Condo of the Day: 145 Park Place, #2B
The owners of this two-bed, two-bath condo at 145 Park Place are selling the place they’ve owned since early 2007, but it’s not to leave the building. They’re buying a bigger place upstairs. In addition to the location, this place has a good layout going for it. The price of $925,000, however, seems pretty aggressive,…
The owners of this two-bed, two-bath condo at 145 Park Place are selling the place they’ve owned since early 2007, but it’s not to leave the building. They’re buying a bigger place upstairs. In addition to the location, this place has a good layout going for it. The price of $925,000, however, seems pretty aggressive, especially since they only paid $695,960 for it a year and a half ago. Anyone have any general comments about this building?
145 Park Place, 2B [FSBO] GMAP P*Shark
Condos of the Day: Park Place Doubleshot [Brownstoner]
Lots of Price Cutting at the Park Place Condominium [Brownstoner]
ParkPlaceOwner, good for you for coming on to this site and offering your rebuttal. Bravo.
As I mentioned earlier, I happen to have a very personal dislike for this building, but obviously others have different views. For what it’s worth, you do not live on a “quiet tree lined street.” You live between Flatbush Avenue and a stretch of Park Place that hardly qualifies as a quiet tree lines street by virtue of its proximity to the 7th Ave/Park Place/Flatbush cluster.
I have absolutely no personal stake in your success or failure here. So good for you if you get your asking price. But my frank opinion — as someone who is very familiar with a lot of current listings in the Slope — is that you reached much too high with your asking price.
Most owners think their property is worth more than it is. It is the nature of ownership. A good realtor will temper those expectations with sober advice about what the market will actually bear. My humble view is that you never got that sober advice.
To be very clear, 2007 and the first half of 2008 were the top of the market. We have hit the top and are falling, and in my view will be falling for some time to come (I sold last year and started renting, so my money is right where my mouth is on this). You took the tippity-top of the market price for your apartment and then added some. When all is said and done, I think you will find yourself accepting a price at a discount to the top of the market (i.e., something in the neighborhood of what you initially paid for the apartment).
Again, I don’t know you at all and have no personal stake in your success or failure, so if you can do better than I predict than good for you. But you might want to be prepared for an adjustment to your expectations.
i looked very very hard at this building when it was pre-construction, and in the end, found it to be too expensive for the space, and the only apts that I liked were flatbush side which i very unappealing, so i agree with most of the posters about the price.
however, in the seller’s defense, i can imagine that they did probably put way more into to it then you all are taking into consideration. most new condos don’t even have bathroom hardware. we did substantial built-ins and decorating ourselves, so i understand that it’s both time consuming and costs money.
they should factor in the money they invested in the place in the sales price, and the buyers will benefit from the move in condition.
although I loathe the ignorant renter rant from the likes of lechal or however you spell his username, I agree that this ask is too high. As an owner of two newly constructed pieces of NYC RE, I wish this ask is what would be fetched, but it won’t. It’s great unit though and contrary to what the renter drech on this site will tell you, it will sell. I also like the brownstoner pub idea. No pub is bad pub especially since bad pub is all you’ll really receive on this site and others like it.
Reducing blows, but you can help offset. Negotiate that the purchaser pays the TT’s and your ESQ fees at closing. These two costs, at your price point, represent a 12-15 k net in your favor.
Hey ParkPlaceOwner- Good Luck. If you are new to the open house thing, be prepared for people to act really interested and even act like they are going to bid and then to never hear from them again. And don’t take comments about your apartment too personal cause so called buyers pick out the most goofy things to comment on, much like the comments you see here on Brownstoner. I have seen a drop off in traffic on my property. Now I am preparing to have my house on the market for the next year and would be surprised if it sells in the next 6 months…
Are you guys on crack? No, not the person listing the unit, those of you commenting. First off, this is just an initial asking price and when you look at recent sales in the building it isn’t that far off. I’m familiar with the building and it’s clear that this unit has some features the other units in the building don’t have. And looking at the price they paid is totally irrelevant; if you know the building you’d understand what happened here – they signed during conversion and they took a huge risk that the project would fail or the units wouldn’t be as advertised and because of all of that risk they paid below market at the time. You should walk into the unit before posting ridiculous comments about what it’s worth. If you were so good that you could calculate exact market values without seeing the actual unit then you’d be making money buying properties and not spending your day posting garbage comments on this site… mortgage rates are at historic lows so if you can afford it, it makes sense to take a look and try to make a deal.
The apartment looks large and comfortable. Good luck to the owners! The location is pretty good, you have to admit. There is lots of shopping not far away.
Hey Everyone,
I’ll do my own shilling, thank you very much. This is one of the owners of the Brownstoner Condo Of The Day. Tiefighter, if you come back to another one of our open houses, I’ll give you some cookies.
As for all the name callers on here – you’re hilarious.
I figured there’d be lots of comments and part of this is a little toe-dipping in to the water.
We live in a beautiful building with a 3/4-time door man. No one mans the desk from Midnight to morning. We have a live-in super. We have a garage. We have a roof deck and a courtyard. The neighbors are amazingly cool.
We closed on the apartment almost 2 years ago (February 2009 will be our 2-year anniversary.) but went in to contract on the place a year+ before that and endured the delays in construction.
We’ve sunk some smart money in to the apartment since then, as tiefighter pointed out. I had similar conversations with everyone who came to the open house this weekend, so I feel like a broken record.
We also put on the ad that we’re buying a new place in the building not because we’re in a hurry to sell our current unit, but because we want to reassure buyers that we’re selling so soon after closing for a good reason.
Show me a 2-bedroom apartment over a thousand square feet, in a new building, with a door man, parking garage, roof deck, court yard, live-in super, amazing neighbors and such an amazingly convenient location on a quiet, tree-lined street. Please.
Putting the apartment on the market this close to the election and holidays is a good way for us to gauge interest.
Brownstoner is a great way to test the marketplace and you all seem to know your way around the real estate landscape. I welcome your input, folks.
I’ll let Streeteasy do the snarking:
“47 previous sales listings: $737 per ft² (avg)”
This unit is asking $910/sf. The comps have spoken, and they appear to be saying, “Put down the crack pipe.”
i live near the place so im pretty familiar with the area and this is certainly not “prime park slope.” Are you kidding me?, this condo is on flatbush ave, not PPW, 8th ave, or 7th ave. And trust me im in love with the area, especially being so close to the park and 4 subway lines. its a great apartment in a great location and it should get between 700-750k. 925 is just ridiculous and there are certainly no comps in the area at that price point. Maybe a 2R at meier’s building costs as much, but that place is on the park, not on flatbush. Regardless, i wouldnt want either and im sure one could easily find a great 2 BR in the immediate area for between 650-700.