House of the Day: 31 Prospect Park West Revisited
We’re not sure which rock we’ve been living under, but while we were asleep at the wheel 31 Prospect Park West has been in free-fall. The 2,800-square-foot one-family overlooking the park settled at $2,600,000 a couple of weeks ago, after starting at $3,250,000 in April and making stops at $2,995,000, $2,895,000 and $2,800,000 along the…
We’re not sure which rock we’ve been living under, but while we were asleep at the wheel 31 Prospect Park West has been in free-fall. The 2,800-square-foot one-family overlooking the park settled at $2,600,000 a couple of weeks ago, after starting at $3,250,000 in April and making stops at $2,995,000, $2,895,000 and $2,800,000 along the way. It’s now priced below $1,000 per foot and does have a driveway, so it’s gotta be getting close!
31 Prospect Park West [Corcoran] GMAP P*Shark
House of the Day: 31 Prospect Park West [Brownstoner]
Price History [StreetEasy]
the market will crash to 99-00 levels which is when the speculative bubble began. maybe not all the way but way below where we are now…
I also don’t get how this house went from 1.4 to 2.6 since 2004, esp since it doesn’t look like any high-end work was done. I also agree with those who say the location is actually a downside in some ways, since PPW is not pleasant at your front door, and honestly, I’d feel a little spooked walking home to this location at night. Even 8th Ave is better but both PPW and 8th are loud & busy. I much prefer the side streets, and while being near the park is nice, it’s also nice to be a bit further down so you can be closer to 5th Ave (PS sidestreets between 5th and 8th are the sweet spot IMO). I’m in the market for a modestly-sized townhouse, which this is, but I would not even consider this for over 2mil. Travy’s estimate of 1mil is unrealistic – for that to happen, the market would have to totally crash to 1999-2000 levels, which I doubt is going to happen – though I could easily see them going back to 2005 levels, given the ridiculous recent run-up, which is already starting to edge back down, as this house makes clear…
Sorry ontheparkway–just saw your post saying you live in prospect heights. Apologies for jumping to conclusions. Even in inherent value I am not sure that this house is worth more though.
You hit the nail on the head, tradionalmod. It lacks the wow factor. I think that, combined with the overstated initial asking price is what’s keeping this one on the market.
If I were the broker, I’d re-stage the interior and add some greenery to the outside.
You don’t want to go into the fall/winter with this one…dormant trees aren’t going to do this place justice…
I personally would prefer to live in the prospect place house than this one, and think its worth more than this one. Despite the fact that this is on the park it is not right in the middle of things in terms of shops and restaurants, its farther from the subway and as many on here have noted PPW is practically a highway, with cars traveling at 40-50 mph. The Prospect Place house is right on the express train and right in the middle of a very attractive block in the middle of everything, amenities-wise. I like PS just fine but to assume that everyone would rather live there than Prospect Heights is presumptuous to say the least.
i’d be interested in the inherent value of the house, which is definitely more on PPW than prospect place in PH, a nabe i live in and love!
I realize this place is right on the Park. That’s one of the things I don’t like about it, actually. I’m not saying I hate this place, but yes, I would prefer Prospect. I like the nice, leafy side streets with charm.
If I were interested in high-rise living, yes…I’d choose PPW.
It must not be selling because the house utterly lacks a wow factor. I had always liked these houses on PPW looking at the exteriors passing by, so it was such a disappointment to see such a blah interior when this listing appeared. I’d suspect somebody ripped out a lot of stuff. There are similar houses of this era in PLG and they have cool details like ornate ceilings and stained glass windows. I owned a 1928 house in another state once and it too had lots of character, built-ins and details. So the later era alone is not to blame.
kidding 11217