House of the Day: 465 13th Street
The three-story brownstone just hit the market on March 11 but it’s already received an insta-price cut from $1,775,000 to $1,650,000. The house appears to have its details in place but it comes off as a far more modest pad than, say, last Thursday’s House of the Day at 601 6th Street. And while it’s…
The three-story brownstone just hit the market on March 11 but it’s already received an insta-price cut from $1,775,000 to $1,650,000. The house appears to have its details in place but it comes off as a far more modest pad than, say, last Thursday’s House of the Day at 601 6th Street. And while it’s a million bucks cheaper than the 6th Street House, the asking price is only about $50 per square foot cheaper. Given the difference in location, condition and grandeur, we’d argue that 6th Street is a more attractive deal. That said, on an absolute level, this is a decent way for some family to get an attractive brownstone in the Slope for not crazy money.
465 13th Street [Susan Breen] GMAP P*Shark
sashae, Interesting points. And I do remember those prices–seems like yesterday. Is that Case-Shiller 3.4% increase annual?
sashae….NYC was coming out of practically bankruptcy in the early 90s.
DIBS – 455 Macon, between Lewis and Stuyvesant. There’s one across the street from it, same block, going for $419k — http://tinyurl.com/d2shhp
sashae does a much better job making my point than I did. 🙂
If I ever have $1.6mm to spend on a house, I won’t be buying in Brooklyn. At least, not if current prices come anywhere near holding up. It’s just not worth it from a bang-for-your-buck standpoint. That’s enough for a mansion, nearly anywhere else in the country, and I’m supposed to spend it on a modest 3BR in need of repair? I love this city, but not that much.
“- I came to the terrible realization during one of the open houses that I was standing in the apartment of a former co-worker who left the law firm where I work to join a big financial services firm. I can think of only one reason he would be putting his place on the market right now. He is a nice guy and has a couple of kids.”
lechacal, thanks for posting that. I think we sometimes forget that there are actual human beings behind these properties, that we are looking at someone’s home that they’ve cared for sometimes for years and and now have to sell for reasons that may not their choice. It’s hard enough when it IS one’s choice.
cw…where is that one, do you know???
When I want to sell my house, remind me not to list it with Susan Breen.
Not quite that long ago Dave. The average townhouse price in 1991 in Brooklyn Heights/Park Slope (combined) was $489k — range was $320k – $915k.
390 4th St (between 6th/7th, 3fam 4 story brick) sold for $675k in 1999.
Or how about 338 16th (a 2 family frame) sold for $345k! This was merely 10 years ago!
A better comparison, perhaps, 336 7th, a 3 story 2 family brownstone at $425k.
The stratospheric pricing of the last few years has distorted the value of property so grossly that it’s going to take quite a while to come back. That 675k inflation-adjusted is merely 832k now. If we follow historic housing cost appreciation for the last 100 years (as per Case-Shiller) of 3.4%, that’d put us at $1.162mil.
For something like the aforementioned 336 7th, that’d put us at $524k inflation adjusted, and 732k standard appreciation rate.
Something to marinate on.
Just something to think about.
I think CW is pointing out what the definition of “reasonable” is… not necessarily what the market rate is. Obviously, those do not go together in this city. Properties like this are obviously reserved to folks that are not concerned with “reasonable.”
DIBS – I didn’t say it was priced a million over what it’d go for. I said it was priced a million over what it should reasonably be worth. Brooklyn prices even now are still crazy compared to the rest of the country.
Also this is a pretty comparable house in Bed Stuy, and it’s been on Trulia for 180 days:
http://www.markdavidny.com/townhouses/bedford-stuyvesant/27144TH