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
This is a quality house in a quality location. I say 2.8 million.
“I used the high price for the apartment I sold to buy a house that, let’s face it, might’ve also been overpriced based on historical norms. And have a (relatively) low mortgage as a result. I fail to see the ponzi scheme.”
Remove rose-tinted glasses.
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$$$$$$$$$$$$ (Oh shit! No more liar loans! CRASH! BURN!)
You cannot beat mathematics.
***Bill Thompson for Mayor (TUESDAY!!!)***
…but damn, I love that facade! Italianate? Greek Revival? And that location is great if you don’t drive or can’t get a spot in one of the nearby garages.
20.5 x 55 – More spacious than average.
But it was worth $500K in the late 90’s (better economic times) so it’ll have to crash back down to $1.2M at market bottom.
***Bill Thompson for Mayor (TUESDAY!!!)***
Do you know how many more tens of thousands of people there are with big profits in condos/coops in Manhattan as compared to the number of brownstones on the market??? No, they are not for everyone but there’s a huge pool of people out there as potential buyers of this sort of property. Yes, still. Even after manhattan prices have come down.
And people who make $300-400,000 and have been doing so for a few years have usually saved up a nice downpayment.
I’m not saying this one is priced right either.
“…OR Lease the entire building for $10,000/ Month Live and work from Home.” – AltaNYC
Market fundamental = 10 x (annual rent) = $1.2M
Income (including that from rental) required for ask = $3M/3 = $1M/yr.
Caveat Emptor!
***Bill Thompson for Mayor (TUESDAY!!!)***
what a joke of a listing.
Why do you assume everyone drives? This is a city, not a suburb.
Agreed this block is kind of a clusterf**k, though, and will be until the city makes PPW two ways.
be lucky to get 2 mil.
11217, I agree, not so much a ‘traffic nightmare’ but a nightmare nevertheless. There’s no place to double-park even for a second on Union. Can’t even imagine getting back from the second home and trying to unload the Volvo Wagon.
There’s no ponzi scheme…it’s simple a rip off!!