150 Bond Finally Sells—For a Loss
The sale of 150 Bond Street, which was a House of the Day a number of times, was recorded in public records yesterday. The price: $1,400,000. The property, which was pitched as a gutted blank slate that would allow its new owner to “build your dream house in Boerum Hill,” first hit the market asking…
The sale of 150 Bond Street, which was a House of the Day a number of times, was recorded in public records yesterday. The price: $1,400,000. The property, which was pitched as a gutted blank slate that would allow its new owner to “build your dream house in Boerum Hill,” first hit the market asking $2,495,000 in March ’08. The price was cut several times until it was asking $1,595,000 this summer. The seller purchased it for $1,725,000 in September ’07. This one seems like it was a victim of unrealistic pricing from the get-go and a down market in which fixer-uppers are a tough sell.
House of the Day: 150 Bond Street Revisited GMAP P*Shark
Open House Picks: Price Cut Edition [Brownstoner]
Houses of the Day: A Couple of Price Cuts [Brownstoner]
House of the Day: 150 Bond Street [Brownstoner]
150 Bond Price History [StreetEasy]
Here is the truth as I know it,from speaking to the sellers: I had seen it on the original open house when Nancy McKiernan was the agent. It was in decent mechanical shape but very old-fashioned (70’s reno?) and needed lots of cosmetic help. It was bought by a couple with kids, who definitely planned to live there. Then at least one partner got hornswoggled or at least led down the garden path by contractors, and they got carried away with probably unneeded renovations. I was shocked one day to to see sky through the missing roof and ceiling! The house was never close to ready to live in, so after a year they bought elsewhere and then put it on the market. It is true that one partner was a real estate agent, but the other wasn’t and I think innocently got in over his head. Then the other partner listed it at a really outrageous price, as events have proved….. Well, you can’t blame them for trying. But they were far from flippers. In my far from humble opinion.
DIBS we clearly know who is thick…you! You essentially admitted your reasoning was weak in your response to Chicken’s clear explanation. Again the term is SUBJECTIVE…
BTW just so you know we don’t need translations….learned English and French at the same time during childhood…can your thick brain absorb that???
Definitions of Flipper
•The investor who purchases homes to be fixed up and resold for profit.
Clearly that was not the original intent nor the final outcome. Are you losing it in the translation into French, Pierre??? I think we see who the thick one is.
This place sold for $1.4 mm (failed development effort as far as I know) and the house at the North end of this block is listed on Corcoran and indentified as in contract with an asking price of $1.45 mm. The latter house would also require a gut reno. Hard to believe that the cost of a Boerum Hill shell is $1.4 mm. Both these bond street properties have attached garages. Any informed opnions as to the value assoicated with the garages. Other than rent (my gues is about $250 per space) are they developable? What’s the value of a developable lot in Boerum Hill these days?
Hey Chicken thanks for articulating our point so clearly to DIBS hopefully he will comprehend.
Remember we do feel bad for this seller in the end but the reason some people are celebrating their loss has to do with the inordinate amount of greed at initial pricing.
Hey DIBS just got back from Manhattan and read thru your nonsense “I made 229% on my original manhattan condo over 10 years. Am I a flipper just because I made so much money?”
No simply because it took you a long time of living and maintaining the place to accrue that profit. Got it? Mr finance guy you should understand this has to do with rates of growth okay? These sellers wanted a 70% profit after owning the place for 3 months with ZERO improvement in fact they wreck the house and then marked it up. That’s a flip to us!
“Your definition is flawed. Admit it”. Listen dude the term is clearly subjective like we tried to point out to you earlier…don’t be so thick.
I just looked at my 401K – everything is back to where it was. I didn’t realize the market was doing so well.
my 401k is back to June 2008 levels and I haven’t made a single contribution since before that date. I haven’t touched it. No rebalancing.
Pretty happy with that to say the least.
DIBS, our floor guy can’t try until Monday because we have other work and deliveries scheduled (he has other work too). Then we’re moving Tuesday. Ai yi yi. Maybe we should leave moving until the very last second — Wednesday.