Rate It: 513 MacDonough Street Sells for $420,000
This three-story, three-family brick townhouse at 513 MacDonough Street just sold for $420,000.
This three-story, three-family brick townhouse at 513 MacDonough Street just sold for $420,000. GMAP
“And when are people like you going to learn that a primary residence is not valued by a potential rent roll??????”
Never. It aint true. The fundamentals always come back!
So today’s snapshot of the economy allows you up to $1,350/mo. This will easily fall to $1,167/mo or lower (considering the falling rents even before the unleashing of massive inventory) rendering the $420K price above laughable as it is far outside your coveted Stuy Heights hood.
***Bid half off peak comps***
“Saratoga Park…amazing bargain…”
ROTFLMMFAO! What’s the median income, CSD? Like I said, probably nice block and residents. But these brownstones went for $200K to $300K in better times before Ponzi lending. The Crown Heights North landmarking aint stopping the correction there and that’s already a done deal!
DIBS – What range of value would you give this prop? There’s a floor AND a ceiling regardless of condition. What are your numbers?
***Bid half off peak comps***
What bunch of bozos. Probably none of you has ever been farther east than Stuyvesant Avenue, if you’ve been to BedStuy at all. Over here in the proposed historic district of Stuyvesant East, where 513 MacDonough is located, we have block after block of tree lined streets with mostly uninterrupted rows of owner occupied brownstones, limestones, and brick houses, (many of which have shed their corrugated sheet metal awnings in about 30 minutes); we enjoy quick access to 3 subway lines, a friendly atmosphere of active block associations, and the awesome trees of Saratoga Park. Every time somebody comes to visit and says, “wow, I never knew about this great area”, we just smile. I welcome the new neighbor(s) and wish them the best in their amazing bargain of a house.
I’m getting $1,200, BHO. I could get $100-150 more if I wanted to.
And when are people like you going to learn that a primary residence is not valued by a potential rent roll??????
“If the awning bothers you that much, you can take it off.”
You missed the point. An awning typically tells us that the house has not been updated let alone restored. How many awnings do you see in the so-called prime brownstone blocks of Park Slope, Fort Greene and Brooklyn Heights?
NYTimes RE = Infomercial Central
The only way this values at 420K is if floor-through rents can be sustained at 420K/10/12 = $1,167/mo (even DIBS will struggle to get this in Stuy High). In this collapsing economy, in this part of town, not a chance. I’m sure it’s a great nabe with great people but the median income is not great enough for this price.
***Bid half off peak comps***
“No one can say what its worth without knowing what’s inside”
But you can give a range. What are your limits, DIBS?
***Bid half off peak comps***
I just noticed that it looks like there’s a full staircase entry into the cellar. I’ve never seen one of those.
Man, are you guys negative. This is a nice block. It’s anchored by the Boys School for Excellence on the North West corner, at MacDonough and Patchen. (That was a Bob Stern, $30 million dollar renovation project, if anyone’s interested).
NYTimes did a feature on another 3 family on the same block and the young guy who bought it. Varied 3 and 4 story homes, some with cool bay fronts, one or two with turret-style features at the roof. Block just got new tree guards. Neighbors know eachother and say hello.
Without knowing much about the house, 420k for a three story brick-front house that doesn’t appear to be falling apart seems pretty reasonable. If you figure it’s a 2000 sq foot house, that’s $210/sf. If the house is more like 2300sq feet, that’s well under $200/sf. If the awning bothers you that much, you can take it off.
No one can say what its worth without knowing what’s inside (including tenant issues). It has open DOB and ECB violations. But it is 2,328 sq. ft.
The lunatic fringe will have you believe that it’s not worth more than $100 psf and CCB thinks it’s worth $64 psf.
At $420, that’s $180 psf. But let’s hear more from the idiots.