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
I went to several open houses in Park Slope yesterday, including a multi-family and a single-family in this price range (as well as a 3 br condo and a 3 br coop at lower price points). I had taken about 6 months off in my apartment search. I had pretty much seen everything that was on the market at wanted to wait for the inventory to refresh before resuming my search. A couple of things I noted:
– A lot of the properties that are currently on the market have had multiple price reductions in the past two months. By scanning the “price history” on NY Times listings it appears that a rash of price reductions affecting many Park Slope listings started sometime in January. I don’t recall anywhere near as many reductions last year.
– Even with the price reductions some of the realtors are indicating that sellers are willing to negotiate.
– It’s hard to come to a general conclusion based on a few properties, but I think the asking prices I am seeing right now are actually lower than what I was seeing in the fall of 2006.
– 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.
Overall, it is clear to me that some amount of air has already come out of the market. How much more will come out is not clear to me. I am starting to take seriously the idea of buying around when my lease is up at the end of August. That being said, I am also very aware that I have a history of calling market tops and market bottoms early, so I may decide to sit it out another year or two.
Photos a little dreary, but show original detail intact. But needs cosmetics plus probably new kitchens and baths, couple hundred thousand.
cw…that house would be gone in a week at $650k in Bed Stuy.
“it’s priced about a million dollars over what it should reasonably be worth”—–so, you’re telling me a three floor house in decent shape on park block is worth $650K? Maybe in 1978. Today, that gets you a medium nice 2 bedroom on 4th Ave….
Sorry RinTinTin — I should have known that the most famous german shepherd in the world wouldn’t steer me wrong!
“tybur6…wait for this weeks thread “Last Weeks Biggest Sales” you’ll see 4 of them.”
In the last 4 such posts, at least two and as many as 4 of the “biggest sales” have been under 1.6M. Right or wrong, perception as to what is a “lot” of money has shifted dramatically in the las 2 months. And this is now a hefty price tag.
tyburg6–
I was actually agreeing with you! I meant the Brownstoner people.
If I had $1.6mm to spend on a house, this wouldn’t be the house I spent it on. It’s actually pretty much exactly what MrsCWB and I want – two floors above a rental, decent neighborhood, etc. But it’s priced about a million dollars over what it should reasonably be worth.
If the top floor is truly set up to be a rental (as in no works needs to be done) you might get what, $2k for it assuming it is a floor though 1 bed +?
That rental unit can offset the expenses enough to make this more in line with a $1,000,000+ condo.
I’d say if that rental is legit offer $1.5. Could be a nice little house instead of a 2/3 bed new construction condo/rental building….