House of the Day: 535 1st Street Revisited
After Corcoran failed to move it back in 2006 first at $3,500,000 and then at $3,100,000, the limestone mansion at 535 1st Street in Park Slope has just come back on the market for another try with Douglas Elliman. The asking price? $3,675,000. The princely pad is 4,420 square feet large, but we’re not sure…
After Corcoran failed to move it back in 2006 first at $3,500,000 and then at $3,100,000, the limestone mansion at 535 1st Street in Park Slope has just come back on the market for another try with Douglas Elliman. The asking price? $3,675,000. The princely pad is 4,420 square feet large, but we’re not sure why something that failed to sell 18 months ago would now sell for 20% higher in this market. A the very least, it wouldn’t hurt to have some interior photos to look at. (There is one on the old HOTD link below.)
535 1st Street [Douglas Elliman] GMAP P*Shark
House of the Day: 535 1st Street [Brownstoner]
The point is that it seem unlikely that a house that did not sell at $3,100,000 is now going to sell at $3,675,000.
Clearly Corcoran Group’s Brooklyn regional vice president, Frank Percesepe, is not the brightest broker.
That Park Slope is soft.
“Prices are headed south.”
Hasn’t this been the news for about 6 months to a year now?
You make it sound like you are bringing new news to the table.
Yes, prices are headed down. In some parts of the U.S. they are down drastically.
So far, Brooklyn and Park Slope have been very lucky and only seen minor drops. Maybe more to come, and we will all live.
Can you tell me what your point is, though?
Price goes up when it is in high demand and there is only a limited supply. Thus, if there were a low inventory and high demand the prices of 2 bedrooms in Park Slope should have gone way up. Even if there was a low inventory and low demand priced should have been stable. But prices went down, which means there must have been hardly any demand, causing sellers to lower their asking prices until there was demand.
It is economic 101, it is not that difficult to understand.
Hmmm, I’m still not seeing how a low number of sale pushed down prices of individual sales.
I think it’s the market talking. Prices are headed south.
White windows! Black windows! Why is it always about black and white on this site? 😉
Low inventory would push the prices down, because there wasn’t enough inventory to keep up with the amount of people interested in purchasing 2 bedrooms in the slope, so the numbers were off a little.
Makes perfect sense to me.
The price trended down because of a low number of sales from low inventory.
I’m lookin for a 2 bedroom in the slope now and have seen very little of quality around.
“If the price of a two-bedroom in Park Slope dropped a little… it’s because inventory went down not because the market was performing badly.”
Does that sentence make any sense?
Shouldn’t low inventory push the price UP? Unless – of course – gasp – the market is performing badly?