Sunday was a beautiful day for open housing. Over 20 open houses and more than a couple our price range. Sadly, I had to work. So I missed all the fun But my missus picked up the slack, packing up the baby and going to three of them without me.
The comments below are mostly hers.
76 Clinton St
- MLS# 2167330 – Zillow Page
- Ask $399,000
- Prior Sales: none
- 4 bedrooms – 2 bath
- Taxes: $8,734 – Village Taxes: $483.00
This was the first house on the agenda and there were a lot of people there.
Wow, this is an interesting house. In a bad way. There were so many tchotches! Debra had the baby in the Baby Bjorn and thought she was going to turn around smash something.
The entire place was old and smelled it. The kitchen was small. It had fewer cabinets and less counter space than we have now. There were hideous wood-printed cabinets–although there was real wood inside, so I assume the carcasses are the originals. If you could open the wall to the dining room and took over some of that space and completely redid the kitchen it might be nice. Might.
The bathrooms are almost all original, but again, not in a good way. The walls are covered with that plastic marbleized stuff they did back in the 50s. Ugly. Debra told me that she’d heard about this stuff, but she’d never actually seen it.
Apparently the owner is a carpenter–which doesn’t explain the kitchen, but explains the weird closets all over the place, and the wood nailed on the walls in the bedroom downstairs. There was a scary doll in a full-sized cradle in one of the upstairs bedrooms. They had a huge finch cage–Aurora liked the birds.
The place did have a nice large unfinished basement with ceilings we could walk under, although not high ceilings. The garage had been built into so it’s doubtful that anything bigger than a Smart car would fit into it. There’s storage above and inside. The yard is small but OK and there’s a cute shed/playhouse. I think they keep birds in there in warm weather.
Debra’s verdict on the house: waaaay too much work for us. Needs a new kitchen and two new baths, stat. All the rooms need freshening–new doors, etc. It could be a nice house with a lot of money sunk into it, but we’re talking a lot of money.
There were quite a few people at the open house, but I think most of them agreed with Deb — too much work for that price.
44 George St
- MLS# 2162510 – Zillow Page
- Ask $399,900
- Prior Sales:
07/02/2007 – $360,000
11/01/2004 – $310,000 - 3 bedrooms – 1 bath
- Taxes $7,326 – Village Taxes: $806.26
Like Yogi says, it’s deja vu all over again. We saw this house back in June of 2007. You can read the first open house report. We really liked it back then and I was a little disappointed when it sold. So, here we are, a year and a half later, and it’s back on the market.
They fixed the broken tiles in the bath, and put in a new pedestal sink, but the bathroom is still as incredibly narrow as ever. It’s so small that you might consider giving up space in the living room to enlarge it a bit.
The biggest change to the house since the last time we saw it is that they’ve started to finish the basement. It’s been studded and the electrics put in, but the drywall and such isn’t done yet. They were putting in another bathroom, a playroom and maybe a laundryoom. The finished ceiling would be about 6.5′ or 7′ if lucky. Apparently the estimate was $17,500 and they paid $5000 already. They will include the plans with the house. And they put in a teeny above ground pool, it’s about 3′ deep. There were a good few people there–not as many as at Clinton, though.
The big problem here is the price. The house sold for $360K just a year and a half ago. There really haven’t been any major renovations. How do you justify $40K more when the market has dropped through the floor in that time period?
99 Park Ave
- MLS# 2166017 – Zillow Page
- Ask $479,000
- Prior Sales:
05/26/2005 – $455,260
06/07/2000 – $134,000 - 3 bedrooms – 2 baths
- Taxes $8,114 – Village Taxes: $862.60
Debra says, “Wow. I love this house.” They did a great job fixing the place up. They replaced all the doors, even closet doors.
There’s a lot of room downstairs, although the flow in the living room is a bit odd. It’s possible that they don’t use it much if at all. There’s a weird little side bit with no furniture in it. It might might be a good place for a desk.
The dining room is huge and lovely. There’s a little bump out on one side that’s very pretty . Debra says she’d put a window seat in it.
The kitchen is very open. It’s all original with a great farmhouse sink, but very little counter space. It’s OK as-is, but it’s going to need some updating sooner rather than later. They have a couple of pieces of freestanding cabinetry for storage and to give counter space. There’s a nice full bath behind the kitchen. Debra really loves the farmhouse sink. It’s similar to the one her sister has out in her Montauk house.
