House of the Day: 586 4th Street

I'm not able to open Corcoran's website right now for some reason, but I actually saw this listing the other day when looking at their newest listings.

I think it looks like a beautiful home at a reasonable price.

I think they've priced it to sell. This probably would have been listed at over 3 million a year ago.

Posted by: 11217 at July 21, 2008 1:44 PM

I believe it said 2 families in 99 years, Denton.

And there's no reason to assume that just because someone has lived in a place a long time, that they automatically don't update the building.

Posted by: 11217 at July 21, 2008 2:33 PM

I think 2.6, (even if the mechanicals are not updated) is totally unrealistic.

Even 2.8 would sound like a relative bargain to me for this house.

I believe comps would support a 3 million dollar asking/selling price, even with the softening market.

Posted by: 11217 at July 21, 2008 2:56 PM

"The last few "biggest sales" in the Slope listed on this blog all went for below ask."

The last few "biggest sales" I saw were also overpriced.

This one does not seem so.

And actually I recall a house on 3rd Street selling for either 200K or 400K over the asking price not too long ago.

Posted by: 11217 at July 21, 2008 3:05 PM

A note to all brokers and sellers:

Since NYC has largely not yet felt the affects of the housing meltdown felt across the country, it would be wise to take a note from this property and continue to price them aggressively.

If we can avoid a huge surge in inventory, we will feel far less pain here. Get things sold quickly (even if it means having to swallow your pride a little bit) and we could really escape this housing meltdown in a far less harmful way.

We have the knowledge from watching what's going on around the rest of the U.S. Learn something from it before it's too late.

Posted by: 11217 at July 21, 2008 3:17 PM

I don't think it will happen, Brooklynnative, but I can hope.

Americans are going to have to change in the coming months and years probably more than they've had to in decades. We are so far insulated from it, but when I leave NYC, it is becoming painfully obvious what a serious reversal of this country's values needs to take place before we start to become economically viable again.

Things are really messed up right now (and I'm not saying that in a "the what", kinda way), but this isn't something that is going to change without people making a significant change in their lives.

It's time for people to re-evaluate what is important.

Sorry...I don't mean for this to sound like a lecture. It's advice I am taking to heed as well...

Posted by: 11217 at July 21, 2008 3:39 PM

When I said, swallow your pride, I was mostly referring to brokers (some who I know) who want to be the first to sell a place on 3rd for 4 million or whatever. That was an example.

These brokers are super competitive and we all know it's a better idea to price things on the lower side than the alternative.

I find a retort of criticizing someone's IQ to be the lowest form of intelligence. I've made ZERO personal remarks towards anyone here, and if you don't like my post, you are free to skip it.

Posted by: 11217 at July 21, 2008 4:19 PM

Oh and there are only two 1's in 11217, Brooklynnative.

They've changed the zip code system. Only 5 numbers these days...

Posted by: 11217 at July 21, 2008 4:22 PM

"You make it sound like there is something noble about pricing your house aggressively."

Nope, not noble. Just smart.

I didn't claim to be bringing new information to the table, just that when a property is overpriced in a softening market, it sits longer, which leads to increased inventory, which then leads to making people nervous, which leads to even longer time on the market, which leads to no one being able to sell their house. Of COURSE anyone has the right to make an offer they feel is appropriate for any given property (thus determining market value) but many people do not do that. If that were the case, lots of people would be buying up property in Vegas and Miami for a song. It's all a spiral, which with some foresight, could perhaps be softened if more people priced their homes such that people think they're getting a deal.

Do any of you have any experience with any city/state or country outside of NYC?

It seems many of you have never left Brooklyn.

Posted by: 11217 at July 21, 2008 4:50 PM

"11217 once again takes the high road and personally criticizes EVERYONE on this board. LOL."

No, I was actually referring mainly to you, Brooklynnative.

And I take back my personal attack comment. You deserve it. You are nasty. One of the reasons I never commented on Brownstoner before last week was because of people like you who seem to actually get off on being rude and inconsiderate.

Posted by: 11217 at July 21, 2008 5:06 PM