Head-to-Head in Crown Heights
These two houses have a lot in common: same nabe, same broker and they’ve both had price cuts in the last week. The house on the left, 586 Park Place, was cut from $1,150,000 to $995,000 while the house on the right, 1252 Dean Street (which was a HOTD in July) was cut from $1,100,000…
These two houses have a lot in common: same nabe, same broker and they’ve both had price cuts in the last week. The house on the left, 586 Park Place, was cut from $1,150,000 to $995,000 while the house on the right, 1252 Dean Street (which was a HOTD in July) was cut from $1,100,000 to $990,000. Viewed side by side, the Dean Street house looks a lot better to us, but it is a good deal smaller. What’s a better bang for the buck or are they both still overpriced?
586 Park Place [Corcoran] GMAP P*Shark
1252 Dean Street [Corcoran] GMAP P*Shark Archive!
CHP is absolutely right! I’m around the corner on Bergen bet. NY & Bklyn and that Dean Street house is really drool worthy. Congrats to the new owners. Hope to see you at the next CHNA meeting. WELCOME!
To be sure, house prices in Crown Heights, as elswhere, have come down from their bubble highs, which translates as better value, and signals the onset of a buyers’ market.
I’m sure there are many of you who will disagree, but with the upcoming designation of Crown Heights North Historic District, and eastward development on Atlantic Ave. that will result from Ratnerville (like it or not), Crown Heights North will soon be one of those areas where you wish you had bought that brownstone.
I’ve been on Park Place and Brooklyn Ave. for five years now, so I have a good idea of what’s going on. My friends and neighbors, many of whom have been here all their lives, are similarly optimistic. I beleive our optimism is well founded, and not just a result of wishful thinking because we’re invested here.
It’s interesting to see if the pundits are correct over the course of time. In the case of the Dean St. house, which was a beautiful period one family home, never touched, except for the kitchen, the pundits like Desk Sgt were so wrong. The house sold in the $900K range. There are still people for whom the prospect of living in an intact period house, in a stable neighborhood, is worth the money. This house is 3 blocks from the A train, 8 blocks from Eastern Parkway and the 3 train, near banking, supermarkets, etc, and is on one of the prettiest blocks in CHN. One could certainly do worse for much more.
To the new owners – welcome to a great neighborhood!
Don’t know what the final prices were but both houses are now marked sold. I have been in the dean St house- it was truly droolworthy. Lots of original detail, in good shape,even the original embossed wallpaper.
It’s around the corner from me and yes, CnHgtN is still up and coming, it is definitely on the rise. It’s a great neighborhood.
Does desk Sgt really think a 2Br in crown heights sells for $3k per month? What is he smoking? Neither of these houses would fetch $4k as rent.
News Flash to anon 10:19: Bob didn’t write the “news flash” post. That was the work of the Desk Sgt. The name of the author of the post appears below the line, not above it.
News Flash to Bob. $500K brownstone means you’re paying about $3k per month before tax savings for a single family or a triplex with rental income. In my neighborhood a 2br floor through rents for that.
NEWS FLASH: Has anyone in Brooklyn heard about the housing bubble?.
Right now we’re starting to see only the BEGINNING of a turning point in a market that WILL head DOWN from now on, it’s only a question of how fast or slow it’ll do it.
That leaves buyers asking the question; “why should I buy anything now and probably overpay when I can sit around awhile and see how far down it goes?”.
Those brownstones are probably worth $500-600K in the REAL world.
And sorry to say…reality is RETURNING.
Well–it shows a sense of humor at any rate