House of the Day: 193 Washington Park Price Cut
“Ridiculous,” “Give me a break,” and “This will sit for a long time” were some of the comments from readers when we first featured 193 Washington Park as a House of the Day back in early November; at the time, it was listed for $3,875,000. Looks like the commenters were right: After a couple months…
“Ridiculous,” “Give me a break,” and “This will sit for a long time” were some of the comments from readers when we first featured 193 Washington Park as a House of the Day back in early November; at the time, it was listed for $3,875,000. Looks like the commenters were right: After a couple months of no love from buyers, the asking price for the 6,500-square-foot brownstone overlooking Fort Greene Park was cut last week to $3,625,000, a price that still seems like a stretch in the current environment. Think there’ll be any takers for the 25-footer at this new price?
193 Washington Park [Corcoran] GMAP P*Shark
House of the Day: 193 Washington Park [Brownstoner]
the burbs are over. everyone knows that.
the burbs are FAR more affected by the impending recession than nyc is.
prices in the burbs have already dropped 15% with another 30% on the way.
and new jersey is bankrupt.
enjoy your cable tv.
11:06. Hope you can service your debt; hope you don’t work in finance; hope you don’t work for a law firm that services i-banks. And as to your price run-up, maybe, if you could sell it as these ridiculous prices. Prediction: your 250% is based on some ridiculous asking price. It’s probably more like a straight two bagger, to which I say: watch as it goes back to your 2004 NOMINAL price. I’ll let you do the math on what that means in inflation-adjusted terms. And if you want to tell me you’ll be living there in twenty years, then I say –mazel tov! but I hope the misery index doesn’t rise along with these budget cuts; in which case, come visit me out in the ‘burbs, where my kids aren’t getting shaken down on the way to school, and needles aren’t collecting on my stoop.
I think the NYC spring real estate market is going to be HOT!!!
All those people who want to get in on the downturn before prices start going back up in a few years.
And I’m excited…I’m refinancing this week with an incredible rate!!!
“Merrill just estimated a 30% reduction in prices.”
Actually it said 30% for california, florida and the southwest.
20% for the Northeast. We live in the Northeast.
My home has gone up in value 250% in the last 4 years, so I will be fine with a 20% drop.
People still want to move to NYC, and while your predictions are certainly true for a lot of the country, New York City is America’s only world city. If Bloomberg keeps this city healthy, creating new jobs and lowering taxes for businesses, people will continue to flock here.
The epicenter of this city is still an island you realize. Only so much you can build and a recession does not mean people no longer need a place to live.
From a renter to a broker: you may want to be careful with your rhetoric. As homes in “prime Brooklyn” go negative equity, you won’t be getting much business from homeowners, who find they can’t sell. Some renters on the sidelines have means to buy, but also prudence, and you will have to have all your powers of flattery at the ready to get their business.
As to the inane arguments over the future prices of these houses. Can you try, try, try to use your brain? The only way prices were able to decouple from fundamentals was the packaging and leveraging of mortgage backed securities. That business is dead forever. RE prices are going to recouple with incomes; Merrill just estimated a 30% reduction in prices. To the “it can’t happen here” parrots, please: do you understand what is happening to the principle income drivers in NYC? The I-banks are potentially insolvent. Don’t believe me? Ask George Soros.
To the “it’s never gone down like that before” crowd. Where was your appeal to historical precedent on the way up? It’s never deflated to that degree because it has never inflated to that degree. Lesson #1 in finance: it happens BECAUSE you can’t imagine it.
Of course –some people with too much money are going to buy a house here and there over the coming months for untenable prices. Crow all you want, but you know what’s happening to your business right now, and trust me, the chill is about to get arctic. So be careful how you voice your opinions to a –yes –renter, who by the way, can afford to buy this and any house you currently have listed in the borough.
then you are a true moron, 10:10.
This is pretty much the only site I like at for buying apart from the NYT online real estate.
I make fun of 8:31, but his/her conclusion is correct. This site is useless for sales. And please, don’t post the standard BS about “all publicity is good publicity.” It is not.
yes, all the Brownstone buyers are reading the NY Post. Put your ads there.
idiot.