OHP-31408.jpgIt took a little longer than they had probably hoped and they ended up having to do a deal at about 10 percent under their original asking price, but the sellers of 146 Sterling Place still must’ve done pretty well considering they bought the place back in 1998. This go-round, they put the three-family house on the market for $2,995,000 in November 2007; they reduced the price to $2,875,000 in April of this year before accepting a bid of $2,730,000 in June. Does that price surprise anyone or does it sounds about right?
Open House Picks 3/14/08 [Brownstoner] GMAP P*Shark
146 Sterling Place Sale [Street Easy]


What's Your Take? Leave a Comment

  1. Pluses:

    Great woodwork
    Exposure on three sides
    Nice proportions

    Minuses:

    Major facade work needed (entire back facade needed repointing)
    Kitchen sucked
    Horrendous, cheapo “pueblo” style “spa” for master bath
    No yard
    No basement
    North side of block is basically a dumpster for Flatbush storefronts
    Charmless garden rental
    Broker is a complete a*hole (wonder how he functions, even where standards are as low as in PS)

    Net:

    Some sucker overpaid, big time!

  2. Uh… this price is incredibly high by any realistic valuation method. Does anyone seriously believe that it would cost $15k/month to rent a comparable place, or that it would be impossible to build similar sized and quality housing for this price, or that the normal rules of the market have been repealed? The bubble still has a long way to deflate.

    If this sale is indicative, the adjustment looks like its going to happen the same way as after the (much smaller) late 80’s bubble: by relatively flat nominal prices until real prices drop back to trend. That route, with current inflation, implies a flat or slowly declining (in nominal terms) market for the next decade.

    Unless, of course, enough sellers get tired of waiting or want to go on with their lives or lose the jobs that were paying the mortgage. This market is so small that it wouldn’t take many sellers who don’t want to wait a year to change the tenor quite quickly.

  3. 10% percent off asking is pretty damn good. 8 months to sell. Ok not great, but selling a house for this much dough takes a little time.Gee NY is finally acting like the rest of the country. I think this is a good sign. No more silly stuff.