House of the Day: 304 Union Street
Today’s House of the Day at 304 Union Street in Carroll Gardens is particularly interesting in light of yesterday’s GMAP P*Shark Open House Picks 11/4/2005 [Brownstoner]
Today’s House of the Day at 304 Union Street in Carroll Gardens is particularly interesting in light of yesterday’s discussion about declining prices. We had it as an Open House Pick in November 2005 when it was listed for $1,850,000; it ultimately sold for $1,700,000 in May 2006, and the new owner clearly went to town on the renovation. It’s charmingly done (love those slightly rough original floorboards in the parlor) but the big question is whether it merits the marked-up price of $4,150,000.
304 Union Street [Stribling] GMAP P*Shark
Open House Picks 11/4/2005 [Brownstoner]
I guess you have all the answers!!!
you won’t debate the rtc because you don’t know what you’re talking about. and yokohama is more like jersey city (or brooklyn?) to nyc (check a map). and if you are so happy, why do you have to convince people to make the same mistake you made? right dave, let’s not discuss this anymore. you have nothing to say.
one bedrooms in the heart of Tokyo sell for approximately 1 million US dollars in today’s market.
RTC will not be structured as it was in Japan. Not going to debate that with you anymore. You’re introducing too many irrelevant comparisons into the discussion. Yokohama…for god’s sake. Comparing that to Tokyo is like comparing Buffalo, NY to NYC.
Don’t be sorry…like I said “I bought at the top and am very happy about it because I pretty much got exactly what I wanted” You read something else into that.
dave, rtc is merely going to postpone losses (as it did in japan). plus the banks will participate in 125% of those losses when they are realized. that will do nothing to alleviate the downward pressure from the loss of many thousands of high paying jobs combined with the end of easy money. i know people who bought a house in yokohama in 1999. at that time, there were condos selling nearby for $1mn. those same condos are on the market today for $400k. sure, japan has different demographics, but their bubble popped 20 years ago and they are STILL seeing nominal declines even today. talk about not looking at the long term. if you believe in mean reversion, look at 20 year median price trends. then think about where we should be. i’m sorry you bought at the top. i really hope you are right about 5-10 years, but don’t be surprised if you are wrong…
as someone who looked at about 70 houses in this area about 12 years ago or so, it’s clear to me that some negatives that struck me then (when this place was probably around $550k or less even), are still negatives now. In this case, it’s location. while convenient, it’s not exactly ideal. of course, that’s not a deal killer unless you want over $4 million for it.
not a great space either.
$4,000,000,000 and there aren’t even any mantles! (Think Joan Kusack in Working Girl.)
Isnt that mini-Martha Stewart Katie Brown’s house?
11217…in your stated timeframe of 20 years you will no doubt be correct. We are even likely to go through another cycle or two between now and then. But a lot of people here apparently can’t think long term.