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
This couldn’t be a market transaction. It’s way off the market.
This was probably a family transcation or some special provision. The worst house on that block would sell over $2.25MM.
Could someone tell me more about this house?
I have been looking to buy a 4 story brownstone on 3rd street and have not seen anything under $2.5MM that is between 7th and the Park.
I suspect there is an error here.
sounds very cheap price to me even for house needing lotsa work. 3rd street is very very nice street close to PrPk. Brownstoner must have some inside info to know this much… So any inside info on why the low price?
I notice some very overpriced houses sitting on market long time, or some ‘difficult’ houses also. But most listings I do see seem to go to contract in month or 2.
My opinion is from mostly observing Corcoran website for CobbleHill, BoerumHill, CarrollGardens.
12:42 PM —50% reduction?!?! man that a bold statement, got any stats or figures or an ecnomics degree to back that one up.
People just out of college have historically rented in the UES and UWS, so I don’t see any change there. Rents are still cheaper in Brooklyn, as are purchase prices.
No doubt the increases we’ve seen in Brooklyn in the past will not continue and there will be drops in prices from the often crazy heights of the past few years. However, what you will not see are the %50 percent reductions. Brooklyn has shifted back to a destination that new residents and young professionals and families are seeking out, as opposed to an alternative to Manhattan.
From what I can tell, there is very little on the market in terms of townhouses in prime brownstone areas, a lot less than when I was looking a few years ago.
And if 1.08 thinks that FG, Clinton Hill and Prospect Heights are “not even yet” gentrifying, well I guess that says a lot about your point of view, since FG is pretty much there, and PHeights and Clinton Hill are no longer deals in any sense of the word and have all of the sorts of amenities you’d expect of a gentrifying/gentrified nabe (and more open from month to month).
If people think they’re going to pick up a brownstone in decent shape that doesn’t need a gut renovation for less 1.3 million in any neighborhood other than certain parts of Bed Stuy, Crown Heights, or PLG (in which case you can find some better deals), I doubt they will have any luck.
Anon 1:08, you have no idea what you’re talking about. Just because you’ve just discovered brooklyn, doesn’t mean that the gentrification of (Clinton Hill, Bed-Stuy, Prospect Hghts, Crown Hghts, Fort Greene, Prospect Lefferts, Red Hook) was marked when you opened your eyes to them. I can only speak from personal experience, but gentrification in Clinton Hill & Fort Greene started at least 6-7 years ago. Prospect Heights, at least 4-5 years ago.
And just because an area’s residents are predominantly white, doesn’t make it “establishedâ€. Brooklyn is full of working-class neighborhoods that are predominantly white. I can assure you that the majority of residents in Fort Greene are in a much higher tax bracket then some of your named “established areas”. FG & CH (the real FG & CH, not the real estate agent over-extended geographic lines) are both “truly” diverse in terms of ethnicity, culture and professions, but the class remains similar among all ethnic groups – even where the new arrivals are concerned. That’s part of the charm : )
Can’t say the same about other areas…
1:08 – 100% agreed. people are booking way too much value on future improvements to the area. heavens forbid they don’t come, i’d hate to be the sucker holding the bag.
i also don’t understand the disconnect between rental income and home prices. given that prices have risen so much in desirable neighborhoods throughout brooklyn, how much more can they grow? i have friends who recently graduated from college (in my mind some of the most proto-typical brooklyn renters) who found themselves priced out and ended up living in the UES and UWS. unless you truly believe rents are going to grow at some astronomical rate it seems like it is a much better time to rent than to buy and wait for the imbalance to change.
I am sure Brownstoner has enough time on his hand to scout distressed properties for would-be (“wannabe?”) investors. And he can even find funding and coordinate the renovation and market the finished product for you. What is story with this armchair approach?
anon 12:55 PM, you don’t get it. Brooklyn has been ‘discovered’. The deals have all disappeared. And if I’m wrong about that, you certainly won’t find the deals on this site. You’ve got to do the leg work and get to the distressed owner before real estate brokers/agents or developers get to them.
Maybe the one thing that brownstoner could do to help, if he’s interested, is to highlight the abandoned shells or vacant lots that are spread throughout the more popular nabes in downtown brooklyn.