House of the Day: 7% Price Cut on Franklin Ave.

house house
When we last checked in with 425 Franklin Avenue in Bed Stuy (not Clinton Hill, dude!), it was early October and the psychology surrounding the market was not quite as negative as it is now. Back then the owners were still hoping to get $925,000 for this place. At some point recently, however, they woke up and decided to cut the asking price to $865,000. Frankly, we really like the look of this place but we're not sure that, at only 2,100 square feet, it'll be able to fetch quite this much. Maybe. Decide for yourself this weekend at the open house on Sunday from 2:30 to 3:30.
425 Franklin Avenue [Corcoran] GMAP
Open House Picks [Brownstoner]

Comments

Still seems a tad pricy. $825K is my call.

Posted by: Anonymous at November 17, 2005 12:09 PM

Yeah, this should be in the sixes and it will be come spring when it hasn't sold

Posted by: Anonymous at November 17, 2005 1:25 PM

You can't tell from the picture but, in addition to the house being tiny, the block is pretty hideous too.

Posted by: Jesse at November 17, 2005 2:33 PM

That could be a problem...

Posted by: Brownstoner at November 17, 2005 2:47 PM

Good luck finding a buyer at $865. Inventory is WAAAAAAAAAAAAAAAAAAAAAAAAYYYYYYYYYYYYYYY up and buyers are some where between scared and scare.

It will definitely move in the 600's.

Posted by: Anonymous at November 17, 2005 3:24 PM

We're coming into the dead time from Thanksgiving through the new year when sales won't be happening in high numbers. If something is languishing this week, most likely won't be closed on until next year.

The most pressing issue with this property would be the location. It is not very big, but if the block is nice, it might do ok. From what people say, the block leaves a lot to be desired.

Posted by: Anonymous at November 17, 2005 4:03 PM

The block is definitely a bit questionable and Franklin Avenue has been completely ruined by shitty new construction. Such a bummer.

The house doesn't look half bad inside though. I'm going to say 750K.

Posted by: clinton hllbilly at November 17, 2005 5:36 PM

Maybe $500Ks is not unreasonable.

Posted by: DN at November 17, 2005 5:55 PM

This is the type of property in a downturn that gets hammered. Small house on ugly block in a "potentially" gentrifying area. Smart buyers would stay away from a falling knife. This is going to sit until spring when it sells in the 600's. I think the downturn over the next 5 years will reduce good properties in good neighborhoods in the 20% range. For things like this the knife would be falling into an abyss. And before I get jumped on, I'm a guy who just bought over the summer.

Posted by: Anonymous at November 17, 2005 7:24 PM

This gorgeous, 3 story brownstone with original detail and a driveway, near Prospect Park has been on Craiglist for weeks now, offered at $789k:
http://newyork.craigslist.org/brk/rfs/112256472.html

If this house isn't moving at that price, my money is on the people estimating low 600s or even 500s.

Posted by: carrie at November 18, 2005 6:37 PM

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November 17, 2005

House of the Day: 7% Price Cut on Franklin Ave.

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