First Resale at 14 Townhouses
It had to happen sometime! The 14 Townhouses on State Street received a lot of attention, most of it positive, when they hit the market back in 2005. It took a little while (and some time off the market) to get the job done, but ultimately all of them sold for prices of between $2…
It had to happen sometime! The 14 Townhouses on State Street received a lot of attention, most of it positive, when they hit the market back in 2005. It took a little while (and some time off the market) to get the job done, but ultimately all of them sold for prices of between $2 and $3 million. More than four years after, we’ve arrrived at a milestone in the project’s history: The first resale. The house in question is 267 State Street, the one on the corner of Smith Street. It’s got more than 4,000 square feet of space and doesn’t look any worse for the wear. The asking price? $3,600,000. We shall see.
267 State Street [Corcoran] GMAP
14 Townhouses, After Slow ’06, Go Gangbusters [Brownstoner]
14 Townhouses Update: Slow Going, At Best [Brownstoner]
Chicken… point taken… sort of. Regardless of what perspective you want to look at this, it’s completely nutso and properties selling (or even being put on the market) for these price tags DOES A DISSERVICE to everyone!
In “flush” times, this place was worth $2.1 million to a buyer (i.e., THE buyer… i.e., the guy who was willing to pay the MOST for this property). You’re going to tell me that in three years, prospective buyers now look at this place and see something worth 71% MORE?!
Even without the historical information, this price take is patently absurd…. however, knowing the original sale price makes it all that much worse.
Also, we’re not talking about apples to oranges comparisons here. The time frame is so short that this property is almost a comp *for itself*! (It’s not a 1987 Brooklyn vs. 2009 Brooklyn) There hasn’t been a 71% improvement in the neighborhood…
tybur, although I am bearish on property prices it does you a disservice to complain about the price of a property relative to what it went for at another point in time – it’s all about what the place is worth today and a prospective buyer’s alternatives.
BHO, my wife finally agreed to vote for Bill Thompson after I threated to withhold sex from her for the next year. We now need to get all the other bitter renters (lower class) to join our cause!
***Bill Thompson for Mayor (TOMORROW!!!)***
The photo tour looks like an episode of Ugly Betty (my wife makes me watch that garbage).
***Bill Thompson for Mayor (TOMORROW!!!)***
Strangely, Pigeon, that part of State Street north of Atlantic Avenue is considered Boerum Hill.
BHO — My guess is they saw that the developers down the street are looking for the same price for larger houses, and decided to get in front of all the buying interest for over $3.5 million modern living. (Plus this has the benefit of being much closer to parking — hah.)
Good point about the square footage fudging, johnife.
3.6 seems crazy to me, too, though I realize that many want new and modern living in a convenient location, complete with exclusive bragging rights to modernity.
The location is not the most pleasing, I think (I must admit, I’ve never walked down that block of State Street. I will soon, out of curiosity.)
That block is Boerum Hill and not Downtown Brooklyn?
ARE YOU FUCKING KIDDING ME!!
This place was sold for $2,100,000 on 5/16/2006. Now, the owner has decided that in slightly more than three years (including a collapse of the economy), his wonderful property is now worth SEVENTY ONE PERCENT more?!
$1,500,000 increase in three fucking years?
I’d also like to toss in the fact that the 0.17% property tax rate on this house is disgusting and the city leadership should be ashamed of themselves.
Fair game for the Case-Shiller calc if and when it closes.
Anybody know why they’re selling so soon?
***Bill Thompson for Mayor (TOMORROW!!!)***