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April 29, 2008
404 STUYVESANT - IN CLOSING
Good Morning..I was unable to comment on the original postings so I just created this one. First, I'd like to congratulate the new owners on their purchase. It IS a wonderful home and Im sure they will enjoy it for years to come. Second, I'd like to thank all of you that took the time and interest to view my home and create such a buzz around it, as well as showing the appreciation for our efforts in maintaining the house as best we could. As for those of you that seem to feel the need to second guess our decision to sell at certain points, well, you shouldnt speak out of turn without knowing ALL of the facts and understanding everyones individual motivations. We did get an "OFFER" of $1.5m prior to auction, in conversation. But talking about it and following through on it are two different things (I guess it doesnt count as an offer until they write it down). For the record, the person that "OFFERED" $1.5m, also bid at auction and was NOT the high bid, which leads me to believe they werent serious buyers at that number. All they had to do was offer an additional $100k over the high bid at auction and the house could have been theirs (that goes for ALL of the bidders). As far as why we didnt take the money at auction, well, there were personal reasons with the buyer, and I wasnt going to sell to them. Some of you will say "take the money and run", but what good is the money if you're carrying regret over the way you got it? No, that person would get nothing from me. There were also tax implications for an earlier sale. In retrospect, I view the one TRUE offer i feel I missed out on prior to this as a net loss of about $50-$100k. Which, in this market, aint so bad. And believe me, I've thought about this and thought this through a HELLUVA lot more than any of you. Im not a fool, and this market has taken more than one person by surprise Im sure. I dont regret the missed opportunity that I spoke of at ALL. My business opportunities allow me to make that up right away. And my tax picture is a lot rosier. So, before you choose to speak, know EVERYTHING. Sometimes, its not what you think...Again, thank you folks on this board for keeping the interest level high, good or bad, I guess theres no such thing as bad publicity. And I'd especially like to thank Furman Calhoun at Halstead Real Estate. They did a Helluva a job marketing the property for me. He was there EVERY WEEK doing open houses, 2 per week. And when we needed to make the deal work, they put something in the pot to get it done with no fight. Good luck to all.
My regards,
Kyle Hodges
Former owner of 404 Stuyvesant
Comments
You sound like a nutjob
Posted by: guest at April 29, 2008 8:35 AM
Thank you, Kyle. You don't need to explain your real estate decisions to anyone on this board. (Especially not to the ignorant trolls who post here, like 8:35 a.m.) Your former Stuyvesant Ave home is beautiful and I congratulate the new owners on their great purchase. Best of luck to you!
Posted by: guest at April 29, 2008 8:49 AM
please explain 8:35
Posted by: daveinbedstuy at April 29, 2008 9:24 AM
Hi Kyle, Even though we got a tad singed by being "put into the pot", we just may move to the neighborhood anyway to make sure that those two take good care of Albertha's house! Good luck to you both... P
Posted by: guest at April 29, 2008 10:05 AM
OK, I'll bite. What was it about the prospective buyer with the $1.5 million offer that you didn't like. Because it sounds like it might have been something about the buyer, not the offer, that led you to reject the offer. Just curious why anyone would take a $350k haircut (25%) because he did not like the buyer. Was it going to be a teardown? Or did the buyer really never make a serious offer? Or was it something else?
Anyway, glad you are satisfied with the outsome.
Posted by: slopefarm at April 29, 2008 10:40 AM
To clarify - the high bid was $1.2M, which translated to $1.32M after the 10% auction fee. If you didn't take their bid because you didn't like them (or "personal reasons"), then you also lost out on others who were interested at that price (myself included).
The rejection of that price, and holding on to the $1.5M price tag, probably cost you a sale a year and a half ago.
I don't know what your tax situation is, but I imagine there must have been some opportunity cost of not having the $1M+ for over a year. . .
Posted by: guest at April 29, 2008 11:26 AM
definitely a nutjob.
Posted by: guest at April 29, 2008 3:09 PM
8:35 and 3:09 are just being facetious.
Posted by: guest at April 29, 2008 3:22 PM
It was his house, right? And he had a right to sell it however he wanted. Criticizing him for making his own decisions (good or bad) is really bizarre.
Posted by: Putnamdenizen at April 29, 2008 3:33 PM
must be a nutjob ... he felt compelled to explain himself to the know-it-alls on brownstoner
Posted by: guest at April 29, 2008 3:38 PM
The explanation IS sort of weird. Who cares what other people, strangers no less, think. I have to admit, I was kind of embarrassed while reading it.
Posted by: guest at April 29, 2008 3:57 PM
Actually, I think his response is nice, honest, and open. Good on him, and he sounds satisfied with the way things have turned out.
Posted by: guest at April 29, 2008 4:58 PM
I applaud his commentary as well - it is an interesting perspective that everyone was speculating on, so why not? also, it reinforces that this is, despite all the real nutjobs, a forum for community and discussion, even if we disagree at times. thanks, kyle!
Clinton Hill resident.
Posted by: guest at April 29, 2008 5:52 PM
Kyle, thanks for the insight. I hope the new owners will be very happy there. I loved the cute picture of them waving from the window.
Posted by: guest at April 29, 2008 9:05 PM
definitely a nutjob, and add MORON to the list. As for "personal reasons" why he didn't like the other buyer, sounds like the buyer wouldn't let him blow him. And I thought queers were good with money.
Posted by: guest at April 30, 2008 11:02 AM
Thanks for your post. Shows how crazy things get when we all make assumptions. Glad you gave the shout out to Furman. I have shown his listings and he is a nice, hard working guy!
Posted by: guest at April 30, 2008 1:05 PM
I met Furman a few times when I was looking and he did seem like a stand up guy. My broker knew him too and liked him
Posted by: daveinbedstuy at April 30, 2008 2:00 PM
Hindsight is 20/20. You make the best decision you can at each step. Lots of armchair real estate experts here with lots to say, who in reality have never actually had to deal with selling a property for 7 figures. And during a nervous market to boot. Everybody I know who has sold any kind of property lately has wrung their hands over strategies in pricing.
Posted by: guest at April 30, 2008 3:49 PM
My question -- and it is a question, not a critique -- still stands. It sounds like it was not the price or the offer at $1.5 that led Kyle to reject that offer, but something about the buyer him/herself that Kyle didn't like. I am curious what that was. While I do not feel entitled to an answer, Kyle did choose to put it on a blog, so I do not see why there has been so much objection to my asking the question.
Posted by: slopefarm at May 1, 2008 10:40 AM
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