House of the Day: 182 Clinton Street
How the mighty have fallen. 180 Clinton Street hit the market in a fit of optimism in November 2007 with a price tag of $4,200,000. Despite the buoyant market, it failed to sell. Since then, it’s been delisted twice and had its asking price reduced twelve times. We’re not in love with a few of…
How the mighty have fallen. 180 Clinton Street hit the market in a fit of optimism in November 2007 with a price tag of $4,200,000. Despite the buoyant market, it failed to sell. Since then, it’s been delisted twice and had its asking price reduced twelve times. We’re not in love with a few of the renovation touches but, heck, it’s still a great house. Unfortunately, it was always one step behind a falling market; if only it could have gotten out in front a long time ago, it probably would have sold for much higher than its current asking price of $2,995,000.
182 Clinton Street [Corcoran] GMAP P*Shark
Open House Picks 11/28/09 [Brownstoner]
“Take a look at sold prices for 1 and 2 family homes or comparable-sized coops in Brooklyn Heights/Cobble Hill in 2007/2008 and compare to 2009, and then tell me if things are in ‘really bad shape’ or simply leveled off from the froth.”
If they don’t sell, then it’s not a decline!! Beautiful logic.
Nothings leveled off NH if units are not selling. Those that are are fetching about 25% below peak comps within 1+ year.
Hate to break it, but even normal real estate crashes STATISTICALLY take much longer than 1 year to level off…a 5 year proposition typically.
Honestly, why are we even really having this discussion?
Until the “Open House Picks: 6 Months after” start being 3/4 sold upon return and are within 5% below latest ask, we all know where we’re headed with this.
Punko it is a through street and not a side street granted but I do not think this is a noisey block at all and I live about 2 blocks off of it. I think this is one of the best blocks and If the price went to 2 million by next summer I might have to do something stupid.
Punko: you mean they are letting cars drive through the streets now? My God, what next? Trucks?
Brickoven, the traffic on Clinton St. is some of the worst in the Heights. There is a non-stop stream of cars virtually all day and much of the night. It is a major thoroughfare from points south to the Brooklyn Bridge, and also a shortcut from the BQE to both Brooklyn and Manhattan bridges. Compared to the mostly quiet streets of Brooklyn Heights, living on Clinton requires a tolerance for the noise, commotion and soot of traffic.
Some bulls are spoiling for a fight today, but aren’t these simply the facts: The most unique places have sold, presumably to people in the artificially buoyed financial sector, and the run-of-the-mill places haven’t found buyers, or are taking substantial cuts. Doesn’t this conform to what everyone knows anecdotally about the labor market and the NYC economy? The recession may be ending, but with super sluggish growth and high unemployment, who is buying meh brownstones at toppy prices anymore? You don’t think everything but the finest properties are still going down? Then go ahead and call a bottom. I keep daring you to do it but you refuse. Why? because there isn’t a house for sale in the borough I can’t get for less in six months, and you and I both know it.
One can often sense the intellectual bankruptcy of your belief by the shrillness of your rhetoric.
Posted by: daveinbedstuy at August 25, 2009 4:15 PM
Love that Benson quote.
I was in this house on a BHA house tour. It is huge and perfect. The garden is perfect the layout is perfect. If you like old houses, this one is a beauty. 2 or 3 years ago, this house would have sold for 4 million dollars. If this keeps up, houses may become affordable again in brownstone Brooklyn. Even in Brooklyn Heights! Who would have guessed it? Mind you, I don’t think it is a bad thing. If this house sells for 2.5 million -that is still a lot, but we will need to re-adjust expectations especially in the partially-gentrified neibs.
THE HIGH END OF THE BROWNSTONE MARKET IS REALLY IN BAD SHAPE.
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 25, 2009 4:11 PM
And yet you still can’t find one at half off peak comps!!!!
One can often sense the intellectual bankruptcy of your belief by the shrillness of your rhetoric.
…look at the foreclosures in the Hamptons. Fugeddaboutit!
***Bid half off peak comps***