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]
What’s “subprime” Park Slope?
good comeback, 3:53.
rent all you want. you can still make money in other ways, sure.
but renting your primary residence is just foolish.
OOOOh — Forbes 400 list members are moving to Third Avenue! Now the neighborhood is really going to jump!
“new forbes list of 400 richest people came out today.
i bet none rent their homes.”
I bet none made their money buying overpriced rentals in Gowanus.
2:00 pm you are an idiot.
2:12 pm you may need to tweak your calculation for the fact that all the interest in only deductible for mortgages up to $1.1 million…so for your 2 million mortgage, you can take the interest expense deduction on the first 1.1 million, the interest on the other 900k is not deductible.
The broker says the rents are $2500 for a 1200 sq ft apt.
On a square foot basis that is identical to the rents at the Schermerhorn Street studios yesterday. Yesterday, the consensus seemed to be that Schermerhorn was a give-away to the lower classes and a threat to western civilization, let alone property values, even though the immediate neighbors are two parking lots, the MTA and the jail. Is Prime Detention Center that much nicer a neighborhood than Prime Park Sloped?
3:12 did the value calculation correctly, but too optimistically. Repairs also cost money. And an investor should expect to earn something on the investment, not just break even. And in this market, investors should be paid for assuming risk, not the other way around.
A rational investor would peg the value well south of $1m.
If Prudential Elliman thinks that 3rd Avenue is “Prime” Park Slope, they don’t have a presence in Park Slope. This house isn’t even in “sub-prime” Park Slope. It’s in down slope.
We assume the dillweed stuck on Lincoln Place getting 250 above ask is a broker, and probably is, but some of the cheerleaders here could also be recent buyers looking at negative equity, should prices dip. “Bitter renter” is on target, but no less than “panicked debtor.”