House of the Day: 53 South Elliott Place
On the heels of last week’s 3.5 million listing on Vanderbilt Avenue, Jerry Minsky is back with another blockbuster at 53 South Elliott Place. The Italianate brick one-family has lots of original details integrated with a very tasteful modern update. It’s a great house but the asking price of $3,700,000 sounds nutso to us. The…
On the heels of last week’s 3.5 million listing on Vanderbilt Avenue, Jerry Minsky is back with another blockbuster at 53 South Elliott Place. The Italianate brick one-family has lots of original details integrated with a very tasteful modern update. It’s a great house but the asking price of $3,700,000 sounds nutso to us. The highwater mark for a normal-sized townhouse (this one’s 3,600 square feet) in the nabe has been set at $3 million—and that was in a better location. The east side of this block (where this house sits) falls within the Fort Greene Historic District (map here). The other side of the street is not landmarked; it also includes the Brooklyn Technical High School, not exactly an enhancer of real estate values. We’d argue that, despite how lovely its interior is, this place should fall well short of that number. A price of $2,700,000 seems possible but $3,700,000? Sheer lunacy. Then again, we’ve learned our lesson about doubting Minsky. Remember 369 Grand Avenue?
53 South Elliott Place [Corcoran] GMAP P*Shark
Housing markets move in slow motion. It takes years for them to top-out, fall and then bottom-out. Bottom could last for years as well.
http://tinyurl.com/mythk
3:48 is absolutely right, 5:21. I don’t see why you would take it so personally. Your “friend” might have gotten the offers because her property was considered a good deal, in spite of the market. A declining market does not mean that people pass on good deals. However, this listing is so absurd and over-the-top, not to mention arbitrarily and capriciously priced, that it is even more offensive considering the current softening of the market.
Also, the house itself is small (3600 sq. ft), across from a high school (!), was purchased for 1.75 million only 2-years ago, and is not in a prime Brooklyn area, period. This would not be a good deal even if the market were at peak. You can get a top-notch house in Park Slope or a nice one in Brooklyn Heights for this money, and not be across from a school or anywhere near AY not to mention the housing projects near the park.
Don’t you think that despite all the news in the headlines about the market tanking and credit being scarce that this would affect things, NOW?!!
It seemingly isn’t. That’s all I’m saying. Nobody has any clue what’s going to happen in 18 months. In 14 months, she could have made 300K instead of 210K. who knows. Either way, owning real estate in New York…as long as it’s for the long run is a good bet.
It just so happens, that it’s been a good bet even if you were in it for the short term lately. That’s what might change slightly.
By the time 18 months rolls around, we will have a new president, people might be excited about the change and housing might take off again. You never know, but it’s a very real possibilty since a lot of what happens in the housing market is psychological.
Hilary wins this thing and many will be elated and go out and buy themselves a present to celebrate. Perhaps a big ole house. Or a small one. Hopefully a smallish one as we all need to be more mindful of the environment.
“How could anyone, even in heady times of prosperity, take on an interest-only loan of 2 million dollars? That is absolutely wacked, IMHO.”
4:39, people who take out interest only mortgages (at least the smart ones) do so because they know they will be able to pay the monthly nut AND pay the mortgage down in large chunks periodically throughout the year. As they do this their monthy payment gradually decreases. When you have a fixed mortgage with amortization your monthly payment remains the same in year 30 as it was in year 1.
5:21 – 3:48 said there will be an adjustment over the next 18 months. don’t be so literal minded.
I don’t see how 3:48 is so obviously right. I see that he/she has an opinion.
I also see bidding wars still and many people out looking.
My friend had her first open house on her place on Sunday. Obviously a slow weekend with the holiday but she said she had about 20 people come through and 3 offers (2 over ask) by the end of the day yesterday. She lives in Prospect Heights.
So where is the correlation between what people hypothesize and what is actually going on? I see very little.
She will be selling her place for a little over 210K more than she paid for it 2 years ago assuming the offer goes through. Can someone please explain to me how this signifies a tanking market?
This layout really raises some questions, especially at 3.7 million, when you expect something to be perfect.
First, if you are renovating top to bottom, why put the laundry on the ground floor? Who wants to drag clothes up and down 3 flights from the bedroom? Or do people with incomes to afford this not care because their hired help does all that? (I wouldn’t know).
Also, the floorplan really doesn’t show where bathrooms are. There must be more, but don’t understand why they aren’t in floorplan.
Finally, as much as I like walking out from kitchen into garden, having the parlor floor as a parlor usually means the nicest floor of your house is never used. I’m sure people will disagree, but whenever I’ve been in houses with this layout, people are always hangin out in the ground floor by the kitchen. I don’t know why, but I’ve experienced it again and again. Sure, if you have a formal party, you go into the parlor, but when just hanging out, you are on the ground floor.
You can get a nicer house in Brooklyn Heights for the same price.
http://realestate.nytimes.com/sales/detail/392-1840
I lived in Fort Greene before I moved out last year after being robbed, twice, and mugged, once in three years.
Let’s get real.
3:48 – you are so obviously right and it is so nice to have someone who knows what they are talking about for once give a clear explanation for the imminent price decline. I guess all the protesters are finally piping down with their incessant fantasy that “nyc is different, prices will NEVER fall here.”