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]
Thedudeabides:
Dude, prices in Manhattan are double this.
The average per square foot price in Manhatan is over $1000. In the village, you’d pay 3 million for a small house like this.
Seems like $778 psf is around what stuff is selling for in Manhattan right now. I’d rather live in CG than Manhattan but that doesn’t mean prices shouldn’t be at least 30% less than in the village.
The mortgage is probably 10K at least. You could rent a place like this in the neighborhood for half that. I’d say it’s worth a little over a mil at best.
It sold for $778 psf and we’re supposed to think that’s bad according to the headline??
This example is a perfect one to show how truly ABSURD BHO and Miss Muffet’s examples of “peak asks” mean NADA!!
This tiny house sold for a ton of $$.
If you consider some of the condos up the street at 277 president sold for over 2 mil, pretty good value here. Even if you have to redo some of the finishes. This is one of the nicest blocks in CG, landmark district.
Maly: I would hardly consider CG to have the lesser school zoning.
If you ask me.
WTF is widget?
I saw this property months ago, back when it was still listed for 1.975.. It was a nice home but the quality of the finish work was not impressive and lots of corners were cut.. If they’re ok with finish work looking bad I wonder what level of quality they accept with the stuff thats hidden..
“Here are some comps from around the neighborhood
230 Degraw Street sold for $3.4 million in Aug. 2007
380 Degraw St. $2.88 million 4 story 3600 sq ft. 8/2007
241 Sackett sold for $2m and that was 13.5′ wide. This is a street that the bus is on! Aug. 2007
In April 2007, someone paid $2,010,000 for the 4th and 5th floor duplex at 100 2nd place, no elevator.
378 Clinton Street, also sold the 4th and 5th floor duplex for $2.1 million
86A 3rd place sold for $1.8. It is 13×40 and makes 40 2nd place feels like a mansion in comparison.
249 Degraw Street, 2700 sq ft condo. $2.45 million”
Posted by: guest at January 30, 2008 10:40 AM
Given the above information, if true, I’d say peak comp for 329 Prez looks something like 241 Sackett, 2 mil. 15% off?
The ask history is an exception to the rule that asks, when first set, tend to be close to comps.
***Bid half off peak comps***
agreed, Mopar, especially considering the “quality” of the renovation and the lesser school zoning.