House of the Day: 383 3rd Street
While not as jaw-dropping as last Thursday’s House of the Day at 651 3rd Street, today’s house at 383 3rd Street is still nothing to sniff at. The 22-footer has lots of original detail, including some sweet plaster moldings on the parlor floor. The kitchen in the owner’s triplex looks so-so, but the bathroom looks…
While not as jaw-dropping as last Thursday’s House of the Day at 651 3rd Street, today’s house at 383 3rd Street is still nothing to sniff at. The 22-footer has lots of original detail, including some sweet plaster moldings on the parlor floor. The kitchen in the owner’s triplex looks so-so, but the bathroom looks nice to us. With $2,000 a month from rent on the ground-floor apartment, do you think the asking price of $2,695,000? Seems overpriced by 10 percent or so to us.
383 3rd Street [Corcoran] GMAP P*Shark
Well, since this was posted, it already got a 100K price chop, so clearly someone is getting nervous about the market… I’d be very interested to see what this goes for if they are already cutting the price right out of the gate. By Brownstoner’s estimate, it needs at least another 150K reduction, not to mention buyers lowballing…
Plug in the $2000 rental x 4 to the NY Times calculator today http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?.
Fair value (breakeven at 5 years) is no more than $1.3 million.
That’s actually a rather high rent ratio relative to gentrified brownstone neighborhoods between 1970-1995 — only in the peak boom year of 1987 did it get that high. Using the historic ratio of 8-10 x annual rent, the sale value would be under $1m with this rental value.
Also, the Times calculator is probably weighted towards purchase for brownstoners: it uses some kind of average data for repairs, but our houses are older and repairs should be more expensive than average.
This house needs an offer of landscaping for the front “yard.”
1 billion dollars…
9:56 – How do you know it has received an offer? Are you the broker? How else would you know? And if you know so much, what price was offered?
This house has received an offer.
Hi, I’m the poster who pointed out growing inventory of 3rd Street homes. I can assure you that I did not post the other comments. I don’t have the time to revisit what others said about other 3rd Street homes but I doubt it’s truly word for word. Maybe others have simply noticed the fact that quite a few 3rd Street homes have suddenly come on the market. I don’t quite understand why saying this is “interesting” means I’m being snarky. Anyway, this house looks like nothing very special. Friends of mine bought a similar house only a year on 3rd bet 5/6 or so ago for 2.2 so I would think this would start heading down towards that number. Doesn’t seem like the kind of house that would inspire a buyer to fall in love to the point of irrationally overpaying.
Exactly what coffee are we supposed to be smelling, Mr. NoCaps?
sorry kids, but when someone starts a sentence with “interesting….there’s more inventory,” the “interesting” is trying to be snarky.
wake up and smell the coffee folks.
he/she has posted that EXACT same comment on other 3rd street listings here for the past month…
word for word…