Park Slope price per sq. foot- what is reasonable?
I know none of us know the future. But if you were a real buyer in PS right now, what price per square foot would you be considering paying on a house? We are considering putting in an offer around $670 per sq. ft on a smallish brownstone (3 floors). We are hoping that will…
I know none of us know the future. But if you were a real buyer in PS right now, what price per square foot would you be considering paying on a house?
We are considering putting in an offer around $670 per sq. ft on a smallish brownstone (3 floors). We are hoping that will protect us from a market downturn, as it is likely about 15% less than the average ppsf right now.
Does that sound reasonable? Or is it more reasonable to expect the ppsf to go even lower? This is in move-in condition and in a nice part of the Slope.
(NO guarantees the owners won’t laugh at us with our offer, but realistically, we don’t HAVE to buy so we want to buy only at a safe price.)
Any opinions?
New brooklyn condos go for way more than $500/sf.
10:54 sounds right.
north slope between 6th and the park is averaging close to $1000 psf so this sounds like a good deal, if you get it.
I have been thinking about similar pricing issues as I am trying to determine a good asking price for my 2-br 1,000sf coop in PS but not is the PS 321 zone. How many dollars deducted for schools? Added for laundry in apt., etc. Is $600 a sq ft. still reasonble for a coop vs. a house?
9:54 – are you actually being serious? Do you really think prices will drop to $500/sqft? That seems ridiculously low…
(Or am I being naive and 9:54 is just a troll)
I wouldn’t pay a penny over $500 a sq. ft. in Park Slope.
I think price per sq. ft, is a good place to start, so long as you take into account the variables you mentioned above which can increase and lower that price. A beautiful renovation is a beautiful renovation whether it is modern or traditional. Both can be mucked up and both can be beautiful.
Thanks guys!
OP here- quick question for you. If ppsqft doesn’t hold up, what measure can you use to examine comps? In other words, how do you value the price of your home?
I agree that certain adjustments need to be made for really great old details, move-in condition, and the curb appeal of the block, but within reason- what else can be used? (For example, I see places that have modern gut renovation that is tasteful commanding almost as much as some of the old fashioned renovations, etc.) Just curious what your thoughts are…
Yep. The worst that can happen aint that bad. Go for it.
I think the price per square foot measure is extremely iffy for houses. Quality can vary hugely and I’ve always found houses to vary by location within a block, not just neighborhood. I live in the South Slope and I love it, but there’s a few blocks that I don’t think hold up as well as mine (snobbery on my part!) In that sense, measuring relative value by $/sq ft isn’t that helpful to me.
Good luck!
Don’t worry about owners “laughing” at you. There are a quite a few brownstones in Park Slope that have been sitting for a while because the asking price is too high. If the house you want has been on the market (you can find that out easily) then make an offer you feel comfortable with. It’s hard to find a general price per square foot for a brownstone. I think it’s easier for apartments, but even then it can vary. I just go by comps for the house in general. Don’t be afraid to make a low offer. As you said, you don’t really need to buy right now anyway. And many times, even if they reject your offer, they’ll come back to you later.