House of the Day: 566 1st Street
If the sellers of 566 1st Street, a new listing in Park Slope, can get their asking price of $3,995,000 it would be a huge vote of confidence for the market there. The 21.5-foot-wide limestone house is a real beauty (though it almost looks a little too polished for our taste, but we nitpick…) and…
If the sellers of 566 1st Street, a new listing in Park Slope, can get their asking price of $3,995,000 it would be a huge vote of confidence for the market there. The 21.5-foot-wide limestone house is a real beauty (though it almost looks a little too polished for our taste, but we nitpick…) and weighs in at almost 5,000 square feet (and it’s a one-family!). If you’re looking for an old house without having to forego any modern comforts, this could be the pad for you. Do you think the price is realistic? It feels a little 2007 to us.
566 1st Street [Brown Harris Stevens] GMAP P*Shark
Oh hi, Miss Muffet! Yes, we agree prices are going down! But something is worth whatever people will pay for it. There’s no inherent price. And often the going rate is 10 to 15 percent more than a true comp in an up market, and 10 to 15 percent less than a true comp in a down one. Prices rarely drop 50 percent overnight. Cheers and have a good night!
Mopar – whatever. Prices ARE starting to come down. Prime properties in PS are starting to get price cuts of several 100Ks- because the prices were too damn high. Sellers have been overreaching, period. I don’t see things becoming dirt cheap, but I do predict a return to rationality i.e. in the 500s psf, not a ridiculous number when prime PS homes were trading in the 300s as recently as 2001. You and others can keep saying “no, prices won’t come down very much in prime areas” but they will come down substantially. I actually think we don’t disagree – we’re just coming at it from different angles. That is, I agree that prime areas will still be expensive relative to fringe areas, and you agree that prices will come down. It’s just where we meet in the middle that is open to debate. Only time will tell.
OMG, bathrooms opening directly onto LR. The horror! Could not agree more.
Miss Muffet — prices in these “prime” areas may not fall as much as you think. You’d be amazed how many rich folk there are who are able to pay cash, and meanwhile, far fewer folk will be selling — only those who must.
That’s assuming that life is business as usual. Now that Citibank has failed, it appears likely the entire banking system will go under. The city is cutting train service to “marginal” neighborhoods. Basically, every worst nightmare is coming true.
If the government can’t continue to borrow, and we have total collapse, then I suppose prices on brownstones in “prime” areas will fall substantially. Only then I’m not sure if you’d still want to live there!
Miss Muffet, looking at the layout of this house (not layouts of other houses) the only place to put a powder room on the parlor floor is the closet area under the stairs. As somebody else pointed out as well. So that’s why I said I’d rather have the coat closet. Because I yearn for a coat closet myself. I also don’t believe every house that exists is capable of having a powder room crushed into the parlor floor. I have a friend with a stunning West Village townhouse and she doesn’t have a powder room on the parlor floor. It simply didn’t fit in a harmonious and appropriate way in the layout. Because like me, she doesn’t like bathrooms opening directly onto the living room.
Aussie – makes sense that you’re falling asleep. You need to be dreaming if you think prices aren’t coming way down!
I don’t get why on the fourth floor in the back, a bedroom is pushed into the interior accessed through a study when, IMHO the space would’ve been better optimized by swapping the two spaces making the interior room a sitting room. In the front, I would’ve swapped the bedroom and study. The smaller room would be a hugh walk-in closet and the closet space would be a nice reading nook.
“I’m kinda shocked at how people are salivating over this house. There are beautiful details and impeccable finishes in this HOTD but it is hardly original. Seems like there are a lot of people who have previously turned up their noses at gut renos that don’t maintain “brownstoner” standards.”
Ozymandius, people love original details with modern kitchens and baths. And in this case, with the exception of that unfortunate doctor’s waiting room back hall, the spatial integrity and placement of details of the original house and period have been respected. For instance, in the kitchen, the cabinets are placed as they would have been at the time. They don’t meander everywhere with little step-ups and step-downs and flourishes for the stove, microwave, and refrigerator. The details are clearer on the architect’s web site. I wouldn’t be surprised if the reason there is no powder room on the parlor floor and no master his and her baths (yuck!) is because the owners kept the original layout.
Also, love the curtains in the bedroom, must copy that look.
“so even with deep discounts, many sellers can still do very well.”
….yawn :-()
“Even if they poured a lot into the renovation, and this went for a 25% discount (if not more!), they would still profit handsomely.”
….zzzzzzzzzzzzzzzzzzzzzzzzzzzzz
And where are people getting the theory that this place was bought by a rich buyer who has to sell quickly? According to Property shark, it last changed hands in Feb 2001 so I’m sure they paid a small fraction of their current ask. Even if they poured a lot into the renovation, and this went for a 25% discount (if not more!), they would still profit handsomely.