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
I’ve said it before and i’ll say it again; the average partner in a manhattan law firm is pulling down 4-500k a year. That’s not a guess, either. And there are thousands, if not 10s of thousands of lawyers in this income range. The problem is, they’re just as leveraged as the rest of us…
Now to this house: I’m stunned that it hasn’t sold at this price. I’m thinking either we’re in for a massive correction or there are some hidden infrastructure issues. Yeah, it needs some work, but if you could afford it, you could live there and work on the renovation piecemeal. The 321-ness of it is a huge plus for a family.
Actually, there are alot of people in this city who have a family income of $400K. And there are plenty more who make half that but are sitting on hundreds of thousands in savings (past savings/investments, selling their own apartments for mucho profit, etc).. There are still plenty of doctors, lawyers, consultants, marketing executives, empoyed bankers, etc. in this city..
Actually it was an open house pick, but same difference. Someone on that thread said that they thought it was worth about $1.5M and people jumped all over them.
That’s so cool, more4less. Do you have to do a lot of work or did they say it is already great?
This was featured as a HOD in NOVEMBER at $1.75M:
http://www.brownstoner.com/brownstoner/archives/2008/11/open_house_pick_220.php
there’s a thread every few days or week or so with recently sold houses. i guess that’s a good indication of pricing these days
I think this, perhaps, is where we go astray…
“during the depression, people rented out individual rooms in their houses to strangers.”
It’s still happening: http://www.nytimes.com/2009/02/23/nyregion/23partitions.html?ref=nyregion
@pitbull – thanks for the help.
there’s a thread every few days or week or so with recently sold houses. i guess that’s a good indication of pricing these days.
*r*