What will it sell for?
Started by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007
Discussion about 208 West 11th Street
Popular area. Nicely, not newly, renovated but no elevator.
That decor though. Blech.
Look to the left.
Is this what you mean 30yrs? https://www.google.com/maps/place/208+W+11th+St,+New+York,+NY+10014/@40.7364777,-74.0016103,3a,75y,166.75h,97.14t/data=!3m6!1e1!3m4!1s4BX5cfJXv3cK3Z9y3t6Xmg!2e0!7i16384!8i8192!4m5!3m4!1s0x89c25995c4434a49:0x1b83e10506bb02f9!8m2!3d40.7363393!4d-74.0015854
Also go around the 7th Ave side and see exactly how close the building behind this one is, and what the outdoor space in this house is going to be like, on top of just how close to the avenue you are and the chance of having a restaurant or other retail literally next to your stoop.
https://ny.curbed.com/2014/10/7/10038402/split-personality-village-building-wins-landmarks-approval
The lot size is not deep. So the outdoor space is limited to start with. I think the location is still pretty good.
Which would you pick:
https://streeteasy.com/sale/1311729
Personally I would find both too expensive. If I had enough money, I would gone for East Village one $1.5mm lower than the recorded sale as one can do a lot with it including expansion. However, there is at least 30-50% premium for Prime Greenwich Village / West Village over east of 3rd avenue. 208 West suffers from a lack of light at the back and meaningful backyard. I do not know what price to put on that, which is why I posed the question in the title.
2 questions:
What do you think the actual square footage is, and
Do you think as it is it trades over $2,500/SF?
As far as "there is at least 30-50% premium for Prime Greenwich Village / West Village over east of 3rd avenue" goes, I counter with
https://streeteasy.com/sale/1274299 (which Streeteasy has closing at $2,300,000)
Vs.
https://streeteasy.com/sale/1244154
I meant 30-50 percent premium for townhouse. The listings you posted are both very nicely renovated. One may say west 9th street is better renovated. However, the foot print in terms of width is very different.
208West is 3200 plus cellar. I think there will be buyers at $6.5mm which is appx what the seller paid in 2013 despite the negative of building next door (I am sure one would have expected that at some point of time). However, townhouses in this areas at this price point are in high demand. This one has very low taxes as well. That is why I can not guess a reasonable range.
I you watched the video from the other thread about market conditions, on of the Brokers noted that we're back in a "one strike and you're out" market (a few years ago you could have three strikes against you and still not be out - poor location? High maintenance? Not renovated? No problem! Now as that agent noticed you have a land lease building and you're in trouble).
As such I think while the neighborhood is excellent, the particular location within it isn't. And while I agree with 300 that I think they would still have interest at
$6.5MM the current price is so far away from that I'm not sure they are going to get offers. It would be different if the house was a wreck and it needed $10 million buyers who would put in $6.5 in purchase price and $3.5 in renovation. But I think this house is for someone who wants a house in the West Village but can't really afford one so they will accept one with the defects necessary to bring it down into their price range.
Agree. I merely mean $6.5mm as a floor. Not every one needs a big house. My best guess is that it will clear at $7.5mm-$8mm. Taxes are very attractive relative to a new condo and one can add a very nice roof deck and elevator for 500k. The rest of the house seems in very nice condition.
Exactly where would you put this $400k elevator?
Potentially where the powder room is on Garden level. Small 2 person elevator.
I don't think that's doable. It would be free standing (as opposed to against one of the party walls), it would go through the hallway on the second and 3rd floors requiring fairly extensive redesign of those floors, and there is probably a fairly brutal header there for the floor joists to wrap around the stairwell.
The other option will be just above the staircase where the kitchen refrigerator is. The elevator technology has advanced and you can get elevators with much smaller foot print now.
I wonder how many people attended the open house, because this is typical"Open House bait" (i.e. a good location where most people won't realize the drawbacks until they are standing in front of it or in it, and priced well as compared to what on a very redimentary way could be considered the competition. )
Overpriced! In a nice area of Brooklyn it would be way less than half of the price.
A quarter a nice area of Queens of course.
You're not going to find too many brownstones in Queens (I know there's like a 2 block section in LIC).
But you can get a house with yard for much cheaper in the best area of Queens. What can be better than that.
Not having a 1.5 hour commute each way like I had when I lived there (and off hours could be 2.5 hours).
And if you don't drive ... Forget about living there.
Sorry, I was meaning my Queens comment for Baumm who was commenting how BK is cheaper.
https://homeia.com/10-important-features-to-consider-when-buying-a-house/
Ha.. We are all too bearish on this board. Sold for $8.9mm.