House of the Day: 475 4th Street
This two-family brownstone at 475 4th Street in Park Slope just hit the market for $2,995,000. It’s a gorgeous house in move-in condition with tons of original woodwork (and no recessed lighting!). It also feels like it’s priced as if it were a year ago. Frankly, we’ve got no idea how this will fly. It…
This two-family brownstone at 475 4th Street in Park Slope just hit the market for $2,995,000. It’s a gorgeous house in move-in condition with tons of original woodwork (and no recessed lighting!). It also feels like it’s priced as if it were a year ago. Frankly, we’ve got no idea how this will fly. It certainly is a nice enough place that a potential buyer could fall in love and just have to have it; on the other hand, we wouldn’t be surprised to see it ultimately fetch a couple hundred grand less. What do you think? There was an open house yesterday. Did anyone check it out?
475 4th Street [Brooklyn Bridge Realty] GMAP P*Shark
“Like it has every single spring since I can remember.
You’re new to this, yes?”
Not new, actually….It is just that everyone has been talking about low inventory influencing high prices….It just seems to me that things are picking up after what looked like a slow start to spring market.
“And, seems like inventory is picking up, no?”
Like it has every single spring since I can remember.
You’re new to this, yes?
And, seems like inventory is picking up, no?
“Where will the steady stream of millionaires come from to fill up these formerly ordinary middle class nneighborhoods in Kings County?”
People like us who bought a 2 bedroom on the UWS for 275K in 1997 and are now selling for 2 million looking for a bigger space for our growing family. One child now, hopefully would like to have another in a year or two…
We are looking in Park Slope and have just called to set up an appt. to look at this house. We have at least 5 friends in Manhattan who are/or have done the same.
I agree with 5:12. It makes no sense to buy now. There will be a glut of new pricey condos soon and more and more companies are announcing layoffs. I could be wrong but the asking prices are so high now, the middle class has been so completely cut out of middle class districts, that fewer and fewer buyers are qualified to buy. Where will the steady stream of millionaires come from to fill up these formerly ordinary middle class nneighborhoods in Kings County?
5:12, cause some people would rather not spend a life of solitude, destroying the environment bit by bit.
4.12 – not so much that as they give the impression of a cheesy hotel conference room or a clotheswear store.
Nice staircase. At $3m, you are paying about $17,000 a month after tax to live here, in interest and/or opportunity costs, assuming you get the whole tax subsidy.
Nicer places rent for a good deal less than that. So you also need to take into account at least the possibility that the market will revert to normal rent/price relationships, as it is doing in the rest of the country.
So, on top of your $17k / mo in opportunity costs, taxes, maintenance and interest, you should be contemplating a serious risk of $1m capital loss.
Why does this make more sense than renting for $15k / month or buying in the ‘burbs where the prices have already come down or waiting a year or two?
There is so much talk about the future here that is contentious. No one knows what will happen. I saw an enormous run up in real estate in the 70’s in soho and tribeca that I thought was preposterous and would never stick- then I would once again be able to consider buying in one of those nabes. well it didn’t work out that way.
Park Slope and all the areas of brooklyn that are relatively close to the city- offering some intrinsic value whether it be brownstones or hipness- will probably never return to 2000 prices. so anyone thinking there is going to be a crash and then you can buy, are dreaming like I once was.
Bed-Stuy, Bushwick, Greenpoint, and others are all other opportunities that will certainly improve over the next decade. If you want to wait and see at the end of the year how mush things soften- that’s a fine idea- but I think the What is a science fictionist if he thinks the great depression is upon us.
AJ