HOTD: Fulton Street Newbie Asking Too Much
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since…
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since we’re sure they were done with an eye on the bottom line. That, however, doesn’t justify pricing them on a par with brownstones that are a hundred years older and on tree-lined streets closer to the park. The fact is that this particular house, while possessing a generous yard due to its corner location, is still on Fulton Street and still only three stories. As a result, we think that $1.5 million is way too much. (These houses sold for $225,000 new back in 1994 and, according to a reader, were up to about $395,000 in 1996.) Other commenters in our original post noted the small rooms, thin walls, low ceilings and lack of stoop as negatives. We’ll be surprised if it fetches any more than about $1.1-1.2 million. Do you agree?
730 Fulton Street [NYT Listings] GMAP
Decent Townhouse Reproductions? [Brownstoner]
Banks seem to care about the square footage, comps and rental income. I’m sure a LI appraiser would love this place. Quality construction, aesthetics and historic detail have very little value to banks. Remember, this house is in prime Fort Greene. The comps must be stellar even if the house sucks.
How on earth could someone get a mortgage for $1.3m for that? Seems very irresponsible of the bank.
I can’t decide who is crazier — the person who offered $1.3 or the seller for turning it down.
You’ve got to be kidding!
He’s already turned down 1.3.
this is not a sign that the bubble is about to burst- just a seller or broker trying to test the market and see what they can get. the brownstone we bought this year was first priced over it’s value and the asking price was dropped $300,000 after no bids.
“Bring on the delightful sound of a real estate bubble bursting.”
Not a homeowner yourself, perchance?
I believe you also get a parking spot with these homes. That should be worth at least $200-350K. EZ.
I have also been inside (tried to rent one 1.75 years ago) and to say that the interiors are cheap would be an understatement. THis is just a vertical tract home with an eye on furnishings from Wiesman’s Salvage. $1.5 HAS GOT TO BE A JOKE !?!
395,000 in 1996. Well there were 100 year old brownstones in Park Slope between 5th and 6th Avenue in 1996 selling for 375-450K. This is our market today… million is just average….crazy.
I completely agree that $1.5 million is too much. Something around $700 – $800 would be more reasonable.
I hope that someone that likes to garden purchases it. This place is a JUNKYARD!!!!!! I can’t believe that the neighbors put up with this guy who has all his tools in the yard for years. Especially when everyone else does such a good job with their gardens in this area. What a shame. Everyone in the neighborhood works really hard to have a nice place to live and this guy has a junkyard and expects to make a hugh profit too. It’s despicable.