House of the Day: 712 Degraw Street
At first glance, $1,395,000 for a house on Degraw Street sounded cheap to us. Now we’re not so sure. It turns out that the building is only three-stories tall and 16.5-feet wide. If the two-family house is truly in “great shape” and has “lots of original detail,” as the listing says, it could still be…
At first glance, $1,395,000 for a house on Degraw Street sounded cheap to us. Now we’re not so sure. It turns out that the building is only three-stories tall and 16.5-feet wide. If the two-family house is truly in “great shape” and has “lots of original detail,” as the listing says, it could still be well worth it There’s no mention of any significant renovation or upgrades since the property last changed hands in 2003 for $667,000 but a doubling in price in the last five years doesn’t sound crazy. Guess it all comes down to what those interiors look like.
712 Degraw Street [Leslie J. Garfield] GMAP P*Shark
Photo by Kate Leonova for PropertyShark
Another listing with few details other than to curiously refer to this as a “charming townhouse”. Nothing in the brief description or picture suggests anything close to charming. This broker effort is worse than the Douglas Elliman listing in the Co-op of the Day. With this kind of representation, there’s a strong argument for doing a FSBO.
I’m with you 1:43. People expecting to get double what they paid for a house is what has us in the mess we are in now . That is not how Real Estate should work. Just because it did in the last few years does not mean that it was the norm. It should take about 20 years for a double or more return in a healthy, normal market, not 5 years. Either you don’t know what you are talking about or you are just insane. Using your math, a starter home in the year 2012 should be about 10mil.
Wow! Four consecutive comments about the craziness of doubled RE prices. Blogger sentiment sure has changed. Oh well, the stock market still looks healthy today. Oh wait…!!!
“The fact is that doubling in price in five years is very normal for this market”
Change “is” to “was”. Bubble done gone, Kimosabe.
Forget the house…all the comments should be about the ‘doubling in price’ comment.
“a doubling in price in the last 5 years doesn’t sound crazy”
If you can why not. That’s the game!
What are the nabe comps… 1.5 and up?
The fact is that doubling in price in five years is very normal for this market – at least it was last summer. This summer is hopefully going to see the rapid end of that trend.
Corcoran listing on same block, renovated top to bottom and in mind condition, is in contract for high 1.3’s. This place is WAY overpriced.
“a doubling in price in the last 5 years doesn’t sound crazy”
HA HA….now that’s funny!
That comment is CRAZY!