423 Clinton Sells for Half Price
When 423 Clinton Avenue was a House of the Day last October, we called its asking price of $1,800,000 a “bit of a stretch.” It’s now looking like the price was more than a bit of a stretch: The four-story brownstone closed for just $990,000 on March 25, 2009. That’s quite a discount, but not…
When 423 Clinton Avenue was a House of the Day last October, we called its asking price of $1,800,000 a “bit of a stretch.” It’s now looking like the price was more than a bit of a stretch: The four-story brownstone closed for just $990,000 on March 25, 2009. That’s quite a discount, but not a great surprise given that the house was in need of quite a bit of work. Still, the original details could make it quite a catch for an intrepid restorer at this price. GMAP
I also would agree that BHO is right in saying the seller got a good deal. Not sure he is right about the buyer getting hosed though. This is a very challenging property for sure but a business with deep enough pockets could certainly make some money in converting that, even if the units sold very cheaply.
wow. finally some agreement from both sides of the divide that asking prices are and have been out of whack with the reality of the market. progress!
“The LLC is going to “Home Depot” this dump and hope to find some suckers to overpay on rent! There is plenty of retards that will sleep 7 in a 1 bedroom in a “Up and Coming” neighborhood…”
The retards have lost there jobs and are fleeing NYC. There is no prospect for jobs for most of the laid off finance crowd. Some of the girls have taken to the poll but other then that they are packing up and going back to there hometowns.
I also have to agree with BHO today on this one.
“Hey BHO there’s your 50% off.”
You rrrang? As inferred from brickoven’s comment, 423 Clinton sold for very close, if not on the money, to peak comps (asking prices are not worth the paper they’re printed on). It’s actually quite a catch for the sellers (contrats!). Sorry buyer, you lose.
***Bid half off peak comps***
Hey What….I think if more purchases are being made by LLCs it indicates that they are being made for primarily economic purposes and it indicates that these “businesses” believe there’s real economic value in the real estate supported by the numbers. Individual asshats buy it to live in and the economics are usually secondary most of the time.
To reiterate my earlier point a little better, if this was a decently renovated two or three family on that same block of Clinton Ave (between Greene and Gates) and had gone for that price we could be talking about plummeting prices in prime Clinton Hill. This house does not a good example make, though clearly the delusional seller is getting whacked in this market, generally speaking.
No doubt $1.8M was ridiculous. So are the many listings out there that are also a joke price-wise. until those sellers get in sync with reality, buyers have to wait, wait, wait,……. This is a good sign that some sellers are getting in touch with reality and do what needs to be done to get it sold. 50-70% off those ridiculous prices and we’re really itching close to “affordable”
to all those sellers with the pipe dream prices, snap out it already and get your hands on some cold hard cash – ie hack the price & sell it already
” know of no market analysis report that tracks asking price, for a very simple reason: the asking price simply represents the wishes or delusions of the seller, not the actual market conditions.”
No Dumbasses it still “marks” the greed and delusion of retards! Notice a LLC brought this place not some gentrifying Asshead! The LLC is going to “Home Depot” this dump and hope to find some suckers to overpay on rent! There is plenty of retards that will sleep 7 in a 1 bedroom in a “Up and Coming” neighborhood…
Oh BTW most of the sales this have been made by LLC’s not by Assheads go look it for yourselves….
The What (Buh Bye Retards! Nice knowing ya!)
Someday this war is gonna end…