Great expectations
Comments
-
664 Sterling is still for sale. It's now with Elliman (no longer FSBO) and the price has gone _up_ despite no value having been added since it was purchased in November for $625k.
http://www.trulia.com/property/3111078443-664-Sterling-Pl-Brooklyn-NY-11216
-
They are able to expect $1.1M for 664 Sterling, because nearby properties, like this one at 633 St John's Place are "moving" for $1.6M.
...633 St. John's is in contract at that price.
http://www.elliman.com/new-york-city/633-st-johns-place-brooklyn-canzgex
-
Holy cow! 633 St. John's was that shell that had the "Closed by order of NYPD" for the longest time. It sold for $215,000 in October last year.
How do you know it's actually under contract at that price? I've got a windfall of equity if comps are really that high around here.
-
633 St. John's has NO YARD. I mean, it's like 20 square feet. It's a short lot. It practically abuts a much larger apartment building on Franklin.
There's no WAY it's selling for $1.6m. I just can't believe it.
-
Eastbloc wrote: How do you know it's actually under contract at that price?
a. the Elliman listing says "contract signed"
b. This site is raving about it: http://bktothefullest.blogspot.com/2013/03/never-truly-for-sale-633-st-johns-place.html. Note, bktothefullest hypes Crown Heights because the publisher is in the Real Estate Industry. However, the information is solid.
Now a house listed over $1.5M in Crown Heights hits the market in contract already. And just a year ago some of you still thought it was time to chase this price in prime Park Slope. That's right, 633 St. Johns Place is just off of the bustling Franklin Avenue, and was never really available to the public unless, perhaps, you were one of the pocket buyers of these brokers. And who can blame them? REBNY obligates them to at least pretend to market it. But if you come to market in contract, the fix is pretty much in. This isn't the first time we've seen Elliman do this. -
I believe it's signed. I just wonder what it's signed _at_.
18 months ago, the very best comps for a two-fam in the nabe would have been around $800k in move-in condition, without some of the quirks of this property (being on the corner, oddly shaped, no yard).
I have a hard time imagining cash buyers at anything close to ask, or banks financing the sale given comps. So contract or no contract, the proof of the pudding is in the eating. We'll see where this goes on the record.
-
How about a brownstone on Albany Ave, near Pacific Ave. It has a C of O for 7 rental units, is being delivered vacant, and needs a gut rehab.
Given the size of the building, I assumed it was configured as a SRO.
...they are asking $1.2M.
-
Know anything about 110 Albany Avenue, across the street? It's got scaffolding and an affordable housing sign.
-
pre-scaffolding:
Ah, that building. The above photo shows everything but the first floors as being boarded up.
I am pretty sure I saw a HPD logo on it somewhere. Which means that the city ended up in possession of it, and is now using a private contractor to renovate it.
The process is somewhat complex, but to make a long story short, it will then be sold by the city, with the stipulation that buyer keep the units be affordable...
-
What is considered affordable....
-
HPD defines it as per Area Median Income. It then has lotteries... Click on the "Annual Gross Income" tab to find out what income range you must be in, and how much you will be charged in rent:
http://www.nyc.gov/html/hpd/html/apartment/lotteries.shtml
Note: The income ranges and rent charged, vary by neighbrhood.
-
flashback...
eastbloc said:
I would be. At $950k that's still $500/square foot. A buyer would have a very hard time convincing a bank to lend even that sum given neighborhood comps.578 Sterling, which is a block away in the right direction, is a slightly smaller single-fam. It's presently listed for $520k and has no takers in the past 90 days. Sure, it needs a reno, but $200k of work would turn it into a pretty posh pad, and the lot is 50% larger than 662's.
I'd peg the value of 662 at around $800k, tops.
Eastbloc-
578 Sterling, the little blue house in the below photo, was covered by Brownstoner today.http://www.brownstoner.com/blog/2013/08/building-of-the-day-578-sterling-place/
As a result of recently being sold to a LLC, they speculate that it will soon be torn down, and (in a few years) the lot will feature something like the building on the left.
photo: Brownstoner -
Thanks for the link. That house is certainly doomed. To secure the door, they simply knocked a hole in the wall and ran a chain through it.
It definitely had some maintenance issues. I hadn't realized it was that old. The rest of the block was mostly built in 1910. Remarkably exhaustive study of the house's history. I'd be curious to learn the methods used to get historical photos and archives like that. I always wanted to do it for my house.
-
I've met the person who writes under the pen name "Montrose Morris" for Brownstoner.
She reads Brooklynian, and enjoys history a great deal.
You might be able to email her and request that she pick your house as a Building of The Day.
-
@eastbloc -It seems 664 Sterling was renovated and sold for $1,069,000! Almost twice the pre-renovation price.It is now becoming a pre-school: http://mad.ly/7d2cd4. I assume the proprietors are going to live on the second floor.
-
Needless to say, your equity is doing quite well!662's neighbor, 664 Sterling Place, is now on the market. It apparently last changed hands for $625k in November, and was promptly re-listed at $985k FSBO.
http://www.zillow.com/homedetails/664-Sterling-Pl-Brooklyn-NY-11216/30592382_zpid/
I wish the seller the proverbial luck. The place has not had the (reasonably) high-end renovation 662 had, the seller is clearly not a professional, and the price per square foot for this undersized and structurally-dubious building is off the mark by at least $250k. But hey, as a neighborhood homeowner, I'll be happy if he gets it. Good for my equity.
-
No kidding. A lot has changed in two years.While we're on the subject, 578 Sterling is still standing, boarded up. I wonder what they're waiting for?
-
There are a few houses around like that. I suspect that developers and contractors literally don't have the capacity to work on them all at once.
The DOB may also be backed up in getting approvals issued.
Brookland Capital comes to mind the most in terms of amassing lots of houses in the area. -
"Centrally located in the heart of Prospect Heights, our school year is set to begin this September with enrollment now officially open."That's a generous definition for a school to be located between Franklin and Bedford.
-
progress on 578 Sterling has caused a new thread to be created: http://www.brooklynian.com/discussion/45325/578-sterling-the-little-blue-house-near-classon#Item_2
Let's lock this one.
Howdy, Stranger!
Categories
- 40K All Categories
- 27.1K Neighborhoods
- 5.1K Crown Heights/Prospect Lefferts Gardens
- 7.1K Prospect Heights
- 2.3K Fort Greene, Clinton Hill, Bed-Stuy
- 8K Park Slope
- 549 Williamsburg, Greenpoint, Bushwick
- 442 Flatbush/Midwood/Ditmas Park
- 657 BoCoCa (Boerum Hill, Cobble Hill, Carroll Gardens)
- 151 Red Hook
- 104 Gowanus
- 304 Bay Ridge/Bensonhurst
- 130 Coney Island, Brighton Beach, Sheepshead Bay
- 270 Brooklyn Heights, DUMBO and Downtown
- 598 Windsor Terrace / Kensington
- 673 Greenwood Heights and Sunset Park
- 749 Brooklyn and Beyond
- 6.3K Stuff
- 86 Brooklyn Back When
- 1.2K Brooklyn Pets
- 257 Brooklyn Kids
- 241 Brooklyn Eats
- 51 Brooklyn Booze
- 3.6K The Lounge / Random Stuff
- 611 Brooklyn Politics
- 122 Brooklyn Sports and Fitness
- 111 Brooklyn Photos
- 339 Site Issues
- 8 Frequently Asked Questions (FAQ)
- 6.2K Listings
- 1.1K APARTMENTS and REAL ESTATE
- 1.3K Sales Openings Events
- 2.3K The Classifieds