HOTD: Does Not Compute on Union Street
We love it when a post writes itself. Here’s an email we got this weekend from a reader: I noticed two twin brownstones on Union Street currently on the market just four doors from one another: 891 Union and 899 Union. 891 Union (listed by Warren Lewis) looks to be a renovated two-family priced at…
We love it when a post writes itself. Here’s an email we got this weekend from a reader:
I noticed two twin brownstones on Union Street currently on the market just four doors from one another: 891 Union and 899 Union. 891 Union (listed by Warren Lewis) looks to be a renovated two-family priced at $2,450,000 while 899 Union (listed by Corcoran) is also a two-family but is unrenovated and tired but is priced at $2,750,000. Seems to me the listing agent at Corcoran should put down the crack pipe and try researching the comps before she prices. Who does she think she’s fooling when one can walk four doors down and save $300,000 (probably closer to $550,000 because the buyer of 899 will have to sink at least $200,000 into it)?
What’s this guy missing? Is there a rational explanation why the house in better condition is priced so much lower?
891 Union – #5122 [Warren Lewis] GMAP P*Shark
899 Union Street [Corcoran] GMAP P*Shark
Corcoran’s listing claims it’s a 21′ wide; Property Shark says the both are 17′-9″. If Corcoran’s listing really were 21′, it might be worth the premium.
Chris, i get it all too well. I was making a specific observation that Warren Lewis’ strategy of pricing low was better than Corcoran’s strategy of pricing high.
If you wanna have an argument, would you care to comment on the chances of the Warren Lewis property going for ask or higher?
If the Warren Lewis property does go for greater than ask, you better believe this property will go for greater than $2.4M. Nothing like a scorned bidder…
May be a seller testing the waters — putting the house out to see if he hits the jackpot — and having the bad luck that his neighbor is selling at the same time.
Or maybe the owner of the Corcoran house is just doing a BIG favor for his friend 4 houses down.
The Warren Lewis Union house is not priced cheap… It is priced close to the market to sell.. ItsaWrap does not get it…. THE COST TO DO THE RENOVATIONS ON THE OTHER HOUSE WILL APPROACH $500,000. No one is going to offer $2.4 for the Corcoran house..
$2,750,000 for the Corcoran house is just too ridiculous… They folks from Corcoran are like cowboys There is no reason this should be priced at this level..
The broker must be on crack..
In this example, i think the ‘Warren Lewis model'(price low) has the advantage over the ‘Corcoran model'(price high).
Keep in mind that only 11% seperates these two properties. If a buyer of the WL property puts in a bid @ 10% above ask, that would put the price @ $2.695M. Compared to the Corcoran property @ $2.75M, this would seem very reasonable and likely to move.
The corcoran property on the other hand, will probably see buyers lowball for several reasons. The house 2 doors down is going for $300K less and this property needs a little loving $$$. A 10% lowball offer put the price @$2.475M.
Prices have remained steady, not gone up.. I saw the Corcoran house and it needs much more than $200,000 to make in livable.. That will only take care of the kitchen and the baths…
The comparables certainly do not support the price. The Corcoran house needs approx. $500,000 to make it livable.. So I agree that a $2mil. price is the highest it should sell for.
It is not in 321.. The market in the mid $2mil. range is soft… not as much in the way of buyers in this range.
This house needs new plumbing and electric as well…
Other brokers priced this at just under $2mil. and did not get the listing.. The broker certainly does not know what she is doing. She was originally with a local firm and needs listings. The manager at Corcoran’s Park Slope office should consult with his staff prior to putting new/high profile properties on the market..
Corcoran also overpriced the house on First Street Park Block at just under $4mil..