House of the Day: 52 Strong Place
We never cease to be amazed by home owners who, in this day and age, will hire a broker whose marketing scope is limited to a small sign in the window with a cell phone number. Such is the case at 52 Strong Place, a four-unit house in Cobble Hill that appears to have been…
We never cease to be amazed by home owners who, in this day and age, will hire a broker whose marketing scope is limited to a small sign in the window with a cell phone number. Such is the case at 52 Strong Place, a four-unit house in Cobble Hill that appears to have been the victim of an unfortunate facade renovation a few decades ago. (Lost City calls the house “the street’s ugly duckling.”) Given the number of units and the condition of the exterior, it seems unlikely that the interior will have much to recommend it. Which makes the asking price, which a tipster found out by calling the broker, all the more surprising: $2,499,000. Bonkers, right? The broker is Welcome Home Realty, 917-495-9569. Update: Thanks to the reader who tracked down the listing and some photos here. GMAP P*Shark
One year on, this finally closed at $1.5mm. Makes the attempted flip on the wreck up the St (22 Strong Pl, $2.895mm) look foolhardy at best…
Wow… where do I even start… I guess I will have to contain my laughter first… I am not sure which is more pathetic this article or the negative comments…
First of all… if a house is for sale why not put a sign on it? Of course I am going to put a sign on it – how else would a passerby admiring the block know it was for sale?
Having a cell number on it is so as to not miss a call – and I will tell you I have received dozens of calls from the sign… apparently one from the tipster.
Second of all… you all know soooo much – I am astounded, perhaps one of you is for hire and I could pay as a neighborhood expert, like a consultant maybe. Here is some homework for you… take a look at what 44 Strong sold for – gut renovation – smaller lot. Come back and report to me then on how far off the price is. Hmmm… Silence falls on the haters.
Lastly, so much on the facade… it is facing that can be removed – the original brick work lies behind.
And a PS… wow, you all consider this such a great neighborhood – as do I, meanwhile you are all online bad mouthing your neighbors like some old hags in a bingo hall. Get over yourselves – I’ll be back to report on what it sells for.
Wow… where do I even start… I guess I will have to contain my laughter first… I am not sure which is more pathetic this article or the negative comments…
First of all… if a house is for sale why not put a sign on it? Of course I am going to put a sign on it – how else would a passerby admiring the block know it was for sale?
Having a cell number on it is so as to not miss a call – and I will tell you I have received dozens of calls from the sign… apparently one from the tipster.
Second of all… you all know soooo much – I am astounded, perhaps one of you is for hire and I could pay as a neighborhood expert, like a consultant maybe. Here is some homework for you… take a look at what 44 Strong sold for – gut renovation – smaller lot. Come back and report to me then on how far off the price is. >
Lastly, so much on the facade… it is facing that can be removed – the original brick work lies behind.
And a PS… wow, you all consider this such a great neighborhood – as do I, meanwhile you are all online bad mouthing your neighbors like some old hags in a bingo hall. Get over yourselves – I’ll be back to report on what it sells for.
This HOTD is high-larious. It makes zero sense as an investment on any level:
$114k gross annual income = 4.6% return GROSS! figure a lot less after insurance, taxes, utilities and maintenance. You won’t even cover your mortgage, never mind get a positive return.
The numbers get worse if you are an owner-occupier. Assuming 20% down, you’ve got a $2m mortgage which will cost you $100k in interest alone. Figure another $40k a year on utilities, insurance, maintenance and taxes ($10k per apartment) and you are paying $140k a year with income of $75k – so a net $65k pa / $5,400 per month to live in 1100 sq feet? (and all the hassles of being a landlord)
As an investment property, this one really should be half-off.
The only way this makes sense at anywhere close to ask is as a one-family for Mr Luxury Moneybags – not too many of them around these days.
I bet you could sell the “garden corridor” to the adjacent homeowners so that the lots are more regularly shaped and make a decent amount of money doing it.
What’s an extra 20′ to your yard worth, especially if they’ve been shooting air guns?
The more I see and hear asking prices like this. I get more convinced that real estate brokers should have random mandatory drug tests. After all they are licensed. Licensed in what? Stupidity? If Cocorean was brokering the deal they would have put some IKEA plants outside and stated that the house has great potential. Asking 4 million.
Wow, for 2.5 mil you get to live in 1000 sq ft damp basement with 3 other families just to pay the mortgage that you wont be able to get without about 40% down. Yippee! But just think, in 3 years when the economy recovers this will be worth $20 million or more.
My building faces the rear of 52 Strong Place. In the hands of a loving homeowner, the backyard, including the long garden “corridor” stretching several brownstones wide, can be transformed into a treasure. Better than the air gun shooting range that they use it for now.
Here is an interesting comp:
http://www.vespaproperties.com/listings.php?pt=town
listed at $2.499 (down from $2.7 I believe) this is around the corner from Strong, directly across from PS 29.
I saw it a year or so ago. 3 renovated mint apartments. Bottom duplex (the “yard” is about 2 feet deep, literally), 2nd floor, and 4th floor. The 3rd floor is a SCRIE tenant I believe (a relative of the owner if I remember correct).
The renovations were top notch, but that 3rd floor unit was never shown (we saw the building 2 or 3 times) and was described as “original”.
So, Strong Place, smaller, older, better yard, slightly more quiet street…
… it might still be for sale a year from now too