House of the Day: 102 Prospect Place
This two-family townhouse at 102 Prospect Place in Park Slope just hit the market last week asking $1,699,000. The house, which is configured as a double duplex has some nice original detail and looks to be in good shape, but the lack of kitchen and bathroom photos is a bit of a red flag; the…
This two-family townhouse at 102 Prospect Place in Park Slope just hit the market last week asking $1,699,000. The house, which is configured as a double duplex has some nice original detail and looks to be in good shape, but the lack of kitchen and bathroom photos is a bit of a red flag; the 19-by-35-foot floorplate is also a little on the small size. Still, the asking price doesn’t seem crazy for the neighborhood. Thoughts?
102 Prospect Place [Douglas Elliman] GMAP P*Shark
Overpriced for its condition. Bake in some significant renovation cost.
Still on the market because it needs A LOT of work before it’s ready to be used.
Went to the open house last weekend. WAAAAAY overpriced for what it is. It’s actually an estate sale and in pitiful condition. There is a wheelchair lift on the stairs and the kitchens and bathrooms are the worst I’ve ever seen at an open house. Nice-sized and nicely kept backyard… trying really hard to find a “pro” here! They were not showing the top two floors, but the agent said they were in similar shape as the bottom two. Again, way overpriced.
its bankruptcy. The iPhone automatically miscorrects spelling.
I see nothing special about this house aesthetically. The only plus is economic — the double duplex configuration, with the relatively high rental income. If this place cost about $6500 a month *including* maintenence et al, then it would more or less be the same price as renting.
Moneyfornothing, your comparison to two condos is interesting. But I don’t think it’s entirely fair. With a house, you have more square footage, storage, and outdoor space.
The idea of taking 40 percent of the medium income to guage affordability, and so predict price drops is also interesting. But New York has always been expensive. Who says the median should be able to afford it? The elite are perfectly capable of owning most of it, as indeed they do.
The fact that this lines up with 1998 prices and BHO’s prediction of brownstones half off just says to me that tags in prime areas won’t fall that much, and that New York has been seriously undervalued compared to other major cities because of it’s bankruptcy and disinvestment in the 1970s.
Or the other metric you can use to price this:
only 23 comments on a fairly nice brownstone in Park Slope!!!!
Back in the day we’d be in the 75-100 range for sure!
Buyer fatigue for Real Estate Porn is a clear signal that valuations are too high!
…deep in the hood before bubble.
***Bid half off peak comps***
“Not surprisingly, we also own the highest percentage of outstanding subprime loans at 13.8% of outstanding.”
Powerful. Seems like yesterday when even brownstoner himself stated or implied that subprime didn’t infect NYC proper (granted you said Metro but I wouldn’t wager much difference).
“I’ll argue that brownstowns will retain their price much better than the average units in the NY MSA that create the statistical measure they use to get the average”
Then why didn’t brownstones increase significantly more than +200% on average from trough? Clinton Hill, Park Slope, Brooklyn Heights, etc., all more or less tripled in value. Lockstep. Intrinsic value takes care of the difference between locations and antique vs new construction. Even deep in the hood, you still paid a premium for a brownstone over something recently built.
***Bid half off peak comps***
BHO,
Well, let’s make it a bit more complicated to sharpen the razor and add the 40% of gross median household income as the least-acceptible level of “affordability” economists will use for real estate valuations (what the Deutsche Bank report uses to calculate its 40% drop from levels in June).
This is a level, that they calculated was last seen in 1998 (just after they started peddling exotic mortgages in 1997 not so ironically).
By this 40% affordability metric (which is always relative to the income in the area being valued), NY is the least affordable metropolitan area in America.
Not surprisingly, we also own the highest percentage of outstanding subprime loans at 13.8% of outstanding. That shouldn;t create any downward pressure.
To get to the magic 40% number, they call for end result to be a 52% drop peak to trough
….indeed, Brownstones Half Off. Though I’ll argue that brownstowns will retain their price much better than the average units in the NY MSA that create the statistical measure they use to get the average.