Check out the new â€śMy 2 Centsâ€ť column from Donald Brennan. He presents unbiased, hands-on evaluations of properties on the market that heâ€™s visited and examined inside and out. Youâ€™ll find out about often-hidden details like what youâ€™ll really see when you look out the bedroom window and how the buildingâ€™s long-term value will change when the lot next to it is developed. Here’s the first article in the series. Watch for more coming soon!
I recently took a buyer client of mine for a tour of this property–a recent rehab of a two-family brick rowhouse (upper three-bedroom duplex over a garden level one-bedroom) at the eastern end of a line of houses sharing a similar style, size and vintage.Â Curb appeal is above average.
Local Externalities â€“ While the southern part of the stretch of Degraw Street is very residential in nature and has not been disturbed by non-contextual new construction or rehabilitation projects, the northern side of the street is a lot less residential in natureâ€”but I donâ€™t expect it to change much as it is built out.Â One of the biggest question marks, and potential impact to long term value on this property, is what will happen to the commercial lot adjacent to the eastern lot line of this property.Â It is currently used as a partially open air parking lot but has a good chance of being improved with a multi-family residential structure, of which style, bulk and use are not known.
Rehabilitation â€“ The upper duplex is well configured with an open kitchen/dining room arrangement at the parlor level. The upper level contains three bedrooms and one four-piece bathroom.Â Thereâ€™s a fair amount of closet space at this level. Â The garden level one-bedroom unit is spacious and well organized with a rudimentary kitchen set up.Â The bathroom was not updated.Â This one-bedroom probably supports approximately $200,000 of value at current interest rates. The basement was clean and well lit but head height was under 5â€™6â€ť.Â Â Overall the rehab was done well with the selection of building components, fixtures and hardware suited for the location.
My rehabilitation suggestions â€“ The garden level bathroom should have been updated.Â Any inferred sense of nostalgia is overruled by my concern that corners may have been cut when I see scope-of-work decisions like these.
Marketing â€“All of the necessary marketing take-aways were available on site and the online listing contains the expected photos, floor plans and descriptive text, which was slightly over-reaching and not exactly accurate â€“ i.e. I donâ€™t think the original fireplace was decorative.Â Also not sure why listing is noted as being in Cobble Hill when it is clearly in Gowanus. That said, the listing broker was enthusiastic and knowledgeable and represented the property well.
My marketing suggestions â€“ Clean up the rear yard, provide an alternative plan for the lower level if it were to be converted to single family, and refine the staging.
For additional insight and my thoughts on price, contact me at
917-568-6525 or firstname.lastname@example.org.
If you are in the market to buy and would like to learn about my buy-side services please give me a call or send me an email.Â If youâ€™re thinking of selling your home and would like to learn more about my sell-side servicesâ€”plus receive a complimentary comparable market analysis, give me a call at 917-568-6525 or send me an email at email@example.com.