329 Prez Finally Sells—For Less Than 50% of its Peak Ask
No question, 329 President Street was way overpriced from the get-go, but it’s still remarkable how far off its ultimate selling price—$1.7 million, a deal that was recorded in public records this week—was from its initial ask in early ’08, $3.6 million. After that, StreetEasy shows a listing history that involves a lot of cuts…
No question, 329 President Street was way overpriced from the get-go, but it’s still remarkable how far off its ultimate selling price—$1.7 million, a deal that was recorded in public records this week—was from its initial ask in early ’08, $3.6 million. After that, StreetEasy shows a listing history that involves a lot of cuts and one inexplicable increase:
03/04/2008 Price decreased by 17% to $2,995,000.
03/20/2008 Listing is no longer available.
12/28/2008 Listed by Vita Realty at $2,500,000.
01/30/2009 Price decreased by 9% to $2,275,000.
03/31/2009 Price decreased by 12% to $2,000,000.
05/11/2009 Price increased by 10% to $2,200,000.
07/31/2009 Price decreased by 10% to $1,975,000.
09/10/2009 Price decreased by 4% to $1,888,888.
11/04/2009 Listing entered contract.
When it was a House of the Day last August and asking $1,975,000, the reader widget guess on it was $1,478,652.
House of the Day: 329 President Street [Brownstoner]
329 President Street [Streeteasy] GMAP P*Shark
Overpricing Not Working in Carroll Gardens [Brownstoner]
What the Heck Is Going On in Carroll Gardens? [Brownstoner]
hi Donatella, I like your comment.
Wow. 1.7 million. What a deal. I looked at the August listing, where it was referred to as a craptastic renovation and the basement a subterranean mole lair.
I totally agreed with the original assessment. But now — neo-sterile — that captures the mood. This is a totally crappy renovation of a nothing 3 story house with everything of character scraped off the front and inside. Give me some hope for the market anyway.
this is on one of the nicest looking blocks in carroll gardens and one of the few that are landmarked.
$750k for a house on Union? show us the listing…must be very small and total mess.
Of course, to be between Smith and Hoyt is quite different in terms of prettiness of the block than being between Hoyt and Bond, like the house on Union is, but nevertheless 1.7 is too much.
Manhattan is a very big place, with very big pricing differences. Harlem is not comparable to the location of this house, but neither is the West Village. This house’s location is not very good, being east of Smith and zoned for a pretty bad elementary school. Moreover, there’s a slightly smaller house in need of renovation one block away on Union St. asking 750,000 if I’m not mistaken. So 1.7 M looks like waaaay too much. And yes, Manhattan on average has fallen a lot more than brownstone Brooklyn because there’s more competition. In fact, you can find plenty of walk-ups on the North-East areas of the UES (around York Ave. and 90th) offered for less than 650 psf. right now.
11217: True my analysis is just based off of the NY Times Sunday Real Estate “Recently Sold” column, but I can’t remember seeing anything about $1k psf there in a while. Agree with you that prices were over $1,000 psf at one point and asking prices are still over $1,000 psf though.
Regardless, anyone that is analyzing this properly from a cash flow perspective would need to have a strong view that prices are going to appreciate significantly for it to make sense – or else be willing to pay a huge premium for owning versus renting. Hard to dispute that.
And we are a dippin’ again, ‘dope. With impunity!
Three year Gov spending freeze. Now that’s deflationary. BTW, what the hell does Obama mean by “discretionary spending”? Isn’t that when you have money left over after paying your bills?
***Bid half off peak comps***
Not only the 0% an issue with me but banks are not putting forclosed homes on the market as to not flood the market with lower priced homes. If the buyer had this money to buy then God Bless him. It is his business. But can you imagine if it is someone that needs to get the money from a bank?
off- sticking to your guns is fine but you def need a double dip to get there. for now the market is clearly closer to peak than your trough.