House of the Day: 465 13th Street
The three-story brownstone just hit the market on March 11 but it’s already received an insta-price cut from $1,775,000 to $1,650,000. The house appears to have its details in place but it comes off as a far more modest pad than, say, last Thursday’s House of the Day at 601 6th Street. And while it’s…
The three-story brownstone just hit the market on March 11 but it’s already received an insta-price cut from $1,775,000 to $1,650,000. The house appears to have its details in place but it comes off as a far more modest pad than, say, last Thursday’s House of the Day at 601 6th Street. And while it’s a million bucks cheaper than the 6th Street House, the asking price is only about $50 per square foot cheaper. Given the difference in location, condition and grandeur, we’d argue that 6th Street is a more attractive deal. That said, on an absolute level, this is a decent way for some family to get an attractive brownstone in the Slope for not crazy money.
465 13th Street [Susan Breen] GMAP P*Shark
Chicken, no, I didn’t see the photo button, but now I have. My god, what are people complaining about? This place looks beautiful. Of course, I can only afford $430,000, so I won’t be buying this place or anything in Berkeley either.
^Not including cost for renovation if needed, higher operating expenses, plus the fishy looking taxes (should be much higher imo), also look what water and sewer rates have done in the past 2 years.
Still overpriced with regard to 13th Street even assuming my bloated stats:
3 apartments for max: 2500/mo x .95 (vacancy) = 2375 x 3 = 7125 x 12 = 85,500 – operating expenses (minimum 20k) + taxes (4k) = 61,500 NOI / best cap rate for this area (4%) = 1.5375 million at BEST.
That little nugget wishinone threw out is a big one… “also, i should add that most places we looked at were in better shape than you’d see in brooklyn.”
It’s not just that the prices are ridiculous here. It’s what you get for your pot of gold. While I can’t afford a $1+ million home, I would find it hard to justify spending that sort of scratch on the fixer-uppers this city is hawking. Seriously, $300-$800k I can see doing some repairs and so on depending on how big the place it… above that, it had better be damn well close to perfect.
mopar, you did click on the button that said “photos” didn’t you?
also, i should add that most places we looked at were in better shape than you’d see in brooklyn. a lot of renovating in CA. cheap home equity money, i guess.
I grew up in the Bay Area, whole family still lives there. We have seriously considered moving back a couple of times over the last few years, but have decided not to for a couple of reasons. One is price, the other is schools.
Since we wanted to retain something of the pedestrian scale life we love in Brooklyn, we narrowed our searches to Berkeley, parts of Oakland and San Francisco. There are some places in the peninsula you might find something similar, but not really. Our experience with home shopping there is that if you want a 3 bedroom home in an area with good public schools, walking distance to restaurants and shops, and close to BART, you were looking at about $750-$900K in Berkeley, more in the nicer parts of Oakland such as Montclair or Piedmont(Shopping as recently as a year ago). This is pretty comparable to Park Slope, where we live now. You’ll still need a car, and the BART is not the same as the subway. In SF, the public school system scared us away.
The trouble with the Bay Area, as mopar said, is that prices don’t go down that significantly the farther you get from the city. The BA work situation is that companies are spread out all over the place, and there is no one single “destination” such as Manhattan. Therefore, prices can get driven up by an insular local market that just wants to live next to Google or Cisco, or whatever. You truly do have to spend 2+ hours in your car each way to find something that’s really, really cheap. It’s much easier to do that in NYC.
My 2 cents.
and fwiw, this HOTD would be a dream place for us. Love this area, we are a small family. No can do price-wise.
Muffie and Mopar;
The only comment I’ll make about the Bay area (to which I travel alot on business) is that BART has really declined the past few years. The public transportation in the Bay area is still way behind that of NYC. Recently I’ve beebn trying to take the train to San Jose from SFO. It is an ordeal, to say the least. My point is that access to BART is not worth the same as access to our subways.
Don’t know when you left Berkeley Mopar, but good friends of mine bought a house there not long ago in the $300’s. It too went way up in the last few years, but now has gone down a bit. It’s probably valued in the 600’s (maybe 700K tops) in today’s market, for 1600sf+ plus garage, lovely garden, nice neighborhood, near BART, quick trip to San Fran for work, etc. I would love to have such a set up in as good an area of Brooklyn…