House of the Day: 641 10th Street Revisited
This brownstone at 641 10th Street was a House of the Day back in September when it was listed at $2,399,000. At the time, we thought that the sellers would likely get close to their asking price but it looks like we were wrong. Here we are nine months later and the beautifully appointed pad…
This brownstone at 641 10th Street was a House of the Day back in September when it was listed at $2,399,000. At the time, we thought that the sellers would likely get close to their asking price but it looks like we were wrong. Here we are nine months later and the beautifully appointed pad is still on the market, only now at a slightly reduced price of $2,250,000. Other than the obvious shift in market, the one challenge that this place presents is its two-family, double-duplex layout. We could be wrong, but we suspect that most potential buyers for this type of place would prefer the more standard owner’s triplex atop the single-floor garden rental. The kitchens in this place also aren’t going to win it any friends. So what do you think the price needs to be to get this done?
641 10th Street [Townsley & Gay] GMAP P*Shark
House of the Day: 641 10th Street [Brownstoner]
I wish this listing had a better floor plan on the website, would be nice to see dimensions on the house. I could tell that it was an owners triplex with a garden rental. I don’t think it would be worth converting the parlor floor into part of the rental unit, a house on my block just did that, the owner is asking for 4-5K for the duplex rental. Thats tougher to move compared to a 1 bedroom simplex.
I’m not a big fan of the sloped roof in the front rooms on the 4th floor, but I know thats the style in a lot of the houses near the park. But the rest of the layout is ok, the 3rd floor being used as the Kitchen/Dining Room space is awkward, but not too out of the ordinary.
it’s anybody’s guess what this will go for, AND what circumstances will cause it to sell low or high. one thing….based on what we know now….for this house to sell for 1.4 it would have to be a shell. for it to sell for the current asking seems highly unlikely. you can’t take the park out of the park block, but there are other park block homes unsold at the moment, the ones i know about have been reduced and are still available, so there is plenty to choose from. when a house is an excellent house, such as one on the 8th st park block that went into contract quickly not long ago, the deal gets done quickly. the rest become fodder for discussions about which floor the kitchen should be on as opposed the one it’s on, and the listing gets stale. perhaps this gets sold in the high teens, but by the time the seller is ready to deal it could be a year from now. there is no substitute for meeting the market that exists head on if you’re really serious about selling.
yeah, I noticed that too – it IS a triplex over a garden apt. sort of sucks to have the kitchen on the 3rd floor though.
If you guys actually read the listing you would see that it is currently being used as a triplex with ground floor rental. What might have thrown you off is that the owners’ kitchen is on the 3rd floor.
Yeah, the financials as stated by boerum hill and snark slope clearly make no sense from the standpoint of the average person who would buy a property of this sort. I personally love the double duplex concept because two floors of a standard size brownstone is enough for my family and the second duplex takes a big bite out of the mortgage (this is the kind of property I bought). But the house has to be in a price range that makes this kind of arrangement make sense.
No, waive, Snark. I want a river.
And yeah, nice numbers @ 2:23.
***Bid half off peak comps***
people need to learn how to sell in this market. you price below market value to attract people. These idiots will be chasing the bid down to 1.4 before they wake up
Snark, that was a brilliantly simple way to make the point.
> The rental duplex could cover about $700K of mortgage
So you have to give up 1/2 of the house to cover 1/3 of the mortgage?
Sweet deal!
In Cloudcuckooland.