House of the Day: 87 Garfield Revisited
While most signs point to a fairly strong market for townhouses in the more desirable neighborhoods of Brownstone Brooklyn, one property in Park Slope just took a 20 percent price cut after failing to attract interest at its initial asking price of $2,500,000. When we wrote about 87 Garfield Place back in June, we thought…
While most signs point to a fairly strong market for townhouses in the more desirable neighborhoods of Brownstone Brooklyn, one property in Park Slope just took a 20 percent price cut after failing to attract interest at its initial asking price of $2,500,000. When we wrote about 87 Garfield Place back in June, we thought it looked best-suited to a condo conversion because of its unusually large floorplates. Before someone with some kind of vested interest chimed in multiple times in the comments section, several readers expressed negative views about both the price and layout. Seems the cynics were right. We’ll see whether the new price of $1,990,000 stimulates more interest.
87 Garfield Place [Corcoran] GMAP P*Shark
House of the Day: 87 Garfield Place [Brownstoner]
These are 1,400 sq. ft. two-bedroom apartments in pretty prime Park Slope”
The area is prime but these are NOT two bedroom apartments. Not without substantial renovations of the gut variety. No one is going to pay $1500/each for a windowless “sleeping area.”
anon at August 8, 2007 4:34 PM
If your point was that by putting make-believe-assumptions into an equation, one can come up with a make-believe determination, why would you even make it.
These are 1,400 sq. ft. two-bedroom apartments in pretty prime Park Slope – comps all rent at much more than $3,000 per month (closer to $4,000) – I actually thought about and researched this before I posted my statement (unlike you, who just assume a phantom rent with no back-up support). So, if you want to unilaterally estimate that you’ll rent at 50% of market, then, go ahead, but it’s just a stupid assumption.
I don’t even know why I respond to idiotic statements like “I think it should go for 900k max” – so I’m just as much to blame for even attributing any validity to the spew.
anon at August 8, 2007 4:34 PM
If your point was that by putting make-believe-assumptions into an equation, one can come up with a make-believe determination, why would you even make it.
These are 1,400 sq. ft. two-bedroom apartments in pretty prime Park Slope – comps all rent at much more than $3,000 per month (closer to $4,000) – I actually thought about and researched this before I posted my statement (unlike you, who just assume a phantom rent with no back-up support). So, if you want to unilaterally estimate that you’ll rent at 50% of market, then, go ahead, but it’s just a stupid assumption.
I don’t even know why I respond to idiotic statements like “I think it should go for 900k max”
i think it’s equally dellusional for all of the people who seem to be praying for the housing market to crash to think that all of the sudden you will be priced back into the market.
maybe that’s why people get so defensive.
while i think prices may come down some, let’s say 20% even (which would be A LOT!) is THAT going to make a 1.5 or 2 million dollar place now affordable to all of you that keep saying the nyc housing market is headed for the toilet??
doubtful. in which case, you just like spouting this stuff to get a rise out of people.
By the time you realize that the RE dropped in Manhattan and in Brooklyn it will be too late for you to buy because it will be on the way up again. Look at the inventory now. Where are all the listings for townhomes that run around 2.5 million that does not need fixing up?
Most people who bought townhomes in the last few years were able to afford their homes.
Keep waiting and you will never be in a townhome
A. They haven’t read http://tinyurl.com/mythk .
B. I don’t think fixing layout is significantly cheap. It is usually more expensive and time-consuming than originally imagined (contractors never hit their mark). With a “move-in” you have less uncertainty. During the last bust (’87 to ’95) most buyers were shying away from fixer-uppers. I think that’s what’s happening now.
A. why are there weirdos who believe that NYC is immune to real estate’s ups and downs. So crazy to believe that nyc is SO WONDERFUL that prices will never fall. We’re just closer to the Wall Street bubble. Believe me, prices here can fall just like they do in Miami and everywhere else. and they will. maybe dramatically, maybe not. but we are not IMMUNE.
B. Why is anyone talking about lay out when talking about value? That is the easiest, cheapest thing in the world to fix. and if that is what is scaring you off – you are the ones creating great deals for other people! I thought everyone here was a “fixer upper” type.
“[WHEN] the foreclosures start on the east coast than I will be buying again.”
Where’ve you been?
http://tinyurl.com/2v6hyd
Home prices will get hit everywhere, its a matter of time. But Manhattan and some parts of Brooklyn are still going up for now. How long that will last is beyond anyone. Maybe a year or two more and than a good 10-20 percent drop will occur. When the foreclosures start on the east coast than I will be buying again.