House of the Day: 289 Garfield Place
289 Garfield Place was an Open House Pick last month shortly after it hit the market with a price tag of $1,950,000. It’s a nice house in a nice Park Slope location, but it feels to us like it lost a bit of its soul when it was recently renovated. It’s also a four-family house,…
289 Garfield Place was an Open House Pick last month shortly after it hit the market with a price tag of $1,950,000. It’s a nice house in a nice Park Slope location, but it feels to us like it lost a bit of its soul when it was recently renovated. It’s also a four-family house, which takes it out of the running for a lot of family buyers. Of course, having three rentals does help take the sting out of that monthly mortgage payment.
289 Garfield Place [Corcoran] GMAP P*Shark
And the inventory (according to urbandigs.com) in Manhattan continues to decrease (keep in mind that this time last year, the number was well over 11,000. Today it stands at 8722).
1 day 7 day 30 day
New Listings 40 392 1,269
Price Cuts 7 43 208
Contracts Signed 22 223 874
Total Inventory 8,722 8,823 9,072
There won’t be too many more new listings until February. Who would list their house now?
This property is more a small business than a home.
Oh lord, you’re right Dave!! I apologize for my horrible error! 🙂
But I’ve been doing an inventory scan today on Prudential, Corcoran and Brown Harris Stevens (slow day in the office) and a ton of stuff has moved recently. And most of the rest, we’ve already looked at in terms of townhouse market….
Agree with househunt and BD.
Not worth the headache of maintaining an older home and dealing with tenants.
I know, the benefit would be in however many years you could start to convert it back but that would be expensive to do as well.
To much effort involved.
It would need a different floorplan to be attractive to an owner occupant. Without rent roll and expenses info, it’s hard to determine whether it’s a good investment. Assuming you could rent all 4 and make $120,000/year, with $10,000 worth of expenses, it’s not a crazy price. So Park Slope experts, would the 4 rents add up to $10,000 a month?
I just looked Ditmas.
There are really very few other good listings. The others we’ve either highlighted here, are in contract or are total crap.
You should take a look at the Brown Harris Stevens website…almost everything that pops up for Park Slope is either “in contract” or is something we’ve already covered here at one point.
The amount of listings which have gone to contract in the last 60 days is shocking.
http://www.bhsbrooklyn.com/results.asp
11217….I pity for you now. They’ll jumpp all over you for that little mistake!!! ROTFL
It was an Open house Pick previusly, not HOTD.
That said, inventory IS very low.
Now take your lumps on that glaring error like a man!!!!
Or maybe it’s just laziness? Corcoran alone has about 50 townhouses for sale in brownstone Brooklyn.