A Softer, Gentler Prospect Heights Market
A new article in The Real Deal takes a look at the Prospect Heights market and sees some “softening.” StreetEasy numbers show that median prices in the neighborhood dropped 4.8 percent, from $619,000 to $589,000 between he second quarter last year to the second quarter this year. The mag’s reporter visits open houses and see…
A new article in The Real Deal takes a look at the Prospect Heights market and sees some “softening.” StreetEasy numbers show that median prices in the neighborhood dropped 4.8 percent, from $619,000 to $589,000 between he second quarter last year to the second quarter this year. The mag’s reporter visits open houses and see “light” traffic (only two couples in an hour at The Washington Condos, above), though local broker Doug Bowen of Core Realty says Prospect Heights’ prices are stable and there’s high demand and price premiums for Vanderbilt Avenue pads. Bowen says new developments east of Vanderbilt are going for between $600 and $750 a foot. One prospective buyer at an open house said she was enjoying the lack of frenzied competition for properties in the area and noted that “this might be the right time to buy because it seems slower, less frantic, more relaxed.”
Inside the Open Houses of Prospect Heights [The Real Deal]
“The high bidders weren’t fools either since two other houses on that block sold for $2.1M and 2.3M since the beginning of the year.”
You mean they weren’t the only fools.
Oh yeah, prices are definitely down in PH. That’s why there was that a bidding war on that broken down house on Prospect pl a few weeks ago. The high bidders weren’t fools either since two other houses on that block sold for $2.1M and 2.3M since the beginning of the year. PH is the best investment right now. It has the right combination of growth potential and momentum.
“On the day of the open house, the apartment saw little activity. Murillo chalked it up to the extreme heat.”
Yeah, inventory growth is WHITE HOT right now. Oh well, mortgage applications are up. Oh wait, so are mortgage rejections!
“this might be the right time to buy because it seems slower, less frantic, more relaxed”
But from a seller’s perspective…
“All of the apartments in the building have granite countertops, stainless steel kitchen appliances, light hardwood floors, recessed lighting and washer/dryer hookups.”
Whew! That was close. I knew something had to justify these prices.
“Potential buyers William Zhang and Yang Lee were on hand…Both work on Wall Street.”
Excellent time for them to buy.
I think the 899k unit is now listed at 825k with Corcoran.
A telling comment on the article….
“Doug Bowen of Core Realty says Prospect Heights’ prices are stable and there’s high demand and price premiums”
Well if a broker says it, it must be true.
please delete those two large copy and paste. its just killed my eyes.
*hit with wall of text for 100 points