Price Cut at 298 Dekalb Avenue
Three weeks after hitting the market for $1,795,000, the four-story brownstone at 298 Dekalb Avenue underwent a price cut of $200,000 yesterday, bringing the asking price down to $1,595,000. The hallways have some beautiful original woodwork but most of the three apartments have mediocre updated finishes. This will be an interesting gauge of the market….
Three weeks after hitting the market for $1,795,000, the four-story brownstone at 298 Dekalb Avenue underwent a price cut of $200,000 yesterday, bringing the asking price down to $1,595,000. The hallways have some beautiful original woodwork but most of the three apartments have mediocre updated finishes. This will be an interesting gauge of the market. There’s an open house this Sunday from 1 to 3.
298 Dekalb Avenue [Fillmore]. GMAP
This is worth no more than 400,000 dollars. but people are crazy to pay as much as they like but remember pay cash and don’t go to a bank for a loan with that asking price. You could seell the old furnishings to a museum as antics. They predate the Victorian era
I think this may be part of a sales strategy. List it, drop it quickly and make it look like a real bargain.
The original omission of fireplaces is a deal breaker.
***Bid half off peak comps***
This house has been frequently maintained and I bet the mechannicals – although old – will be in very good repair. The house underwent a substantial interior rehab probably within the last 10 years. This wasn’t a redesign, it was repair, refurbish etc. This is a house you could live in while renovating.
I don’t think it’s an estate sale yet.
For what its worth, the brownstone my friend was living in – on Dekalb off Carlton – that was set up exactly as this one, sold for $1.7 Million in the summer of 2007. The electricals were probably in decent shape, and the wood floors and mouldings were in good shape.
Needs a total renovation. Ridiculous. The rabbitt ears on the TV ought to tell you something about how up-to-date all the other systems are!!!!
Same story as yesterday. Hasn’t changed hands since 1951 and no one has filed a permit in the last few decades. The DOB last shows plumbing work in 1941:
http://a810-bisweb.nyc.gov/bisweb/ActionsByLocationServlet?requestid=4&allbin=3055334
So either the mechanicals are vintage or there’s been some un-permitted work going on. Either way, the place is going to be an undertaking.
My guess? It is an estate sale and the family is content to keep the tenants in place as long as it takes to get a good price. And they want a good price.
I think it’s still a speculative price. If you bought it for the asking price and put 500K to renovate it, it would be 20-25% above the current market price (plus the hassle of carrying said property for a year.)
I would say it’s worth about 1.3M at best.
There is an alternate reality. The guy who keeps posting on craigslist about a townhouse on bedford ave in williamsburg that he wants to sell for 2.5 million: he’s still trying.