Here’s a cautionary tale: Developer buys old house in neighborhood where people generally like old houses, strips house of character, renovates house in characterless nouveau traditional style, tries to sell for a lot of money, ends up changing brokers three times and cutting prices 23 times. This has been the experience of 58 6th Avenue, which we featured as a House of the Day back in April 2008 when it was at $1,695,000, down from the initial ask of $1,850,000. Since then, Corcoran’s had the listing and now Weichert has recently been giving it death by a thousand price cuts. Desperation has surely set in, as last week’s reduction brought the current asking price to $1,275,000. At some point, won’t this work as a rental property?
58 6th Avenue [Weichert] GMAP P*Shark
House of the Day: 58 6th Avenue [Brownstoner]