Open House Picks
Fort Greene 402 Vanderbilt Avenue Corcoran Sunday 1-3pm $1,750,000 GMAP Prospect Heights 331 Park Place By Owner Sunday 2-4pm $1,700,000 GMAP Crown Heights 258 New York Avenue Corcoran Sunday 1-3pm $925,000 GMAP Bedford Stuyvesant 186 Van Buren Street Sotheby’s Sunday 2-4pm $795,000 GMAP
Fort Greene
402 Vanderbilt Avenue
Corcoran
Sunday 1-3pm
$1,750,000
GMAP
Prospect Heights
331 Park Place
By Owner
Sunday 2-4pm
$1,700,000
GMAP
Crown Heights
258 New York Avenue
Corcoran
Sunday 1-3pm
$925,000
GMAP
Bedford Stuyvesant
186 Van Buren Street
Sotheby’s
Sunday 2-4pm
$795,000
GMAP
I agree that the price on the Propsect Heights home is delusional. The Fort Greene home is also insanely expensive, but it’s at least an extra-wide four-story mansionesque brownstone. The Prospect Heights building is pretty, but looks more modest in its initial architecture, plus its only three floors.
Property Shark indicates that the Prospect Heights home was purchased in the fall of 2000, almost exactly 5 years ago. According to this article in New York Magazine, homes in Prospect Heights sold for between $350k-$650k in 2001.
http://www.newyorkmetro.com/realestate/articles/neighborhoods/prospecthts.htm
So if we somewhat conservatively estimate that this home was purchased for $500k in 2000, the seller is going to be more than tripling her investment. If you doubt the bubble, think about that. Has your salary tripled since 2000? What about your rent? The stock market? Eating out?
Just about the only thing that’s tripled in price in the last five years in oil, but that’s a limited resource in a politically-sensitive region controlled by a monopoly. How could that kind of increase be sustainable?
It’s fair for Mara to set the price at $1.7 million (or whatever she wants, for that matter), but I worry for any buyer who finances this kind of purchase with an adjustable mortgage.
Mara! Good luck!! I hope you get the price you are asking for…. it looks like a beautiful house!
I am on Prospect between Vanderbilt and Underhill and debating on selling…
As a long-time Prospect Heights resident and a fiercely dedicated gardener, I have to say there has been NOTHING quite like having almost 90′ of room to play around in. I have two children and they can have their stuff in one area, while I have all my herbs, tomatoes, cukes, eggplants, etc. in another, and there’s STILL room for a table and chairs and a grill. I don’t think any other neighborhood has anything deeper than a 100’lot. Maybe I’m biased, but I’d rather take the B/Q and or 2/3 than the A/C any day, and I think price is really all about location + housing quality. If the renovation is all the NYT ad says, well, who’s to say PH won’t soon pass the 2 million mark, since Park Slope already has? Maybe I’m just being neighborhood proud, but still…
I totally agree that the Van Buren place is WAY overpriced, but that whole area of Bed Stuy is nutty — look at Corcoran’s Lofts on Dekalb. The neighborhood is still too dicey for most people, but I guess that’s changing, and the transportation is too inconvenient.
Looks like the PH house is a nice renov, but $1.7 is a bit delusional, esp for east of Vanderbilt.
So what about Crown Heights versus Bed-Stuy?
Three years ago, we bought in Crown Heights after seeing a few places in BS that were a bit too rough for the price at the time (we felt). The house on NY Ave above is two short blocks from where we bought. Stuy-Heights was nice but already too pricey for us, even the fixer-uppers.
We’re happy where we are. (See ‘A Jewel in the Crown’ in the My Brownstone section).
It’s between Vanderbilt and Underhill. If it’s between Underhill and Washington, knock off a hundred thou.
nope it’s 331. between rapidly upscaling Vanderbilt and Washington.
Is that address on Pk. Place correct? – map puts on almost on corner of Flatbush?
As far as comparisons of value with Ft. Greene-
vary by block – as how ‘fringe’ it is. Prospect Hts more valuable closest to Park Slope.
And FtGr/ClHill- has the elegant blocks and those that are less than.