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
I’m not the guy who said “50% drop” but why not. Home prices nationwide (yes that means Brooklyn too) have appreciated with inflation since WWI. When I moved to Clinton Hill in 1997, a 4-story, 20-ft. brownstone could be had for $500K. If annual inflation is 4%, I would estimate today’s value at
($500K) X (1.04) ^ 10 = $740K
This would be about a 50% drop. If brownstones could only be bought with cash, not nearly as many families and speculators would have afforded to push up values. It was the financing.
Housing is now the largest sector of the economy (consumer spending from HELOC’s, construction, brokerage, lending, etc.) and it’s all going DOWN.
But, Anon most-recently-2:40pm, a projection is just that: a projection. A guess. No-one can tell the future with charts and graphs anyhow. I mean, do you have charts to back up your (implied) projection that prices WON’T drop 50% in the next few years?
Tomorrow, two years, what’s the difference, you have not posted a single study, chart, or anything to support this wild a$$ projection.
It’s still not a bad deal. After taxes, etc., you’re looking at 1.5ish after close . 500k to customeize to your heart’s content.
Anon 2:33, this was a gut. My broker at BHS filled me in when I asked about it when it first popped up on the market. Those pics are pretty careful – that yellow tinted lighting hides a bunch of sins. And good woodwork gives no indication of the condition of the plumbing, heating, elec, roof, cellar, floors….
What was the address of this house?
Why wasn’t it posted on this blog when it was up for sale?
Woah. What’s the story, was it Rumsfeld’s pied-a-terre in Park Slope or something?
Zeebee
The pictures that brownstoner showed were not of a house that needed a gut renovation.
Either the pictures are wrong, the price is wrong or the location is wrong.
It was a 2 family with the rental unit being on the top floor. A broker at BHS was trying to get me to look at it, but at 1.7 it was too steep for me as it needed a bunch of work. GL to the new buyer is all I can say.