First Resale at 14 Townhouses
It had to happen sometime! The 14 Townhouses on State Street received a lot of attention, most of it positive, when they hit the market back in 2005. It took a little while (and some time off the market) to get the job done, but ultimately all of them sold for prices of between $2…
It had to happen sometime! The 14 Townhouses on State Street received a lot of attention, most of it positive, when they hit the market back in 2005. It took a little while (and some time off the market) to get the job done, but ultimately all of them sold for prices of between $2 and $3 million. More than four years after, we’ve arrrived at a milestone in the project’s history: The first resale. The house in question is 267 State Street, the one on the corner of Smith Street. It’s got more than 4,000 square feet of space and doesn’t look any worse for the wear. The asking price? $3,600,000. We shall see.
267 State Street [Corcoran] GMAP
14 Townhouses, After Slow ’06, Go Gangbusters [Brownstoner]
14 Townhouses Update: Slow Going, At Best [Brownstoner]
I think we are violently agreeing tybur. This place is not worth the asking price – both fundamentally and on the relative comps.
That the asking price is so much higher than their own purchase price makes the potential schadenfreude that much sweeter.
“Ha ha ha, chicken. A disservice to who? Alternatives? People have no choice but to buy into the collapsing MAB? Come on!
Posted by: Brownstones Half Off at November 2, 2009 12:41 PM”
BHO, I think my Bear credentials are fairly widely recognised. Just because I have an opinion on which way I think prices are heading doesn’t mean I don’t allow for other differing opinions though. I will only be proved right (or wrong) in the future with the benefit of hindsight. So my point is that for someone who does want to buy property now, you can buy similar properties for less or you can buy nicer properties for the same price.
If you smoke enough miracle whip I am sure 3.6 looks feasable
The owner has a good as chance of getting 3.6M as
****Bill Thompson***** has of being elected mayor – i.e. slim and none
Seriously… if you are willing to pay $3.6 million, buy ANY brownstone for $2 million (most with a better location) and rip its guts out and make it to look exactly the way you want. It adds 4 or 5 months to the process, but you’ll probably save $500,000.
Nice house, ok location, NOT a 3.6 million dollar house.
They’d be lucky to get what they paid for it.
I don’t like the modern look in general but this looks fine if you’re into that sortof thing.
I think they really playing fast and loose with the square footage, as Johnlife noted. These houses are nothing special, and I can’t imagine paying that price for them. They have no real character to speak of. If you want modern, buy something in Ft. Greene for much less and make it modern (we have seen those houses on this site before). I really think this is one of the most overpriced houses we have seen on this site.
I agree with my 19th century colleague Montrosse. One can purchase a gorgeous period home in Park Slope or Brooklyn Heights for this price. To me, this combines the warmth and character of a modern condo with the ease and services of a brownstone. In other words, the worst of both worlds.
Also, one would think a modern house would have a place to keep the family car, at least that would provide an amenity rarely found in historic city homes other than carriage houses.
bon chance!
BHO, I think the middle class have been PWNED by the rich.
***Bill Thompson for Mayor (TOMORROW!!!)***
“Location, location, location only brings you so far!”
Ponzi finance snatches the baton but snaps back before the finish line if you don’t bail out in time.
***Bill Thompson for Mayor (TOMORROW!!!)***