House of the Day: 166 Washington Park
The brownstone at 166 Washington Park in Fort Greene has been on the market for at least a year and a half by our count. In that time it’s been featured a couple of times as an Open House Pick but never as a House of the Day. Given that it recently underwent its a…
The brownstone at 166 Washington Park in Fort Greene has been on the market for at least a year and a half by our count. In that time it’s been featured a couple of times as an Open House Pick but never as a House of the Day. Given that it recently underwent its a price cut, bringing the asking price down to $2,199,000, the listing seemed worth revisiting. It’s clearly a lovely house in a great location (overlooking Fort Greene Park). Other than the price, the only snag we can see is the configuration (two three floor-through rentals over an owner’s duplex); nothing inherently wrong with that, but it’s not what most family buyers are looking for.
166 Washington Park [Brooklyn Properties] GMAP P*Shark
Without seeing the house and the corresponding need for renovations, its hard to say how much this is worth as brokers pictures tend to do a very good job of lipsticking the pig. That said, its very clear that the market in Fort Greene will easily support something close to ask for a house on a park block at this size. Yes, its too close to Myrtle, and yes, the economic business case does not support the valuation. But does it they ever? Can someone please show me a house in a top tier neighborhood in north brooklyn where the inputed cash flows actually justify the implied cap rate? I highly doubt it because that is not how brownstones are priced. As someone commented above, the price is set (and justified) by market demand. Someone will find this to be a steal at 1.8. Anyone that thinks its going as low as 1.4 is completely delusional and needs to look no further than the posting from Tuesday’s sales where a substantially smaller house (3200SF vs 5000SF) in similar or worse condition on St. James between Gates and Fulton (significantly less attractive location) sold for 1.55. And to settle the speculation, a newly renovated upper duplex in a smaller brownstone (total SF 1200) goes for ~3300 in the better parts of Clinton Hill, and tenant pays utilities, not the landlord. With a better reno, this block commands 1800-2000 per month (utilities NOT included) per floor without too much effort.
OK then. I hope you don’t mind if I rip your mantra for my sign-off
*people money spend live everywhere*
What irritates me about the firm that is brokering this home-Brooklyn Properties is….that nobody is ever connected to a listing as as listing contact or lister.
WHY?
If I am an agent that brings in an exclusive listing shouldn’t I be the agent that everybody calls to view my property???
It is such a free for all when someone wants to view a listing listed with BROOKLYN PROPETIES.
I just don’t get it?
Elliman, corcoran Brown harris HAlstead all have a contact associated with a listing.
I was looking to buy last year a condo with this company and you could never get an email or return call the same day from them.
Seller BEWARE!
What irritates me about the firm that is brokering this home-Brooklyn Properties is….that nobody is ever connected to a listing as as listing contact or lister.
WHY?
If I am an agent that brings in an exclusive listing shouldn’t I be the agent that everybody calls to view my property???
It is such a free for all when someone wants to view a listing listed with BROOKLYN PROPETIES.
I just don’t get it?
Elliman, corcoran Brown harris HAlstead all have a contact associated with a listing.
I was looking to buy last year a condo with this company and you could never get an email or return call the same day from them.
Seller BEWARE!
Yeah…you’re completely in the know, lol.
One house sold for $3,000,000, and it was truly amazing, gorgeously renovated with all the details. It also happened to be on the better block, between Willoughby and DeKalb, and it was the top of the market. You see? I am pretty well informed after all.
The HOTD has the unfortunate distinction of being the penultimate beauty before Myrtle, and has suffered a rather rough Home Depot slap job; not exactly the land of original pier mirrors and achingly-beautiful fireplaces. Not to mention it is not the summer of 2007 anymore. I wouldn’t be surprised if Spike Lee’s old house (next door of 181) gets north of $2,000,000, concrete garden and Scarface bathtub notwithstanding, but this one? No.
Yay, pay $6000 a month after the rent to live in an apartment with 3 other families who hopefully wont lose their job and stiff you for the 6 months of free living it would take you to kick them out. Only in New York.
This is a beautiful block and Fort Greene Park is great. It is a fine place to stroll on a nice day but it is, sorry, a pretty lousy location for a two-million dollar house. There is a real “haves and have-nots” feeling here, due to the enormous low-income housing projects on the north side of the Park. The area has improved a lot but still has a ways to go in order to appeal to a family with the financial wherewithall to buy a two-million dollar brownstone.
You guys have no idea what you’re talking about…this is a great block filled with great houses and great people. I used to live on Washington Park. You all sound crazy talking about the projects, welcome to Brooklyn! This is one of the best locations in Brooklyn. Some of these houses on these 2 blocks of Washington Park have sold for over 3 million. A house is worth what someone will pay for it. Stop hating frownstoners and stay in the burbs if you’re scared of diversity…people money spend live everywhere…even a block from projects:).