House of the Day: 430 10th Street
The three-story house at 430 10th Street has a nice feel to it. Although relatively modest in size and demeanor, the building has some nice original details in addition to a new deck and updated kitchen and baths. The house sold for $1,200,000 in 2005 and is now asking $1,865,000. Think they’ve got a shot?…
The three-story house at 430 10th Street has a nice feel to it. Although relatively modest in size and demeanor, the building has some nice original details in addition to a new deck and updated kitchen and baths. The house sold for $1,200,000 in 2005 and is now asking $1,865,000. Think they’ve got a shot?
430 10th Street [Timothy Norton] GMAP P*Shark
Photo by Kate Leonova for PropertyShark
“If ever there were a bubble, this is it. Not bitter (we are just going to buy elsewhere), but completely mystified by where all the money propping up this market continues to come from, and more to the point, why.”
I think you’ve mistaken the heightened desirabilty of a neighborhood which has been talked about incessantly in the press (strollers, milfs, dilfs, union hall, 5th ave, new sex and the city show, babeland, etc.) for a bubble.
The bubble has burst. But that does not mean that every area suffers. Beverly Hills, Downtown LA, and West Hollywood are doing just fine amidst the LA downturn. There are always neighborhoods which are less affected than others.
Some people don’t want to admit that PS may be one of those here in NYC. It will be affected at some point of course, but the neighborhood has catapulted from a nice, quiet place 10 years ago to what it is now…a neighborhood constantly scrutinized by the media and flocked to by Manhattanites and Europeans.
Keep in mind that Park Slope and some of these other Brownstone neighborhoods have done a 360 in the last 10-15 years. Some of this may have been due to a bubble, but a large chunk of it has to do with the fact that these neighborhoods are incredibly rejuvenated compared to what they once were. 5th Ave 10 years ago was a dump, and now it’s one of thes nicest shopping/restaurant/barhopping places in Brooklyn. That will have an affect on prices in the neighborhood…
3:00 — 2:53 here. It’s not about where you are born or where you grew up. In my humble opinion, compared to Slopers, Manhattanites tend to be hypercompetitive and status-obsessed. Too many hedge fund managers on one island. The Slope is full of hippy-dippy people who fit every stereotype in the Stuff White People Like blog. Slopers always seem a little bit stoned. It’s part of their charm. If only investment bankers and hedge fund managers can afford Slope real estate in a few years, then the Slope will be full of investment bankers and hedge fund managers. There’s nothing that can be done about it other than to stand back and watch the invisible hand at work. But many of the people who are coming here from Manhattan may end up disappointed that they tried to buy the charm of Park Slope and just ended up with a less conveniently located Manhattan. In the meantime, groovy Slopers who can’t afford the real estate will go somewhere else, and some other neighborhood will be the next Park Slope. And so it goes.
totally agree with 2:53. I really have no idea what’s going on in PS that would justify a 50% increase in the price of a house over a 3 year period when financing has become far tighter and the general market is softening. I’ve given up trying to understand it, and I’ve also given up the idea of trying to buy in PS for the moment. If ever there were a bubble, this is it. Not bitter (we are just going to buy elsewhere), but completely mystified by where all the money propping up this market continues to come from, and more to the point, why.
“When I checked out Property Shark this morning it turns out the Halstead realtor who showed the place is also the owner. In the corporate finance world, always watch when insiders start selling their stock. In real estate… you get the point.”
And since I know said realtor, another property has already been bought.
So tell us again your great theories oh Mr. wise one…
“Right now the Slope is unaffordable for Slopers. So either incomes go up substantially in the Slope (and the neighborhood ends up full of assholes from Manhattan and Park Slope stops being Park Slope) or prices go down.”
Yes! All people from Manhattan are assh*les! Soak the rich! Viva la Co-Op Revolution!
Now get back to your cubicle 2:53 before I fire your ass and you have to go freelance again.
$6400 is a ridiculous rent for this place. But it’s still much cheaper than the purchase price, tax subsidies and all.
2:53 writes…”(and the neighborhood ends up full of assholes from Manhattan and Park Slope stops being Park Slope)”
Now I understand why there’s so much PS bashing!!!
I suspect that most of the people in Manhattan are from somewhere else originally. It’s the true “native New yorkers” that most people have a hard time dealing with.
Still got your Brooklyn accent???
I’m with The What here. The economy sucks, etc.
This will be worth 1.1-1.2 a year from now. How much they get for it today? 1.8? 1.5? I have no idea.
“Montrose Morris problem …”
hahahahahah!