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September 25, 2009

Open House Picks: Six Months Later

ohp-6months-32709.jpg
Comment: Holy cow, 329 President started out at $3,600,000!
Open House Picks 3/27/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]




Posted by Brownstoner at 12:39 PM | Comments (30)
Categories: Open Houses, Six Months Later

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Comments

Where's BHO? if the president st place closes more than 5% under ask, someone owes him a drink.

Posted by: joe_the_bummer at September 25, 2009 12:46 PM

bid half off peak asks.

Posted by: josefsz at September 25, 2009 12:48 PM

was something wrong with that Fort Green place?

Posted by: bitter_bubble_buyer at September 25, 2009 12:49 PM

joe - that's very very funny.

Posted by: wine lover at September 25, 2009 12:49 PM

that fort greene place was a sliver of a house.

Posted by: Santa at September 25, 2009 12:51 PM

I don't see where President Street was ever listed for 3.6 million.

I see that it started at 2.5 million.

(Although it looks as though it was bought for 2.9 million in 2008).

Posted by: 11217 at September 25, 2009 12:53 PM

It was a very narrow house so taht's going to limit the pool of buyers. OTOH, a couple of posters really liked it, so it may be that they just sold as the market was moving against them.

Posted by: Boerumresident at September 25, 2009 12:55 PM

Seems like a good price for that tiny FG house, considering the size and location.

What are the CG owners thinking? Their asks were crazy even during peak bubble times...

Posted by: 1842 at September 25, 2009 12:58 PM

1. shadow inventory. watch out this baby's gonna bring down the market. or no need to sell plenty of equity, i think i'll wait for a better market.

2. attrocious flip. this one's hard to look at.

3. sold. a 12.5 ft wide house in Minard's "dangerous" neighborhood easily cleared a buck. i'd say that's a big price.

4. par for the market.

Folks, mostly another good example of asking prices meaning shite, with a dash of wide bid-ask spread.

and a note. even bho wouldn't claim victory as tag line was not bid 50% of peak asks.

Posted by: antidope at September 25, 2009 1:04 PM

CLEARLY, one could "bid half off peak comps" and walk away with this Brownstone, Half Off. What would that be, about a 1.4MM bid, deal done at 1.65MM? I'll have one of what BHO's having.

Posted by: joe_the_bummer at September 25, 2009 1:10 PM

Looks like confirmed "sold's" on the "six month's later" are running pretty consistently at 25%. This includes a few "in contract" and a lot of "delisted" or "no information available." Regardless, its pretty crazy that with this sample only roughly 25% are selling after 6 months+ on the market.

Posted by: Brokedeveloper at September 25, 2009 1:18 PM

The President Street house was purchased at $1.15 million. First asking price was, indeed, $3.6 million (we neighbors on the block nearly gagged at that one). It was then reduced to $2.2, and now $1.88. The house is still not worth that much. Cheesy renovation, awkward floorplan, many open houses, no offers. Wouldn't be surprised if it's reduced further, but owner should really try to cut his losses and rent it for a while.

Posted by: PresRez at September 25, 2009 1:34 PM

well, that's a little offensive, trying to triple your buying price.

Posted by: joe_the_bummer at September 25, 2009 1:49 PM

11217 - see http://www.brownstoner.com/brownstoner/archives/2008/03/overpricing_not.php

Posted by: DitmasSnark at September 25, 2009 1:57 PM

Thanks, DS. I think every seller in this market has this same ridiculous idea go through their head. "if we all just hang on to our high prices, people will eventually have to pay them, because there will be nothing else to buy. I wish we could all meet up and arrange that"

who knew that in carroll gardens they would actually try it.

Posted by: joe_the_bummer at September 25, 2009 2:03 PM

If you look up the President Street house in Streeteasy it tells a different story than the one being told here.

Looks as though it was bought for 2.9 million in '08 then put on the market for 2.5 million and has been reduced a number of times since.

Maybe Streeteasy is incorrect, or I'm probably just missing something. I don't want to do much more research, because frankly I don't care that much.

Posted by: 11217 at September 25, 2009 2:24 PM

The person who bought the President St house lives on the same block. The previous owner was an elderly woman who had passed away, and after a probate delay of at least two years, it was purchased by this person who gutted it and thought he was doing an upscale reno job. The reno is the laughing stock of the block.

Posted by: PresRez at September 25, 2009 2:25 PM

Streeteasy may be incorrect. The present owner of the house still owns it (I know his name). I live across the street, and it has been an ongoing saga.

