Open House Picks: Six Months Later
Comment: Three cheers for the New York Avenue house! Open House Picks 10/17/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Three cheers for the New York Avenue house!
Open House Picks 10/17/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Thanks!
Exactly–a ground floor tenant, just so long as you can still access the garden.
Maybe just a ground floor tenant. I don’t really like that level anyway.
***Bid half off peak comps***
Mopar this particular gut job is a three story house on a less than phenomenal stretch of Putnam Ave (across from a junky lot), and is a real and truly gut job. Hence the price.
BHO–totally agree that one family houses are likely to fall farther. although the tenant challenge has not, at least for me, been particularly difficult and has actually been quite pleasant in that I like my tenants immensely and they are helpful around the place.
Slow down, mopar. Clinton Hill is not a pin point on the map and you’re comparing a 3-story to a 4-story. The nabe is a continuum of varying comps. Sizeable difference between Putnam/Grand and Lafayette/Grand. And $2M is hardly commonplace. The highest collection of comps are/were more like $1.5M. Now they’re on their way to half off. I hope they get there (suprise suprise).
***Bid half off peak comps***
I don’t understand the prices in Clinton Hill at all. One minute people on this blog tell me houses in the area sell for $2 million, now you’re saying this house is a gut job so it should be $600,000. Houses in Bed Stuy are currently in that range.
Is this consistent?
“people shopping for a 1 family in those neighborhoods [Park Slope or Brooklyn Heights] want a 1 family and are willing to pay for that rare privilege”
But the Upper West Side has got to be getting cheaper and on the minds of said shoppers. I bet many people THINK they prefer Brooklyn until Manhattan becomes affordable. This doesn’t apply to Spike Lee, Heath Ledger and Jennifer Connoly but why did THEY move? Brooklyn is more of a fad for those who can afford Manhattan. Manhattan is more of a no-brainer for those Brooklynites who are marginal and can now “trade up” since the market did a 180.
Yeah, I know, money is not an object to some but it is to most. And “most” is what moves the market. Hence, I vigorously maintain that Brooklyn Heights and Park Slope will see -50%. Their head start from the beginning will still put them ahead at the finish line but by a proportional change in value to all other ‘hoods.
***Bid half off peak comps***
I don’t see a bathroom on the 4th floor of the Lafayette house — kind of a deal-breaker for me — 3 bedrooms sharing 1 bath.
I think I’d agree with you BHO, but it would also depend on where the one family is located. If on a prime B. Heights or P. Slope block, it would not result in more of a drop IMO because the people shopping for a 1 family in those neighborhoods want a 1 family and are willing to pay for that rare privilege.
In other neighborhoods that are not as blue chip, I would think it would be more of a drag on the final closing price unless the stars lined up well for the seller.