Condo of the Day: More Union Street Priciness
As long as we’re on the topic of expensive Union Street condos, it’s probably worth taking a gander at the mini-palace atop the aspirationally-named Shinnecock in Park Slope. This is the smaller of two penthouses atop the new (2004?) highrise between Prospect Park West and 8th Avenue. The asking price of $2,350,000 is almost a…
As long as we’re on the topic of expensive Union Street condos, it’s probably worth taking a gander at the mini-palace atop the aspirationally-named Shinnecock in Park Slope. This is the smaller of two penthouses atop the new (2004?) highrise between Prospect Park West and 8th Avenue. The asking price of $2,350,000 is almost a 50% hike over what the current owner paid back in March 2005. This wouldn’t be the first time someone paid $1,000 a foot in this neighborhood (someone paid $950 a foot last summer for a place on the 12th floor) and to be fair the views and loftiness of the apartment are very nice. Kitchen looks a little shlubby for this price point though. Waddya think?
Union Street Penthouse [Corcoran] GMAP P*Shark
Building photo by Kate Leonova for Property Shark
“Maybe this seller wants to upgrade to a brownstone in Park Slope and knows they need a certain amount of money to do that. ”
Um, and if they can’t sell and can’t afford that brownstone, too bad. I don’t see how waiting is going to do them any good, if the place is overpriced.
And it’s not jealousy – it’s exactly what putnam-denizen said – it’s a good way to assess whether 1K per sq. ft. is a good value and whether buying it would mean a possible appreciation or depreciation for the buyer.
But if the case is as the person above said – maybe they need to sell to move to something pricier – than it is greed, if they are trying to get more money than what their place is worth to buy a place they currently can’t afford. I’ve heard a lot of people around here saying, well, too bad if you can’t afford something in the neighborhood you want to live in, don’t complain. If that’s the case, it has to work both ways – can’t afford the brownstone? Too bad, stay in your apt.
lol, iological. You might have hit the nail on the head as to why this unit went up so much in price. Maybe all the luxury condo buildings around the park will go way up, due to Meier’s building. Could be good timing for these people to sell. They might be thinking, if there are buyers coming out here from Manhattan to check out Meier’s building, perhaps those buyers will find other buildings more appealing and larger for the price. It’s a thought. But it’s so true the kitchen is way lackluster for the asking price of the condo.
That is not a chef’s kitchen. Another Lie. It looks like any other kitchen. Come on give me some custom cabinetry for that price. Suckers who buy for this crap you deserve it. ANd the brokers out there–SHAME ON YOU!
I think it’s beautiful. Wow! Kitchen: yes looks small. But my god that place is amazing. The price tag: so far outside my world it doesn’t even matter.
As for a property being on the market a long time, if a seller doesn’t have to sell immediately, and can wait to find the one buyer who will pay a certain amount, a property will sit around a while. Maybe this seller wants to upgrade to a brownstone in Park Slope and knows they need a certain amount of money to do that. And because the market has slowed a bit they can take the time to sell first before buying. I actually think we’ll be seeing more of this.
It’s not greed if the property really can sell at that price. It just means the seller made a good investment. I agree that to focus on seller’s profits too much is more about bitterness over not having the foresight to buy the place at the same time the sellers did. If you don’t like the idea of a seller making that much profit, don’t buy the place.
This has been on the market for six months I am 100% sure I’ve seen those pictures in spring/summer last year.
I think most of us use the mark-up as a way of judging whether or not something is worth $1k/square foot. That could mean to someone whether or not they will buy something which has any hope of appreciating in the future. I guess another way of putting it is less about the seller’s greediness and more concern about our potential stupidity in paying such an inflated price which is not justified by either improvements in the property since the last sale or a commensurate run-up in the market as a whole.
At what % increase does a seller become “greedy”? I’ve never understood why people focus on the details of the most recent sale in determining current value. Either the apt. is worth $1K sq/ft today or its not (nice place but I say not). This constant focus on the seller’s potential profits strikes me as simple jealously.