Posted by: PresRez at September 25, 2009 2:28 PM

presrez- thanks for the 411.

i don't know what's a bigger joke: the original ask or the reno. Aaaawful.

11217- you'd be way better off relying a bit less on your SE pal.

broke- i have noticed same trend as you; i think it reflects large bid-ask spreads and will compress if a) market sentiment improves (buyers get braver) or b) market sentiment reverts to the negative feedback loop (and sellers run out of oxygen).

Posted by: antidope at September 25, 2009 2:33 PM

can we get his facebook page?

*rob*

Posted by: Butterfly at September 25, 2009 2:37 PM

If the "Beverley Square West" house could drop to about $350,000... then i would totally buy it.

(well, or any of the other places for that matter... but I live just around the corner from this place, so it would be an easy move.)

Posted by: tybur6 at September 25, 2009 2:38 PM

ROFL, *rob*

11217, I love StreetEasy, but often find it inaccurate. I clearly recall the President Street house listed at $3.6 (and remember thinking wtf?)

Posted by: CarrollGardened at September 25, 2009 2:57 PM

Yeah, it seems SE does have some issues for sure.

WTF indeed!

Posted by: 11217 at September 25, 2009 3:00 PM

Bringin' back the Loaf:

"Don't be sad....cuz one outta four aiiiiiiiin't bad!"

Posted by: MoneyForNothing at September 25, 2009 3:05 PM

What are the CG owners thinking?

Posted by: 1842 at September 25, 2009 12:58 PM

--------

What 90% of sellers still seem to think, I suspect.

That their property is worth a lot more than people are willing or able to pay for it....

Posted by: MoneyForNothing at September 25, 2009 3:07 PM

"Folks, mostly another good example of asking prices meaning shite, with a dash of wide bid-ask spread."


Yo Dope, you're starting to sound a lot like me! Me likey!

Posted by: MoneyForNothing at September 25, 2009 3:08 PM

Okay, what am I going to weigh in on?...You guessed it: the Fort Greene house! ;-)

So, yes, it was very, very narrow and I really did think the original asking price was pushing it to be truthful. I had nice features, small rooms if you like *cozy*...AND some people really, really do--With the right decorating, it'd be a knockout. I knew Maggie and her friend would be able to sell this house because it really is cute and they are good real estate agents.

Aside from the house's width, one thing that may have brought the price down was that the only bathroom with a tub (a huge, jacuzzi sort of tub) is on the ground floor next to the kitchen...that floor was quite a bit below grade.

The guys did a nice job over the years renovating the house and doing the most with the dimensions. I'm not sure the square footage, but the rooms "worked" pretty well for me...but yes, probably too, too cozy for some. Note that it also probably could have used additional money put into it. There were a couple of almost-finished things and I'm sure other things a new owner will look to do aside from cosmetic work. I'm not sure the state of the roof and heating system but I would imagine they're fine.

The garden was nicely done by the way. I often find small fishponds in the brownstone backyards to be nothing more than sad mosquito pits but this one was cute...with and urn and moving water...without being too kitsch.

All-in-all, I'm sure this house will make the new owners a wondferfully gracious home. All my best to them!!!

Posted by: BrooklynGreene at September 25, 2009 3:13 PM

Anti - agreed. I don't think sellers will be able to hold out long enough, though they seem to by pretty set in their ways right now. Maybe these attitudes are why the last NY real estate downturn lasted 3+ years.

Posted by: Brokedeveloper at September 25, 2009 3:43 PM

But meanwhile, for example, although we have tons of dentists and attorneys in NYC, they manage to float their regular fees no matter what. There doesn't seem to be much market reality with professional fee structures.

Oh, is that just my take?

Anyway, yes, I know, real estate cannot be compared in this way to professional services...but still...you have to wonder.

Happy New Year!!!

Posted by: BrooklynGreene at September 25, 2009 5:13 PM

"But meanwhile, for example, although we have tons of dentists and attorneys in NYC, they manage to float their regular fees no matter what. There doesn't seem to be much market reality with professional fee structures.

Oh, is that just my take?"

I think that is just your take. 2008, 2009, and soon 2010 are turning out to the biggest bloodbath for attorneys in NYC in decades.

Hordes of attorneys have been fired. Young attorneys have had their offers rescinded. Partners have been pushed out or demoted to non-equity. It's horribly frightening for some of these young attorneys to come out with $150,000 in student loans not being able to find a job.

http://dealbook.blogs.nytimes.com/2009/08/26/students-fret-as-big-law-jobs-disappear/

Posted by: theandrewlee at September 26, 2009 11:22 AM

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