Shenanigans at 279 Clermont Avenue?
When the four-story brownstone at 279 Clermont Avenue in Fort Greene hit the Corcoran website in early July at the surprisingly-low price of $1,382,000, it seemed like a classic, and probably quite smart, strategy for bringing out the bidders. (It had failed to sell earlier in the summer at a much higher price with a…
When the four-story brownstone at 279 Clermont Avenue in Fort Greene hit the Corcoran website in early July at the surprisingly-low price of $1,382,000, it seemed like a classic, and probably quite smart, strategy for bringing out the bidders. (It had failed to sell earlier in the summer at a much higher price with a broker called Prospective Properties; we included it as an Open House Pick for $1,748,000 back in June.) In fact, there was enough interest that the seller held a “best and final” closed bidding process two weeks ago. One reader who took place in the process and bid over the asking price was more than a little miffed to find out ten days later that the seller had decided not to accept any of the bids. Instead, the listing re-appeared with a new asking price of $1,610,325. Illegal, immoral or just uncool?
279 Clermont Avenue [Corcoran] GMAP P*Shark
“I do think that long term though this house would be a great investment at 1.5.”
Real terms? What if the market halves itself in real terms (say -25% nominally). You think we’re gonna have another run-up like we’ve just experienced (again, in real terms), before we die? Inflation is very deceptive. Maybe the illusion of escalating value that nominal terms create is good enough for some.
Sometimes my wife “puts a gun to my head” and demands we push the “buy” button but I’m just not convinced that a “good” buy is anything other than emotional one. I do not enjoy overpaying. I’m a hardball negotiator by nature.
how much would a decent-but-not fancy reno of this place cost? 600k + carrying costs?
I really hope this place ends up languishing on the market and selling for less than the highest bid in the auction. Sweet market justice.
Do you guys remember the earlier ridiculous offer of purchasing this property in one or two pieces at crazy prices?
Thanks DOW. Your use of the term “hot money” was too much to pass up.
I agree by the way that this house will likely be worth less in a few years and that greed is very risky in this market. Having conducted both a sale and a purchase in the last few weeks I can testify that if you price reasonably you can still sell. I do think that long term though this house would be a great investment at 1.5.
DOW–if you are not What I am sorry. If you are, then you are doing a really good impression of what he/she would sound like minus the epithets and punctuation mistakes (yesterdays “comprimised kithen” not withstanding).
I think this illustrates the cooling down of the market. I’m sure the sellers expected at least 1.7 for the vacant
4-unit building. They would have gotten it last year but now it may be tough sell. The house has potential but it would require a great deal of money to restore it to a quality family home.
Oscar nomination, wasder. Sorry innocent bystanders.
That’s real shitty! But I’m not surprised…anything goes when trying to sell a house these days. And mentioning GREEN in the ad is lame at best.
See we don’t even need your other persona DOW. This one works fine and the rest of us can fill in the profanity gaps.