House of the Day: 557 7th Street
It’s fair to say that the current owners of 557 7th Street got a good deal when they purchased this limestone house at 557 7th Street in Park Slope for $1,460,000 in 2006. According to the new listing, they’ve done some “updating” work in the meantime and are trying to fetch $2,200,000. Before they try…
It’s fair to say that the current owners of 557 7th Street got a good deal when they purchased this limestone house at 557 7th Street in Park Slope for $1,460,000 in 2006. According to the new listing, they’ve done some “updating” work in the meantime and are trying to fetch $2,200,000. Before they try to do that, they should try to get up some more photos; it’s hard to tell from the one photo provided what the 16-foot-wide house is really like. Do you think they have a shot at getting this asking price?
557 7th Street [Brown Harris Stevens] GMAP P*Shark
Just as long as no one has to live in a place that’s less than 20 feet wide. That’s where I draw the line. 🙂
I don’t claim to know what will happen in the future, but I do remember when DOW8000’s handle seemed like a joke, as if he were a prophet of doom. How ironic that today folks are celebrating that the Dow cracked 7000. So who knows what will happen to RE prices? Certainly they are going down, but no one knows how far. I don’t need to hold out for a $2-3million house to cost $1mil, but I’m in no rush either and I think it’s easy to imagine a nice PS house going for $1.5 and less. I would not be shocked to see prices come down a lot…
One wonders if the bulls felt that way before the last collapse.
Mopar,
Someone today in the co-op of the day thread said they saw that place back in 2000 or 2001 and it was 125K. While I don’t think the place is worth 699K (as listed today), it’s certainly not going to be 125K in this lifetime so I agree with your statement…
People waiting for 2001 pricing are ga bit delusional, I’d say.
Yes because everyone who holds a house for 3 years and does basically nothing to it deserves an $800K windfall. I’ll be glad when they do away with the gains tax exemption on homes, so that whoever sells and makes these kinds of ridiculous gains will be taxed at the full 36% income rate instead of the capital gains rate taking into consideration fed, state, and local if it were to get reinstated. OTOH hopefully the drop in values will bring this puppy back to its real price which should be what they gave for it minus about 20%.
Also, sorry for the multiple posts, but did you happen to see Bobjohn’s comment yesterday about Park Slope prices in 2000? (In the “To Buy or Not to Buy” Forum thread.)
He said to compare prices fairly, you have to add at least 86 percent to the prices in 2000 because of inflation and interest rates.
I thought that was a real eye opener.
Also, I have always said that if the US defaults, then we could have a collapse on par with the Soviet Union, in which case prices in Park Slope certainly could drop 50 percent or more. But I must admit that is looking less likely as time goes on. The dollar is getting stronger now, Obama is talking about balancing the budget, etc. But shocks are always possible — can’t predict the future.
Miss Muffet, have you considered Carroll Gardens? Or even Williamsburg? The townhouses are more affordable and the schools are supposed to be good.
Miss Muffet, I never said prices in prime areas won’t drop. They probably already have. Call me when a “nice” brownstone that ACTUALLY SOLD for $2 to $3 million in prime Park Slope in 2006 ACTUALLY SELLS for $1 million, OK? Then I’ll admit I was wrong.
This is also listed through CORCORAN who is having the open house on Sunday
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1523712