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April 14, 2009

Price Cut at 465 13th Street

465-13th-Street-0409.jpgWhen 465 13th Street in the South Slope was a House of the Day last month, its price had recently been trimmed from $1,775,000 to $1,650,000. Guess that wasn't enough to get the job done because the price was just reduced another $65,000 to $1,585,000. How low can it go? The appraisal widget wasn't up and running back in March when this was posted so let's see what the wisdom of the crowd is on this one now. GMAP




Posted by Brownstoner at 11:14 AM | Comments (17)
Categories: Park Slope, Price Cuts, South Slope

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Comments

Facade is a mess, never mind the interior. Major work. I showed 1.1 mil but that may be quite optimistic.

Posted by: denton at April 14, 2009 11:19 AM

by the way, love the widget!

Posted by: binnyG at April 14, 2009 11:25 AM

Who put in 2M?? Well, WHO? Come forward.

I'm with Denton. This will have to drop to under 1M.

Posted by: bayridgegirl at April 14, 2009 11:29 AM

The widget is great but the results are always skewed by the lunatics who post wildly high estimates. Without those high numbers I think the true consensus on this would be in the neighborhood of 1.1 to 1.2 million.

Posted by: sam at April 14, 2009 11:32 AM

I still think b/c it's a mess inside it shouldn't sell above 1.1mil

Posted by: gemini10 at April 14, 2009 11:35 AM

If it is really is a mess inside, savvy buyers may insist on avoiding the mansion tax and final bid 999,000.

Posted by: sam at April 14, 2009 11:42 AM

guessed 1.15M. if I was bidding, 950k

Posted by: more4less at April 14, 2009 11:44 AM

Brownstoner- why not report the median price in addition to the average - it's a much more telling stat in these sorts of games. reduces the impact of people who put in extremely low of high numbers.

Posted by: brooklyn guy at April 14, 2009 12:07 PM

How about a separate calculation that shows price psf???

Posted by: daveinbedstuy at April 14, 2009 12:32 PM

psf via a legit sq ft off flr plan vs. the bogus inflated one from agents. agent inflated sq ft by 20% helps a ton on the psf

Posted by: more4less at April 14, 2009 12:40 PM

This house is so gorgeous and classic. It's everything you could want in a brownstone. Of course, you have to presume the kitchens and baths are somehow so shocking the agent was unable to take their photos.

Why are you all saying $1 million or just under? Is that what brownstones sell for in South Slope? It's right by the park. I don't know the area, but with brownstones going for more in Carroll Gardens, that sounds low to me.

Posted by: mopar at April 14, 2009 12:53 PM

No way this goes for less than $1m. Only takes one buyer to keep that price up around the 1.4-1.5m range. There's enough on show here to suggest someone will pull the trigger.

Guess the flip question would be : if this house was fully renovated what sort of price would folks consider ? For something this close to the park fully loaded 1.7m to 2m is not out of the question. That said, and personal taste aside, i don't see how a renovation could be costing someone in 600-750k range.

Posted by: 10thStreetReno at April 14, 2009 1:02 PM

10th street - i agree with you, except i do see how a reno could cost someone upwards of $600K. i am guessing it needs full electrical and probably most plumbing too, i'm guessing you'd need to redo bathrooms and kitchens (hard to know without pics), fix up the garden, and, especially, if you want to redo the facade like folks suggest needs to be done, that amounts to a near-gut and then some. as a reference, there's a similar place, but totally redone (totally over-the-top IMO) up the street asking $2.6. i think that's nutty, but it may help this place seem like a bargain in context if you can get it for $1.3-1.4.

looks like one apt. is vacant already, though, so maybe they're ready to bargain.

Posted by: i disagree at April 14, 2009 1:28 PM

widget seems to price 20% off ask in nearly every situation.

with that logic, everyone should price 20% more than what they really want. buyers get their "20% discount" and sellers are happy.


Posted by: Ringo at April 14, 2009 1:42 PM

there are 4 or 5 people who keep skewing the numbers by putting in the highest number possible. this speaks volumes of the desperation of people who have bought in the past 3 years. In trading we call it denial, the next stage is buyers remorse. Get ready to see a surge in inventory. Then the bids disappear and are lowered 10- 20 percent so the buyers have some space for error. Then the forced selling starts as people who have Option ARM's start to explode and either cant refinance or cant afford the extra 2 percent on a jumbp mortgage. All this while there rent rolls are crashing. Big problems ahead. If you knoww you are gonna hve to sell i suggest you do it now before it gets worse.

Posted by: brickoven at April 14, 2009 1:42 PM

Brickoven - i think you speak the truth for many owners(not all b/c I do feel there are many brownstone owners who did buy within the past 3 years and have enough cash in reserves to carry them through..

Posted by: gemini10 at April 14, 2009 2:03 PM

there are always a couple at the tip-top and a couple at the bottom. I bet it averages out.

Posted by: Ringo at April 14, 2009 2:16 PM

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