« Foreclosure of the Week: 189 Lefferts Place Streetlevel: Athom Cafe in Bushwick »
July 8, 2009
House of the Day: 448 6th Street Revisited
When 448 6th Street hit the market with Brown Harris Stevens last October we drooled over its interiors and unusual facade but wondered whether the asking price of $2,825,000. It turns out it was. By quite a bit. Corcoran took over the gig in April and relaunched the listing with a price tag of $2,299,000; since then there have been a couple of small price cuts, including one yesterday, that have brought the price down to $2,149,000. We have to think that this is getting close to a market-clearing price. The only snag we can think of, besides the small matter of the global financial meltdown, is that the brownstone is only 17 feet wide.
448 6th Street [Corcoran] GMAP P*Shark
House of the Day: 448 6th Street [Brownstoner]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/10496
Comments
Was there a widget the last time you posted it???
Posted by: daveinbedstuy at July 8, 2009 1:17 PM
NOT ENOUGH PHOTOS, LADIES.
Posted by: daveinbedstuy at July 8, 2009 1:35 PM
Would love to see pictures of the kitchen that was so much debated in the previous post. Sounds potentially cool (big wood table, old fashioned, Aga).
Posted by: BHS at July 8, 2009 1:40 PM
agreed Dave, the pictures that are given are nice though.
Posted by: brickoven at July 8, 2009 1:41 PM
Corcoran loweing prices GAME OVER!
A few more big down days in the stock market and Ill start to prepare for the inevitable...
Dead Cat Bounce
Posted by: DeadCatBounce at July 8, 2009 1:44 PM
20' 4-story houses on this block and nearby were selling for 1mil in 2000-2001 so I would guess at that time this was worth a bit less due to the width, say 800K, and less in 1999. So the price is still close to triple what it was 10years ago. I'm placing my bets on a return to 2004 levels in the next year or so, so I'd value it at 1.6-1.7 max now, 1.4-1.5 max 1-2 years from now.
Posted by: Miss Muffett at July 8, 2009 1:44 PM
I would not worry about the 17 feet. I would worry about the two million one hundred and fifty thousand dollars. There's the problem measure.
Posted by: sam at July 8, 2009 1:54 PM
Is there a strategy behind the few pictures? It feels mean, exclusive, like the "seriously interested" don't need lots pictures or any cause they don't even look at ads.
Posted by: Nomi at July 8, 2009 1:54 PM
MM - This house will sell soon enough. Disagree on the 1.6m, someone's going to come in prior to that. Certainly if I was looking high 1's low 2's it would be on my radar, it's a nice place.
Posted by: 10thStreetReno at July 8, 2009 2:00 PM
Nomi, you either got the two mill or you don't. why all the fuss about pictures?
Posted by: sam at July 8, 2009 2:01 PM
What, you're not curious? You don't want to see pictures of the other rooms?
So, you're confirming what I said, that if you have to ask you can't afford it, or whatever the equivalent here is?
Posted by: Nomi at July 8, 2009 2:03 PM
Miss Muffett, you are a tough mistress.
Posted by: Nomi at July 8, 2009 2:04 PM
Well, 10th Street, they thought their price was right when it first came out and the market has proved otherwise, and all signs point to further declines. This is a classic example of chasing a down market, and I see no reason the price could not decline substantially further. You may estimate high 1's now (not too far, I presume, from my 1.6-1.7 max for now) but we'll see if it sells "soon enough". There are a number of other houses on the market, that, like this one, priced too high to begin with and now are sitting, sitting, sitting.
Posted by: Miss Muffett at July 8, 2009 2:05 PM
I also believe some idiot will buy this before it drops to the 1.6-1.7 level. that said, I agree with the 1.6-1.7 level assessment.
Posted by: more4less at July 8, 2009 2:06 PM
According to Streeteasy, this home is no longer available.
Unless I'm missing something...
Posted by: 11217 at July 8, 2009 2:20 PM
Also according to Streeteasy, 794 Union Street just sold for $4,000,000.
Posted by: 11217 at July 8, 2009 2:22 PM
There's an open house scheduled for this place this Sunday.
Posted by: daveinbedstuy at July 8, 2009 2:25 PM
The fact that they removed the walls is deeply distressing to me. I don't want to live in a Victorian-slash-airplane hanger. It looks like open wounds. It doesn't match. It's a disaster. And I have news: Keeping the walls and the original pocket doors and all that stuff actually makes a small space look BIGGER.
Posted by: mopar at July 8, 2009 2:28 PM
Dave, I guess you're correct. I was looking at this, but then realized that they probably just ran out of room with all the price cuts and then started a new page when they moved to Corcoran...
http://www.streeteasy.com/nyc/sale/355377-house-448-6th-street-park-slope-brooklyn
Posted by: 11217 at July 8, 2009 2:28 PM
Mopar likes Victorian houses to stay Victorian. One of my insightful observations of the day. Just one. Later, after all you squares go to bed at 9pm, I will have many more.
