HOTD: 306 Washington Avenue, Two Price Cuts Later
The price of 306 Washington Avenue in Clinton Hill has been in free-fall since we featured it as a House of the Day when it came on the market last summer at $2,300,000. It looks like it was a bit of an understatement when when we said that the “asking price might be a bit…
The price of 306 Washington Avenue in Clinton Hill has been in free-fall since we featured it as a House of the Day when it came on the market last summer at $2,300,000. It looks like it was a bit of an understatement when when we said that the “asking price might be a bit on the high side.” In September, the price was trimmed to $2,100,000 and then another $200,000 was taken off last month to bring the current asking price to $1,900,000. The house was also included on this past weekend’s multi-broker house tour. Think it has a shot at this price?
306 Washington Avenue [Douglas Elliman] GMAP P*Shark
House of the Day: 306 Washington Avenue [Brownstoner]
This is so ridiculous. To the brokers: do you really think buyers don’t understand what is means to buy a building with rent-stabilized tenants? The units occupied by the rent-stabilized tenants might as well be non-existent. These tenants will never leave. If it were so easy to get rid of these renters, the owner would have done so in order to sell the house. The fact that you’re actually trying to convince people that this is a steal is pretty embarrassing. I thought Prudential was a relatively serious firm.
“I challenge anyone to find a brownstone with this much original detail where you can live in a 1400 sqft owners duplex with a giant yard for a purchase price of $1.9 Million and income of $4200.”
Many other neighborhoods.
I don’t know those blocks very well. It doesn’t look like an especially great location. But living on Stuyvesant Avenue south of Halsey is quite nice; especially with the A express right there.
I’ll detail the numbers if you’re interested.
And rents are dropping too. There was an article about Manhattan being a renter’s market now (but we got Hollywood now so I don’t know about Brooklyn). I’ll link it later unless someone else can. There’s nothing like a vacant delivery.
i don’t think this place is terribly priced at the moment (although market conditions may drive it lower). still, this:
“In fact we were asked a couple of times if the $1.9M was just for the owner’s duplex.”
is downright hilarious.
“I am the listing agent and just wanted to clarify a couple things.
First of all, there are 2 units are stabalized, and a third that is free market”
Christine, as a broker, wouldn’t it be wise if you could spell “stabilized”?
I’m pretty sure the agents were “confident” in the pricing when it was a lot higher too.
They’ll be confident when it goes down to 1.5 or 1.6 too.
I doubt if a lot of buyers are going to see the rental units as a big asset, especially since one would have to take the claim of potential extra income from the market rate unit with a big grain of salt.
Could be a lot of aggravation for a building and nabe that still has some price cuts to come.
Julie–thanks for writing here. Can you address people’s concerns about the rent stabilized apartments?
“I challenge anyone to find a brownstone with this much original detail where you can live in a 1400 sqft owners duplex with a giant yard for a purchase price of $1.9 Million and income of $4200.”
Give me a few months.
“…undervalued rents that will continue to go up every year or 2 years when tenants renew, and watch my income grow every year…”
It’s a pipe dream. Rent stabilized tenants never move. That’s why they’re there now. That’s why this place isn’t moving neither.
You’re very HOT though! I know the face and bod that comes with that name.
Just chiming in to say that I think it’s cool when brokers, owners, and others who are related to a given story post here, and I hope people remain civil. 🙂
As a prospective buyer (though not in this price range), this is the kind of thing where seeing both sides of a debate is hugely valuable.