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]
The banks are not underfunded. They can borrow from the Fed all day long at practically zero and lend it out at 5.5% +++
The banks are now doing EVEN MORE OF A PULLBACK since Obama throws more uncertainty into the equation on their taxes.
I hear that doldrums, but they are still absurd given that the American people bailed them out and these banks are still underfunded.
the bankers bonuses keep the the ny and nyc tax cofeers filled. With a big reduction, you will see more pain for the state and city
Sorry ‘dope. My prediction stands. Price/Rental and Price/Median Income ratios intrinsically value everything at half off peak. Would this building rent out for 1.7/(10×12) = $14,167/mo, whether one unit or multiple units?! Fuck no! Would it rent for about 7 grand? Definitely in the ball park.
Is the median income (including rental) of owners in that ‘hood equal to 1.7/3 = $567K/yr?! Fuck no! Is it half that? Definitely in the ball park.
***Bid half off peak comps***
sebb–
I think Maly is referring to the fact that is not zoned for PS 58 (the Carroll school across from the park) but rather for PS 32 — which traditionally has lower test scores and is underpopulated. In its defesne, I read reports (maybe insideschools) that the school is rather good for special needs kids esp. in the autism spectrum and does a good job with mainstreaming the children.
As I said yesterday Stevie, I have ZERO interest in Wall Street. I’m thrilled they are cutting bonuses.
I think the bonuses are ABSURD!
No, 11217. Like I said above, the example is an exception to the rule. How many times out of all has brownie said “way overpriced from the get-go”? 1 out of 25?
Asks, at the time they are set/revised, tend to be close to current comps. That’s why most properties sell close to asks despite widget. By and large, asks chase comps up or down. Down in this case within 10% of closed sale price (now a comp).
***Bid half off peak comps***
Not only is this an exception to your rule about selling price to original ask ratio, it is also an excellent exception to your rule about 50% off. i agree that this is perhaps 15% off what it might’ve sold for peak.
shall we change your handle from *bho* to something simpler? *Off* has a nice ring to it…
11217, suck on this! As the number one fan on here of wall street bankers, read this and weep!
US banks to cut bonuses to allay public’s anger
http://www.independent.co.uk/news/business/news/us-banks-tocut-bonuses-to-allay-publics-anger-1870048.html