House of the Day: 540 4th Street
We’re digging all the original details in this new listing at 540 4th Street. The Park Slope limestone has plenty of old-school cred but it’s gonna need to get some serious lovin’ from its next owner, a fact the listing cops to. We’re not so sure we agree that at $2,000,000, though, that it is…
We’re digging all the original details in this new listing at 540 4th Street. The Park Slope limestone has plenty of old-school cred but it’s gonna need to get some serious lovin’ from its next owner, a fact the listing cops to. We’re not so sure we agree that at $2,000,000, though, that it is “priced accordingly” (as the listing also claims). The house is on a park block, but it’s only about 2,500 square feet. Thoughts?
540 4th Street [Orrichio Anderson] GMAP P*Shark
I don’t see a boiler on the floor plan. Maybe they are actually using all those fireplaces to heat the place. Well, it would be kind of expensive to put in a heating system.
What are they talking about? Maybe it says “needs renovation” because it has the original details, in which case it doesn’t need a renovation, it just needs an electrical upgrade. That is $15,000 for three stories plus cellar. Quite a bargain.
However, “stale air” suggests lots of mold. “Squishy carpets over wood floors” suggests massive termite damage. I’d look very carefully for leaks and at the condition of the structure. If the problems are severe, a gigantic discount is in order.
No I am not Libby Ryan, she was the selling broker.
No, stevie, broker is Awaye Realty, lol.
Broker, are you libby ryan?
I miss 11217. She disappeared soon after we declared truce. I never got the chance to get to know her better as a person. 🙁
Miss Muffit, in my experience, if a buyer has the money and time, especially at this level, they would prefer to do their own renovation to their taste. Many buyers at this level, do not like the seller’s own renovation choices, so for some buyers a house like this is the best ideal. They get the location, the original details and the discounted price to account for renovation costs (300K-450K). By saying that this is a good price for this house in its condition, I am taking into account the market changes. Specifically, a similar house on the same block, in the same condition (meaning required 300-450K renovation) sold for $2.599M on August 2008 (587 4th St.). In that case, the buyer at the end of the day is into that house for approximately 2.9-3M. So in today’s market I think asking 2M for basically the same thing means it is priced to sell.
I saw this place last weekend. Owner is older and doesn’t want to take care of the place anymore. Therefore has that stale air, squishy carpets over the wood floor underneath sort of feel. But it’s not estate-sale sort of state, so it’s not gut reno by any means. The details are all in nice condition, not scuffed up. It really felt like no one has touched the place since the beginning, except to keep it clean.
It IS small, though. And yes, the bottom floor is more of a basement than a garden floor – ancient boiler sitting there, and all.
$1.5m seemed more likely than $2m to me because of the small size and reno costs involved.
But even if we don’t start a bubble bath company and throw events, it sadly seems people will be taking baths no matter what.