House of the Day: 902 Union Street
This new brownstone listing at 902 Union Street has some nice old details but we suspect that the busy location and the condition of the house may make the $3,000,000 asking price a bit of a stretch. Don’t get us wrong: We really like the original details and overall vibe of the house but the…
This new brownstone listing at 902 Union Street has some nice old details but we suspect that the busy location and the condition of the house may make the $3,000,000 asking price a bit of a stretch. Don’t get us wrong: We really like the original details and overall vibe of the house but the place doesn’t sparkle the way a house at this price should. (Of course, much of that could be the way it was photographed, but that’s part of the game here.) What do you think it’ll sell for?
902 Union Street [AltaNYC] GMAP P*Shark
11217, you have just defined a ponzi scheme
Overlooked this thread until now but the discussion was really good.
Ty:
It doesn’t have to be so nuts as you’re making it seem and you are overstating things by a lot.
Say you buy that 150K studio today and in 5 years you’re able to sell it for 200K, lets say.
You can use that 50K and anything else you are able to save to put a 60K 20% downpayment on a 300K 1 bedroom. Then in 10 years sell that place for 400K and now you’ve got the 100K to put down on a 2 bedroom.
This is how it works. You might have to wait an extra year or 3 depending on the economy in my fake numbers above, but if you start somewhere you can pretty easily see how you can get in on the market and make something with it. Some years will be bad, and the market will go down, but I think my numbers above take that into consideration and put in on more of a scale that MOST of us can comprehend.
To suggest that everyone wants or need a 3 million dollar house is dumb. There are few on the market and there are few buyers. This is the top of the market.
Think smaller and stop speaking so much hyperbole.
Yes, we’ll wait and see. I’m gonna buy my $150,000 studio in PLG and then in 4 years sell it for $500,000. Then I’m going to buy a 2-bedroom apartment for $800,000, then sell that one for $1.6 million after 5 years. Then I’m gonna buy a $3 million brownstone.
How’s that for a plan? Sadly, that’s how it’s been working in this town it seems… just different neighborhoods and boroughs. So absurd.
If the market somehow makes this a sustainable method… I guess the market is always right. But somehow, that doesn’t sound right.
Ty:
For the record, I feel that this is a 2 million dollar home, not 3.
As for the rest…I guess we’ll have to wait and see…
This house would look a lot better if it got the Pilar Guzman treatment in Jennifer Ambomovitch’s new book. That woodwork in the kitchen should be backed with subway tile and very clean shelves and fridge that fits in space. Bathrooms less rinky dink. The place could use a good $100,000 of cosmetic work.
Everyone else, real estate goes up and it goes down, but long term, NYC is a desirable place to live and will remain expensive. Prices will come back up again in eight years. Areas such as Brooklyn Heights and Park Slope will hold their value better than others but also show less gain since they are coming off a higher base.
This is a beautiful and grand brownstone.
But it’s on a very busy street. Expect to hear car stereos every day. And car engines. Horns beeping perhaps? This is not what I would want if I were to spend millions to live in PP.
Also, am I the only to whom the buildings across the street matter? This brownstone faces apartment buildings, not other brownstones. This is what the new owner will look at everyday: apartment buildings. The apartment dwellers across the street get to stare at your beautiful building, while you — when looking out your window, and upon exiting your new home — see mostly just the apartment buildings across the street.
Not a 3M location.
Hey 11217, maybe you should go back to being the resident “Liason to the stars” because you sure don’t know much else. Try to read a graph one day – hint hint, this one says home values hold their value relative to inflation: http://www.lesjones.com/www/images/posts/united_states_1890-2007-600×450.png
21.5 X 55= 4,750 square feet. At $3M this is $631/sf. This would be a reasonable price for a condo in the neighborhood. The condo won’t have nice details, high ceilings, big closets, wood-burning fireplace, a backyard, but it will have a gym (maybe), new appliances, bigger windows (probably) and alot less wasted circulation space. It’s alot of money, but on a per square foot basis, it’s not really that much (and most brownstones have basements which aren’t even included when calculating their size). I agree that it’s a troubling location, but at least you have a parking garage on the block, so you don’t have to worry about double parking.
However, brownstones have traded at lower $/psf than condos. At $500 psf it’s around $2.4M, and at $450 psf it’s $2,137,000. It should trade somewhere between those two numbers.