House of the Day: Willow Place on the Cheap
The same person has owned this brick townhouse at 39 Willow Place in Brooklyn Heights since 1974, which might explain why it’s priced so cheaply. The photos in the listings, however, show that the house is in decent shape, though certainly lacking the jaw-dropping interiors of some houses in the area. Still, $2.5 million for…
The same person has owned this brick townhouse at 39 Willow Place in Brooklyn Heights since 1974, which might explain why it’s priced so cheaply. The photos in the listings, however, show that the house is in decent shape, though certainly lacking the jaw-dropping interiors of some houses in the area. Still, $2.5 million for a 25-footer in Brooklyn Heights? Not only that, but the price was dropped from $2,775,000 within ten days of it hitting the market earlier this month. What gives? What’s the catch?
39 Willow Place [Brown Harris Stevens] GMAP P*Shark
Price Cut [Natefind]
I guess the brokers doing the Open House at 44 Strong Place (Vespa Properties?) will see a lot of those jilted bidders from Willow this Sunday. Does anyone know anythng about that property?
I prefer Allentown!
What’s your point?
JohnR,
I certainly can’t deny what houses are selling for today.
But as I’m sure you know, the real estate market moves in cycles. New York’s is at the peak and I believe prices have a long way to fall in the upcoming correction.
Folks like ANON 12:43 provide exactly the type of rational that naive boosters always toot immediately before a correction. “A million new residents” — whatever!
I’ve been a real estate investor for years and I strongly believe real estate will soon fall out of favor as the “investment dejour” and major price corrections will ensue.
this thread is getting so depressing… This is a well priced house for the market in the neighborhood. Whether you are agree with that mrket is another matter. I love (and live in) the heights and find such prices to be bordering on reasonable, altho I can’t afford them myself. It is a nice life there. why is everyone so bitter? By the way, I used to live in the W. Village and I actually prefer the heights.
JohnR, no sense responding to scarab.
You can’t reason with drunks or fools.
I may regret this, but I’ll briefly respond to scarab at April 20, 2007 11:12 AM.
First, I would ask you to actually read my posting. I did not even mention “Manhattan townhouses are 10 million.” I talked exclusively about Brooklyn Heights.
Second, if you do re-read my posting, I never once tried to justify the $4mln+ final cost of this building by pointing to any irrelvant information or hyperbole. I merely stated reasonable assumptions about cost of renovation that would be involved plus the likely final cost per square foot of around $1000.
Notice, that I said that $1000/sf is reasonable for the neighborhood. Why did I say that? Was that just my opinion? No, I did not offer an opinion. I offered an observation. There is a big difference between the two. The observation is based on what several renovated townhouses have sold for over the past year in Brooklyn Heights.
Again, my conclusion is that based on what the market has been valuing renovated townhouses in Brooklyn, the house at 39 Willow Place is properly priced in the $2.5mln-$3.0mln range considering the likely costs of doing a reasonably high-end renovation.
Now, I will make one last statement: I will not respond to any more gratuitous attacks.
“I strongly believe townhouse prices in Manhattan and Brooklyn will decline 50% in the next couple years.”
yes, because there is such a precedent for this in the real estate industry. i would agree that the latest news of a continued growing economy, a million new residents, inflation under control as well low lending rates and unemployment would lead you to this conclusion.
moron.
Nobody knows what the market is up to. It could go either way, hence the anxiety and aggression (on both sides) on this thread.
– a psychoanalyst in Manhattan
Claiming $1000/sq ft is a good deal is nuts for a townhouse across the river from Manhattan far from Prospect Park.
Just cause brokers bark something in your ear enough times doesn’t make it true!
And I live in a building I own in lower Manhattan — I don’t rent!