Posted by: Nomi at July 8, 2009 2:51 PM
Well, based on the reports, looks like prices are finally starting to come down in Park Slope. This listing price has the house at $716 per square foot.
Does anyone know what one families like this with 3,000 sf in good condition have sold for in the last quarter?
A price chop of $600,000 over one to two years as Miss Muffet predicts would be a drop of 300 percent. I can't judge if the asking price is reasonable to start with, but I can say that price drops (of actual prices, not asking prices) of more 10 percent per quarter are very unusual -- except for foreclosures and short sales.
Again, no idea re ask, but if ask is in line with comps, that would suggest the price will be around $1.8 or so in two years.
That's more than $400,000 per floor. So I guess that would make this place something like $11,000 a month if you put 25 percent down.
I admit the appeal of this is lost on me. I can only surmise there are wealthy people who value living in Park Slope.
Posted by: mopar at July 8, 2009 3:04 PM
Nomi...you never took me up on my invitation to come over to the darkside of the OT.
However, most of us there have real lives after we leave work and are not posting in the evening. You need to get out more. Come to the next friends of Brownstoner get together.
Posted by: daveinbedstuy at July 8, 2009 3:06 PM
DIBS - seriously, how do you have so much time to post constantly all day long? What kind of "work" allows you to post that much?
Posted by: Miss Muffett at July 8, 2009 3:09 PM
Nomi, I do! :) I like all kinds of houses, even 1950s ranch houses, if they have appropriate finishes and spatial integrity. I don't care if the furniture matches the house though.
Posted by: mopar at July 8, 2009 3:10 PM
MM...most of my work is with Asian stock markets....when they are open in the evening and then early in the morning. That said, we make a lot of decisions during the day here at the mutant hedge fund. There's so much info to process that we make decisions quickly and then have a fair amount of "down time."
Posted by: daveinbedstuy at July 8, 2009 3:31 PM
mopar, are you sure they removed walls? I've only taken a cursory glance at the floor plans but since this is a center stair brownstone I wouldn't expect the typical original layout...
Posted by: StuyMom at July 8, 2009 3:58 PM
stuymom, look at the photo of the floors... you can see the parquet and the edging. Doesn't follow the new layout. I had the same problem in my reno, fortunately the parquet was crap so we just took it all out and now the floors do follow the walls.
Posted by: denton at July 8, 2009 4:04 PM
Dibs, -70% $$$ is coming fast and furious ;) Congrats again!
Posted by: cornerbodega at July 8, 2009 4:09 PM
Nothing I know of is down 70%, cornerbodega. Your IQ is probably around 70. Don't get all the numbers confused.
Posted by: daveinbedstuy at July 8, 2009 4:13 PM
Dave when I traded asian markets I was sleeping at this time
Posted by: brickoven at July 8, 2009 4:22 PM
You probably need more sleep than I do brickoven with a slower metabolism and such.
Besides, I'm not the trader, I'm the PM. I do whatever I want on my schedule. It's not rocket science.
Posted by: daveinbedstuy at July 8, 2009 4:24 PM
These 4 pictures look nice. I'm worried about the missing 12. If there are no disastrous rooms, I think it'll get no less than $1.9.
Posted by: FatLenny at July 8, 2009 4:27 PM
I'm sort of getting sick of BHS....they're becoming the new A&H in terms of overpricing, and seem to go with the less is more mantra for photos these days.
Posted by: MoneyForNothing at July 8, 2009 4:27 PM
denton...AA numbers much better than expected...-$0.26 vs. estimate 0f -$0.38
Posted by: daveinbedstuy at July 8, 2009 4:28 PM
Everyone please read Contagion by John Talbot.
Posted by: MoneyForNothing at July 8, 2009 4:29 PM
dibs, sweep those steps for your bitter ghetto renters!
Posted by: cornerbodega at July 8, 2009 4:31 PM
Dave sold to you when it opens :)
Posted by: brickoven at July 8, 2009 4:32 PM
Does your landlord sweep yours, cornholedinthebodega?? I bet your hallways are strewn with litter in your rat-infested hovel. Talk about bitter!!!!!
Posted by: daveinbedstuy at July 8, 2009 4:32 PM
brickoven...join me tomorrow for the best brickoven pizza ever at that place I was telling you about "Sara's Vagina" I'll bring the wine.
