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
http://mysite.verizon.net/vzeqrguz/housingbubble/new_york.html
A doubling in price five years IS crazy and unsustainable. What Bstoner presumably was thinking is that was not unusual for a price to double in 5 years during the bubble years. If you look at median prices 1998-2006 they doubled in any 5 year period. Pre-bubble, price changes have been more consistent with inflation, which has generally been in the 2-5% range over the last 20 years.
Something tells me whoever bought the 8.5 million dollar JC pad didn’t need a mortgage.
I heard that Jennifer Connelly is going to buy this place and double-down again.
i know we don’t know the selling price yet on the connelly place, but the fact that it sold already leads me to believe that most of you calling for brooklyn prices to drop any significant amount (at least in prime areas) is a bunch of hogwash.
i hope people who are looking to buy don’t take your advice and wait. i don’t believe prices in park slope are going to come down more than around 10% (which may have already happened). i still see very little inventory and selling prices which are shocking. 3 bedrooms for 1.4 million, hear about studios for 350K and 1 bedrooms getting into bidding wars.
the only stuff i see sitting is the crap on 4th and a few overpriced houses on 3rd. other than that, i don’t see the huge drop in prices that everyone has now been predicting since 2006.
Other posters beat me to it…but in all earnestness, what they hell are you thinking Brownstoner? A price double in 5 years is not a normal occurrence, that is some sad and revealing commentary. When was your buy-in? I’f you’re not remorseful yet, wait a year when Clinton Hill brownstones are fetching closer to $800k.
“The 5,200-square-foot house, which the couple bought for $3,700,000 back in 2003, has to be the nicest house to come to market in a looooong time.”
So if they get 8.5 million, this will indeed show that the Brooklyn market has not quite tanked yet.
Btw, it went on the market May 1st or so, so it wasn’t even for sale for 2 months.
I thought no one could get a mortgage anymore?
This block blows.
Seriously…
One of the worst.
If I recall correctly, Connelly wanted double the price she paid in, what was it, 2003? Or more than double….
Sorry for igniting such a s#!+storm. We just meant that a doubling of price over the last five years in itself is not out of line with what’s happened in the broader market. That was not meant to say that we think this particular house is worth $1.395 million, especially since there are no signs of any improvements to it.