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]
Hey Stevieb, totally understand your reasoning and we despise such excessive greed too but don’t you think you are being a little too harsh here? Go a easy on the massive generalizations and eff bombs.
Remember these folks lost a lot of $$ but you know chances are they are still economically much more solvent than most of us here…tyburg6 ditto to you.
Now we actually think the sellers did well considering the #s thrown around here last time around ( BRG estimated at less than $1million).
Wasder not sure about your reasoning here since most folks secure renovation and construction costs initially before doing a demo. Probably something else @ play here like a divorce.
“I don’t think there’s any evidence that this was a flipper. First, it was purchased by an individual, not a LLC”.
Hey DIBS are you saying individuals can’t be flippers? Remember part of the sentiment here has to do with the extremely greedy mark up the sellers did when the house first came on the market…about 70% in a few months of ownership…. that makes them the worse kind of flippers!
k- looking at the records, the seller had plenty of equity and probably some cash/investments to fund the reno. seller probably lost some of that liquidity in the stock crash and by the time he went for a HEL s/he was SOL as banks were shutting them down. as PBK points out there may also have been other factors such as lost job or split up.
dave, slopefarm, chicken, et al….can you guys answer my question at 11:41?
>>virtually no one
The challenge was to name 5 *smart* people who saw this coming and made money on it. I believe I have met the challenge and you should graciously accept defeat. Don’t change the challenge into an argument over what “virually no one” means.
7) the chicken
“Apples to oranges, BHO.”
Maybe so on this one, slopefarm. But both fruits are generally off -20% +/-. Where NYCS goes…
***Bid half off peak comps***
8!!
1) John Paulson / Paolo Pellegrini /mailroom guy at Paulson & Co.
2) Steven Eisman
3) Andy Lahde
4) Miss Muffett
5) Andy Redleaf
6) The What
7) Reggie Middleton
8) DIBS (who would’ve thunk it!?)
oh who cares. keep googling. my point is already made.
virtually no one was able to make money out of what people now see as the inevitable financial collapse of a generation.
but 75 million US homeowners are idiots.
7!!
1) John Paulson / Paolo Pellegrini /mailroom guy at Paulson & Co.
2) Steven Eisman
3) Andy Lahde
4) Miss Muffett
5) Andy Redleaf
6) The What
7) Reggie Middleton