Open House Picks
Park Slope 171 Garfield Place Warren Lewis (#5696) Sunday 2:30-4:30 $2,450,000 GMAP P*Shark Boerum Hill 401 Pacific Street Nancy McKiernan Sunday 12:30-2 $2,150,000 GMAP P*Shark Williamsburg 272 Berry Street Corcoran Sunday 1:30-3 $1,500,000 GMAP P*Shark Bedford Stuyvesant 462 Greene Avenue Chamaine Johnson Sunday 12-3 $900,000 GMAP P*Shark
Park Slope
171 Garfield Place
Warren Lewis (#5696)
Sunday 2:30-4:30
$2,450,000
GMAP P*Shark
Boerum Hill
401 Pacific Street
Nancy McKiernan
Sunday 12:30-2
$2,150,000
GMAP P*Shark
Williamsburg
272 Berry Street
Corcoran
Sunday 1:30-3
$1,500,000
GMAP P*Shark
Bedford Stuyvesant
462 Greene Avenue
Chamaine Johnson
Sunday 12-3
$900,000
GMAP P*Shark
5:08 — “You’re looking for comparables. What could be more comparable than the SAME property only 12 months ago in a flat market?”
Answer: A similar house for sale now.
Look, as I said, I don’t know the Williamsburg market well. I live in Park Slope. If the guy is selling it for more than you’d spend on an equivalent property in the neighborhood, it’s overpriced. If not, not. But if, for instance, he got a bargain on the place when he bought, for whatever reason, he’s not obligated to pass the savings on to you.
And yes, I am the seller! ARRGH! I would have gotten away with it too, if it weren’t for you meddling kids!
On Berry Street:
Gotta’ love the matching cheapo chandeliers over the bed AND the oversized bathtub. Very “Fabio meets Goodfellas.” Hope that thing doesn’t fall into the tub when I’ve got my bubble bath going on.
“as if that has anything to do with anything”
It does have a lot to do with things. You’re looking for comparables. What could be more comparable than the SAME property only 12 months ago in a flat market?
So then the difference is cost per sq ft: Renovations at $100/sqft (this isn’t a gut) might have cost $150k, plus $100k for overseeing them.
An exact comparable is therefore this house in its pre-reno state + $250k to hire an architect and some contractors + maybe $25k in rent elsewhere while you wait 6 months to get it done = $1.1m
so .. “as if that has anything to do with anything” .. Are you the seller?
I don’t know much about prices in Williamsburg, and I know nothing about the Berry place. But I don’t get how people always post, “Well the owner bought it a year ago for $X, and Y% profit is too much,” as if that has anything to do with anything. What’s relevant is what an equivalent property would go for or has gone for. The place is worth the price tag or it isn’t, regardless of the profit (not to mention that we don’t know how much is “profit,” not knowing how much the reno cost).
But anon 1:19 is right: do your own reno or be prepared to pay much more for someone else’s.
Berry really does look beautiful. Right near the Brooklyn Brewery too!
Re: Greene Street that may be the rent roll for the entire house rather than just the 2 floorthroughs
Pacific Street is priced well. The layout for the garden duplex could work nicely for a couple with two youngsters.
The Berry one is droolworthy – I like the work inside. Did they just do that between the last purchase and now? I have to agree though, it hasn’t even been a year and they want a 40% profit? I’d rather do my own reno.
I believe that there is a lot of optomism involved with the 5520 a year rent roll. I would rather have the tenants out or have a significant reduction in the asking price. If you think those tenants will be out on Nov 2007 then I have a bridge that connects manhattan to brooklyn for sale for you to buy. This a realtor doing what realtors do which are selling dreams