Condos of the Day: 502 1st Street
We’re not usually fans of these brownstone condo conversions, but this one at 502 1st Street strikes us as better than most (though it’s no 24 Remsen!). The building has been divided up into four units ranging in price from $699,660 for a 828-square-foot two-bedroom to $1,140,525 for a 1,233-square-foot two bedroom. The asking prices…
We’re not usually fans of these brownstone condo conversions, but this one at 502 1st Street strikes us as better than most (though it’s no 24 Remsen!). The building has been divided up into four units ranging in price from $699,660 for a 828-square-foot two-bedroom to $1,140,525 for a 1,233-square-foot two bedroom. The asking prices of all four units tally to $3,359,461, a good deal more than the $1,500,000 the developer paid for it; then again, he’s had to renovate and carry the building for four years so there’s probably not a ton of profit left, even if he manages to nail these prices. Warren Lewis hosted the first open house yesterday. Anyone go?
502 1st Street [Warren Lewis] GMAP P*Shark
I suspect wishinone is all wet! People who can afford to buy a $700 thousand or $1M apartment are not going to settle for one bathroom.
Show me the sales, wishinone!
i can think of at least 2 3 bedroom apartments I’ve been to in park slope recently (last couple weeks) that are priced at $1 million and they both have one bathroom. I just don’t think everyone is that concerned about having one bathroom. Personally, I think it’s nice to have 2 bathrooms, but not a necessity. I care more about other things. But hey, to each their own.
Wishinone – key words: “a few months ago.”
plenty of people. our downstairs neighbor did just a few months ago.
Who is going to pay $795,000 for an apartment with only one bathroom?
Real Estate prices will languish for decades.
Wall Street is in the dog house and NYC residential asking prices have barely budged.
Our Federal government is utterly delusional and in the pocket of big business.
All the bailout money will go to the rich and connected — Russian style.
Car Czar? Our politicians are out of their minds getting involved in running failed businesses that lost years ago to the Japanese and Germans. The unions must be extorting the politicians — there’s no other rational explanation.
Obama doesn’t have the balls to quit smoking and he doesn’t have the brains to let the auto industry fail.
Bush and Obama are both brainless puppets. America, the bastion of free market capitalism as we knew it, is heading for the poor house.
I just realized, in discussing 14th St, I made a math mistake (rushing while posting from work!). If the sellers, who closed at 1.995 just a few weeks ago (!), sold the house for the same price they paid, they would lose around 150K (closing costs when they purchased, plus broker’s fee to sell). If they sell at 1.950, they will wind up losing about 200K, or roughly the same as they would have lost had they backed out of deal after they went into contract (which was probably just before financial meltdown hit). Problem is, they will likely have to sell for even less. They probably priced as high as they did, 2.150mil, to factor in the inevitable discount off of ask that sellers expect in this climate. Problem is, any serious buyer now is likely to do their homework, see that the house closed weeks ago for 1.995, do the math to figure out when it went into contract, and expect a significant discount off of the price from this summer. These people must really be in a bad position to be selling again so soon!
I suspect 1st Street is a harbinger of what’s to come. Inventory of late has been very slim, but inevitably starts to grow in a housing slump, as sellers cling to old prices, and buyers refuse to give in. Eventually, sellers readjust their expectations, and start cutting prices to get things moving again. We will probably see this start to happen in 2009, and continuing in 2010. During the last NYC downturn, prices peaked in 1988, turned in 1989, then took til 1993 to bottom out, then took many more years to crawl back to the highs of the peak. This is why serious sellers will just cut out the wait and sell at a more realistic price.
I don’t hate the duplex, but this is a high ask even by 2006-07 standards. That 2nd br is tiny. Feels like 875-900k might be fairer, because that’s a great location, and you do get a yard. I’d say a 15-20% chop is in order.