HOTD: 53 South Oxford Headed South (Finally)
We don’t usually write about a house four times but the case of 53 South Oxford Street in Fort Greene keeps providing reasons to revisit its lack of success on the market. Let’s revisit the timeline: The current owner purchased the four-family house house for $1,345,000 in July 2006; in August, a few coats of…
We don’t usually write about a house four times but the case of 53 South Oxford Street in Fort Greene keeps providing reasons to revisit its lack of success on the market. Let’s revisit the timeline: The current owner purchased the four-family house house for $1,345,000 in July 2006; in August, a few coats of polyeurethane are applied before getting listed with Brooklyn Properties in September for $2,500,000. By January of this year, the listing had been moved to Prospective Properties and the price cut to $1,975,000. By May, Corcoran had taken over and the price was back up at $2,250,000. But not for long. The listing is now gone from Corcoran and the owner is now trying to sell it himself for $1,829,000. In retrospect, the first mistake this guy made was trying to do a flipper’s reno on this place; the second was not paying attention to the comments when this was the House of the Day last January. At that time, a consensus emerged that this was about a $1,600,000 house given the state of the interiors. Here’s what we said at the time: “We’re thinking $1.6 million, $1.7 if he’s really lucky.” And the clock ticks on.
53 South Oxford Street [NY Times] GMAP P*Shark
House of the Day: 53 South Oxford Street [Brownstoner]
Houses of the Day: Fort Greene Languishers [Brownstoner]
Open House Picks 9/1/06 [Brownstoner]
Perhaps he has the biggest laugh of all. This is not the end all of where the real buyers congregate.
LOL
ha ha. altough i think he meant that a brownstone for sale on that street is very rare and hard to find, not that the block itself is.
At least it has a decent facade, so it’s not an exterior pox on the block. Then again, when we were hunting, we strolled by the place and could see through the windows that it was a total POS renovation. I think this guy needs to get into a different line of work–and I would say delivering pizzas, but if he has trouble finding South Oxford Street, that’s probably not a good call for him, either….
^^^^ Someone didn’t take economics 101
Worth and cost are completely different
come on really: what do you mean “determined by its worth”? You mean, the building’s appraised value? Or someone’s opinion on what it is “really worth”?
Of course people buy what they can afford. And they buy the best thing that their money can afford them in a given area of their choice. Right?
But what a building is objectively “worth” is the business of the appraiser, not the afforder.
Someone offered this guy $1.9MM, he said “no”, and now he’s listing it for $1.829 – seems like a real smart fellow.
The house was purchased less than a year ago at 1.35 million, the owner is listing it at 1.829, which is about 33% increase in a year without any work to upgrade it. While the market has increased lately, it hasn’t 33%. for that matter, it hasn’t increased 20%, which is what it would if you paid $1.7.
This owner is defnitely greedy, but someone will pay it. In fact, someone already stated they previously offered $1.9. No longer is a house determined by its worth; people today just buy houses based on what they can afford. If they can afford it, they buy it, it doesn’t matter if it is overpriced. Apparently, “I love it and have to have it” has turned into “I kind of like it, and we can afford it, okay let’s offer asking.”
Good heavens. This poor rich guy doesn’t have a chance after all of these comments!
The front doors are nice LOL