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]
“…since the sellers bought it for 2 cents and a bag of beads in the 1800s, when it does sell, they didn’t ‘lose’ any money…”
Grossly, MFN. But damn…they refi’d LTV back up to 100% and more (bloop bloop bloop…)! It wasn’t just a housing boom.
“Forget asking prices – that’s meaningless.”
No no no no no. Asking prices are not meaningless. They are less meaningFUL than comps but NOT meaningless. As MFN alluded to, and as can be deduced by most languishing listings in general, your run-of-the-mill ask is within 10% of comps. That’s an error of only 10%. Yeah, you’ll have your over-the-top begs but most asks are halfway between peak and drop (generally agreed to be -20%, beltwide).
“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 levelled off from the froth.”
Take a look at the number of such sales. It has fallen off a cliff. A collapse in sales precedes a collapse in price. When sales pick up, you can be rest assured there’ll be significant drops.
THE HIGH END OF THE BROWNSTONE MARKET IS REALLY IN BAD SHAPE.
***Bid half off peak comps***
“A veritable steal @ just under 3 million.”
For the sellers. Gimme the loot! Gimme the loot!
“The ship is listing and taking in water, we should be discussing life preservers not powder rooms.”
Ha ha. Nice, Minard. Nice.
***Bid half off peak comps***
NH- don’t bother citing actual statistics to this crowd; they will always bash away about stupid buyers, dumb prices on the strong data AND absolutely hyperventilate on the anecdotal weak spots. like the saying goes, don’t confuse them with the facts.
We saw it and can confirm there is a powder room on garden level next to kitchen where a closet is shown on floorplan. In addition to the poor pricing strategy I think the downer is the 80’s style reno which leaves you with 20+ year old mechanicals, single pane windows, cheap-looking pine floors and built-ins on parlor floor, and the master suite taking an entire floor so just 3 real bedrooms. The garden level, top floor and yard worked OK for me. 169 Clinton St (which was cut up but MUCH bigger and with 2 or 3 parking spots) was asking $3.2m and a much bigger place on Sidney Place (quieter block) is asking around $3.5m from memory so this doesn’t shout value to me at $3m, but I think it will go for close to that, maybe $2.8m…
“Well, NH, you are certainly allowed to disagree with reality if you like. Doesn’t make you right. Pretty much common knowledge the ultra upper end market is under siege right now.”
I wasn’t basing my post on “common knowledge” or the other BS that passes for reality on Brownstoner, but on the comps recorded in ACRIS for May/June/July (which have often shown up on this site as “Last Week’s Biggest Sales.”)
I didn’t say everything was hunky-dory and to the moon. Just that things are not in “really bad shape.”
Forget asking prices – that’s meaningless. 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 levelled off from the froth.
Oh, one more observation…
The 25%ish haircut this one has taken (and still not sold) is remarkably consistent with the 25% haircuts we saw on the recent “6 month later” picks that actually sold.
Only difference is some of those 1.5M+ properties have a slightly larger buyer pool, so more support at the bottom.
So yes, indeed, the higher end is getting ugly. Along with everything else.
“asking price reduced twelve times”
Holy batshit! Only 988 cuts ’til death!
-29%. Yes, asking prices are inaccurate but not THAT inaccurate. Last one to the bottom is a rotten egg!
***Bid half off peak comps***
“I disagree that the “high end of the brownstone market is really in bad shape””….
Posted by: NorthHeights at August 25, 2009 2:23 PM
Well, NH, you are certainly allowed to disagree with reality if you like. Doesn’t make you right. Pretty much common knowledge the ultra upper end market is under siege right now.
Greedy seller has now LOST, yes I said it, LOST hundreds of thousands of dollars by mis-pricing. 25% or something drop off original asking. Let’s be kind and say had they originally priced 1/2 way between original ask and now, they probably sell quickly, and have moved on with their lives.
That sounds like $600K worth of lost profit and improved quality of life—A very wise word to the wise for today’s delisters and stubborn sellers digging in their heels.
If people ain’t buyin what yer sellin, you gonna have to lower the price. B/C they ain;t going to magically get more money in this economy.
But, I know, I know Team Bull, since the sellers bought it for 2 cents and a bag of beads in the 1800s, when it does sell, they didn’t “lose” any money in this scenario, and it’s *not* representative of a market decline if any one seller gets more than they originally paid.
LOL
we understand.