HOTD: Price Cut at 181 Washington Park
When this perfectly restored brownstone overlooking Fort Greene Park debuted at the beginning of the Summer, most people had the same reaction: “Totally awesome but $4 million?” That was then, this is now. Brooklyn Properties was given the axe a few weeks ago in favor of Brown Harris Stevens, who has now trimmed $200,000 off…
When this perfectly restored brownstone overlooking Fort Greene Park debuted at the beginning of the Summer, most people had the same reaction: “Totally awesome but $4 million?” That was then, this is now. Brooklyn Properties was given the axe a few weeks ago in favor of Brown Harris Stevens, who has now trimmed $200,000 off the asking price. It still seems like a reach to us but when you’re dealing with a spectacular house, you just never know. Stranger things have happened.
Washington Park Townhouse [Brown Harris Stevens] GMAP P*Shark
Stepping Out On FG Park (For Almost $4 Mil!) [Brownstoner]
“Why do the sellers think I would waste my time looking if I couldn’t afford it?!”
Because people like me do it all the time. Sorry. Beauties like these serve as roll models for the dilapidated brownstones I can afford.
BHS and Brooklyn Properties both listed this property from the beginning. The price drop was made at least a month ago, I believe.
I agree with the above poster that the price, though high, is not outside the realm of possibility. 5-story brownstones (needing work) on park blocks in FG have gone for approx. 2.1 million to 2.6 million recently, and it’s easy to spend another $100 to $200 per square foot for renovation — Washington Park probably spent more than that. I was one of the few people who thought 191 Washington Park would sell in a flash (it did) and I think 181 Washington Park will sell over $3 million for sure — how much over 3 million is the question. I heard they are doing finance checks on potential buyers before allowing them to see the property. That may be standard for houses that price, but I must say it made me say “forget it.” Why do the sellers think I would waste my time looking if I couldn’t afford it?! Anyway, I chose a different 5-story brownstone on a different park block in FG and hopefully will be into it for under 3 million after a top notch renovation. 181 sure is pretty, though.
All right boys and girls – time for some FACTS:
1) 191 Washington Park sold 9/28/06 for $1.9MM details on Property Shark (remember everyone saying that this wouldn’t sell at the asking price lot of same nonsense posted that was posted above)
2) You cannot renovate a house with this kind of finish for $100 per square foot (just go look at it) – I’m going through the same process that this owner went through and for the quality work they did a huge survey or architects are talking $300-400 sq.ft.
3) This is at the other end of (long) block to Farmers Market
Therefore, I get:
$1.9MM (191) + $1.6MM (reno cost)= $3.5MM AND 191 is a 4-story and 2′ narrower…you add the qualitative difference…
If you look at the big tickets sales in Ft. Greene (Wash. Park/South Oxford/South Portland) they all comp to this asking price when you build in renovation cost of this quality. Going back to previous threads you will find the same discussion.
Last time I posted re: this topic about 191 Wash Park (and highlighted that the property sold on day 1 on the market as a FSBO) with the above math I got the “nice one Mr. Corcoran” stupid responses – now the details are on Property Shark we can all get some perspective on how uninformed the majority of people are on this board…
But, wow, a lot of them know how to correct spelling mistakes…
Exyximachus Please remove your anal fissures. Otherwise stay in the Slop.
Also Brown Harris Stevens if you think you can overprice our nabe then open up an office here.. otherwise find eryximachus his 4M pad he obviously indirectly feels that the slop is worth it 🙂
I can afford this place, and I’m sending my kids to public school.
Eryximachus, nice to know we can always count on you to say something totally trollish and absurd.
So glad there are no “undesireable” people in Park Slope. What a relief.
Park Slope is so boring…Fort Greene is quickly becoming Brooklyn’s hottest nabe. Majestic homes, great restaurants and the best people watching this side of the East River…..
The house is rad. It’s almost too perfect, as there are things I see that I’d like to take out, like the sculpture on the banister of the stairwell, some of the wall sconces, ect. It’s almost high rococo and just a little too “done.” If it were a little more worse for wear you could put in some nice modern things to make it all work and a little hipper.
It’s pretty nice though. I think the fireplaces and no central air are a big minus, but if you’ve got 3+ mil, shouldn’t be that big a deal.
You folks are nuts if you think real estate prices in Manhattan and Brooklyn will stay anywhere near the levels they are now.
Five years ago a beautifull townhouse in Fort Green could be bought for 1 million, not it’s 3 million and up? What are you folks smoking.
Five years ago a townhouse could be bought in Greenwich Village for 2 million, now it’s 5 million?
Bubble, bubble, toil and trouble, get ready for the pop!