HOTD: Does Not Compute on Union Street

They both seem to be in great condition to me. Maybe Warren Lewis is under-pricing in anticipation of a bidding war? Both are incredibly beautiful structures from the outside though.

Posted by: Anonymous at April 11, 2006 11:40 AM

I think it is hard to say until you look at each house. The same type of house can vary substantially in price based on the condition, repairs to be done etc.

Posted by: Anonymous at April 11, 2006 12:00 PM

897 sold in march 05 for $2.6M. Considering that prices have gone up over the last 12 months (really, they have), the Corcoran pricing appears to be more on the money.

Posted by: Anonymous at April 11, 2006 12:05 PM

May be a seller testing the waters -- putting the house out to see if he hits the jackpot -- and having the bad luck that his neighbor is selling at the same time.

Or maybe the owner of the Corcoran house is just doing a BIG favor for his friend 4 houses down.

Posted by: Anonymous at April 11, 2006 1:17 PM

Corcoran's listing claims it's a 21' wide; Property Shark says the both are 17'-9". If Corcoran's listing really were 21', it might be worth the premium.

Posted by: Anonymous at April 11, 2006 1:50 PM

Mygosh - some of you must be so rich and have such high standards that you'd think it would take $500k to make the place 'livable'. Surprised would even think of living on Union anyways - being 2way street and a bus line and all.
I'd love to see your places so I would know for sure what squalor I inhabit.

Posted by: Anonymous at April 11, 2006 2:19 PM

The reason it will take $500,000 to make this livable is electric ($50,000 plus), kitchen and baths ($150,000-$200,000) floors and painting ($50,000), facade work $20,000.. Plumbing if original $50,000 plus... windows $30-$50,000 Remember unless you know a reasonable contractor, this is Park Slope. On average a gut renovation of a house such as the Corcoran listing costs approx. $150/sq ft or about $500,000

Posted by: Anonymous at April 11, 2006 5:03 PM

For the 99th time, sellers price their properties. You don't know why this agent took this listing. Could be personal friend, etc.

Posted by: Anonymous at April 11, 2006 7:47 PM

if seller's price listings then what is the real estate broker for? any GOOD agent will tell a seller that he/she will NOT list the property for a ridiculously high price. it is a waste of time for everyone. she should have turned the listing down PERIOD. it is better not to look to desperate and have your company, once again, look bad.

Posted by: Anonymous at April 11, 2006 9:03 PM

500000 to renovate 150000 to 200000 for kitchens and baths, windows for 30000 HOly Crap Batman I need to find a new line of work in the contracting biz. On second thought I already did that Guess I was underbidding all my jobs. No wonder I never made any money...

Posted by: Anonymous at April 11, 2006 11:11 PM

I've said it before, and I'll say it again. Why is everyone so damned critical of rising prices in our neighborhood? Doesn't a price increase reflect an increase in value? We're still no where near Manhattan brownstone prices! So please, expect more price increases!

Secondly, perhaps the Corcoran listing is on the mark and dinky Warren Lewis is underpricing its properties? Why do you assume the lower priced property is priced accurately and the upper priced property is priced too high?

Why does everyone bitch and moan about crack pipes and greed just because others are realizing how valuable our neighborhoods are?

Posted by: Anonymous at April 11, 2006 11:33 PM

interest rates and credit have driven the market generally. but they do not explain the shrinking gap between brooklyn and manhattan prices. that has happened because, simply, more people who could choose otherwise now want to live in brooklyn. that's partly from a change in perception, partly from actual qualitative changes like increases in middle- and upper-middle-class amenities.

in other words, maybe price will cool off or even fall across the board. but barring a major social change, brownstone brooklyn is never going to be as cheap compared with manhattan as it used to be. like it or not

Posted by: Anonymous at April 12, 2006 9:20 AM

Agents, or at least good agents offer a suggested listing price to sellers. Ultimately the seller decides on the price. Agents sometimes have to accept listings even if they don't agree with the price. This happens in every business to some degree or another. Most posters here wouldn't be able to handle the constant scrutiny and criticism agents face. You don't understand what goes on and for once I wish that you would all just cut us some slack.

Posted by: Anonymous at April 12, 2006 3:50 PM

What should a good agent take a listing that is 20-30% overpriced??? In terms of renovation, do you know what it costs to put new windows in a place??? It could easily cost $30,000. A crappy kitchen can cost close to $50,000 and baths at $10-$15,000 for nothing extraordinary. You would be hard pressed to renovate this house for anything close to $200,000 unless you were doing the work yourself...

Posted by: Anonymous at April 12, 2006 6:21 PM

Well, Peggy, Corcoran has obviously been quite successful. When I sell my house, I'll probably go with them too. Why not overprice a house? Buyers might not like it, but if a seller waits long enough a rich fool might just walk in the door.

Posted by: Anonymous at April 15, 2006 9:03 AM