House of the Day: 433 Pacific Street
This four-story house at 433 Pacific Street in Boerum Hill has one of those envy-inducing parlor floors that can be found in this part of town; the backyard is quite charming as well. The upper duplex (the rental) has three bedrooms and two baths. (What’s the market rent for this space, do you think?) Anyway,…
This four-story house at 433 Pacific Street in Boerum Hill has one of those envy-inducing parlor floors that can be found in this part of town; the backyard is quite charming as well. The upper duplex (the rental) has three bedrooms and two baths. (What’s the market rent for this space, do you think?) Anyway, very nice house but the asking price of $2,495,000 seems pretty high for this market. What do you think?
433 Pacific Street [Corcoran] GMAP P*Shark
This sold at asking at the first open house.
What’s up with this block (zoned for PS 38 if that’s an issue) and houses that are all at least 25-35% over where they should be? I think this is the fourth or fifth house for sale on Pacific between Bond and Nevins.
(1) BHS has a listing for a house one or two down from this one asking $2.55 (with the wall of glass), and
(2) another one across the street for what I think might be that shell that was foreclosed on last year for $1.995M.
(3) Halstead is selling the house with the empty lot next door for $1.995M (which is probably a much better deal if that includes the double lot),
(4) I think one of the local brokers (maybe Nancy McKiernan) is selling the house at the corner across the street from the “green” house for $1.85 or so.
And don’t get me started on the weird house on the next block up (across from the senior center parking lot) that looks like it’s collapsing and is listed with a broker I have never seen before in the neighborhood who is looking for something like $2.7 “firm.”
THe houses on this block peaked at $2.3 in Jan 2008.
I think when we see one of these move at significantly below the $2M mark you will start to see a shift in the asking price realities of our neighborhood.
Figure all you want. the house will sell for more than $1.2 mm.
vinnie, well put. Amazing how this type of common sense went out the window in the last few years. Figure this place is worth a 6K mortgage 20% down I put the value at $1.2m.
Yeah, and your tenant has a nicer space than you do for a heck of a lot less money…
This is a good example why the real estate market is in trouble in Brooklyn. You pay $1.5 – $2M for a building. After putting down 20-30%, you end up with a $7500-8000 mortgage, struggle to get a tenant at over $3.5k/month and still end up with only half the building and an outrageous mortgage.
if you want a triplex plus rental -just go buy one.. some of those for sale too. One just came on market on Butler St for $3.2m
I agree with Boerum Hill that this is an awkward layout for the asking price. I’d much rather have a garden rental, plus triplex for myself. Figuring the duplex would rent for around $3500, (maybe that’s high) but the garden alone would go for $2000.
So you’d be losing a whole floor and making yourself go up an extra flight of stairs just for $15k a year after expenses? On a $2 million home? Doesn’t work for me.
Boerum Hill resident here. Proximity to Atlantic would only be an issue for me if you had traffic noise. Living closer to Smith St. is not an advantage unless you enjoy like noise and occasionally having a bar patron vomit on your stoop. I know the last few sales on my block (2008 deals) were at around $2.0 mm, so $2.5 mm ask seems high. The double duplex seems tricky to me. You get better rental income, but who wants to pay all that money and just have a duplex for themselves. Single family or triplex + rental seems like a better configuration.