Condos of the Day: 502 1st Street
We’re not usually fans of these brownstone condo conversions, but this one at 502 1st Street strikes us as better than most (though it’s no 24 Remsen!). The building has been divided up into four units ranging in price from $699,660 for a 828-square-foot two-bedroom to $1,140,525 for a 1,233-square-foot two bedroom. The asking prices…
We’re not usually fans of these brownstone condo conversions, but this one at 502 1st Street strikes us as better than most (though it’s no 24 Remsen!). The building has been divided up into four units ranging in price from $699,660 for a 828-square-foot two-bedroom to $1,140,525 for a 1,233-square-foot two bedroom. The asking prices of all four units tally to $3,359,461, a good deal more than the $1,500,000 the developer paid for it; then again, he’s had to renovate and carry the building for four years so there’s probably not a ton of profit left, even if he manages to nail these prices. Warren Lewis hosted the first open house yesterday. Anyone go?
502 1st Street [Warren Lewis] GMAP P*Shark
MM you really know your stuff! I’m impressed. I’m also continually floored by how these brokers/seller can ask these prices. WL is as bad as Corcoran, without the inventory. So, what is going on on First Street?
First Street is a primo street. If things are not selling there, realtors should get a clue about the rest of the Boro.
Also, I forgot:
491 1st is still on the market (Townsley & Gay listing)
For Sale on 1st Street:
505 1st
555 1st
556 1st
566 1st
318 1st
356 1st
567 1st
And now these condos at 502 1st…
The only thing I can think of is that the buyer of 14th Street bit off more than they could chew – that is, they went into contract pre-crisis, flipped out when things started to tank, but did not want to lose their 200K deposit so decided to gamble. So, they are probably praying that they lose less by turning around and re-selling it immediately than they would have by backing out of the deal. However, it’s hard to see how they won’t lose some significantmoney. The closing costs alone when they purchased the house must have been around 50K, and the brokers commission were they to sell at 2mil would be about 100K. Since they paid 1,995,000, and they are selling for 2,150,000 that is probably the optimistic ask to recoup costs. It certainly can’t be a flip since there is pretty much no profit factored in. Even if they sold for the same price they purchased for, they will probably lose at least 50K. Given the deterioration of the market since they went into contract, they likely will lose a lot more than that.
What do you think the deal is on that 14th St. house, Ms. M? Did the $1.995 deal fall thru?
Ugh – no character. Crazy to ask this much for a 2 BR. But then, this is the same realtor that is now trying to sell 14th St house for 2.150Mil after it just sold for 1.995 (having gone into contract pre-crisis). Clearly, they are still in a bubble.
They didn’t even have the class to put in the right round-headed windows.
This is a real sleaze-job, IMO.
What a shame. This was probably a nice house once. Now it is all stripped walls, bare brick, and ugly fixtures.
Someone should offer 1.8 million for the whole house, over time they can restore the finishes and return it to an elegant home.