The great room is wonderful, other than the gas fire-stove thing. It looks like a wood-burning fireplace but it’s gas with a remote. I don’t know how hot it gets, but the Realtor did say that the owners spend all their time in the great room with their year-old baby.
The staircase is scary to the upstairs is scary. It lists to one side. It might just need a little work, maybe a new banister, to make it safer. Still it’s bothersome.
The front bedroom is nice, a little small. There’s another nice, smallish bedroom in the back. Unfortunately, the only bathroom upstairs is inside the back bedroom. You have to enter that bedroom to get to the bathroom. The third bedroom is tiny.
The yard is huge and lovely and the deck is nice. It’s quiet inside with the windows shut. But during the summer the windows will be open and we’ll be hearing the road noise from this busy corner.
OK here’s the deal. Again..I’m really not in the business…..just a lifer here. The house on George Street never really changed hands, father bought it for the kids, kids transferred title a few years back, now they are selling it for a bigger house. And..it is a nice place.
The one next door has really come down in price, and that’s a real good looking place also.
Really blog? Hmmm.
Here’s the data on two most recent sales from Property Shark.
6/25/2007 – $360,000
Seller – Stephen J III King – 44 George St
Buyer – John M Macquarrie – 44 George St
10/19/2004 – $310,000
Seller – Dorothy E Estate Of Pullis – 44 George St
Buyer – Stephen J III King – 44 George St
King is MacQ’s father in law. I don’t lie.
Cmon Gary…you should know my info’s been good so far. I’ve been here for YEARS!!! lol
I wasn’t accusing you of lying, dude. I was just curious. What you say explains a few things that I was wondering about the 2007 “sale”.
We really like the 44 George house, but probably not for $399K.
Blog, you always give the good inside intel.
Blog, however true it may be, it still sounds like a convoluted song-and-dance crafted by a used house salesman to grease the skids. I believe nothing I’m told, especially not by the seller looking for my money and doubly so from their hired sales flack. Why should I if the available data suggests otherwise?
Is the premise that the $360k “family” transfer was a lowball price? I understand the pitfalls of doing a $100 family transfer, but why $360k? Why not just do it at $310k and save 12% on the transfer taxes? I doubt that I could sleep with the the daughter of the man paying for my house under the roof he’s paying for – but that’s neither here nor there, and it may just be me (Damn self-respect!).
Say I agree with you and the $360k has no indicative value. It was still an arms length transaction in late 2004 at $310k, and the Case-Shiller index currently has us back around 2002 in inflation-adjusted terms(http://3.bp.blogspot.com/_pMscxxELHEg/ScFO7LpbNXI/AAAAAAAAE0o/QYCiZHtsSAA/s1600-h/HousingTwoBottoms.jpg); and a CPI calculation of $310,000 in 2004 inflates to only $350,000 today (http://data.bls.gov/cgi-bin/cpicalc.pl).
Gary’s assesment is spot on (not to mention supportable by objective data).
Moose makes a good point here. The $360K transfer in 2007 is curious. Why that number? Was it a tax issue?
To counter Moose a bit here, the 2004 $310K price was an estate sale and there have been some renovations done to the place since then, so an offer at this point would need to reflect that reality as well.
Just so you know i’m not a greasy saleseman..but more of a long time resident.
If I drove down a street, I could tell you, oh that’s Mrs. Wills old house, now owned by Nick… or that house is Gus’s Daughter’s (Ann St) who grew up on Mason Ave, or that house is being sold because Russ’s parents are getting a divorce. (Paumanake) Or that house used to be owned by Jimmy before he got remarried and moved to Argyle Park. (Pilcher St) Trust me folks..it’s a SMALL village. when you’re a lifer, everyone knows everyone, especially if you are a product of the School System and various community organizations.
The kids couldn’t get a mtge at the onset. Dad bought the house, gave them a few years to secure their own financing and pay him back the money they borrowed to get into the place. sheesh.
In any event, my only point in the matter was the house was sold from the estate to the present “family” who are now trying to move on. Overinflated price or not, its a cute house. We all clear now??
Looks like a little rain this weekend, hope you can find a break for some open house touring. And Gary, this really is a great website.
