House of the Day: Stealing Third?
This house on 3rd Street between 7th and 8th Avenues is still showing up as a “New Listing” on the NY Times even though it closed yesterday! As it turns out, it’s been quite a long road for the sellers on this one. The house was first listed last April, and had an accepted offer…
This house on 3rd Street between 7th and 8th Avenues is still showing up as a “New Listing” on the NY Times even though it closed yesterday! As it turns out, it’s been quite a long road for the sellers on this one. The house was first listed last April, and had an accepted offer quite quickly. Then the buyers backed out of the deal in July and the owners were back to square one. It’s been listed this go-round at $1.7 million but, in a dose of reality for current market-watchers, the number on the signed contract yesterday was $1.425 million. Sounds like a steal to us.
3rd Street Townhouse [Brown Harris Stevens] GMAP
you know that not all listings are listed on THIS site, right?
Why is it so difficult to get an address on this house?
Again, why was it never listed on this blog?
Why did I never see it on the BHS website?
Why was there never an “Open House”?
Too many questions about this sale!
I wouldn’t believe this price until I get further info. Even a shell on 3rd street between 7th and the Park wouldn’t sell for $1.5MM.
A 3 story limestone on 3rd between the park and 8th ave. sold for $2.9MM in May. There hasn’t been very much inventory on the market since then.
A shell between 7th and 8th on 3rd street would sell for between $1.8MM and $2.2MM (depending on how much work was necessary)
Only a inter-family or fraudulent sale could have occurred at $1.5MM. it could not have been an arm’s length transaction.
It’s me here. Mr. 50% drop guy.
I’m not a renter. I own and could afford to buy another house without selling the one I live in.
A 50% decrease is a ballpark estimate. Like I said earlier, if it can go up a couple hundred percent in six years, why can’t it go down 50% in two?
The real estate market is largely built on hype, just like the stock market bubble was, but it’s not nearly as liquid.
Just like it only takes a couple big sales in a particular part of Brooklyn to drastically increases prices,
a couple low priced sales, will drastically reduce them.
Considering there are hundreds of Brooklyn townhouses sitting on the market now for months and months, a few sellers are bound to panic and sell low soon. There’s no way this house of cards will stay standing.
Brooklyn is the new Sausalito.
4:16,
Will we be out of work permanently?
What do you think it is that is making the economy appear well?
Do you honestly think ALL those “suckers” kept their jobs and did not succumb to foreclosure?
Was Brooklyn ALWAYS undervalued?
Naw, no keys. A house will always have some intrinsic value, just not 3 times pre-boom levels.
Duh. People who make 600K a year slack off just like everyone else.
a gut renovation cost a lot more than 500k for those who think they are creating a 2mm brownstone… dont forget it will take you over 1 yr to do it so ………
earning $600k per year?!? , try taking a zero off the end and you have I what I earn, sad isn’t it?
here we go again with renters posting predictions about 50% drops in prices. The only people who would sell their home at such a reduction are the severely desperate and deceased…not enough of those people bring prices down. If there were such a recession that would cause a price drop of that magnitude, it would mean much more than a recession…it would mean another great depression and most of us would be out of work.
Attn die hard renters and people looking for a deal: aint gonna happen.
You want to point to the recession of the early 90s? Then tell me what is precipating a repeat of that now? The economy is doing well!
I might also point out that the “suckers” who bought at the height of the late 80s market and suffered the same kind of idiotic statements then are now sleeping on a pile of cash and laughing at all the renters who told them they made a bad investment.
Brooklyn was always undervalued pre boom. Manhattanites and others thought Brooklyn was some kind of war zone. Then they crossed the bridge and realized how different it really was. Boom, boom, boom. Prices are just flattening out….50% cut is absurb. You might as well wait for someone to hand you the keys for free.