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April 21, 2009

House of the Day: 524 3rd Street

524-3rd-Street-042109.jpg
The limestone house at 524 3rd Street just hit the market again for $3,000,000 after striking out at higher prices last year. When it was a House of the Day last March, the four-story house was asking $3,200,000. We have to say that the interiors were less impressive than we had expected, but that could largely be the fault of the pathetic photos included in the listings. (Three million bucks and the broker can't spring for a decent photographer?) There's certainly some nice period detail, don't get us wrong, but the rooms feel more cramped than we had imagined. So what's going on? Just a bad job on the part of the broker or just not a $3 million house? Or both?
524 3rd Street [CBHK] GMAP P*Shark
House of the Day: 524 3rd Street [Brownstoner]





Posted by Brownstoner at 1:18 PM | Comments (27)
Categories: HOTD, Park Slope

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Comments

Not only are the photos hideous, there is WAY too much furniture in there.....not to mention clutter, not to mention plastic covers on the lampshades.... where do you begin? I bet this listing devalues the property just because of the clueless presentation.

Posted by: Schultz at April 21, 2009 1:32 PM

Your average Prime Slope brownstone will bottom at a mil and a half.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 21, 2009 1:33 PM

Schultz is right. It's not so much the photos as the staging that is the problem. This place is WAY over-furnished. The broker should advise them the owners to get rid of half of their furniture, and then photograph it again. Yes, buyers should be able to see beyond that, but we all know that staging makes a difference.

Posted by: Park Sloper at April 21, 2009 1:35 PM

I say it's both: horrible photos AND not a 3 mil house. I think it could go for $2.35 if the seller is willing to be more realistic.

Posted by: Kris at April 21, 2009 1:35 PM

1.55M - just to beat BHO to the purchase

Posted by: more4less at April 21, 2009 1:38 PM

BHO, I am more of a Bear in the next three years kind of guy too, but the printing of money like freaking crazy is my wildcard. I would say Limestones like these are not going to see a drop to $1.5mm. They are ridiculous in beauty, access to transport and amenities, and just works of art. I think of them like antiques...not just homes. I am not sure if the wealthy that buy these limestones (now, not back in the day when Park Slope and BK in general were a bit shadier) really look at it as an investment into an asset but more as an investment into something beautiful where they can raise their families.

Posted by: LincolnSlope at April 21, 2009 1:38 PM

that's hardly a 2 million dollar house, 1.8 maybe.

Posted by: Xander Crews at April 21, 2009 1:39 PM

The problem with the photos is that you're all used to the Corcoran Wide Angle Lens.


LincolnSlope....and Mr. B. we haven't had a QOTD in a long time and I think that one is truly worthy....

Posted by: daveinbedstuy at April 21, 2009 1:43 PM

No floor plan? Broker, what are you going to tell me next (cause you sure didn't tell much in the listing), that the master bedroom doesn't have a private bathroom.

Come on Brokers work a little bit.

Posted by: bayridgegirl at April 21, 2009 1:45 PM

Here's another listing for this house...same crappy photos, more of a discription though.

http://www.cbhkg.com/listing.asp?propid=80091

Posted by: bayridgegirl at April 21, 2009 1:48 PM

Again - What is with these brokers????
UGH - sorry the photos are poor in quality, the lack of staging for anyone looking at a 3million house would be a turnoff
It's one thing when you are looking at houses in the 500-800K range - you expect to see some crappy interiors, but sorry folks, people who are ABLE to purchase a 3mil home want to open the frontdoor and see endless beauty from finshes to doorknobs to high end EVERYTHING to yes even the furniture that's not staying!

I think it will sell at 2.4mil

Posted by: gemini10 at April 21, 2009 1:57 PM

evolution needs to take place in broker land - pray natural selection removes these lazy and/or dumb agents.

Posted by: more4less at April 21, 2009 1:58 PM

Too much clutter! And why hide a beautiful fireplace behind an end table? Boneheads...

Posted by: GHB at April 21, 2009 2:04 PM

I'm no expert but I doubt this house will sell for over two million. If it were in the Park block, then yes, but where it is and in the condition it is in, I say more like 1.8 - 1.9. But actually I think the realtor does not really want to sell the property but instead is using it as a foil for similar properties priced to sell. Realtors do that when owners are obnoxious and refuse to price their house right.


