House of the Day: 331 21st Street
Maybe it is possible to make money in this market by fixing and flipping! This house at 331 21st Street in Greenwood Heights traded for $735,000 in February 2010. It’s now back on the market—with a whole new look—with an asking price of $1,179,000. In the meantime, someone with a very good eye really spiffed…
Maybe it is possible to make money in this market by fixing and flipping! This house at 331 21st Street in Greenwood Heights traded for $735,000 in February 2010. It’s now back on the market—with a whole new look—with an asking price of $1,179,000. In the meantime, someone with a very good eye really spiffed the place up. The exterior might not have universal appeal but we like it, as we do the modern renovation of the interior that also manages to play up a couple of the house’s original assets, like the floors, walls and beamed ceilings. As nice a job as it is, we’re not convinced that the location and size of the house will support the asking price. What do you think?
331 21st Street [Betancourt Realty] GMAP P*Shark
as someone looking to buy in this hood am I crazy to think 600k should be enough to buy one of these 2 family scrappers? I have been in some that at 700k were close to teardowns. Having just labored to stage and sell a chelsea co-op it’s amazing to see so little effort put into showing these places well, like getting trash off the floor..
I guess were going to sit on our cash and wait.
– kurt
I really do not understand the “really stupid people” assumption. Not that no one has later felt the overspent. But that’s not really what you’re talking about. It’s like you don’t think that people spending this kind of money are going to do their homework? How have even they held onto their money if they are that clueless?
It always seems to me that people are just pissed that there are people who can spend this much and are part of what keep the prices high. Hell, I get pissed at that sometimes too. I wish real estate cost less here. But it’s never made sense to me that “stupidity” drive prices up. Nope. This is a very desirable place to live, among the most desirable in the country. THAT’S what drives prices up.
Seems like it would have to be more than a handful to make your theory make sense.
Anyway, that IS a kind of rejection of the market, to chalk up high prices to ‘really stupid people” on the demand side, rather the usual relationship between supply and demand.
No… I don’t reject the market. I just accept that the demand side of the market is full of stupid people willing to spend an absurd amount of money. Price elasticity is based on psychology. And since there’s always a handful of really stupid people with more cash than sense, the NYC real estate market is almost indefinitely elastic.
“You reject the market as inherently bad; I do not.” (me)
It’s not that I think the market is great and perfect. Of course not. Only better than the alternatives.
“It’s a map.”
Huh, really? It looks like a glowing twilight snowy outside…something.
Oh, wait. I kind of see it now. The glowy things are refections from inside. Yeah, now the rest could be a map.
I don’t accept that someone who decides that something is worth a certain price TO THEM is stupid.
“Reasonable” can be about as useless a word as affordable.
If the seller is being, as you would put it — greedy — then he won’t get the price he’s asking. If he does get his price, I call that the market. You reject the market as inherently bad; I do not.
Nomi — (1) It’s a map. (2) Yes, trying to squeeze out more than 20% over their investment in 4 years is approximately where you cross the line.
This is no different that the landlords on 7th Avenue that have raised their commercial rent beyond anything reasonable… it’s greed that has closed many of the shutters on 7th Avenue (and why new businesses are opening anywhere other than 7th Avenue).
Just because some stupid person is willing to pay these absurd prices for real estate in this town doesn’t mean it’s “reasonable” and it doesn’t mean the seller isn’t being greedy.
That fake window is a little freaky. It definitely looks like one image that runs across the 25 “panes,” one image of some snowy something. Maybe in life it looks very different.