modern conveniences.
18 Willow Place [Corcoran] GMAP P*Shark
http://realestate.nytimes.com/sales/detail/253-NS80902636/11201-BROOKLYN-NY-USA/2250000-2500000-price/SINGLE-FAMILY-type/PRICE-HIGH-sort/56-960574–253-NS80902636-ls/2-t
40 Joralemon listing on NY Times.com. THIS is a nice house.
“A few houses of similar size sold in the fruit streets over the summmer in the range of $2.7 million.”
They were 20′ footers. No renovation, but larger and wider.
My guess is that the house is worth about 1.6 million. Nobody really knows in this frozen market, so I could be low of course.
1.6 million is still a lot of money even though it sounds crazy compared to what they’re asking, I know.
?”I’m picturing burning my ponytail as I do some dishes. My husband tries to squeeze past my big behind and knocks a pot of sauce off the stove.” THL
*I’m* picturing this scenario. Would give Rose Mary Woods a run for her money!
Good point although I don’t think the seller is going to get above what he paid even if he spent $0 on renovation
How do folks know that the seller did the renovation? He bought it in 2006, but it had previously sold for $1.4 million in 2004. I would have thought that the reno (or at least part of it) happened between 2004 and 2006, to justify the $1 million price bump (or was that purely a function of the bubble). In any event, take the 2004 price, add the value of the renovation, and I think you have an estimate of where this thing could end up.
A few houses of similar size sold in the fruit streets over the summmer in the range of $2.7 million. Perhaps not as newly/poshly renovated but more curb appeal and higher basements. Appraisers are currently discounting those sales by 10%-15%. It looks like the seller spent top dollar on the renovation and in this environment a seller is not going to come close to recovering those costs.
Right now there is nearly zero inventory in the Heights townhouse market which I think on balance is a negative for the seller’s pricing power. See Ringo’s comment on 40 Joralemon, around the corner.
I’m continually amazed by the people who carp about a house of this size (in general) being too small for a single-family. Sure it would nice to have 4 full floors of 25×40 or 45 to yourself, but the reality is most people with houses of that size rent out the garden floor and end up with +/- 3000 sf. I do think the second bedroom of this house is unnecessarily large (14×14) for what it is, but that’s dictated by the house width. If you took a 3 floors of a 20×45 house, you’d end up with about the same overall area as this house, but with a potentially better layout.
so many real estate sites have listings that misspell the word “dining”. for 2.8 mil i’d at least run it through a spell check first.
I’m with BRG on this one. I’m picturing burning my ponytail as I do some dishes. My husband tries to squeeze past my big behind and knocks a pot of sauce off the stove.
Not good