House of the Day: 586 4th Street
$3 million is no longer a lay-up asking price in Park Slope, but this limestone house at 586 4th Street seems to have what it takes. It’s in a Park block, generously proportioned and chock full of original details like parquet floors, mahogany paneling and plaster crown moldings. Do you agree that the $2,999,999 asking…
$3 million is no longer a lay-up asking price in Park Slope, but this limestone house at 586 4th Street seems to have what it takes. It’s in a Park block, generously proportioned and chock full of original details like parquet floors, mahogany paneling and plaster crown moldings. Do you agree that the $2,999,999 asking price is realistic?
586 4th Street [Corcoran] GMAP P*Shark
11217 @ 4:19
“I’ve made ZERO personal remarks towards anyone here…”
11217 @ 4:50
“Do any of you have any experience with any city/state or country outside of NYC? It seems many of you have never left Brooklyn.”
11217 once again takes the high road and personally criticizes EVERYONE on this board. LOL.
“You make it sound like there is something noble about pricing your house aggressively.”
Nope, not noble. Just smart.
I didn’t claim to be bringing new information to the table, just that when a property is overpriced in a softening market, it sits longer, which leads to increased inventory, which then leads to making people nervous, which leads to even longer time on the market, which leads to no one being able to sell their house. Of COURSE anyone has the right to make an offer they feel is appropriate for any given property (thus determining market value) but many people do not do that. If that were the case, lots of people would be buying up property in Vegas and Miami for a song. It’s all a spiral, which with some foresight, could perhaps be softened if more people priced their homes such that people think they’re getting a deal.
Do any of you have any experience with any city/state or country outside of NYC?
It seems many of you have never left Brooklyn.
“I’ve made ZERO personal remarks towards anyone here ….(congratulations I’m real impressed)… and if you don’t like my post, you are free to skip it.” Yeah but I’m also allowed to point out how silly it sounds.
Oh and there are only two 1’s in 11217, Brooklynnative.
They’ve changed the zip code system. Only 5 numbers these days…
When I said, swallow your pride, I was mostly referring to brokers (some who I know) who want to be the first to sell a place on 3rd for 4 million or whatever. That was an example.
These brokers are super competitive and we all know it’s a better idea to price things on the lower side than the alternative.
I find a retort of criticizing someone’s IQ to be the lowest form of intelligence. I’ve made ZERO personal remarks towards anyone here, and if you don’t like my post, you are free to skip it.
11217’s IQ must be 11.1217.
11217, what are you talking about? You think willfully lowering price will affect inventory and improve the market?! Do you know how the economy functions? The appropriate price is decided by the market, not the seller or broker. The seller can decide to take the market price or not.
I think 11217’s advice to sellers/brokers is not altruistic – basically, if they want to sell promptly, a more realistic sales price is the way to go. A lot of prices these days seem to be aiming for the opposite – as if they are building in a 10-20% pad assuming they will get this much under ask, but this can be shooting oneself in the foot as some buyers will just balk and stay away, or the property will linger and eventually go for even less than it might have had it been priced more realistically to begin with. Sellers/brokers should remember that they can still make a *lot* of money compared to what they bought the properties for, if they’ve owned the property for more than a few years. Even a 20% decline in prices would be modest compared to the run-up of last few years…
You hope people “swallow their pride”? The real estate market in NYC is way more rational than you give it credit for. This isn’t about pride and “reevaluating what is important”. This is about what people are willing to pay to live somewhere. You make it sound like there is something noble about pricing your house aggressively.