A Pair of ProHi Price Cuts
After last week’s carnage, you’d think there would be price reductions left and right, but it appears that more of a wait-and-see bunker mentality set in in the short run. Corcoran did take out the axe, though, on two of its townhouse listings in Prospect Heights. The four-story house at 368 Park Place (left), which…
After last week’s carnage, you’d think there would be price reductions left and right, but it appears that more of a wait-and-see bunker mentality set in in the short run. Corcoran did take out the axe, though, on two of its townhouse listings in Prospect Heights. The four-story house at 368 Park Place (left), which started out at $1,850,000 in April and had already been trimmed three times, got another $75,000 nudge down to $1,525,000. The professional-looking makeover at 210 Prospect Place (right) had its first cut since coming on the market in July at $2,495,000; it’s now testing the waters at $2,250,000.
368 Park Place [Corcoran] GMAP P*Shark
210 Prospect Place [Corcoran] GMAP P*Shark
House of the Day: 210 Prospect Place [Brownstoner]
Of course it was different in 2001, but some could argue it was far far worse. Losing your money or you job is one thing. Living in fear is another. For you the fear may have passed, not for me.
It was different. This is different. Stock market may go up 1000 points this week and 2000 next week. Who knows.
I don’t think Sellers holding out are greedy. I don’t think Buyers holding out are stingy.
Agreed Nokilissa!
I’ll be sure to use tiger wood when I reno my stairs so my tabbies can look tres chic,
BRG: Totally off topic here but speaking of B&W cats we were watching Graham Norton the other day and he featured a website cats that look like hitler dot com. Sad part is a lot of them REALLY do! Poor (evil looking) kitties!
ks8000, agree with most of what you have said with one exception: “People just need to be realistic and not greedy”.
I’ve never understood the idea that homeowner’s who set a price high and hope to sell high are “greedy”. Perhaps unwise, perhaps misinformed, but greedy?
Why in the name of all that is holy would anyone undersell their most valuable asset? We all hope to get as much as we possibly can for our work, for our homes, for our investments.
Sky high hopes may need to come down, but, particularly in these dark economic days, I can wholly understand a homeowner’s desire to cash out – as high as they possibly can – before all they saved and planned for is in the toilet entirely.
I know someone who installed white wood floors because it made a great backdrop for her black and white cat…Meow!
Ringo: post 9/11 was different because the event was such an anomoly and people were scared (not just for their money) but for their safety and the safety of their family. once this fear passed everyone realized ny was a safe place to stay so the real estate market bounced back. this is a recession, people have less money to spend. the market will reflect that.
Ringo – the stock market hits of 1987 and 2001 were fundamentally different – 2001 was based on fear due to terrorist attack, not market fundamentals. Of course, there are differences between 1987 and now too, but what they have in common is each period was preceded an unsustainable run-up in NYC real estate, which pointed to inevitable declines, which we will now see.
The 210 Prospect Place house looked so familiar to me, and I finally figured out why! I think the same contractor renovated and staged this place as another house for sale last spring in Boerum Hill (I think it was on Dean Street).
Same shell chandelier, same dark stained floors, same color palette, same furniture arrangements…they even used the same Golden Retriever to lay in the kitchen for that warm homey feel – which ended up seeming somehow W-hotel-yawn instead.
Brokers have a false sense of hope.