House of the Day: 442 State Street
Run down but not lacking in charm and potential, 442 State Street was on the market last fall with Halstead for $1,200,000 before getting yanked in early February. It has now resurfaced with Brooklyn Heights Real Estate with a significantly lower price tag of $999,000. The place is pretty beat up and isn’t on the…
Run down but not lacking in charm and potential, 442 State Street was on the market last fall with Halstead for $1,200,000 before getting yanked in early February. It has now resurfaced with Brooklyn Heights Real Estate with a significantly lower price tag of $999,000. The place is pretty beat up and isn’t on the ritziest street in Boerum Hill, but we could see it coming to life in the right hands. You gotta figure it’ll take several hundred grand to get things back in order. What’s the magic price that gets this place to sell?
442 State Street [Brooklyn Heights RE] GMAP P*Shark
We were told this house was appraised at $700,000. We went to see it and think that’s a bit high: the house is small and in really, really bad condition. There have apparently been several offers on it ranging from about $550K to $600K, which seems about right but the seller wants no less than $700K. We felt it needs at least $300K of work, easily. You would basically be buying a plot of land with a facade and some walls, it needs everything else – roof, some beams, ceilings/floors, etc. Also, it could be tough to get a mortgage for it because of how much work it needs.
I don’t think it’s hopeless though – seems as though “the market” has spoken and it could sell for $600K very, very quickly.
I lived on State Street for years and it is Boerum Hill. Sure, it’s the dividing line between downtown BK and BH, but TRUST me, State Street is NOT Fulton Mall. It’s Boerum Hill and a very lovely street. I miss living there.
I saw this place and it’s a MESS! Worst part is floors are dipping all over, i’m no expert but it looks to me like this will take a lot of money to put right, and at the end of all that you’re left with a very small and dark house with a small and narrow garden. (there’s highish rise buildings from atlantic blocking a lot of light at the back, so you also have lots of windows looking directly into the back of the place)
Wowza this same junk is being offered by another broker for $850K… David Rivera All Points Real Estate.
http://newyork.craigslist.org/brk/reb/1088087025.html
Could you imagine Halstead had the chruzpa to price this @ $1.2m just a few months ago? Yep prices are falling fast but this one was pure insanity.
Place is not worth a penny over $600K in our opinion given its tiny size and horrendous condition. The location though is satisfactory with good access to mass transit.
It’s a nice neighborhood. We’ve lived on State between Nevins and 3rd for 10+ years. Never had a problem. Super-convenient WRT walking to other Brooklyn nabes and public transportation. It’s probably safer than the other side of Atlantic which is closer to the PJ’s. The halfway house at Nevins and State, while unsightly, is not an issue. Parking does suck – alternate side 4x a week but we don’t own a car.
The house in question is very odd. It has no stoop. I don’t know what happened to the old lady who owned it – perhaps she died – but ever since we bought our house on State Street in 1996, the stoop stairs of that house have been in an unfinished condition. My next-door neighbor told me that the old lady kept hiring and then firing contractors to fix the stoop. It’s not surprising that the inside is a mess.
“The parcel would be more valuable without the house than with it.”
Sam, are you exaggerating, or do you really think this?
Redwes25 —
Actually the block near the jail (between Smith and Hoyt) is really great — beautiful landmarked buildings line the south side of the block and the north side has the wonderful 14 townhouse development; lots of families — a great feel. The problem with that block isn’t the jail, but rather that the block is now sandwiched between 75 smith on the south side and all the tall ugly new condos on livingston and schemerhorn on the north side, causing shadows, etc. The crazy person quotient is much higher by Nevins than by Smith.
Maybe they marked up the price because it’s worth so much as a set rental for horror films.
Did not know that Boreum Hill went to the other side of atlantic. Either way I would not want to own on that side of Atlantic even if technically Boreum Hill. Though I do suppose it is better than a few blocks over next to the Jail.