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
The next 15 years are going to produce a lot of “excess cash” too, but perhaps in different ways.
You did hear they are handing out about 25 Billion in “extra cash” this year in bonuses, correct?
Listen I’m not saying that (or anything else) is going to save the real estate market, but the sheer fact that 75% of brownstone readers make over 100K (and who knows how many of that above 200K, 300K) shows me that there’s more wealth around than people realize.
Lots of old money in NYC too…people who think 3 million is chump change.
I don’t think they’ve disappeared… but there will be a HARD ceiling to all of this trading up and shifting crap around. It will have to sputter out. It’s a bubble in a lot of ways. The last 15 years or so has produced lots of “excess” cash that isn’t being replenished.
“How many more cash-rich folks are there?”
I’m guessing a lot.
I don’t understand why you think they’ve all disappeared.
As I said in the Pie Chart post at 11:24am… “this ain’t sustainable and all of these houses for $2-3 million are gonna hit a HARD ceiling in the near future… 10-ish years. There just won’t be any more people “trading up” or tapping into a big hunk of inheritance or making $500,000 a year.”
Because of this inevitability, I like to look at properties as if they are “regular” purchases. Not places you are buying because you have an extra $1.2 million in cash from your UWS condo sale.
If you look at this in regular terms of 20% down and a regular ol’ mortgage… we’re talking $600,000 down in cash, then another $15,000 a month (or $180,000 per year). And that’s just to pay the mortgage.
How many more cash-rich folks are there? Trading up and windfalls are gonna dry up. These price tags are just freakin’ absurd.
This might be one of the more heavily traveled streets around, but calling Union Street in Park Slope a “traffic nightmare” seems a bit excessive to me.
What exactly would you call the intersection of Flatbush and Atlantic then?
Let’s try to be a little more realistic about traffic when we live in the largest city in the country.
…and for this the agent will get $180,000. I’m in the wrong business.
That block is a traffic nightmare. There’s always tons of eastbound through traffic backed up because of the lights at GAP.
That block is a traffic nightmare. There’s always tons of eastbound through traffic backed up because of the lights at GAP.
GOD WHAT A SHITTY LISTING. Is the seller out there reading?????