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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.
Response by Squid
over 7 years ago
Posts: 1399
Member since: Sep 2008

That decor though. Blech.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

Look to the left.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009
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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

The lot size is not deep. So the outdoor space is limited to start with. I think the location is still pretty good.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

Which would you pick:
https://streeteasy.com/sale/1311729

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

2 questions:
What do you think the actual square footage is, and
Do you think as it is it trades over $2,500/SF?

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

$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.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

Exactly where would you put this $400k elevator?

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

Potentially where the powder room is on Garden level. Small 2 person elevator.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

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.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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. )

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Response by baummm
over 7 years ago
Posts: 12
Member since: Jul 2016

Overpriced! In a nice area of Brooklyn it would be way less than half of the price.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

A quarter a nice area of Queens of course.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

You're not going to find too many brownstones in Queens (I know there's like a 2 block section in LIC).

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

But you can get a house with yard for much cheaper in the best area of Queens. What can be better than that.

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Response by 30yrs_RE_20_in_REO
over 7 years ago
Posts: 9878
Member since: Mar 2009

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.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

Sorry, I was meaning my Queens comment for Baumm who was commenting how BK is cheaper.

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Response by annakieu541
over 7 years ago
Posts: 0
Member since: Sep 2018
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

Ha.. We are all too bearish on this board. Sold for $8.9mm.

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