274 Clinton Street Sells for $2,250,000
Our April 10 House of the Day was listed at $2.3 million, a slash from the $2.9 million it had originally been listed at, back in March of ’07. In July, it sold for $2.25 million. It’s a three-family, 3,600-square-foot building (that’s $625 per square foot), and we’ve never seen the inside, but it seems…
Our April 10 House of the Day was listed at $2.3 million, a slash from the $2.9 million it had originally been listed at, back in March of ’07. In July, it sold for $2.25 million. It’s a three-family, 3,600-square-foot building (that’s $625 per square foot), and we’ve never seen the inside, but it seems like an awfully long time on the market for a coveted row house in a coveted location.
274 Clinton Street [Brown Harris Stevens] GMAP P*Shark
House of the Day: 274 Clinton Street [Brownstoner]
Head-to-Head on Clinton Street [Brownstoner]
right Sdrubbins…but when house is probably mortgage free and possible and estate (where several heirs need to agree on price and terms of sale) can take a long time….and not really costing much and income still coming in from rentals.
Different if someone is paying a big mortgage every week on a single family..
Why didn’t it sell for so long? Umm, maybe because, as mentioned in the post, the asking price was more than 25% higher than its actual market value?
Sure, the August sale price is only $50k higher than the April asking, but that just shows that even the slashed sale price is not necessarily reflective of its market value – it’s a classic case of a seller hoping to find just one buyer willing to pay a premium, because one buyer is all you need to sell a house.
The problem with that conventional wisdom is that it took more than four months to find that one buyer. Which suggests that a proper valuation of the house should actually be a bit lower than the sale price. I know that seems to violate basic economic principles – i.e. the principle that an item is worth whatever someone will pay for it. But the people who use that principle to claim that $2.25 million is the real value of this house fail to take into account the less-tangible (or less obvious, anyway) cost of having a house on the market for almost 18 months.
This house sold for 2.25 million -after more than a year on the market- and the Witnesses want to sell a narrower version on Willow Street for 4.6 million? Ha!
I’m waiting in great anticipation for the first poster to tell Dow800/Dowhat to kiss their “ask.” Oh, I guess that would be me. Hummm, fancy that.
Per recollection (too time-consuming to navigate the archives), did 2004-2007 brownstone sales mirror those today with respect to deviation from ask? Or did they always tend to go for under ask?
600,000 off the original price.
I cant even afford a place thats priced that much.
I think it kinda makes sense that it would take a long time to find someone who would plunk down 2.25 million dollars for a three family building that is probably fairly degraded and useless inside.
That is a chunk of change for a deteriorated house regardless of location, and the location here, while great, is not Columbia Heights or PPW.
I bet a developer bought it to convert to condos. This sort of fixer-upper, at this price point, can definitely scare people off.
I’d bet a good $ that this is what is described by realtors as ‘estate condition’.
Owned be same family for eternity and although maintained sure quite dated. Also – this has short lot so backyard small.