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]
Hey 10:08, Are you the Grand Wizard of Brooklyn Heights?
I didn’t think this thread would make it to 100+ comments. Started out slow…
Eclair anyone?
miss the old hoods of their youth?
like suburban cincinnati?
don’t think so buddy.
you are a little out of the loop.
asians are especially averse to brooklyn?
what in god’s name are you talking about??!
Manhattan’s going soft too.
The Manhattan real estate market will always be strong because of global demand. But Brooklyn? not so much. Brooklyn is still a racially-mixed, heavy on the mixed, city that a lot of european and espacially asian buyers are averse to. The brooklyn bubble has been extraordinary and due in part to well-educated and reasonably affluent twenty and thirty somethings who have always lived in lovely lilly-white neighborhoods and now want to try something different in adulthood. i think that is great but don’t know how much longer it will last as these folks age and start to miss the old hoods of their youth.
One word: Tulips.
All this talk of comps. Don’t you realize that comps with deals struck 3, 6, 9 months ago are entirely irrelevant. Read the paper. The marginal buyer is getting destroyed, financing is tough to find and rate cuts aren’t getting through to borrowers as they are offset by the repricing of risk throughout the economy. Fringe neighborhoods like this will drop 25%+ from their peaks – and still won’t be even remotely good value.
Anyone defending this price is a broker or the owner. All of you self-described investors know that this price is arbitrary, and you also know you would never make your money back. And for a family looking to make a home, this would be like burning money, especially when there are many other options in the Brooklyn market.