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]
OMG 4:40–that’s it. I think you’re right. Seriously.
We can bicker until doomsday about prices, but keep these two things separate in your little ‘stoner heads: what one flush sucker will pay today is never an indication of what an asset is actually worth. Just because housing bears have been wrong for a decade, doesn’t mean they’ll be wrong forever. (Cf. Henry Blodget.) For those of you who think that low inventory softens prices, the following won’t make much sense. But real estate prices unmoored themselves from fundamentals only when it became profitable to package a mortgage and re-sell it, bundled with a million others, to credulous Asian central bankers. The Brooklyn RE market is very, very illiquid; it is tied as much as anything to seller psychology. Prices may be sticky for a long time going forward, but not forever. You now need to put actual money down, and pay out an honest, fixed rate on a real mortgage. Do any of you joker-broker midnight tokers know anyone in finance? If so, you know you are f***ed going forward. I’ll meet anyone at President Street at midnight New Year’s Eve ’09 and then we’ll talk about “comps.”
“I would definitely NOT buy anything right now – I think this is going to be the biggest recession we’ve seen in decades”
THOSE ARE THE EXACT SAME WORDS UTTERED AFTER 9/11
Heard them a million times that fall.
Glad I didn’t listen.
As a buyer who is looking in every major brownstone neighborhood in Brooklyn, and who has seen many houses and knows her comps, this limestone does seem to be relatively inexpensive compared to some high-priced duds I’ve seen all over Brooklyn. It’s still out of my range, but the price is not surprising at all. However, if they couldn’t get their price last year, I can’t imagine they’ll get it this year. And the lack of pictures does probably mean it needs work. But, if you discount that from their asking price, you’re still better off with an architecturally significant limestone house right off the nicest park in NYC than with a 16′ wide dime-a-dozen brownstone on a nice but unremarkable street.
Guess what…a 2 bedroom in Park City, Utah costs 600K.
Same price as a 2 bedroom in Park Slope, Brooklyn.
So when you think everything on here is overpriced, trying looking at what happened throughout the rest of the country over the last 8 years as well.
You all live in a NYC bubble.
Corcoran also is marketing new condos on 3rd and the F/G train. Asking 1.2 – 1.4. It makes their three houses look like bargains. The sellers should know better.
I think the diasters at Citibank and other big banks are going to seriously impact high end sales in Brooklyn. I would definitely NOT buy anything right now – I think this is going to be the biggest recession we’ve seen in decades.
“The country will go into a depression if the owners get only 1/3 of their asking price on a house in Brooklyn??”
OH COME ON!!
People say EVERY property listed on Brownstoner is overpriced by a million.
IT’S ABURDITY AT IT’S WORST!
“And you know what that will mean for the U.S.?
A depression that will make the Great One look like a circus. ”
That is pure hyperbole, of course! If an asking price is exponentially inflated, and the listing does not sell for that implausible sum, that is natural, and not a sign of a crashing market. I am referring to the Carroll Gardens listings, and NOT this particular HOTD.