House of the Day: 41 St. Marks Place Revisited
Are we surprised that 41 St. Marks Place just underwent its second price cut? No. Do we think there will be more to come? For sure. The listing has been a disaster from the beginning. After hitting the market in mid-January for an insane $3 million, the three-family house was cut almost immediately to $2,650,000….
Are we surprised that 41 St. Marks Place just underwent its second price cut? No. Do we think there will be more to come? For sure. The listing has been a disaster from the beginning. After hitting the market in mid-January for an insane $3 million, the three-family house was cut almost immediately to $2,650,000. The 3,600-square-foot has now been cut again to $2,450,000. In addition to the mispricing, the presentation is abominable—Elliman should be embarrassed about this one. The crappy, overexposed photos only work against it. We took about five seconds to press the “enhance” button in iPhoto and improved them to what you see above. But who took the photos to begin with? That kid in the back hallway? This price has a ways to go, in our opinion.
41 St. Marks Place [Douglas Elliman] GMAP P*Shark
HOTD: 41 St. Marks Place [Brownstoner]
“with the housing meltdown, you aren’t going to see people clamoring to live in once desirable places where the only thing going for it is a 3000sf house with no trees, 12.5 miles from your respective “city””
Yep, nothing there but their jobs, families, friends, lives, connections, and regional loyalty.
What is Bloomberg doing? Besides banning smoking and transfacts, what has he accomplished?
The World Trade Center is still a hole. The 2nd Avenue subway is over budget and delayed by three years already. The Fulton transit hub is over budget and being scaled back. The 7 train extension isn’t happening. The subway stations are largely filthy and trains are at capacity.
He has done nothing to improve the infrastructure of the city. His PlaNYC 2030 blather is nothing but a few speeches and powerpoint presentations.
Well all of you dreamers who think think that prices are going to continue onwards and upwards just as they have in the past few years, and very few compared to the history of NYC where they never appreciated like this before (and even went down a few times), better run right out and buy up every single house on every single realty site as well as every FSBO so you can be the next billionaires. 52 million in 23 years is over 2 million a year in appreciation for just one property. I can give up my day job if I can make 2 million a year! Shoot, if its that simple banks and investment firms should be out buying all they can and just holding them empty. If you can make this kind of appreciation consistently without fear of a downturn because this is NYC where there is no way it can happen, then you better go do it. Otherwise, reality checks in and you realize that one property was a historic mansion on the park and was not a regular occurrence, and no-one is going to give 53 million for a plain old rowhouse in a crime filled Brooklyn neighborhood. Too bad Walmart already patented the slogan watch for falling prices as that will be the real estate motto for the next several years. But by all means, go right out and buy them up tomorrow if you think otherwise. I’m sure the banks and appraisers are right there with you thinking the same thing.
new york will create more jobs.
no, not everyone wants to live here.
but a lot more people than we can accommodate now, want to live here.
that’s a different situation than 95% of places in the united states.
with the housing meltdown, you aren’t going to see people clamoring to live in once desirable places where the only thing going for it is a 3000sf house with no trees, 12.5 miles from your respective “city”
phoenix, riverside, las vegas, miami, sarasota, atlanta, sacramento. places like this have 3 years worth of properties on the market to sell.
there is becoming a smaller group of cities looking to build for the future and make room for more people. bloomberg is doing it because he’s smart and he knows the way the word is moving.
the age of the internet is bringing people towards this increasingly urban style of living. people in the burbs are CRAVING human contact. talk to them. you’ll see what i mean. they may not necessarily all want to live in new york city, but they like the idea of it. it gets them thinking and it inspires them to want to do more. live more, do more.
places like new york thrive because people here want more out of life than others. it can be an inspiration. it is for many of the 8.25 million of us that are here. most of us came from all over the world. that does make this place special.
China. Now there’s a model of modernization to follow.
Even though you (and I) think this is the best city in the country, everybody else in the country is not clamoring to live here. It is sheer vanity to assume that.
It doesn’t matter if they WANT to live here. If there are not jobs for them, they WILL NOT BE ABLE to live here.
they will move here.
the world is moving towards urbanism.
everyone in china is moving as close as possible towards cities. same in india.
europe has done it for centuries.
we are behind and have seen just a start of it over the last 10 years.
every person i know seems fed up with the burbs. if they could, they’d move here.
or seattle. or san francisco.
no one WANTS to move to long island or danbury anymore.
It’s a nice pipe dream, but no matter how expensive gas gets, jobs are not going to magically appear in New York to allow people to live here.
Think about it.