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
It seems strange to me, how you can say paying 1.425MM is a steal? I know that is a good area, but really. Also, when areas that have just started gentrifying in the past year or so, or not even yet (Clinton Hill, Bed-Stuy, Prospect Hghts, Crown Hghts, Fort Greene, Prospect Lefferts, Red Hook) are commanding prices the same or more than already established areas, such as Park Slope, Bklyn Heights, Carroll Gardens or even Boerum Hill, then there is something wrong. People who are selling, are asking for prices, which are on the assumption, that the area is fully gentrified. Some people will get screwed, down the road, as they will defualt on their mtgs, though that could happen in the slope and such,too. You’ve got to be a millionaire to afford these houses now. Anybody got money to give away? :O>
In the “emerging” areas of the Brownstone Belt there are many that can function as a sort of birddog for the novice investor. Have you considered striking up some sort of agreement with the many lingering crackheads in the areas you may be interested in?
Anon 1:00pm,
I agree, that’s why I was hoping Brownstoner could do it for me.
It also takes a lot of luck!
Anon 12:55: Information that potentially earn an investor a profit is worth money. It takes alot of legwork to scout and assess properties.
Anon 12:51,
Do a simple townhouse search on the NY Times in Brooklyn. Hundreds of townhouses have been sitting on the market for months and months depsite price reductions.
Nothing like this has happened for years. This is clearly not a sign of a healthy houseing market.
Brownstoner,
It’s not surprising you’ve been getting those emails. Very little is selling and real estate agents probably feel they have to blame somebody.
Other than you and the guy who runs Curbed, who else is there to blame? Of course the slowing market has nothing to do with you, but what does that matter to them?
Also, have you considered adding a townhouse or two to your Friday roundup that you figure could be renovated and sold at a profit.
I haven’t seen anything like that for sale in a long time. Every boarded up shell on the market is just as expensive as a “renovated” house up the block.
it’s a 1 family house.
Folks in the industry who actually sell townhouses know that many houses are selling for around their asking prices or for the asking price right now, espceially if they are well renovated. of course, if they are wildly overpriced this is not the case, but anything priced appropriately and decent is going. believe whatever you want but those are the facts.
It’s unclear if this is multifamily. If it is, the price could be influenced by rent stabilization or rent control.