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May 21, 2007
House of the Day: 1265 President Street
It was just a month ago that we were remarking on the fact that two adjacent houses at 1269 and 1271 President Street in Crown Heights were on the market at the same time (for $1,400,000 and $1,500,000, respectively). So imagine our surprise to find that Number 1265 is now also on the market at $1,450,000. There are no interior pics but the Craigslist ad boasts that there is "exquisite detail throughout." Add in the fact that this is a 125-foot-deep lot and part of a lovely row of original houses and you've got something pretty interesting. Does anyone know how these prices are flying though? Seems a bit aggressive to us despite how lovely they look from the outside.
1265 President Street [Craigslist] GMAP P*Shark
Houses of the Day: 1269 and 1271 President Street [Craigslist]
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Comments
Who's paying that much to live in Crown Heights? I'm not knocking the neighborhood, but I don't believe homes there should be selling for anything like this much. The pricing seems more than "a bit aggressive" to me. Where's the precedent?
Posted by: Waverly at May 21, 2007 1:47 PM
Hey, Brower Park doppelganger, guess what - I agree they are too expensive, although I doubt you've been anywhere near them in person.
You try to write like I do, but I don't think I've ever used the word "bland" on this site, although in reference to you, "bland and unremarkable" certainly do apply. Well, enough of you - go away now and find someone else to impersonate. I'm done with you today.
Regarding the house, pricing like that is in fantasyland. This is one the other side of Eastern Parkway, Crown Heights South, and although on a great block, not worth that kind of money. Maybe someone in the surrounding Lubabvicher community with deep pockets will bite, but not at that price. I don't think overpricing like this does anything for the community at large, and creates a false rise in real estate values that cannot be supported by the state of the economy of the surrounding neighborhood. It's just greed.
Posted by: Brower Park Veritas at May 21, 2007 2:02 PM
Brower Park Veritas, i think you are reading too much into this. it's an ASKING PRICE, for pete's sake. if it's too high, the house will go unsold. big whoop.
Posted by: z at May 21, 2007 2:27 PM
Hey, z, that's what people write about on this site. Home values, prices, renovations, etc. Of course it's an asking price. It's always an asking price, until it's a contract price or a sale price. If you don't like to read anything into asking prices, you must find this site really, really boring, in which case, why are you posting?
Posted by: Anonymous at May 21, 2007 2:36 PM
Heh, yes, "veritas" is just about the least appropriate word it could have chosen.
Posted by: Anonymous at May 21, 2007 2:38 PM
2:36, i enjoy discussions about asking prices (nice strawman, though). it's fair to criticize a price as too high. what's unhelpful is to ascribe ridiculous sky-is-falling consequences (offer price "creates a false rise in real estate values that cannot be supported by the state of the economy of the surrounding neighborhood" and bad motives ("It's just greed") to what is nothing more than an OFFER to sell a home.
Posted by: z at May 21, 2007 3:02 PM
at the very least, anon 2:35, use proper grammar. If you know any.
Posted by: Anonymous at May 21, 2007 3:07 PM
Here's what I want to know about all these adjacent houses going up for sale at the same time: Are they on a friggin fault line or something? Did somebody just discover drums full of uranium in the backyard?
Posted by: Bob999 at May 21, 2007 3:28 PM
Is it walking distance to temple?
That'll do it.
Posted by: anonymous at May 21, 2007 3:53 PM
anonymity is not as safe as we all assume it is. let's all come out of the closet. bring back typekey.
Posted by: Anonymous at May 21, 2007 4:05 PM
President, precedent. Uma, Oprah
Posted by: Anonymous at May 21, 2007 4:37 PM
They are probably in walking distance to a temple up on Eastern Pkwy, but they are also in walking distance to the Ebbets Field Projects.
Posted by: anon at May 21, 2007 7:24 PM
I think thecrownheightser.blogspot.com has it all right. Crown Heights is an awesome neighborhood and it really is up and coming
Posted by: Heightser at May 21, 2007 8:54 PM
sorry brownstoner there are only 2 houses for sale.
Posted by: Info at May 21, 2007 9:14 PM
Move these homes to the Slope, Boerum Hill, Cobble, Carroll or Ft. Greene and they go for twice asking.
Crown Heights South ain't so bad... I'd grab one if I had that kind of cash. Until you've walked that block I wouldn't judge, it's beautiful.
Posted by: dmiami at May 21, 2007 11:44 PM
z, the problem with over inflated housing prices in any nabe, but especially in "up and coming" neighborhoods is that they create a false standard that the neighborhood itself can't sustain, and that encourages others in the area to also try for that goal, thereby artificially raising the bar for no reason at all. Crown Heights has a median income of under $40K. With that statistic comes all of the problems - poor schools, few jobs, lots of under and unemployed people, few amenities and a hightened crime rate. God knows I will defend Crown Heights to the end, but I am well aware of where we are in terms of the lives of a great majority of my neighbors. Things are changing here, very slowly we are getting amenities, services and people with money are moving back as they discover what a great place this is. We want to proceed slowly, and keep CH a stable, growing place. We'd like to have homes that are still affordable, with rational prices. Of what good is it to have someone buy a nice, but rather ordinary house for close to 1.5M, when three blocks away, a similar house is more reasonably priced at $750K? How is that a good investment? Of course, the market will adjust itself, if no one bites, but why set the bar so high? If it's not greed, then what is it?
Posted by: Brower Park (Veritas) at May 22, 2007 12:35 AM
z, the problem with over inflated housing prices in any nabe, but especially in "up and coming" neighborhoods is that they create a false standard that the neighborhood itself can't sustain, and that encourages others in the area to also try for that goal, thereby artificially raising the bar for no reason at all. Crown Heights has a median income of under $40K. With that statistic comes all of the problems - poor schools, few jobs, lots of under and unemployed people, few amenities and a hightened crime rate. God knows I will defend Crown Heights to the end, but I am well aware of where we are in terms of the lives of a great majority of my neighbors. Things are changing here, very slowly we are getting amenities, services and people with money are moving back as they discover what a great place this is. We want to proceed slowly, and keep CH a stable, growing place. We'd like to have homes that are still affordable, with rational prices. Of what good is it to have someone buy a nice, but rather ordinary house for close to 1.5M, when three blocks away, a similar house is more reasonably priced at $750K? How is that a good investment? Of course, the market will adjust itself, if no one bites, but why set the bar so high? If it's not greed, then what is it?
Posted by: Brower Park (Veritas) at May 22, 2007 12:35 AM
FYI. The Ebbets Field apartments are not projects.
Posted by: Anonymous at May 22, 2007 8:57 AM
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