Posted by: mcKenzie at April 21, 2009 2:16 PM

Read the copy, people!! The house has tenants living in the top three floors. No staging can be done with tenants in place. This house is on a prime block--better than a park block, IMO, because it is close to all the shops. Park block houses require a trek uphill every night to get home.

It's a nice house with a pretty great looking kitchen french door.

Posted by: dt at April 21, 2009 2:53 PM

> "Park block houses require a trek uphill every night to get home."

That's an agony I'd happily endure.

If you can't take the schlep, get out of the Schlope.

Posted by: SnarkSlope at April 21, 2009 3:15 PM

I think it's almost impossible to value this house given the lack of information. Is it going to be delivered empty? If not, how long is the lease, and what is it bringing in? This feels like an investor owner taking a flyer on finding someone who falls in love with the place and will pay anything to get it, combined with a broker who doesn't believe such a person exists and will do diddly to present the house in an attractive fashion or with information that the hypothetical buyer might actually want, such as a floor plan (hell, we don't even know how many bedrooms this place has). My prediction is this place won't sell because the owner won't come down far enough, and the broker is right that no one is going to fall in love with it at a price north of $2.5 million.

Posted by: ProfRobert at April 21, 2009 3:52 PM

I'm no connoisseur of these types of things, but I do love this block...it always seems so peaceful and quiet with those gorgeous trees overhead. I once looked at a studio further up toward the park and the broker told me he used to advertise places on 3rd street as "the most beautiful street in America." Ok, typical broker exaggeration, but it's still lovely.

Posted by: sixyearsandcounting at April 21, 2009 4:07 PM

Return of the brokers, posting on Brownstoner. This has all the signs of a delusional owner Whatever, buy it now for three, or buy it in eighteen months for 1.6, take your pick.

Posted by: Whuh at April 21, 2009 5:03 PM

Are there people on this blog that really think this will go for 1.6mm in 18 months. That would be amazing! If that were the case, maybe even I would give it a gander.

Posted by: LincolnSlope at April 21, 2009 5:14 PM

anything is possible. if prices can spike on no real fundamental reasons other the "way too loose & cheap" credit, then the drop can be as severe (or worst) on the way down (ie fundamentals are terrible). Anyone's guess how far & how long the drop will be but conceptually, no reason to believe it cant drop 50% or more.

Posted by: more4less at April 21, 2009 5:26 PM

One thing people keep missing in discussing pricing is the fact that many brownstone neighborhoods have undergone dramatic transformations in the last 10 years. They are much more stable, populated by people that are able to maintain their properties and many services have opened up. It is not a realistic comparison to say values went up because of no fundamental reason. And I don't think there will be a large scale exodus of those people that have moved into these neighborhoods for that reason.

Posted by: Schultz at April 21, 2009 5:40 PM

Yes, hood amenities got better. But we're not talking about a super recently gentrified hood. park slope has been a great neighborhood (many shops, good schools, safe,.....) even before this prices surge. Diff story if park slope used to look like 4th ave and now we see it look like 7th or 5th ave.

Posted by: more4less at April 21, 2009 5:46 PM

True about Park Slope, but if part of the reason the value of Fort Greene or South Slope, et al, increases because the overall quality of the neighborhood greatly improves, then that has to have an effect on the value of the neighborhoods that are several steps ahead in gentrification.

Posted by: Schultz at April 21, 2009 6:10 PM

Huh? 5th Ave in PS used to be an armpit. Even just the last 5 years have seen huge changes on that street.

Posted by: traditionalmod at April 21, 2009 7:58 PM


It's a complete waste of time even talking about this place.

The owner might as well list that ugly yellow chair on Craigslist for $3,000,000.

What's the point in even talking about something so overpriced it's a joke?

Posted by: IronBalls at April 21, 2009 8:38 PM

"BHO, I am more of a Bear in the next three years kind of guy too, but the printing of money like freaking crazy is my wildcard. I would say Limestones like these are not going to see a drop to $1.5mm. They are ridiculous in beauty, access to transport and amenities, and just works of art. I think of them like antiques...not just homes. I am not sure if the wealthy that buy these limestones (now, not back in the day when Park Slope and BK in general were a bit shadier) really look at it as an investment into an asset but more as an investment into something beautiful where they can raise their families." ~Lincolnslope

Lincoln, if you had any clue about "works of art" = the art market you would know that its half off peak pricing.

btw, wheres "The money manager who happens to live (speculated) in the ghetto" dibs? hahahahahah

Posted by: cornerbodega at April 22, 2009 1:37 AM

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