PLG Shocker! 185 Ocean Closes 33% Above Ask
The award for the craziest bidding war of the year so far has to go to 185 Ocean Avenue, home of blogger Planet PLG. After hitting the market with a price tag of $899,000 in early March, the turn-of-the-century brick house in PLG generated a torrent of offers; when the music stopped, the winner bidder…
The award for the craziest bidding war of the year so far has to go to 185 Ocean Avenue, home of blogger Planet PLG. After hitting the market with a price tag of $899,000 in early March, the turn-of-the-century brick house in PLG generated a torrent of offers; when the music stopped, the winner bidder had signed a contract for $1.2 million. He closed for all cash yesterday. The new buyer has been feeding locals the line that he plans on renovating and moving in with his family but the smart money, unfortunately, is on a tear-down. Man, do we hope we’re wrong.
185 Ocean Avenue [Brown Harris Stevens] GMAP P*Shark
Blogger Sells His Home [Planet PLG]
Open House Picks 3/2/07 [Brownstoner]
From what I’ve heard, that block and the neighborhood as a whole would be much better off if the people across the driveway from this house moved on.
Yes, you are right Anon 11:33. I’m concerned that the owners of the adjacent house (187) will freak out over the threatened development plan and end up selling as well, thereby starting some kind of small domino effect.
No one has mentioned the fact that this house shares a driveway and splits 50/50 a 4-car garage with its neighbor. Any condo development would have to deal with the potentially sticky legal questions that could arise from this fact. If the neighbor also sells that’s one thing – if not, this could get ugly.
Anon 8:32 you are spot on! As an owner of one of the limestones, I have already been approached on the very concept that we limestone owners should form an LLC, tear down the entire strip and put up condos. Aargh. Onward to mobilizing for landmark status!
Meanwhile, Anon 9:43, being “on the park” definitely adds tremendous value. That is why most of us bought homes there in the first place. The park is our front yard; in winter, the lake is visible from the upper floors of our homes; we’re steps to the boathouse, oriental pavillion, concert grove and nethermead; We’re also just down the block from the BBG. To boot, we are situated between between 2 major subway stops. In fact, with the coming of the 37M Lakeside Center in a few years, the sale of 185 Ocean at only 1.2M will one day look like a true steal.
9:43 — Are you retarded? No one is disagreeing with the fact that it was bought by a developer, and everyone has made your points many times over. Who are these idiots that have made you so indignant?
On another note:
What amazes me is how much value the “on the park” element adds. How much would this have gone for had it been on a regular block? 700Gs?
8:40, that is the silliest thing I’ve ever heard. This property was priced to sell and to hopefully spark a bidding war. As it happens , two or three developers got involved and pushed the price way beyond reason. That’s all.
Brownstoner:
The only “SHOCKER” here is that the house was listed so low to begin with.
Of course, it’s quite unfashionable on this site to call any listing “underpriced”. Basically, underpriced listings are typically seen as “just right” by Brownstoner, while smart pricing tends to be called “outrageous.
Dear Brainless:
If a developer buys three continuous lots that are 18 feet wide, the have a parcel that is 54 feet (because 18 X 3 = 54).
The developer doesn’t have to build one building per lot. In fact, I’m willing to bet a developer would rather tear down that entire row on Ocean Avenue and build a big-ass condo.
To those who believe a condo building on Ocean Avenue would improve the economics of the surrounding area, BE CAREFUL WHAT YOU WISH FOR. Economic development is considered a valid use of Emiment Domain.
The limestones are certainly at risk. Money talks. Most people will sell if the offer is high enough.
Anon.7:23,
I HOPE you’re right about the limestones, but I fear what might happen if even two contiguous houses in that row were sold.
The only real good I could see about a tear-down would be if it mobilized people in that row to take action.