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
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.
Brownstoner 2009 Survey Results
– Park Slope most favored nabe for investment over next 3-5 years
however, I’m not sure at this price this house is a good investment or not.
(my comments ARE NOT about any one particular…)
DIBS — my comments are about any one particular place, like this one. Just the overinflated prices, in general. Most of the “fancy” real estate in this town REQUIRES ‘trading up’ or somehow mediating the purchase price with a huge cash injection. And by trading up, I don’t mean what would be considered a normal, healthy progression…. but rather, cashing out the 5-year, 800% increase on your UWS condo.
If you simple earn “upper middle class” money (say, $400,000+ per annum), it’s not enough to buy one of these places. You need stowed away riches.
It’s just an odd thing and I see it drying up — and I see these prices stagnated hard. i.e., You buy a place for $2 million and it does appreciate at all — actually loses value against inflation. Something like that.
p.s. I don’t think they are reading Brownstoner, however.
Rob…take a walk around Brooklyn Heights some time if you haven’t already. There are many people there who are wealthy going back generations and their 5 million dollar home on Pierrepont Street is one of 5 they own around the world.
Seriously. It’s nuts.
Same goes for the Upper East Side and scattered all around the city.
When did every house automatically become a $3 million house? Yes, yes, I know, it’s “just” the asking price, but c’mon already.
quote:
Lots of old money in NYC too…people who think 3 million is chump change.
hi, if any of you who fit that description, well HELLO!
*rob*
Maybe some rich buyer would like to live in it for 10-15 years.