House of the Day: 266 Berkeley Place
The four-story brownstone at 266 Berkeley Place is a prime property, don’t get us wrong, but the $3,250,000 asking price strikes us as rather out-of-sync with the current market, especially gi. First of all, it appears to not be configured for the most likely family buyer in the this location: The listing calls the house…
The four-story brownstone at 266 Berkeley Place is a prime property, don’t get us wrong, but the $3,250,000 asking price strikes us as rather out-of-sync with the current market, especially gi. First of all, it appears to not be configured for the most likely family buyer in the this location: The listing calls the house “multi-family” while PropertyShark says it’s a two-family. Secondly, the kitchen and bathroom renovations don’t, in our opinion, rise to the level of the rest of the house. (And there’s also the issue of the recessed lighting on the parlor floor—just say no!) While these may seem like nits, most people gearing up to pay the estimated $27,000 a month (that’s per the listing not us) in carrying costs will care about every last detail.
266 Berkeley Place [Bellmarc] GMAP P*Shark
actually they’ve been pointing towards one since last july, 3:49.
and a house on lincoln place a block from here sold for 250K over ask about 4 months ago.
people here say 2005 was the top. simply not true.
you all need to stop treating your house like an investment. it’s a place to live.
and for some, a luxury item. no one spending 3 million cares if it’s worth 4 million in 3 years.
they just want to own the place.
Not at all. Furnishings and art are a different matter. There are plenty of examples of parlor floors with 19th century architecture and 20th century interior decoration that look great. It’s not like we have a whole lot of period furniture in our place. Recessed lighting just looks too “new” (or “nouveau”) and out of place to us. It’s got no soul.
Recessed lighting!! ugh! It just goes to prove that no matter how much money you have, you can’t buy taste.
3:43 – Last time I heard of an overpriced house selling over ask, predictions weren’t all pointing to a market downturn as they are now…
“Looks like there are two rentals in the building total, not two per floor. Adjust your math accordingly.”
Full floor rental, each $4000 a month.
Same total. $8,000 a month rental income.
I know someone who pays 1800 a month a block from here for a STUDIO!!!
“I will eat my hat if this sells for this price”
Did you eat your hat the last time you said that and the house ended up selling over ask???
3:13 – we got out since we wanted to be in a different school zone and found a nice, economical rental in that zone. Also, we knew we would need to sell our place eventually anyway (too small now that we have kids) so this seemed a very good time to sell – we got a great price since I think the effects of the economic downturn have not yet really hit NYC housing market (or are only just starting to) and since we now have lots of cash (not just from apt sale, but from another source too) we are in a great position to something else. Plus, having cash in this market gives a lot more leverage as financing is getting harder to come by – I know people say that the people buying 3 million dollar homes don’t need mortgages, but why then would they need rental income? Not everyone is walking around with tons of cash (unless they cashed out at the top). While there is disagreement among people I’ve spoken to as to whether the market will stagnate, soften slightly, or tank, EVERYONE agrees that it’s almost certainly NOT going up for the next year so (and this includes many brokers I’ve spoken to who are optimistically hoping for a mere flattening of the market for a short while i.e. 1 year before it picks back up). I myself don’t think prime areas will tank, but I do think buyers will become more discriminating and the ripple effect of apt dwellers having a harder time selling will trickle up to townhouses.
keep trying to talk yourself into your decision, 3:32.
any reason you needed to hash it out for us here??
cause in the last year, i made about 100K more on my home.
you make that in your commerce savings account in 2007?
i also got out last year as well and feel great about having lots of cash + invested making $$ each month. no credit card debt at all.
take holidays.. no money pressure.. its invested safe and secure –
money makes money if your wise.
we are renting and loving the freedom of not owning – since we owned for 15+ years.
now we have the luxury of deciding … maybe a country or maybe back in this kooky market. i hear from some good friends that are in the money biz that this is not going to end any time soon. it will go down before going up – and not to the tune set before. .. a slower much beat. to each his own…. no right no wrong…