Ripple Effect of Corcoran's Red Hook Purchase
Barbara Corcoran’s recently publicized purchase of 293 Van Brunt Street in Red Hook is apparently already going to the local real estate market’s head. Take, for example, yesterday’s listing of a dinky three-story (if you can even count the subterranean bottom floor) brick on Pioneer between Van Brunt and Richards, only a block from Babs’s…
Barbara Corcoran’s recently publicized purchase of 293 Van Brunt Street in Red Hook is apparently already going to the local real estate market’s head. Take, for example, yesterday’s listing of a dinky three-story (if you can even count the subterranean bottom floor) brick on Pioneer between Van Brunt and Richards, only a block from Babs’s new pad. The seller is asking $1,150,000 which we think is completely nuts, especially since the recently-reno’d interior is nothing to get excited about. This place shouldn’t even be over $1 million in our opinion. Are we just being curmudgeons or are we on the mark here?
Pioneer Street [Corcoran]
Babs Stepping Up in Red Hook [Brownstoner]
This is good theme, i think you know.lean wit it rock wit it
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Thanks again.
There are several interior pics on the Corcoran listing…
brownstoner>> how’d you know what the interior looks like??
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I was on jury duty last week with a mild old lady that lived in Red Hook, she seemed ok, she walked her dog in the park everyday and everything. She wasn’t “packing heat” to do errands as far as I know.
Everybody’s experience is different I guess.
This building is a 2 fam used illegally as a 3 fam. Corcoran should NOT be listing it’s use as a 3 fam, unless the C of O gets changed. And it has some major flooding issues and other structural problems due to incorrect renovations by the previous owner/contractor/flipper.
The garage is accessed through an alley behind Pioneer St.
Pioneer St is pretty, but it’s a smelly street in the summer.
There’s no way this place should be this price. It’s only this price because the dumbass current owner paid too much at $900k and thinks he deserves to make money on his investment.
I’m sure someone else dumb with money to burn will buy it. I hope they live in it longer than a year. That’s the only way it’ll be worth it.
In reading SEB’s comment, I think it’s interesting that none of the recent articles about the “gentrification” of Red Hook mentions that the vast majority of the people in the neighborhood live in a huge housing project. This won’t change because some people with money move in. It won’t ever change unless they tear down the projects or convert them to market-rate apartments.
It is a dangerous neighborhood, even in the ‘Back’ area. Four people I know in the neighborhood have been mugged in the last two years. Cars get their windows smashed and tires slashed on a regular basis. My car was stolen and then torched on (coincidentally) Pioneer Street.
I’m sure that people who pay a lot of money for a house expect the neighborhood to be safe, but Red Hook isn’t, at least not yet.
Since when is it okay to sell a home with 5 or more years of growth added on to the price, so that the new owner basically gives the old owner the increase in value that rightfully belongs to the new owners? This is what’s happening in Red Hook, and it’s insane. On Corcoran’s web site there’s a similar townhouse in South Slope (12th St) listed at $999k. It’s a nicer house with a larger yard. When Red Hook is more valuable than Park Slope, there’s something wrong.
The answer to the question about the garage is that there is an alley that runs behind Pioneer Street on the north side that provides access to the garages. There is a lot of noise in that alley from kids working on their cars and motorcycles -loud music, engine revving, etc. I would hate to pay over $1mill and not be able to sleep or hear my TV.
It also sounds like the house is currently used illegally (3 units in a 2 unit house), and Corcoran shouldn’t be advertising the illegal use of a property.
beware of the housing projects it is dangerous over there, belive me i was almost murdered and i am a black male.
this house could very well be worth this much depending on what red hook will become- in 96 i stayed in a ground floor apt. of a 4 family on
van brunt- the owners got in at that great price
of a $1 from the city- they put 100k into it- (the husband did the work himself). it was listed in
03 at 1.1 mil but this is a big building with
great income potential.we looked in red hook but there aren’t that many “houses” there- this place has the “house” look alittle more than other places- like those on coffey st for instance but it is so small for the $$.
the thing i can’t figure out about red hook is where it will go now in its ikea, cruise line, waterfront condos, fairway direction. if it become this beautiful waterfront oasis (leaving access
to the waterfront for all of its residents) and ikea doesn’t make it a traffic nightmare then it could be this unique brooklyn destination.
ever since that stay in 96, i have loved red hook
and wanted to get my $1 house but alas it didn’t work that way anymore. the waterfront is finally
becoming a big deal all over brooklyn but are these going to become the waterfront areas you’d really want a residence in?
i always wanted to find something near water
thinking that that was were it would all blow up,
we now have a place in clinton hill and sometimes
i feel a little more secure knowing that at least
on my little street it will still feel like a neighborhood in 10 years- hopefully.
According to propshark current owners bought last year for $900K.(year b4 for less than $300- but I assume that guy had house all redone) But very small house 1500sq ft.
2 fam used as 3? 3 studios then.
Big question is there permanent easement to garage….looks like vacant lot next door – Is this how garage is accessed? Could lot next door be developed – then no garage parking?
Barbara C. bought close to same price – with much greater rental income potential.