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September 22, 2008

As Predicted, 547 9th Street Sells Above Asking

547-9th-Street-Sold.jpg
We're not always right, but we hit the nail on the head with this one. "At the asking price of $1,600,000, this three-story limestone at 547 9th Street in Park Slope is the best deal we've seen in a long, long time," we wrote back in January 2008, when Orrichio Anderson had the listing. It took ten weeks, but the two-family house received multiple offers and ultimately went for $1,800,000, according to this weekend's New York Times.
HOTD: 547 9th Street [Brownstoner] GMAP P*Shark
Residential Sales 9/21//08 [NY Times]




Posted by Brownstoner at 9:31 AM | Comments (9)
Categories: Park Slope, Sales

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Comments

Nice pricing strategy by Orrichio

Posted by: plgdude at September 22, 2008 9:38 AM

A little context here. The house sold at a court appointed guardianship "auction." It didn't take 10 weeks, the house essentially sold on the day of the auction.

The house has great potential but needs a full gut renovation that is to say $400-500k plus carrying costs. Also while the details were all there, the quality of the wood (poplar, i believe) and the work was somewhat below what you see further north. The facade and stoop are in great condition and look fabulous, to be fair.

It's a 3-story building and there is a slight but definitely noticeable rumble from the subway. So I think the price was fair at best.

Posted by: manofelt at September 22, 2008 11:37 AM

"So I think the price was fair at best." I take it that you mean it was fair at best *for the buyer,* cuz it sounds like the seller got a very good price. $1.8 for a 3-story with some very nice but some cheaper details, in need of a gut and in a good but not "prime" location...i think most sellers would be happy to get that.

Posted by: i disagree at September 22, 2008 12:05 PM

Buyer is not too smart.

Posted by: billyboomer at September 22, 2008 12:54 PM

Well the seller was dead--so I doubt they really cared what it went for.

Basically, my point is that Mr. B's "best deal in a long long time...." comment might be a stretch.

Posted by: manofelt at September 22, 2008 1:47 PM

I think this sold at the very peak of the market, and would not get the same if it went on market today. People may jump down my throat about defining the "peak" but no one can deny some prescient predictions on the part of one overly voluble commenter on this blog...

Posted by: Miss Muffett at September 22, 2008 1:49 PM

January 2008 was the peak of the market?

Posted by: geekspice at September 22, 2008 1:57 PM

The guardianship sale was on April 8th down at the courts.

Posted by: manofelt at September 22, 2008 2:16 PM

I can just imagine the post 100 years from now on www.feddersbuildings.com which is dedicated to the restoration and preservation of Fedders buildings:

"I'm trying to restore my facade and need to find this ugly color brick to match. Can anyone help?"
Categories: Facade

Posted by: daveinbedstuy at September 22, 2008 2:38 PM

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