House of the Day: 193 Washington Park
It’s been a long, unsuccessful sales effort at 193 Washington Park. There’s nothing wrong with the property: 6,500 square feet of brownstone-y goodness overlooking Fort Greene Park. The price, however, clearly has been an issue. The property was a House of the Day back in 2007 when it was first listed for $3,875,000 (which resulted…
It’s been a long, unsuccessful sales effort at 193 Washington Park. There’s nothing wrong with the property: 6,500 square feet of brownstone-y goodness overlooking Fort Greene Park. The price, however, clearly has been an issue. The property was a House of the Day back in 2007 when it was first listed for $3,875,000 (which resulted in one commenter at the time saying “Give me a break”). It was reduced in early 2008 to $3,625,000, and later that year to $3,285,000 before being delisted in December. The mega-brownstone returned to the market in April with trimmed-down price tag of $2,975,000. Think it’ll sell at this price?
193 Washington Park [Corcoran] GMAP P*Shark
193 Washington Park Price Cut [Brownstoner]
House of the Day: 193 Washington Park [Brownstoner]
Definitely a philistine for other reasons, Pete 🙂
And yeah, for a condo conversion to work, I think, from the armchair, that this would have to go closer to $2MM, and they’d have to spend another million (at most) on the renovation. But would it even cost that much to do?
Methodical price reductions (and old school de-list re-list) seem like a classic chase and capitulation. I’d throw out an offer of 2.3 with the hope of $2.5 if I were looking for 6500 sf by FG. If it needs a mil of work and sq footage is right $538/sf isn’t the worst all-in.
stonergut, are you semi-illiterate? I commented on the ugly security bars on the front doors and on the upper floor windows of many of the houses on this block. This house is one of the few that has removed them but the rest of the block looks like it is prepared for armageddon.
http://bstoner.wpengine.com/brownstoner/archives/2008/10/human_remains_f.php
Best block in Brooklyn?
Human remains were found in a bag at 203 Washington Park in 2008 which would perhaps explain (in part) why this house a few doors down didn’t see any action at least for 2008 while the news was fresh. As for why it hasn’t sold since…it’s about 1 million dollars overpriced.
mcKenzie, the ground floor ironwork is original to the brownstones, in both the front and back yards.
best block in what way?
I don’t like that so many of the houses have ugly iron bars everywhere, on the doors, on the parlor floor windows, some have bars on the windows of every floor.
Not a good sign. If things are better now in the hood, people should start taking down the apocalypse now ironwork.
Stop hating on my old block frownstoners. This is the best block in the Brooklyn. Clearly, they were not motivated enough to sell back in 2007. So, I guess we’ll see how motivated they are to sell now. Womp.
“The rent rolls would set the price for an income-producing building-and I doubt that would be three miiion.” – By Minard Lafever on June 2, 2010 1:40 PM
$2,500/floor/mo max x 4 x 10 x 12 = $1,200,000. [Shut up, DIBS! 1/(cap rate) aint gonna do much better.]
Doubt confirmed. This double dip will end very badly.
***Bid half off peak comps***
“The property was a House of the Day back in 2007 when it was first listed for $3,875,000 (which resulted in one commenter at the time saying ‘Give me a break’).” – By Brownstoner at June 2, 2010 1:14 PM
I’d opt for these quotes at the time…
“sweet and tasty crack!” – By guest on November 5, 2007 1:47 PM
“3+ Million for a house on Washington Ave. Get the ferk out of here.” – By guest [The What] on November 5, 2007 2:03 PM
“This house will sit for a long time.” – By guest on November 5, 2007 3:11 PM
***Bid half off peak comps***