Posted by: daveinbedstuy at July 8, 2009 4:34 PM
I am out of the city for the summer. But i do love sarahs vagina. Stay away from AA
Posted by: brickoven at July 8, 2009 4:39 PM
dibs, you can guess at my situation ;) We KNOW of yours! Speculative ghetto investing (-50% loss, probably more), recent suckers rally cheerleader, what other investing advice can you provide us? Sweep those steps while I chill out nyc style after 3 weeks in Hawaii ;)
Posted by: cornerbodega at July 8, 2009 4:40 PM
No interest in AA at all. Neither one of them!!!!
Posted by: daveinbedstuy at July 8, 2009 4:41 PM
Nice, bodega.....a 13 hour flight in coach for $450 and a package hotel!!!!! If you were really well rested you wouldn't be such a disagreable dumb shit.
Posted by: daveinbedstuy at July 8, 2009 4:48 PM
maybe short both of them :)
Posted by: brickoven at July 8, 2009 4:55 PM
I was referring to Alcoholics Anonymous. :)
Posted by: daveinbedstuy at July 8, 2009 4:58 PM
Sweeping steps for bitter renters on your money losing ghetto investment or eating at Mamas Fish House in Maui/Kicking it on Ke'e in Kauai. Hmmmmm.... tough one ...
Posted by: cornerbodega at July 8, 2009 5:00 PM
bodega...when I'm in Venice and Florence, I don't log into brownstoner to act like a child and never add a useful thing to any thread.
You must be a really unhappy person with no life. Sad, really sad.
Posted by: daveinbedstuy at July 8, 2009 5:03 PM
Hey dibs, I'm back from my trip. You Reap What You Sow. Enjoy!
Posted by: cornerbodega at July 8, 2009 5:07 PM
Context?
Posted by: daveinbedstuy at July 8, 2009 5:11 PM
DIBS, I will coincidentally be having dinner with another couple at Sarah's Vagina tomorrow around 7 pm. I'm so glad someone is calling it that. Maybe I'll see you there.
Posted by: mopar at July 8, 2009 5:33 PM
Funny. When I'm in Maine I log onto Brownstoner and post every chance that I get!
Posted by: mopar at July 8, 2009 5:38 PM
DIBS wrote:
There's so much info to process that we make decisions quickly and then have a fair amount of "down time."
Can anyone --in finance or out --make head or tails of this statement?
Posted by: Whuh at July 8, 2009 5:52 PM
"I'd value it at 1.6-1.7 max now, 1.4-1.5 max 1-2 years from now."
Muffet:
Care to make a $1,000 wager that if this house sells, it sells at or above $1.7 million?
Posted by: Mr Joist at July 8, 2009 7:07 PM
"Nomi...you never took me up on my invitation to come over to the darkside of the OT."
Right. These threads are dark enough.
"However, most of us there have real lives after we leave work and are not posting in the evening. You need to get out more. Come to the next friends of Brownstoner get together."
I do need to get out more. But who would keep the Internet interesting while I'm out?
Posted by: Nomi at July 8, 2009 7:10 PM
What is Sarah's Vagina? I can only think it has something to do with Sarah Silverman.
Posted by: Nomi at July 8, 2009 7:11 PM
About the walls/floors -- the right post of the staircase is right in the middle of the border on the floor. I don't get where the wall would have been.
(If only one of my questions gets answered, please answer the Sarah's Vagina one.)
Posted by: Nomi at July 8, 2009 7:19 PM
Oh, wait. That border must have covered the two rooms with the wall in the middle just to the right of the stairs. I guess.
OK. Too many posts in a row . .. At least I can talk to myself.
Posted by: Nomi at July 8, 2009 7:21 PM
Miss Muffet, my math is wrong above. The drop you suggest is 30 percent, not 300 percent. It's very reasonable to think Park Slope could have drops of 30 percent over the next year or two. Maybe not this particular house, but in general. I agree with your post.
Posted by: mopar at July 8, 2009 11:21 PM
Latest Restaurant Additions
-
La Mancha
added March 19, 2010 12:00 PM in Brooklyn Heights -
John's Bakery & Pastry Shop
added March 18, 2010 12:00 PM in Ditmas Park -
Amarin
added March 17, 2010 12:00 PM in Williamsburg -
Kimchee
added March 16, 2010 12:00 PM in Bay Ridge -
Magda Int'l Cafe
added March 15, 2010 12:00 PM in Williamsburg -
Villa Rustica
added March 12, 2010 12:00 PM in Park Slope -
Happy End
added March 11, 2010 12:00 PM in Greenpoint -
The Blue Stove
added March 10, 2010 12:00 PM in Williamsburg -
Madina
added March 9, 2010 12:00 PM in Kensington -
Cataldo's
added March 8, 2010 12:00 PM in Prospect Heights
Post a comment
Please be patient while your comment is published. It may take a moment.