Unrenovated Crown Heights House With Details Goes for $1.5 Million
Another house in need of renovation but with oodles of original detail has sold for the price of a renovated house. This one is in Crown Heights at 698 St. Marks Avenue. It was a House of the Day in February. It closed for $1,500,000, which is $150,000 less than the asking price of $1,650,000. The sale…
Another house in need of renovation but with oodles of original detail has sold for the price of a renovated house. This one is in Crown Heights at 698 St. Marks Avenue. It was a House of the Day in February. It closed for $1,500,000, which is $150,000 less than the asking price of $1,650,000.
The sale has not yet hit public records, so the identity of the buyer is unknown, but we hear the buyer is an investor who plans to rent it out. In December, Brooklyn-based real estate firm All Year Management LLC bought it for $515,000 after a lis pendens was filed against the property.
“It was one of the first houses in need of renovation to close at this new price point,” said Chaya Zarchi of Brooklyn-based B.H. TAL Real Estate, who along with partner Leah Haut represented the seller in the transaction. “We think it shows how desirable townhouses are in this neighborhood right now.”
Other similar recent sales of fixer-uppers at finished prices include 259 Decatur Street in Bed Stuy, which closed for $1,650,000, and 196 Hancock Street, which closed for $2,100,000.
What do you think this says about the market?
Samma,
Way to compare a 2 story house at the ass end of Bed-Stuy with a 4 story house in prime Bed-Stuy. I can find condos for $600k too, or maybe a fedders house, guess there all the same… 698 St. Marks is the caliber of house I was talking about and the price reflects it.
Samma, i love how you think a 2 story townhouse at the ass end of bed stuy is comparable to a 4 story in prime bed stuy, good work! 698 St. Marks is the caliber I was referring to and the price reflects it.
I looked into this further, it seems that it was apart of an estate sale at some point…there is mention of an executrix, which then traded hands into an LLC, and now possibly an end user at 895K
That’s really sad!
It was really nice to see it during the PS House Tour, I’m surprised that the property was sold for under 3 million dollars, given it’s location just short of the park, and the square footage + Detail. Never seen a Parlor Floor like that before…So grand.
I do recognize it’s need of work, but Amazing property!
Well on the case of the Ortner house, the only chandelier they Kept was the entry hall 🙁 All the other’s were sold knowing their sale value was definitely key. I’m sure they got a pretty for them!
This property is located in the Stuyvesant Height’s East proposed Historic District, not sure what you meant by “east Bed Stuy” https://maps.google.com/maps/ms?hl=en&gl=us&ie=UTF8&oe=UTF8&msa=0&msid=104137522593583797349.0004761194952b7c73b25&z=14&dg=feature
Also there are 2 story properties which have sold for over a million in this area as well, that were in need of renovation, there are a few on Decatur and Ralph … I’m sure more to come.
This market is kind of all over the place with many factors contributing to sales:
1: Listing Agency = Publicity
2: Transportation
3: House Period Details
4: Renovation Needs
5: Inventory at the time of Sale
6: Estate Sale Vs. Owner Sale
Somehow I doubt the homeowner made pennies on the dollar; I imagine he/she made quite sizable profit, even if it could have been more. I’d be very curious to know when and for how much the previous owner bought.
Sooo True 🙁
Plus they have to payout the brokers fee which really sucks for this owner.
That is true, I imagine this property like many of the other trophy properties was sold by an estate that wants to close quickly and move on.
But the reality is inventory is low now even in Bed-Stuy, so this is something being reflected in prices as well. A buyer can’t exactly say I can find another given that there just aren’t that many homes up for sale right now, giving the a Realtor the upper hand if they know how to negotiate and have an understanding of the limited housing stock. Obviously these Realtor’s know how to negotiate these CASH offers as we can see ABOVE – Hancock, Decatur, etc…