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Holy Moly! This has got to be the nicest house on the market right now. It’s a 25-foot-wide Greek Revival house overlooking Verandah Park in Cobble Hill with a stand-alone carriage house in the rear. All in, it’s got 7,000 square feet of living space and enough parking space for four cars. Judging from the photos, there’s recently been a top-of-the-line renovation as well that preserved the house’s many original details while creating a beautiful, huge modern kitchen. Okay, so the desirability of the house ain’t in question. How about the price? Think $8.75 million will fly? This would have to be a record for Cobble Hill, wouldn’t it?
Magnificent Townhouse & Carriage House [Brown Harris Stevens]


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  1. You all make it sounds like this is Beverly Hills or Bel Air where every home is 5 million and up.

    This is a special property, thus priced accordingly.

    It will be bought by someone who loves the property, wants or needs the square footage and likes the idea of being a little removed from Manhattan, yet still very close.

    It’s not that absurd, really.

    This area is still booming. Once you get Trader Joe’s, Urban Outfitters (not my favorite, but still) and all the new development done along Atlantic Ave and downtown, this area is going to be even better.

    Brooklyn Heights sucks. Lots of people don’t want to live there for the same reason that lots of people don’t want to live on the Upper East Side.

    Too conservative and stodgy.

  2. 5:12

    someone will come in, buy this place for 7 million cash and be done with it.

    this house will be worth 12 million in 10 years when downtown brooklyn is finished.

    That’s only a 5.54% annual rate of return – not particularly impressive.

    Now maybe your $12m in 10 years is right but I’d say you’re off a good $2m to $2.5m in the 2007 sale price. I fail to see how this can go for anywhere much over $4.5m.

  3. Seller is clearly playing into the hype, looking to catch a buyer with too much money and too little insight into the market. Even in Brooklyn Heights, which saw relatively lots of $5MM and up listings this year, you can count on one hand (and have fingers left over) the number that have actually sold for over that price point. Just because it’s listed high doesn’t mean the market’s gone up – only sales count. The actual stratospheric appreciation we saw in these neighborhoods earlier in the decade is over.

  4. I find it astonishing that someone thinks that 8 milion for a house in Brooklyn is no big deal. There are a lot of rich people out there but they did not get that way by paying top dollar for things of by being loose with their wallets.

  5. people buying 8 million dollar homes pay all cash.

    they don’t need to worry about jumbo mortgages.

    that’s absurd.

    someone will come in, buy this place for 7 million cash and be done with it.

    this house will be worth 12 million in 10 years when downtown brooklyn is finished.

  6. And it’s that 25k loan @ 12% that has me flummoxed and not the other $3.5M in mortgages he has. From googling – the owner IS a wall street type but now runs his own boutique investment firm (although the ABOUT US page is still “coming soon”!.

    If you own a several million dollar home just how badly do your finances have to be to allow a paltry $25k lien to be placed on your home for all to see?

  7. I’m glad 4:41 has enlightened us as to what it’s like to be around the big money. Now for some sanity. How did this big money get made? The last few years it’s been made by borrowing yen super cheap and playing the spread against another currency. A no brainer, until the carry trade collapses, as it now has. How else? Wall Street has been feeding the emerging market savings glut by packaging and then tranching mortgages. Nice money, until the re-sets kick in, and the income flow stops, and the bonds are revealed to be worthless (and in the face of a AAA rating, no less.)

    I live near the Warren Street place and have lived around money all my life. Someone operating under no financial scruple (about how much 8mm could be worth in ten years if it were put in something other than an inflated dollar-denominated asset) who loves the neighborhood might possibly buy this house. No one shrewd would touch it, though. With eight million to spend, knowing the state of the credit crunch, how hard it is to get a jumbo mortgage, you’d either play serious hardball with the seller, or find something every bit as nice in a more unequivocally wealthy neighborhood.

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