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]
Property Shark has Sq Footage at 4,400. $600 per gets you to $2,640,000. $700 per gets you to $3,080,000. That’s the range where this property will trade.
Incidently, owner paid $1,250,000 in 2002. Let’s say the renovation cost $100 per sq ft. (since they didn’t put in HVAC, or make the fireplaces operable, renovation was probably less than this) That gets you to around $1,700,000. Give it 4 years at 15% appreciation per gets to about $3,000,000.
Any way you slice it, this place goes fo $3MM tops. The longer the owner keeps it on the market the less it will fetch, because the current market will not appreciate at 15% per annum again for some time.
Why would someone paying $3-$4MM for a house care about the Public Schools? Obviously none of you guys are in the demographic to purchase this home.
once again – i will repeat
anyone defending this ridiculous price is :
a – broker
b – owner
c – retarded
+
a 5 story brownstone isnt worth 20% more than a 4 story brownstone…
Duhh.
Fort Greene has housing projects. Park Slope doesn’t.
Park Slope has well, a big useful park. Fort Greene has a former crack haven still filled with homeless.
Fort Greene is artsy and is close to manhattan. The proximity and quantity of undesirable residents however means no one with money will ever put there family there.
It’s not at all foolish to spend the money on elementary private school – ever check out how hard it is to get into a top-tier private school in NYC if you’re trying to get into middle school (and haven’t been at the feeder elementary all along). Might as well move to the suburbs at that point – cause it ain’t happening.
While it says this is technically a 2-family, if memory serves it is decidedly a 1-family in its current configuration (floor plan would help here). Just wondering, how many people need a 5,000 sq ft five story 1-family? Is there a point at which more sq. footage almost becomes a burden? Just curious what people think.
There are a sh*t load of amenities/restaurants/conveniences in Ft. Greene and one doesn’t have to hike to get to them. There are also very few hair (aren’t there just 2?)salons and almost few stores that can be classified as ‘bodegas’. Of course, it may be a hike if one were to live in another neighborhood that borders on Ft. Greene…
Even rich people send their kids to public school these days. Ever check out the demographics at PS 6, 234, 3, 41, 199, 87 & 321. Foolish to spend $$$ on K-6 unless you’re in a top-tier school
Well, one can’t argue with someone who would rather pay $4MM for a undetailed Horatio Street 1,800 sq. ft. brownstone over the incredibly detailed 5,000 sq. ft. on-the-park Fort Greene masterpiece – that’s certainly your perogative. Oh well, at least you’ll save money on the 6 elementary school years of public vs. private school – though my guess is that people who are willing to pay $2,200 per sq. ft. on Horatio Street shouldn’t really care about a mere $20,000 per year in school costs.
Having said this, I don’t think the Wash Park house is worth $4MM, though I think it is easily worth more than the $2.5MM numbers people are suggesting.
Lastly – I love how some people “get” at the prices they quote. For example – a “standard edition” brownstone sells for $1.8MM. Well, actually, a standard edition 4 story brownstone sells for that. This is a 5-story – so, the price should actually be increased by 20%. (Even then, with the hokey math – you get to close to $3MM – which is where I think this house trades). Or people can simply do easy math – and say, with the detail and the park locale, it’s probably worth between $600-650 per square foot.