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
My $0.02 on this house and Park Slope generally.
For the moment, Park Slope is defying gravity much like Manhattan did for the first two years of the housing bust. Now Manhattan is starting to slow down dramatically but Park Slope keeps drawing buyers (many from Manhattan). That being said, I think there will be a reversal soon. I went to an open house yesterday at 450A 12th Street. Mediocre 2-bedroom with a depressing space in the back that could arguably be called a yard (with the even more depressing sunken concrete area that some people call a sun area or something like that). Asking $1.175. 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.
But that’s just an anecdote. The reason I think there will be a reversal soon is that prices are ultimately based on what people can afford. Sometimes there is a bubble for whatever reason (cheap money, foreigners, etc – there is always a reason why people think it’s different this time) but ultimately prices will always revert to some multiple of incomes. 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. Those are the only options in the long term. In the short term, who knows. Maybe the 10th Street place goes for asking.
On a related topic, mortgage interest rates are still very low, which helps keep prices high. Many people in the finance world believe that inflationary pressure will force the Fed to raise interest rates substantially, and soon. Consider the effect of 8.5% mortgage rates on the market instead of the 6-7% rates posters keep mentioning.
Whether you’re a fsbo or a small-time realtor: hire a professional photographer! The internet is where you make your first sales impression. Don’t you think better photos would bring in more customers? You get what you pay for, I guess…
This is overpriced. They think they can get a similar price to 303 13th St. which asked about this amount and sold for about $1.75. Also btw. 5th/6th Aves. I doubt it. I’d say $1.6 tops but probably closer to $1.5…or less.
2:26, the two problems are arguably one in the same 🙂
1,199,999.99.
Everyone comes out every week and says this or that is overpriced, and 7 times out of 10, we find out that they got at or above asking price.
ZZZZZZZZZZ
A word limit would be good. That would eliminate the spam problem and the Montrose Morris problem in one fell swoop.
I think the kitchen is a strong design element, but only if you like what they did (it’s beautiful but not my taste). It looks very busy and I think a lot of people would want something that they could make their own. The kitchen cabinets and tile make it hard to do that and for me, I wouldn’t want to change a new, expensive renovation but I would hate living with it too.
I’m gonna guess that the house next door behind the teee is owned by a polish guy (first generation) or an italian-american (third generation).