House of the Day: 78 Douglass Street
After picking up this three-story house at 78 Douglass Street in 2006 for $425,000, the owner renovated it (with so-so results) and then put it on the market in 2007 with Corcoran for $1,500,000. After a couple of months, it was pulled from the market. It re-emerged with Aguayo & Huebener this April and recently…
After picking up this three-story house at 78 Douglass Street in 2006 for $425,000, the owner renovated it (with so-so results) and then put it on the market in 2007 with Corcoran for $1,500,000. After a couple of months, it was pulled from the market. It re-emerged with Aguayo & Huebener this April and recently underwent a price trim that brought the ask down to $1,659,000. Realistic?
78 Douglass Street [Aguayo & Huebener] GMAP P*Shark
I think late 80’s not 90’s at that price. I bought 1986.
And my reason not for such a cheap price is because this house 1 block east 1 block north went into contract pretty quickly and listed at $3.2m
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1544457&ohDat=
So I would put the Douglass street prop at about 1/2 $1.5 or so.
also, if I were serious about ‘trading up’ — it would be much easier for me do so if prices were 1/2 off. Difference of $500k to trade up would be down to $250k. Much easier since have no mortgage.
But I haven’t seen happen. If it did – I’d be very tempted.
I dug a little deeper, Pete, and this is what I came up with…
From “Petebklyn’s Profile”…
“Neighborhood: Carroll Gardens…
…Abode: House”
Ohhhhhh…that’s why < $1.3M can’t be fathomed.
You’re right about the deed transfer though. But still, these comps were going for about $250K to $300K late 90’s. Halfway to ask is sub mil. What do you love more, your home or your burning paper equity?
***Bid half off peak comps***
I think Petebklyn is right to suspect the reality of the 2006 $425K sale price. Shells were going for a mot more than that in 2006, even on a block that close to the Gowanus Houses.
What happened to yesterday’s HOTD on Grand Ave? Went to take a closer look today and it has disappeared.
Exposed Brick
Ugly Kitchen cabinets
So so details
Overpriced
‘I really can’t stand it’
– Tell me Why
Can you build up? The surrounding buildings are taller by at least a story.
Hard to tell with the inadequate listing, but there’s something weird about this.
hey folks, ya gotta dig a little deeper and don’t take little bit of info and make it fact. You’re supposed to be a discerning and sophisticated lot.
There was a deed transfer in 2006 for $425k – but it was not a real sale. Was to a LLC of which the owner is the partner.
And do you really think someone is going to sell a renovated house of this sq footage around there for brownstoner appraised price of < $1.3m? Yeah, right.
BHO-Given that you can renovate for about 100G a floor (ballpark) you are right that this house’s 2006 value would have been around 700G, which sounds pretty low to me compared to what I understood houses were going for there at the time. But you are right, given that info this house would still be a money maker for these sellers at 800 or 900.
wasder, I didn’t mean to imply you did think it was a bargain. I just find it ridiculous to think anyone would want to pay even 1.2 million for this house. That’s still a housing bubble price for a 3 story on this block.