« Little Dishes Becomes Little D Eatery Mullame's Bar & Grill Comes to Lafayette Ave »
September 18, 2006
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 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!
Comments
aren't these houses in crown heights and not prospect heights?
Posted by: ruth at September 18, 2006 12:04 PM
yes, crown heights.
Posted by: Anonymous at September 18, 2006 12:17 PM
Detail/curb appeal (Dean) vs. Location/rental income (Park). Park wins. With Dean you have to cross busy/seedy Atlantic for the nearest train and you're further away from downtown. Just about everything not in contract is overpriced nowadays as the standoff continues. However, given the threat of a recession/more crime, location is pretty damn important.
Posted by: Anonymous at September 18, 2006 12:18 PM
...and rental income
Posted by: Anonymous at September 18, 2006 12:21 PM
$750k maybe....
Posted by: Anonymous at September 18, 2006 12:23 PM
“The National Association of Realtors may report on Sept. 25 a decline in existing home sales for the fifth straight month, says David Lereah, the group’s chief economist. ‘For the next couple of months, we’re probably looking at between zero to a five percent drop in prices,’ Lereah says. ‘The only way for home sales to come back, and for inventories to start to diminish, is for sellers to start to bring prices down.’”
Posted by: Anonymous at September 18, 2006 12:24 PM
bring it down to 500K and call me first.
Posted by: Anonymous at September 18, 2006 12:33 PM
seems to me these houses are pitched to very different types of buyers. i mean, sure, somebody with enough dough to buy the 1-family house could also afford the park pl house, but why would they? to be sure, i couldn't afford either, not by a longshot!
Posted by: Jimmy Legs at September 18, 2006 12:34 PM
Think tenants at Park could be potential dealbreaker?
Posted by: Anonymous at September 18, 2006 12:38 PM
Dean St. house is lovely though.
Posted by: Anonymous at September 18, 2006 12:44 PM
These houses are still too high for the neighborhood, IMHO.
Nevertheless the house on dean is lovely, that block has to be the best in NCH. But if I had the money I would go with Park Pl. Since I'm not at the single-family stage in life yet, I want an investment where I can live and pull in rental income. Just drop the price already; NCH is still up and coming not arrived and stable.
Posted by: QBorBK at September 18, 2006 4:20 PM
I think the proper price range for these houses to seel now is $700-780K. Houses appear to appeal to different buyers, each has its unique qualities. Neighborhoods are up and coming, but a potential recession could mean a long wait before the area makes it. Remember long before the recent market increase, crown heights was at times considered up and coming, and for some reason, even with the recent craze, it still has not made it. In the new market, I would move slowly here.
Posted by: Anonymous at September 18, 2006 4:59 PM
I don't know about 700K. If the house is pristine it WILL sell in the high 870 - 950. There was a beautiful one family on Sterling between Franklin and BEdford that just sold for $910,000. It was on the market for awhile but the owner held fast on his asking price of $900
Posted by: Anonymous at September 18, 2006 6:36 PM
Love the bombay tv link about moving to PLG that anonymous posted above! Thanks for that.
Posted by: kittyn at September 18, 2006 7:24 PM
Well--it shows a sense of humor at any rate
Posted by: Bob Marvin at September 18, 2006 7:32 PM
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.
Posted by: Desk Sgt. at September 18, 2006 10:06 PM
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.
Posted by: Anonymous at September 18, 2006 10:19 PM
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.
Posted by: Anonymous at September 18, 2006 11:51 PM
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.
Posted by: Anonymous at September 18, 2006 11:57 PM
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.
Posted by: Bx2Bklyn at January 9, 2007 11:36 AM
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!
Posted by: Crown Heights Proud at January 12, 2007 11:45 AM
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.
Posted by: Hal at January 12, 2007 11:51 AM
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!
Posted by: faithful at January 12, 2007 11:56 AM
Post a comment
Please be patient while your comment is published. It may take a moment.