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]
This house needs A LOT of work. A broker who knows about this property recently told me that no one wants to pay $3+ in Park Slope for a fixer-upper (duh). That’s why this and 60 Montgomery Place won’t sell at these prices. And it’s also why the Berkeley Place DID sell at over $3mm–it was tip-top shape and move-in ready.
I guess the market is telling us that 3.4 may be too high even for the best location in Park Slope. Nobody wants to be the last one on line to pay mega-big-bucks. I think that is human nature.
Usually folks who buy houses like these have their designers come in and prepare a scope of renovation, so i don’t think the condition of the baths matter much as they would probably want to customize them anyway. But the pricetag is high and Manhattan is not visible out the window as in Brooklyn Heights.
Hey What, here’s a listing in your price range!
http://newyork.craigslist.org/brx/rfs/513122024.html
You know what is sad. This house wont appraise for the asking price, So The Owner and the Broker is wasting your time. Folks it’s OVER! It’s SO FUCKING OVER you have no idea. Come 1\1\08 Mortgage guildlines are going to change, no more bullshit.
Brownstoner, why don’t you post some houses and apartments that we CAN afford. Stop with this garbage! 3.8 for that house get the fuck outta here.
The What
Someday this war is gonna end…
BTW The FED has closed the barn door.
Fed Plans to Tighten U.S. Mortgage Rules After Crisis
http://www.bloomberg.com/apps/news?pid=20601087&sid=aTUHRnSHrPDc&refer=home
WAY OVERPRICED. No one with that kind of cash right now is going to buy a renovation project at $3.4. So what, they can spend another couple hundred grand doing historical restoration work over 6 months/1 year while neighborhood property values stagnate? Forget it. Needs a cut below 3 to sell.
a fixer upper??
corcoran get real!!
3.3 mil for a house that’s a “diamond in the rough” and “can easily be restore to it’s [sic] beauty”? No pictures of the kitchen or baths? I think that I see the problem here.
I guess that’s always the problem with real estate: the price. Price something correctly and it will go. This place is priced too high for either its location or its condition (or both).
People on this blog often blast “small houses”, but my 17 footer looks much spacious than this “grandly proportioned” house. This house looks like it’s all hallway.
1:59. That’s good, but not as great as the broker-pitch for that shell-dump in Clinton Hill featured on brownstoner.
It goes something like: ‘Buy [this condemned piece of shit] and you won’t regret making the best and savviest decision of your life.’
I love how these brokers try to flatter people over the very same thing they are trying to exploit – their hubris.