Open House Picks
Carroll Gardens 391 Union Street Halstead Sunday 1-3 $2,200,000 GMAP P*Shark Prospect Lefferts Gardens 66 Midwood Street Corcoran Sunday 12-1:30 $1,400,000 GMAP P*Shark Windsor Terrace 619 Greenwood Avenue Warren Lewis Sunday 12-2 $985,000 GMAP P*Shark Bedford Stuyvesant 305 Stuyvesant Avenue Corcoran Sunday 2-3 $695,000 GMAP P*Shark
Carroll Gardens
391 Union Street
Halstead
Sunday 1-3
$2,200,000
GMAP P*Shark
Prospect Lefferts Gardens
66 Midwood Street
Corcoran
Sunday 12-1:30
$1,400,000
GMAP P*Shark
Windsor Terrace
619 Greenwood Avenue
Warren Lewis
Sunday 12-2
$985,000
GMAP P*Shark
Bedford Stuyvesant
305 Stuyvesant Avenue
Corcoran
Sunday 2-3
$695,000
GMAP P*Shark
“Former HOTD on Degraw btw Smith and Hoyt (2 blocks away from Union) sold for $2.86M back in August.”
Wow, that was over $200,000 over the ask!
3:54–OK, the super-renovated, triple-mint house on Midwood sold for 1.665, not 1.6 as I said. So the most this house could be worth is 1.265–if the market is as strong as it was in the summer.
eBay Bidding Hits $400,000 for Sweatpants Signed by Gary Coleman
http://www.foxnews.com/story/0,2933,323743,00.html
“rents continue to fall and buyers are no longer willing to move into marginal areas in the hopes of turning a profit.”
I haven’t seen or heard that rents are falling anywhere. There is still a very low vacancy rate, and if your apt and neighborhood are decent, someone will rent from you. A floor through 1 1/2 bedroom, with some detail and nice appliances in this neighborhood can go for $1200, maybe a bit more.$2,400-2,600 a month in this house will pay almost half your mortgage, making this affordable to the real middle class, assuming they have the down payment and some reno money.
If you are looking to buy a home, not just an investment, then this is a great buy. I do not see this as a marginal area, and it will only grow in value. If they extend the HD, this will be landmarked, and this area is seeing more and more amenities arriving every week. Someone looking for a home to grow in, not a quick flip, can ride out any small recession or downturn in the economy.
I also think $650K would be a fair price for what needs to be done. It’s also rather amazing that they kept the dressing rooms, probably as the only closets. Those are usually the first things to go in any conversion.
People who don’t live in Carroll Gardens have no clue what type of people have been buying in the neighborhood. I know of several fairly wealthy individuals that have moved to the area. This is not a working class Italian neighborhood anymore.
“while as rents continue to fall”
Rents in New York City were up 12.8% in 2007, which was the highest increase in the country. Other urban area rents were down as much as 12%. The reason New York is bucking the trend is because it is in a global market and New York Rents are still pretty cheap compared to the rest of the world.
Former HOTD on Degraw btw Smith and Hoyt (2 blocks away from Union) sold for $2.86M back in August.
http://brownstoner.com/brownstoner/archives/2007/04/house_of_the_da_297.php
http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=127235
All the CG haters really don’t know what they are talking about.
4:05,
If, as you write, “buyers are no longer willing to move into marginal areas in the hopes of turning a profit,” that might not be such a bad thing. OTOH, moving into such areas to actually LIVE is another matter entirely.
Gentrification in these areas is definately coming to a pause. Sorry folks but the Bed-Stuy house will not start a bidding war because people are not jumping all over properties anymore.
All of these neighborhoods are undergoing gentrification, and unfortunately this trend will contract for a while as rents continue to fall and buyers are no longer willing to move into marginal areas in the hopes of turning a profit.
The well established neighborhoods will also contract, but no one is leaving in droves.
We are in for a bit of a rough patch for the next 2-5 years.