House of the Day: 455 Henry Street
This house at 455 Henry Street has charm to spare (love that dining room!) and the Cobble Hill location’s just peachy. The kitchen’s the only thing shown in the listing that doesn’t really float our boat. The asking price of $2,250,000 feels a little high to us, especially since the house is less than 17…
This house at 455 Henry Street has charm to spare (love that dining room!) and the Cobble Hill location’s just peachy. The kitchen’s the only thing shown in the listing that doesn’t really float our boat. The asking price of $2,250,000 feels a little high to us, especially since the house is less than 17 feet wide and is configured as a three-family. What do you think?
455 Henry Street [Douglas Elliman] GMAP P*Shark
FixtheCanal,
Thanks for your view on the issue of the value of a three-family homes. It confirms the impression I’m beginning to get: most people who can afford a brownstone don’t want 2 tenants. (But, of course, there’s a great economic advantage to having 2 tenants!)
Fascinating that the widget this time (admittedly on 40 guesses) is averaging $116K over the appraisal in mid-July (with 48 guesses).
Also, this HOTD is wrongly categorized in Brooklyn Heights — it should be Cobble Hill
three families always seem to be less highly valued. One reason is the the owner’s apt might be on the small side. Even so, two apartments could knock $5000 off the monthly mortgage, letting less wealthy buyers into the market. I have a three family, and found it was the only way into the market. That was three years ago, so no bargain in terms of the purchase price. With rent increases in the two upstairs apartments, we are now able to live in our smallish first floor apartment for just about $1800/month. So it has absolutely paid off in terms of our monthly out of pocket.
“Do three family’s typically demand less on the market?”
That’s a good question, Bklynrosie.
Does anyone have an opinion?
I don’t think you can look at what sold within 2 months and assess the widget accuracy from that subset. I think if a listing sells quickly, it will probably beat the widget.
bklplebe, in case you haven’t been following, whenever a house sells that has had a widget appraisal, it ALWAYS beats the widget.
I’m glad you know when the market is going to bottom. I’ve already stuck my neck out there and said that brownstone prices will bottom by the end of the year.
I’ll be here . . .
Everyone please plan to meet again here in November to discuss:
-Price too high
-Tenants
-Crappy door
-Ugly wall paper
Agree that the basement bedrooms with boiler is a downer, a not small downer, as half your living space.