HOTD: Prospect Heights Charmer Priced Right?
We’re gonna need some help on this one. Corcoran’s indefatigable Jerry Minsky has a new brownstone listing on Prospect Place between Vanderbilt and Carlton that looks lovely–especially the oversized, verdant back yard–but seems a little pricey to us for the nabe. Part of our confusion stems from the fact that the listing describes a two-family…
We’re gonna need some help on this one. Corcoran’s indefatigable Jerry Minsky has a new brownstone listing on Prospect Place between Vanderbilt and Carlton that looks lovely–especially the oversized, verdant back yard–but seems a little pricey to us for the nabe. Part of our confusion stems from the fact that the listing describes a two-family double duplex, but the house in the photo looks like a three-story. It would be helpful to hear about comps in the area for this one. We thought a place like this would be more like $1.4 million (especially if it is three stories!), but maybe we’re just a month or two behind, which in this market can be a lot!
Addendum: The readers have spoken. This is indeed a 4-story house, albeit one that is set back from the roof line. It also sounds like this price is about where it should be at this point in the market based on other recent listings and sales nearby (though Property Shark shows it having changed hands last year for $1.21 million). Thanks for all the input.
181 Prospect Place [Corcoran]
“for all intents and purposes” not “for all intensive purposes”
I used to live on that block many years ago and it is about as prime as Prospect Hts gets. For all intensive purposes, it is practically Park Slope. Well okay, there is the matter of the Phoenix House in the middle of the block, but hey… waddaya want.
Given what the brownstones just two blocks away in Park Slope are selling for, I don’t think the price should surprise anyone.
While it’s all good sport to lay into sellers and brokers, it’s all just so much talk. If sellers over-reach, they’re making their own bed. We just sold a Park Slope coop and priced it at the lowest of the 3 quotes we got from brokers. Multiple bids later, it went for considerably over asking. At the end of the day, it’s the market.
I have no issue with those turning a quick profit and those buyers who are willing to jump in and pay a 30% year over year premium. And just like I expect sellers to benefit from current market conditions, likewise, I will have little sympathy for a seller when the tables are turned and a buyer can get a brownstone at a 30% discount from the previous year. I wholeheartedly believe in capitalism and the inevitable booms and busts they produce.
I was the person who commented about the flippers. I have no issue with them cashing out for a hefty profit now that they can. I would do the same. I will believe these owners because I respect brownstoner and he has attested to their honesty, but I just find it funny how many owners feel the need to make up stories for why they are selling so quickly instead of just saying nothing. We have caught a number of them in lies. The truth is that they see the possibility of a very large, quick return on their investment and they are going for it. I don’t blame them – I’m just sick of pretending to believe their stories. If I see something I like at a price I think it is worth, I will buy it. I don’t need to be told a fairy tale.
We are actually the people buying the house down the street which listed for $1.890, and can confirm that it did indeed get bid up to over $2m. To us, Prospect Heights is as appealing a neighborhood as any – barring, say, park-block Center Slope – and even at the price we’re paying, is still a lot more affordable than anything of similar quality just the other side of Flatbush.
Prospect Heights is not that large a neighborhood and not that many buildings come on the market. Better to comp by looking at what you would get for your money in bordering neighborhoods like Park Slope or Fort Greene. Which way you think prices in Prospect Heights should tilt is a matter of personal taste – we voted with our feet.
This site seems to have attracted a lot of bitter people who can’t stand to see homes selling for more than they can afford. Are any of you suggesting that the owners should sell for less than what the market is willing to pay for this property – just so that they don’t make too large of a profit? I doubt any of you would be so noble if this was your house. And again – the fact is that a mint condition four story house just a few doors down from this house on the same block recently sold for over $2 million.
if prime Ft. Greene 4 stories are topping $2M, Pr. Hts should be equal or more; but I dont think that any house in PH has topped $2M
In this case, we can vouch for the seller’s veracity. Unbeknownst to us when we posted it, this turns out to be a friend’s place. For what it’s worth, she and her husband are indeed moving to DC, did do a fair amount of work on the place and were indeed torn about whether to part with a home they loved. It’s a small brownstone world after all!