House of the Day: 356 1st Street
We’re a little surprised that this brownstone at 356 1st Street hasn’t been bought yet. The Park Slope house hit the market just before Christmas with an asking price of $1,600,000 and was reduced by another $100,000 ten days ago. It’s not a huge house—about 2,400 square feet—but it’s in a good location with nice…
We’re a little surprised that this brownstone at 356 1st Street hasn’t been bought yet. The Park Slope house hit the market just before Christmas with an asking price of $1,600,000 and was reduced by another $100,000 ten days ago. It’s not a huge house—about 2,400 square feet—but it’s in a good location with nice original details. Is the price really too high?
356 1st Street [Brooklyn Properties] GMAP P*Shark
my god, we are in a financial meltdown at the moment, all those doctors and lawyers are taking a huge hit on their savings. everyone is feeling poor right now.
Mckenzie, I wasn’t referring to this place but rather responding to Mopar regarding my aptmt I’m trying to renovate to rent out. Sorry for the confusion.
Regarding this Park Slope house, personal opinion is cant see paying 1.5M and still have to deal with the time & $$$ of renovating it. I can remember complaining prices were very high 5-6 yrs ago and certainly didn’t expect I would want or need to pay anywhere close to $1M for a nice place to live 5-6 yrs later. No doubt there are still a lot of people in NYC who are able to afford these prices but question is how many would be willing to pay these prices. If I made 400k/yr, would still hold out & wait. With viable rental options in Park slope, why risk “catching falling knife” to buy now vs. buying later post getting some better clarity in the mkt. if this was 900k, yeah jump on it now and that’s assume one is making some big $$$
No lawyer making 400-500K a year while working in Manhattan wants to live in Park Slope btwn 5th and 6th Avenues. I’m sorry, but I have several friends in this income bracket who are lawyers, and they want to live in Manhattan, even if that means renting and paying more.
Of course, there are exceptions, but I think this house will only sell to retirees who feel like buying their spoiled kids a house, and there aren’t many of those around right now.
minor?
This place is a dogpatch nightmare, it needs to be redone from top to bottom. that’s a six month job.
Mopar, they like alot the place as-is. The bldg, size and details made it easy to over look the work needed. It’s a decent list of stuff to renov but nothing big – minor stuff one normally looks for a handyman to tackle (ie painting, some tiling, refinish flr,..). Biggest item is probably removing pantry closet to allow fridge to reside in that spot for better flow. I’ll know soon if it’s really minor or not when I bring in some prospective renters to chk out the place as-is. We’ll see.
no one is buying probably cause no one can get a mortgage for what they earn.
the new rules suck.
quote:There are still plenty of doctors, lawyers, consultants, marketing executives, empoyed bankers, etc. in this city..
yeah we know that, but is that all we want on our block? i mean yeah, maybe the answer is yes, but if the only people who can (barely!) afford such houses in brooklyn make up the demographic something is a lil f-ed up, you know what i mean?
*rob*
gee, so many people are stunned. wonder why?
Listen, I’m not saying that there aren’t a lot of people making 400thou a year. I’m sure there are. But what would those busy people want with a lame-ass little house three blocks from the Park? People in the top 1% of earners want the top 1% of housing. they are looking for classsy and showy homes that will impress their friends and family. This ain’t it. It is more of a boarding house for some depression-era widow than an elegant abode for a high-earning lawyer or surgeon. I mean give me a break. You guys in this blog are in a la la land of your own making.