HOTD: Price Cut at 181 Washington Park
When this perfectly restored brownstone overlooking Fort Greene Park debuted at the beginning of the Summer, most people had the same reaction: “Totally awesome but $4 million?” That was then, this is now. Brooklyn Properties was given the axe a few weeks ago in favor of Brown Harris Stevens, who has now trimmed $200,000 off…
When this perfectly restored brownstone overlooking Fort Greene Park debuted at the beginning of the Summer, most people had the same reaction: “Totally awesome but $4 million?” That was then, this is now. Brooklyn Properties was given the axe a few weeks ago in favor of Brown Harris Stevens, who has now trimmed $200,000 off the asking price. It still seems like a reach to us but when you’re dealing with a spectacular house, you just never know. Stranger things have happened.
Washington Park Townhouse [Brown Harris Stevens] GMAP P*Shark
Stepping Out On FG Park (For Almost $4 Mil!) [Brownstoner]
It ain’t worth 3.75. Period. It’s the wrong “park block” for that kind of money. Say what you want, the owners bought it for 1,250,000 in 2002. 200% growth in value in 4 years? I call b.s. They should be happy to take what they put in (300k?) and 10% per annum compounded, or 2.25 roughly. Any more than that either a. they got ripped off in the reno, or b. they’re greedy, or c. both.
If I’m them, I try to take my chips off the table at 2.25 or above. It’s Fort Green, not the West Village. Any comparison between the two is dumb.
If they claim they put 600k in, fine, it still works out to 2.6 or so for the house. Anything more than that is not making sense. Especially in this market.
That block IS nice. But the surrounding areas aren’t. That’s just a fact. Myrtle Ave. ain’t Horatio St., I wish it was.
This house is worth the money. Just try to live through a renovation and you will know that just buying in to a done house is worth the money if you can afford it. $2m would get you a gut reno on your hands 5 yrs ago in the W. Villlage. $1m would have gotten you the same in Ft. Greene. Most properties on the market throughout Brooklyn are tired at best. To find a done house is really rare. Somebody will understand this. p.s. I’m not the broker, but live in the area and love the house.
It’s pointless to compare this property to 191 Washington for several reasons:
1. It’s DOUBLE the price (in ask). Double the downpayment, double the monthly payment, double everything else. 191 could be had if you had 500k ready and the finances to handle the monthly, 181 needs almost 800k down and it’s quite a bit more in carry charge. Steep.
2. 191 was a 4 family. There’s lots of people who could finance a true 4, either keep it fully rented, move into one or two units and slowly refurbish (although it was in nice shape already), ect. ect. It had a nice positive cash flow already waiting to be tapped, I’d guess close to 8k a month, if all 4 were rented out. That nearly covers the mortgage if you had 20% down. You’re looking at out of pocket costs and fees. 181 is really a 1 family. It’s zoned as a two, but you’d have to do a duplex over triplex and the duplex doesn’t have a kitchen. I’m not sure it has a bathroom. Big bummer, as ALL the extra bedrooms are up there. So as the owner, you’d own a 1 bedroom apartment for 3.75 million, and lost 40% of the square footage, making it an outstanding $1400 a square foot, if it’s a 2 family. And the market for that duplex, without a good public school nearby? Pretty limited.
3. Finally, the number of people who could buy that is really limited. A 4 family is one thing, but a 1 family for 4 million dollars? Sounds great, but you better have DEEP POCKETS for that.
OK try living lose to Fulton west of Vanderbelt. That is Fort Greene and there are no, repeat, no services there. It IS a hike to go any where to get anything: drycleaning, non-rotten food, shoemaker, butcher, housewares, etc. etc. You can’t even buy a magazine, forget flowers. THAT is what Park Slope and Brooklyn Heights have that Fort Greene doesn’t have.
anon 11:40am – are you asking about a total gut job? i think $1-1.2mm for 5 stories gets you a great job w/ central AC.
i think this house was a little less than gut job and im sure less than $1.2mm went into it.
You can afford a $4mm house, while sending your kids to PSanything?
Wow, you really have your priorities in order.
$1.6MM renovation cost? $363 per sq ft. You must be using Tony Soprano, Architects, LLC, and Tony Soprano Construction, LLC, for your renovations. You should ask them to throw in one year’s free lap dances at “Bada Bing”
BTW no ones spends $1.6MM to renovate, but doesn’t put in HVAC or fix up the fireplaces. That should be a clue for you.
Anon 11:22…have you seen the house in question?…what do you think NYC/Brooklyn high-end reno prices are per sq.ft?…very interested in your obviously well informed opinion before I make any decisions on my reno…
$1.6mm reno cost… haha nice one
i bet for less than $3mm and by the way
market is not going up no more.