House of the Day: 691 Monroe Street
As the listing verbiage admits, this three-family house at 691 Monroe Street in Bed Stuy is going to require a new owner’s “personal touch” (translation: cash infusion) but at least it does have some original detail left that can be brought back to life. We don’t have a good grip on comps in this immediate…
As the listing verbiage admits, this three-family house at 691 Monroe Street in Bed Stuy is going to require a new owner’s “personal touch” (translation: cash infusion) but at least it does have some original detail left that can be brought back to life. We don’t have a good grip on comps in this immediate area, but the asking price of $560,000 is probably still a little too high, we’d guess, given that this is only a three-story house and needs considerable work.
691 Monroe Street [Abacus Properties] GMAP P*Shark
They are not comparable properties. Dave’s is in a prime area, and the house itself is also much more grand than the one I am talking about that went for the low 500s.
It sounds to me like his estimate of his house’s value is very fair — quite objective, not at all inflated.
I could probably get $700+ for mine now with the upgraded bathrooms, the deck and the yard. It’ll be worth more than I have in it in about 4 years, I’m sure.
stevieb – DIBS location is considered to be much more prime than this listing. the difference in a few blocks and in different directions makes a huge difference in pricing. i am not saying that DIBS house is worth what he paid plus renovation in this economy but i am certain without ever seeing it that it would fair much better if it were on the market.
I doubt they are comparable.
40% stevie??? I don’t think you know much about Brooklyn real estate.
Posted by: daveinbedstuy at December 23, 2009 3:24 PM
Well, where would your house trade today? Someone on here said someone bought a brownstone in move-in condition near where you live for low $500’s. Are they comparable properties?
40% stevie??? I don’t think you know much about Brooklyn real estate.
Hmmmmmmm…….these places do trade in the low 500s. Someone I know recently bought a place in move-in condition close to Saraghina.
Posted by: mopar at December 23, 2009 1:51 PM
DIBS, don’t you live two blocks from Saraghina? How does it make you feel about paying $850k for your brownstone (plus 100k renovation) Are you down 40% on your “investment”? ROTFL
i think it is priced fair. i wish everyone would stop wishing for a fire sale in bed-stuy. things are not that bad. there are alot of great people in the area that are in it for the long haul!
I’ll take it if they leave the basketball thing.