HOTD: Don't Worry, You Can't Afford It Anyway
This is one of those crazy pads that are so expensive–and the potential purchasers so few–that there’s not much point in discussing whether or not it’s a good deal (though at half the price of this place, it’s looking like a steal). The 9,500-square-foot mansion is a little time-worn and given the likely standards of…
This is one of those crazy pads that are so expensive–and the potential purchasers so few–that there’s not much point in discussing whether or not it’s a good deal (though at half the price of this place, it’s looking like a steal). The 9,500-square-foot mansion is a little time-worn and given the likely standards of the buyer will get a big makeover. Of course, we’d be happy to move in as-is. We suspect we could get by just fine! The listing’s a little short on photos…Has anyone been inside recently?
Remsen Street Mansion [Brown Harris Stevens]
Did we forget about the house already?
BTW, there are plenty of people who will pay that much to live in the Heights. It is one of the most beautiful neighborhoods in New York whether you like it or not. Now, if they would only open a good place to eat here besides Noodle. Anyone?
Don’t we all?!
Ed- Great! I need his phone number. 🙂
Actually, I spoke with the Good Lord myself, and he said it wasn’t very Jesus-like to call me a fool.
The Good Lord also told me that rising interest rates cause downward pressure on price, and gentrification causes upward pressure, and he’s not sure how things will end up, but he’ll keep us all posted.
Bx2B and CHP, don’t let the troll win! We miss you! Make up some other identity. Your true fans will know it’s you.
5:52, I hate to break it to ya, but I know tons of fellow natives who stayed in Brooklyn. I’ll give you this, though…growing up in Midwood, I would never live in certain “uncool” neighborhoods. I’ll only do the brownstone thing.
Is this shrinking gap across the board, or just in the blue chip brooklyn neighborhoods?
I don’t think there are marginal neighborhoods in Manhatan anymore, while there are still very marginal parts of brooklyn.
$3m park slope brownstones always seemed inevitable to me, $3m harlem brownstones is a shock. There are Hamilton heights brownstones asking $2m. That’s 150th street!! This area was very close to Bed Stuy during the worst years. There are tons of projects up there. What’s up?
Well Ed, I can live without balls since the good Lord saw fit to equip me with a brain. I’ll leave it to you to get by with the other half of the equation.
And certainly there’s appreciation in neighborhoods viz-a-viz others as the neighborhoods gentrify. However, a 25% price drop just based on interest rates alone is nothing to be dismissed lightly. And sure there’s some all-cash buyers, but the vast majority of homes have a mortgage. And, in a competitive market, you have the same buyers going for the same homes but now they can afford 25% less.
Prices must adjust.
BKBorn – it’s hard to tell what the future will hold. However, it’s clear that the Brooklyn/Manhattan price gap is shrinking.
Dear anonymous 5:54pm:
1) Whatever sex you are, you clearly don’t have balls, or you would have a name and contact information.
2) Yes, rising interest rates put downward pressure on prices for all but all-cash buyers. No one is arguing against that. But interest rates aren’t the only factors influencing price. When a neighborhood becomes more desirable with respect to other neighborhoods (and this has happened ad nauseum in Brooklyn with respect to Manhattan) the supply/demand curve changes and price goes up even if interest rates stay exactly the same.