1094 Park Place Finally Sells
It was a long haul, but the beautiful free-standing house at 1094 Park Place in Crown Heights finally sold earlier this month. After coming to market with Corcoran with a price tag of $1,395,000 in October 2007, the price dropped to $1,199,000 in july 2008; Elliman picked up the listing in September and jacked the…
It was a long haul, but the beautiful free-standing house at 1094 Park Place in Crown Heights finally sold earlier this month. After coming to market with Corcoran with a price tag of $1,395,000 in October 2007, the price dropped to $1,199,000 in july 2008; Elliman picked up the listing in September and jacked the ask back up to $1,345,000. In May, after a torrid negotiation process (detailed last week in this Forum post), the house went into contract in mid-May in an all cash deal for $960,000. The buyers who got edged out at the last minute have put up a gazillion interior photos on Flickr that should not be missed by anyone with a thing for old houses.
House of the Day: 1094 Park Place [Brownstoner] GMAP P*Shark
yeah banks dont want to lend or refi in Brooklyn now. I have been hearing horror stories of people trying to refi. Lots of too bads
LOL, another classic from dibs
“The original $1.395MM price was ridiculous but the $960k is only 20% off of the more realistic $1.199″…too funny dude.
Hey DIBS that is one fancy piece of spin doctoring but still very shallow and transparent. Reality is this would not have happen if the market didn’t tank massively…read the comments from HOTD…
Great house nonetheless and congratulations to new owners.
MM isn’t this in the historic Landmarked district ?
shalom Nagel?
Montrosse, maybe it is time to worry.
I doubt this is within walking distance of a good Orthodox shul.
I always said, 15-20% would be the bottom for houses in brooklyn, Snark. I don’t know this neighborhood but that’s a lot of property, with a driveway, for $960 and I don’t think anyone’s going to argue with that.
0% LTV. Kick in, coffee!
***Bid half off peak comps***
I predicted it would be comped for no more than $750K when the bottom gets in (see DOW8000SP800 in HOTD link). At the rate Case-Shiller is going, it looks spot on. You know you’re overpaying when it takes 100% LTV to get the deal done. Banks wouldn’t touch this with 20% down.
Congratulations to the sellers for bailing out (relatively – minimizing loss?) of this one.
whyrl – “we lost the house”. How can you lose what you never had? What a piece of work. Psychotic post. Oh well, it’s a blessing in disguise. They can catch it under $750K when it goes to market again. Unless of course they’re still upstate or in Conn.
Cathryn Lilly is gangsta! – “You lose. Too bad.”.
***Bid half off peak comps***
sorry, worse typos than usual above.
I would not worry about tear-downs at this time in Brooklyn, especially in the less super-expensive neibs. It is one of the good side benefits of the Great Recession. A developer would have to sink his own money into the project because there is NO financing at the moment. And developers hate, hate, doing that.
According to PropertyShark, the new owner’s name is Shalom Nagel and it lists his address as 1094 Park Place. Sounds like he may be trying to hide his real property address. Not a good sign. Anybody know the purchaser? PropertyShark shows no other properties in Brooklyn listed in his name.