Price Jacker: Going For The 40% Flip In The Slope
Back in the April, a reader made a comment in reference to a 3-bedroom co-op on Prospect Park West that was on the market for $845,000 through Brooklyn Properties. The commenter noted that the 1,400-square-foot 3-bedroom sparked a bidding war that most likely resulted in a price above ask. The apartment was #1L at 170…
Back in the April, a reader made a comment in reference to a 3-bedroom co-op on Prospect Park West that was on the market for $845,000 through Brooklyn Properties. The commenter noted that the 1,400-square-foot 3-bedroom sparked a bidding war that most likely resulted in a price above ask. The apartment was #1L at 170 Prospect Park West and, according to Property Shark, it closed for $885,000 in June. Now the owners have put it back on the market for, hold on to your hats, $1.25 million. Talk about going fishing! A 40% hike in less than six months in a declining market. It’s a lovely (really lovely) apartment to be sure but our tipster (who, for all we know is a jealous neighbor) points out that it is on the ground floor right next to a bus stop. If they can get close to this asking price it’ll certainly be a vote of confidence in the market!
FSBO: 170 PPW #1L [NY Times] GMAP P*Shark
Open House Picks: Comment 4/7/06, 09:15 pm [Brownstoner]
I saw this place when it was originally listed w/ BP. It has the strangest layout that I have ever seen. One had to walk pass the bedrooms to get to the living areas. The masterbedroom was actually the old dining room, it was crazy. I am shocked that it went in a bidding war and will be equally shocked if the seller gets more than he or she paid for it.
Anon 12:49, you clearly have no clue about the schools in the Slope.
Not to mention that it is on the 1st floor.
I agree with other posters that the school zone is a HUGE issue for any family-sized apartment and whenever it’s in a good zone it is always included in the listing. For buyers who aren’t private school-bound, checking a zone before buying is quite important. PS 107 (zone for HOD, according to the listing) is also an extremely good school now, I hear, and in many ways might be better than 321 (for example, less crowded). But PS 321 and PS 29, long established as the most “desirable” schools (meaning those that some parents “lie” about addresses to get into) are still the ones most people not familiar with NYC public school system still value.
being in 321 can easily add $50-$100k to an asking price.
321 is very good, better than a lot of private schools in Brooklyn, with a great faculty. It’s a big plus. In our part of Prospect Park South, we’re zoned for some elementary school on Caton and Marlborough where, I believe, the reading scores rank among the lowest in the city.
school is a big deal. otherwise it’s 20k a year to go private. but I don’t think this school is all that great
For that price you could buy an entire brownstone in Bed Stuy or Prospect Lefferts AND renovate it!
For that price you could buy a similar sized apartment in PRIME MANHATTAN!
Somebody apparently watched the show HOUSE FLIPPERS a few times and thought he could do the same thing in Brooklyn.
Unfortunately, you need to buy SUPER CHEAP to make money on a quick flip, not just get a reasonable deal.
Also, considering the stagnated sales market since he bought the place in April, I’d say this “flipper” will be lucky to even get his money back.
I love the way saying a property is in the district for PS 321 is like saying an apartment has 20 ft ceilings or upgraded electrical fixtures. its even in apartment descriptions. lovely.