219 Washington Finally Sells...For 40 Percent Off Peak Ask
After two and a half years on the market, the charming but clearly overpriced brownstone at 219 Washington Avenue finally sold the week before Christmas for $1,655,000. At one point in February, its asking price went as high as $2,835,000. When we featured it as a House of the Day in July of last year…
After two and a half years on the market, the charming but clearly overpriced brownstone at 219 Washington Avenue finally sold the week before Christmas for $1,655,000. At one point in February, its asking price went as high as $2,835,000. When we featured it as a House of the Day in July of last year 2008 when it was asking $2,495,000, we had this to say: “Seems to us that you gotta have a fifth story to get this price on Washington Avenue in this market, but we could be wrong.” In this case we weren’t.
HOTD: 219 Washington Avenue [Brownstoner] GMAP P*Shark
A tick up in prices will cause the avalanche in new listings. On my block alone there are two empty houses. I have no idea why the owners haven’t listed them. I assume they are waiting for another bubble? Good luck w/that!
Dave, granted it’s anecdotal, my broker at Corcoran tells me she knows that there are a lot of listings being held back until Spring.
What will cause the sudden “semi-avalanche of new listings???”
If someone is in dire economic straits chances are pretty high that their house is already on the market.
The other thing that may be a factor, that I think may be a factor, is that owners have been holding properties off the market for about two years. How long can they hold it in? As soon as prices start to tick up, I think there will be a semi-avalanche of new listings that will drive prices lower than before. There is no magic to Brooklyn rel estate. It is a commodity. If buyers aren’t willing or able to buy it, it won’t sell.
“i believe we’re more likely than not going to see firm prices in 2010. No further collapse (except maybe new condo prices), but no strong appreciation either”
I generally agree antidope. I think prices may continue to drift down gradually for a while, though likely on properties that were overpriced to begin with. And I think new listings will, for the most part, be more reasonably priced going forward. I still think it’s taking time for sellers and brokers to settle into the new reality, and I think an end to government support will hasten the process.
if you really believe what happens on the affordable end of the real estate market has no effect on the luxury market then i guess you probably slept through the subprime crisis. or maybe you still think that *issue* is contained?
dominos anyone?
that said, i believe we’re more likely than not going to see firm prices in 2010. No further collapse (except maybe new condo prices), but no strong appreciation either.
DeadCat, what would you estimate is the typical time from first missed payment to foreclosure in NYC?
It’s the new year Cgar – I’m giving you a raise!
Exactly chicken! I knew there was a reason you hired me!