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
Bstoner should pick this article up for a thread….it’s something I’ve said for a while now and most people seem to scoff at it.
I’m realizing today more than ever how out of touch the bstoner crowd is…yes yes…I know it’s NYmag, but this is EXACTLY what I’ve found to be true also…
http://nymag.com/news/features/56013/
“I still find it incredible that folks pay so much attention to reductions in asking price as an indicator of the market trends. I 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.”
EXACTLY! Thank you Benson.
A seven family C of O? I didn’t know such a thing existed. This price seems about right for a house with as many complications as this one would seem to have. Don’t think it actually speaks to the value of housing in Clinton Hill very well though because of all of the insanity involved with trying to renovate it.
Thanks, BRG…I didn’t see that the permits were never pulled.
Yes, benson & brickoven, ask is not indicative of the market and most of the homes I’ve seen for sale by “long time owners” are just on the market to see if somebody crazy will come by and pay a ridiculous price.
I never would have paid anything close to $990 for something like this that needed everything.
Also, taxes are $11,000.
Some of us have been saying for a while now that areas like Clinton Hill are extremely overvalued and prices there shot up far farther than actual gentrification. We were scolded as talking negatively about the neighborhood (mostly by those who live in said areas). This looks like about the right selling price to me for this house in this area, although I think it might have been a tad high even still.
Brickoven;
Thank you!! Finally there is someone on Brownstoner who puts the asking price in perspective.
Dave, I doubt any work was done.
They filed for some work in 2005, but no permits were ever pulled and the DOB applications were withdrawn on 3/14/09….just in time to close.
I would not classify this at half off at all. This house would never of sold for 1.8, never! What the asking prices were should be ignored. I was in Miami this winter checking out some condos, and this idiot broker was telling me what a fire sale the apt. was. It was a sick place on the ocean in a new building and they wanted 700,000. Guy said I cant go wrong “two years ago the ask was 1.2”. I laughed so hard in the guys face that my girl was embarrased. Place is still on the market and the ask is 550,000.
I still find it incredible that folks pay so much attention to reductions in asking price as an indicator of the market trends. I 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.
I live in a 46 unit Park Slope condo complex and the large majority of them are identical, 3 bedroom units, so comps are easy to perform. In late 2007 one of them sold for $1.05M. In late 2008 another of these units sold for $1.03M. Right now there is an owner one floor above me who has had his unit on the market for 3 months. His initial asking price was $1.2M. After several months of empty open houses,he has now lowered his asking price to $1.05M.
Question to all those who place great importance in reductions of asking price: is my neighbor’s 11% reduction in his asking price an indication of a decline in the market, or an indication of his ending his delusion?