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]
This is an ugly house with a lousy interior on an ugly block (the houses have no front yards or setbacks — they open directly onto the street, resulting in a drab, charmless streetscape). On the positive side, it’s very convenient to 5th Ave shops and restauarants and the subways. I’d peg it at $1.5 – $1.6m.
Prudential Elliman has a lovely office on 7th Avenue.
How is that not a presence in the Slope??
hal,the children’s musuem is miles away from this home.
If the rent roll is $95,000 as the broker contends, then it is break even if that is the total cost outlay to own a year, right? Otherwise, you just subsidize your renters, or you pay more to live there than you would pay to rent.
If you figure costs (heat, taxes, maintenance, etc.) are around 15,000 year, then you clear about $80,000 year.
So, $80,000 a year is the interest on a mortgage of about 1.2 million (after tax write off).
Sincere there are also closing costs, and adminstrative head-aches with owning, plus having to shovel snow, risk it going unoccupied for a month here or there, the cap for the price would be 1 million, as figured against the rent roll as a fair market indicator of current value.
If people pay more than 1 million, then they are counting on it appreciating, which is risky in this market.
“So does it need a price drop because it’s overpriced or is the market tanking?”
Yes and yes.
2:53
It is overpriced because the market over the last few years has made everyone think that their grossly over-inflated home prices are the norm. It is not worth $2.45MM and will NOT sell at that price. The broker and the seller are idiots because they remain ignorant to the fact that most of the buying public knows that these places are not worth these high asks. They are idiots because they labeled this listing as “PRIME Park Slope”, skew facts left and right, and have a “lovingly” listing that a third grader could write.
Buyers right now are not rushing to get into the game for fear of being priced out. They are weighing options carefully and doing their homework. For a broker not to think so is insulting. In 2006 you would buy a place in Bed-Stuy that the broker labeled “Clinton Hill” because it is “close enough” and the buying frenzy was enough to lead one to believe that their’s could be the “next” neighborhood. The uncertainty in the housing market now will certainly not support the speculative bubble pricing that brokers are trying to cram down our throats.
This home and hundreds of others like it are going to languish on the market until sellers come back down to reality and until their huckster agents stop trying to convince them that real estate is still coming up roses just to get a listing.
Aaaalllgghhhhh.
I’m so tired of hearing about that thing on lincoln going for 250 over ask. enough already. this house is in no way related to that. difft neighborhood, difft price point, difft house.
Hooker Strolls and the Brooklyn Childrens’ Museum. Something for both dad and the kids!
The newly improved Brooklyn Childrens’ Museum is on Saint Marks Avenue.