House of the Day: 233 Garfield Place
We absolutely love this house at 233 Garfield Place that just hit the market. In fact, we’d rather buy a place like this that has all of its architectural details in place but is a little rough around the edges than a similar place that’s been too fancied up. Assuming the former was priced at…
We absolutely love this house at 233 Garfield Place that just hit the market. In fact, we’d rather buy a place like this that has all of its architectural details in place but is a little rough around the edges than a similar place that’s been too fancied up. Assuming the former was priced at a sufficient discount to the former, of course. And that’s the question here: This three-family place is beautiful but it’s been in the same family for 60 years and so may not appeal to people who need brand new kitchens and bathrooms. Given all that, is the asking price of $2,500,000 realistic?
233 Garfield Place [Heights Berkeley] GMAP P*Shark
“Even at the height of the market, a completely renovated and gorgeous brownstone or limestone on a park block, with an extra FLOOR, was going for 2.9 million, and if absolutely perfect, at 3 or just over.”
Just to clarify, a house up the block from me closed at 3.4 at the height of the market, and in 2007, a house on my block sold for 2.75 million and was subsequently remodeled from top to bottom (I saw the place and it was ROUGH before the remodel). I’d say they’ve dropped at least 500-700K on the reno and it’s stellar.
One other note…I saw that the rental last rented out for $2100 in 2008, just fyi.
The bubblegum house is for sale?!? Did the owner pass away? I know he’s a neighborhood institution.
Price seems high for a three family needing major mechanical work.
And for any buyers out there – I had a terrible experience with this brokerage firm. In dealing with them on one property for which I was a serious buyer, I found them to be incompetent, careless, lazy, tellers of one lie big enough to matter, and not at all knowledgeable about a property they were supposed to be ‘representing’. Let your watchwords be Due Diligence and Good Attorney.
2.5 Million is semi absurd.
I’m sure someone will pay more than it’s worth, and the block is fantastic, but we’re back to the elusive”die-hard landlord wannabe looking to live with 2 tenants and cash to burn” syndrome.
At 25% down, you need $700K minimum down to get going after all costs and taxes are factored in. Before ANY renovation occurs.
113 Garfield, which was an awfully nice home in it’s own right (only 3-stories, a legal 2 used as a 1), and in much better shape, with fully updated mechanicals (you know this 60-years-in-the-family home likely does not) was last listed at $1.675M when it went into contract a month or so ago.
I imagine it went for $1.575 or so.
Not exactly a comp b/c of differences of 1 floor and this being a 3-family, but reasonable enough to say this is pretty damn pricey.
This might crack the $2m mark, but just barely.
Oleg
WTFRU
C of O is for 4 family and taxes are only $2,688.
A 2.5 ask price for a building in ParkSlope, 3 million dollar sales price on a coop in BK heights. The numbers are all over the place. It’s amazing.
3,264 sq. ft…19 X 45 on a 19 X 75 lot, Nokilissa
Wow… Good will crowd today. I’m surprised by the price estimates so far. Even at the height of the market, a completely renovated and gorgeous brownstone or limestone on a park block, with an extra FLOOR, was going for 2.9 million, and if absolutely perfect, at 3 or just over.
This looks like it needs a good deal of tender loving care, and we don’t even know what the tenant situation is, what the layout is, or even how big it is.
This seems like a 1.9 to me. But I could be wrong.