House of the Day: 370 Park Place
After five weeks on the market, the four-story townhouse at 370 Park Place in Prospect Heights had its asking price reduced from $1,850,000 to $1,700,000. The interior needs a fair amount of work, it appears, but much of the original detail remains intact. And while the yard isn’t much to look at, it does benefit…
After five weeks on the market, the four-story townhouse at 370 Park Place in Prospect Heights had its asking price reduced from $1,850,000 to $1,700,000. The interior needs a fair amount of work, it appears, but much of the original detail remains intact. And while the yard isn’t much to look at, it does benefit from sitting on a 131-foot-deep lot, so there’s lots of potential. Interestingly, the same broker has the listing for the house next door as well. After getting a price cut of its own at the end of last week, it’s also now on the market for $1,700,000. As a combo, this might appeal to a developer. The asking prices seem pretty realistic at this point, we’d say.
370 Park Place [Corcoran] GMAP P*Shark
368 Park Place [Corcoran]
Unless it’s the same owner for the 2 buildings….conflict of interest perhaps?
to all who think this property is overpriced by several hundred thousand dollars because it needs renovation: please point us to the listings in this neighborhood for fully-renovated, 3,500 square-foot brownstones with 131′ lots that cost only $1.7 million.
These were nice houses in a great location – sure, they need work, but people have been buying up brownstones and doing a lot of work for decades now. Whether they are priced right is sort of irrelevant – if what is posted above is true, and they are really set to sell (not just an owner testing the market to see if they can get a really high price) – they will indeed sell – for the market price, wherever that turns out to be, to someone who wants to restore one. Basic details can be added back…wish I were in the market to buy – at current prices – but I’m not.
Actually, many brokers in general have been suggesting to us that we make lowball offers on a number of properties. Occasionally there is the correctly priced property in this market, but so much is overpriced now that I think many brokers are just trying to get offers on the table, even if they are low…
Yarrington told us to make a low ball offer too…This place goes off at 1.7mm.
Sometimes i wish mr. B didn’t own a bstone in brooklyn…
2:53 said: Also, amenities/transportation are not very convenient.
Come on. Did you really see these homes? I would think that a 30-60 minute exploration of PH would tell you that your statement is completely untrue. It’s a five-minute walk to the 2,3 station at Eastern Prky/Brklyn Museum and a seven-minute walk to the Q,B station at 7th Ave./Carlton Ave.
Also, amenities are plentiful on Vanderbilt and Washington Aves. If you have to walk to Flatbush Ave. for what ever you may need, it’s as close as the 7th Ave Station stop.
These listings were totally misrepresented by Corcoran and the agent Andrea Yarrington who told us just to make a low offer. She and the firm are a bunch of crooks. I heard the owner had an appraisal done which indicated these units were worth about 1.3 mil. a piece if delivered vacabt. I was told by one of the neighbors that it is an estate sale and they can’t get the tenants out. They are being operated as illegal SRO’S
We saw the next door house last weekend and it was a wreck. This house actually looked worse from the outside as it was missing its cornice. Both of these homes look like nightmare projects not for the faint of heart – probably a developer is the best target. But will a developer pay this much in this market? Also, amenities/transportation are not very convenient. Both of these have had price cuts and I foresee more. Overpriced houses suffer a lot more in this market than those which are priced more realistically.
Fjorder, increases in property taxes on buildings of this size are capped by a max % increase each year. Even if the assessment goes up by 10x the taxes will only increase about 6% per year over where they are now.