Open House Picks 10/9/09
Park Slope 376 11th Street Corcoran Sunday 12-1:30 $1,650,000 GMAP P*Shark Park Slope 178A 13th Street Warren Lewis Sunday 12:30-1:30 $1,075,000 GMAP P*Shark Kensington 289 East 7th Street Brooklyn Properties Sunday 2-4 $799,000 GMAP P*Shark Flatbush 691 East 22nd Street TJ Mill Sunday 1-4 $699,000 GMAP P*Shark
Park Slope
376 11th Street
Corcoran
Sunday 12-1:30
$1,650,000
GMAP P*Shark
Park Slope
178A 13th Street
Warren Lewis
Sunday 12:30-1:30
$1,075,000
GMAP P*Shark
Kensington
289 East 7th Street
Brooklyn Properties
Sunday 2-4
$799,000
GMAP P*Shark
Flatbush
691 East 22nd Street
TJ Mill
Sunday 1-4
$699,000
GMAP P*Shark
The Flatbush house now has an “In Contract” sign posted. Not sure of the details though.
There is NO way in hell 11th street should be able to get anything north of $1.2mil. By comparison, 466 5th street, in the same school zone, sold for $1.841 in jan of this year, but it is 1.8x the size of the 11th street house (3600 sq ft), so its per square foot sale price was $512.
That being said, a sucker is born every minute. Right now, a lot of the banks that took and kept TARP money (Tax payer money) are looking to pay out record bonuses. I am sure one of these bankers will be able to spend money recklessly on a house; our tax dollars. Ordinary tax paying working families continue to get stiffed and priced out of desirable neighborhoods.
I paid $625/sq. ft. across 11th St. in 2006, for a four-story with four bedrooms (make it $677 if you count what I have and will put into the house to restore it). Assuming the house needs nothing done to it, that would be about $1.46M in a 2006 market. In this market, I’d agree with Miss Muffett — anything north of $1.2 should make the owners happy.
The current configuration of 11th street is such that if you tried to convert garden to rental, it would be a large studio, and owners would be living in a 2BR, 1BA duplex (with a tiny den that is less than 6 feet wide – or a big a walk-in closet). The current owners bought the house, renovated, a few years ago for under 1 mil. I think they should be happy to make 1.2+.
“but if you look closer, you see that the house itself is not as beautiful as their personal effects make it appear”
Whenever you see that at open houses it’s possible the broker hired a stager. As many lazy brokers we see there are a few who will invest a decent amount of money into their listings and hire stagers and professional photographers. Or even hire a contractor to fix some things when it’s a house not apt and they’re confident they’ll make a sale and make good money from it.
Also, what’s the deal with the basement? Would it actually work as a studio rental?
No, I didn’t see it in person. Well, you have nothing to lose by offering $1.2 and see what they say.
Mopar, did you look at in person? The finishes look better in the photos than in person. Really, I was much more impressed with the owners’ stuff than the finishes of the actual house – but alas, one is not buying their taste, but the underlying house, which is perfectly OK but no great beauty when you see beyond the staging. And I wish the block was nicer, but it isn’t. I would probably be happy to buy this house for 1.2million (or a bit more) but I personally think the current price is much too aggressive and just not worth it. It also feels small-ish inside. Again, not a complaint at the right price point but for this price, it would be.
Miss Muffett: re 11th Street–You say you’d be happy with this house at a lower price point. What would you be willing to pay for it, and what do you suspect it will actually go for? Just curious what the spread is currently between your sense of a reasonable price and your sense of actual market prices.