“The kids couldn’t get a mtge at the onset. Dad bought the house, gave them a few years to secure their own financing and pay him back the money they borrowed to get into the place. sheesh.”
Usually when ‘the kids can’t get a mortgage’, the result is the kids can’t get a house. If Sugar Daddy hadn’t been standing by checkbook in hand, the house would have sold to the next lowest bidder in 2004 at $305k (maybe less). Two years on the kids secured their own financing with the help of a little ‘bubble equity’, courtesy of a suitably pliant appraiser. Not really the tug-at-your-heartstrings story that makes my want to open my wallet and cash them out.
Looks like the kids will have to find another buyer with their own Sugar Daddy backing them if they expect to get thier asking price. I expect there are fewer of those around.
Thanks, Blog! I appreciate your contributions to this site very much.
moose so negative….you move into a fixer upper..hope to ride the wave…..end up 3 kids later..you need more room..unfortunately the market turns and they’re hoping….
‘…hope to ride the wave’
‘the market turns and they’re hoping…’
Hope is not a strategy, just as change is not a destination. -R. Giuliani
Perhaps I’m negative because the same generation that had the opportunity to buy a newly built home for less than 3x the median community income wants to sell that same (now 40-year used) home to the next generation for close to 10x the median income. They’ve done nothing to justify the increase in value (see Gary’s above description of 76 Clinton). The house they bought for 3x income was newly built and state of the art, with factory new mechanical systems – the house they are selling is decidedly not. On that basis it shouldn’t even be worth 3x contemporary median income.
All the while, 15% of my income is being taken from me and given to that generation, on the laughably unfulfillable promise that I’ll get the same when I am old (let’s ignore for a moment that I would be only slightly worse off for putting that money under my mattress for 30-odd years).
What I see is that the generation who barely saved two nickels for their Champagne Wishes & Caviar Dreams retirement came up with a plan – “You screw my kids and I’ll screw your kids, and we’ll all retire in Boca together.” Only they didn’t have the courage to say it out loud.
The media has focused the public’s outrage in the mortgage mess on the banks, because the banks got rich skimming of of every deal that crossed their desk – its much easier to focus on the villain banks, not very likable from the outset (not to mention they are on the receiving end of billions in public handouts). But at each closing table the largest cut of the pie went to the seller. Look at the Case-Shiller graph and tell me that a couple retiring in 2005 and anything but blind squirrel luck compared with a couple retiring in 2000. It’s too difficult to be angry at millions of elderly, those who we are culturally taught to respect. It’s too politically incorrect to call that out – besides the AARP would be up in arms.
You should look into Elizabeth Warren’s work (author of “The Two-Income Trap”), studying what occupies a family’s income in this generation compared with thirty years ago. (http://www.youtube.com/watch?v=akVL7QY0S8A) Housing takes about twice the proportion of today’s family income as it did then. Remember we’re talking about the same structure that the current generation is buying from the previous one. Its a naked generational transfer.
I’ve already got two elderly people to support, I can’t take on any more by overpaying for their house.
Your points are well taken. But again, if the market was supporting these deals..like all our million dollar paradise point fiascos…there’s not much to challenge.
Additionally, no one is forcing any of these open house relics on you.
Moving right along…crummy weather today..not the best for open houses…I see there’s a half constructed megamansion on Pamequa that the builder cant seem to finish.
480 DPA newly added. Not impressed at that price..plus a high ranch on that stretch of historic homes…blech
So, i have the fireplace on, the washer/dryers are humming, and i’m sacked on the couch with the laptop. Yardwork is just a stones throw away.
Gees! I really don’t want to interrupt what seems to be an interesting discussion but, to lighten the mood a bit (and give Gary a day off,) I’d like to add my comments on the open houses from last weekend.
As for the George Street house, I’m not sure what the big deal is. The house is cute, that’s about it. There were a ton of people there so much that we were on our own (which I thoroughly enjoy much better than given a tour) but I scooted out of there quickly. Nice bedrooms upstairs but the master downstairs with no closet, the narrow bathroom, the plan to stud 10 different rooms in the basement and the maze of fences in the backyard sent me running, not the price.
