House of the Day: 52 Montgomery Place Revisited
If you’re the owner of the gorgeous house at 52 Montgomery Place, it hasn’t felt like Brownstone Brooklyn’s been immune to the weakening national market. This 5,238-square-foot nine-bedroom first hit the market with Corcoran last April (when it was a HOTD) for $3,675,000. After four months without a deal, the owner jumped ship to Douglas…
If you’re the owner of the gorgeous house at 52 Montgomery Place, it hasn’t felt like Brownstone Brooklyn’s been immune to the weakening national market. This 5,238-square-foot nine-bedroom first hit the market with Corcoran last April (when it was a HOTD) for $3,675,000. After four months without a deal, the owner jumped ship to Douglas Elliman, clinging to the original asking price. A month ago, however, the asking price was trimmed to $3,300,000. We’d think this would be in the right ballpark (despite the fact that 60 Montgomery Place remains unspoken for at $3.450,000) but still no signed contract. What do you make of that?
52 Montgomery Place [Douglas Elliman] GMAP P*Shark
52 Montgomery Place [Brownstoner]
I think it is about the market.
Nobody buys a hundred-year-old mansion
expecting it to be in brand-new condition.
In fact, that can be a turn off to some who like to restore old mansions. I actually know a couple of folks like that.
Big houses aren’t selling now.
Maybe next quarter will be better and maybe not.
Time will tell.
Big houses are not selling in Brooklyn Heights either.
It is a bump in the road, in my opinion.
4:01–give it a rest, seriously. I called to inquire about this listing when it was with Corcoran and was told, right from the get-go, that it needs a lot of work. I said, “oh, so it’s not move-in condition?”, and the broker said “no.”
This current broker also writes “diamond in the rough”. Obviously this suggests the same thing the previous broker said. This house is not move-in ready and needs WORK.
So, if you are the seller, which it sounds like you might be, I suggest you lower your expectations. This is NOT about the market, as the house has been listed since April. This is about the asking price.
I have $3 million and you don’t. Eat that, small man!
everybody things I’m a broker because my postings are not utterly demented.
Maybe it is the What who is the broker.
I just want to repeat that the reason this house is not selling is not its condition. It is in perfectly fine condition, there are no tenants, it is currently divided as a two-family so you may wish to put it back together as a one family or you may not. The amount you wish to spend to get exactly the kind of house you want is up to you. I don’t think the folks buying this house will be desperate for a roof over their heads. The house is not selling for other reasons, maybe the real estate market is heading south, maybe it has not been a terrific year for stock brokers and bankers and lawyers. Maybe the super rich are looking again at that horse farm in Jersey or Connecticut for 3 million.
Who knows? The condition of the bathrooms is not a factor as it may be in an iffy neighborhood or block.
Nevermind – 3:41. Read the rest of your post – after the first line I ignored the rest
3:34, 3:38, 3:41 – Same person. Broker at Elliman.
I saw part of this house on the Park Slope House Tour awhile back. It’s NOT in good shape at all — the pictures make it look much better than it is. And the layout is odd. If I remember correctly, it’s currently a two-family, but awkwardly divided. Needs a LOT of work. That’s why it’s not selling, even on this prime block. If I’m paying $3+ million for a brownstone in Park Slope, I want it to be in move-in condition.
It’ll go for $5 million once rich people in Manhattan get wind of this glorious property. Brooklyn’s time has arrived and this is as prime as it gets. I think in 5 years it could be worth $10 million. After that, $20 million. It’s grand and glorious. It charming and ready to move in. Maybe some renovation, but not enough to deter the discriminating buyer. Maybe $20 million is too low. I’m starting to think $30 million.