I really loved the Park Ave. house. The huge dining room, original farmhouse sink, living area with sliding doors to the patio is great. Definitely would need to do a kitchen makeover to add cabinets. However, I do think that there is some wasted space with the “picture alley.” Agent said that it was the wrap around porch, I would have loved it more! I’m wondering if I ran into your wife here. There was a woman upstairs (blonde hair) with baby in carrier making jokes about the little step ups into and out of the rooms. I’m assuming not very conducive to a happy house hunting experience.
More so than Park, I surprised myself with how much I loved the Paumanake house. The bedrooms are overly large, the bathrooms are newly renovated, the kitchen still has charm with the bbq, the outside/inside slate floor room with hot tub and the finished basement is more than I ever expected from this house. I’m curious as to why it hasn’t been sold yet? Maybe the taxes?
I’m also curious if Blog knows any of my family dirt? Ha ha!
Sorry Babylonian…Now I didn’t want to sound like the Village Washwomen, but it was done to prove a point to our bloggers that other people besides realtors have inside information. It goes with the territory of being a lifer.
FYI went to the gym it cleared up a bit….now back on the couch!!!!
FYI anyone without a budget..(HA HA) on my run (jog, crawl) today, I did notice some beautiful construction in Argyle Park. Local builder with some real good Architectural Insight…Rogers Development Corp. Also of mention Applied Construction both those guys (Kenny and John respectively) have done some amazing transformations and new construction throughout this Village.
Which gym do you go to, Blog? I go to World Gym on 109.
Ditto..splitting between that and Synergy when my world membership runs out.
One of the many reasons I miss running is seeing what’s happening in the neighborhood. Gary and I watched that huge house go up on the corner of the Crescent and Fire Island Ave (I think that’s Fire Island Ave there) that’s now for sale for $999K. They seemed to be rushing it for the holidays in 2007–and now they’re trying to sell it already. Looks like a nice house if you have that sort of budget, but for that price, I’d want a bit more privacy.
Anyway, hopefully I’ll be back out there later in the spring. Gary too, and maybe even the baby in a running stroller.
That house used to be Madonna Heights a home for unwed mothers funded by the Catholic Church. It underwent quite a transformation. It is actually owned and occupied by Bill Mitchell a Master Carpenter (offices on DPA in the Village) who built the similar looking house across the street on The Crescent , as well as 4A Belton Rd in Argyle Park that is now for sale on MLS..over 1.7 Mil. He does some great work in the McMansion Dept. However..999 is pretty steep for 10 Reid A/K/A Madonna Heights
It’s interesting how many houses that were for sale last year or before and which didn’t sell are back, such as 40 George St. The newest one is 21 Cameron Avenue. Fairly recently renovated, it looks quite nice inside, if you like modern open plan, but it has no yard to speak of and no privacy. The family has relocated and they think that $499K is “priced for immediate sale.” Good luck with that.
Madonna Heights, Blog? Like the one up in Dix Hills? Back when I was a teen, my mom used to threaten to drop my best friend and me off there whenever we’d drive by. It was on a shortcut we used to get to the Walt Whitman Mall–I grew up in Deer Park. We believed that Madonna Heights was for wayward teen girls in general, not just the pregnant ones. Not sure if that was true or not!
Debra,
Owners apparently set and determined to get out $1 for every $0.50 they invested in renovating it. I’m shocked the agent didn’t write “NEW TO THE MARKET!”
What’s up with the red curtains and the multi-color lighting fixtures? If the place looks like its from the 70’s it should be priced accordingly, no?
I can hear the reduction train coming down the tracks, just like the new owners will hear the LIRR about 100′ away.
Yes..Madonna Heights……street address was 10 Reid Ave…In my younger years you didn’t want to end up at 10 Reid if you were a teenaged girl.
Now.with regards to the railroad flat in Argyle Park. Those homes were definitely not the best designed. It is vacant because the previous occupants were renting it while their McMansion was being built on Peninsula Dr. They are now happily ensconced there, and that Maserati that was in the Cameron Ave driveway is now looking at home on Peninsula. Incidentally, Peninsula Drive homes are zoned for 3/4 Acre and luckily you cant subdivide your side yard to squeeze another 30ft high home on a 50ft wide lot as other parts of the village have.
Clinton St sold! I can’t believe it. I’m sure it will be torn down and replaced. Yikes.