Mary Stuart Masterson Unloads State Street Abode
The weakening market sinks all boats! The actress Mary Stuart Masterson found out the hard way that there’s no such thing as a celebrity premium when the market’s hurting. After coming out of the gates at $1,465,000 in March, the skinny but cute house had its asking price trimmed to $1,395,000 in April before going…
The weakening market sinks all boats! The actress Mary Stuart Masterson found out the hard way that there’s no such thing as a celebrity premium when the market’s hurting. After coming out of the gates at $1,465,000 in March, the skinny but cute house had its asking price trimmed to $1,395,000 in April before going into contract in August for $1,305,000; the transaction closed on September 26, according to ACRIS. Although she only owned the house for a little over a year, it was probably still a money loser for her after transaction costs: she paid $1,275,000 for the house in June of 2007 and Corcoran doesn’t work for free.
386 State Street [Corcoran] GMAP P*Shark
House of the Day: 386 State Street [Brownstoner]
tybur6, no one is suggesting the seller deserves sympathy or calling this a “tale of wo[e].” you’re tilting at windmills.
Perhaps she bought a Mill Basin Mansion.
It’s her money. I assume she has lots of it. Let her do what she damn well pleases.
I don’t know… I really really really don’t have much sympathy. She owned the place 10 months before trying putting it on the market?!
Someone spends $1.3 million with that sort of commitment?!!
I know I know… there’s a sob story in this. Or some unknown that should convince me it was the “only” thing she could do. But screw her. You buy to stay. If you are going to live somewhere for 10 freakin’ months. Rent. Simple as that.
As far as her “losing money.” She really probably broke even if you figure the rent she would have paid. All in all, I find these tales of wo underwhelming.
I wonder where she moved to…
erm… there’s also the small matter of the $70k-odd of interest paid over the year. Perhaps not to be included if it were owner-occupied, or netted off against any rental income, but something needs to be included if you’re calculating a profit or loss.
Oh, plus any money put into renovation after the previous deal.
Dave see my first post. These sells went into contract a while ago- I’m not saying the sky is falling but I would like to see the closings in two months.
Also the very high end of the market will stay strong. 5th Ave penthouses will not have a problem selling. I’m more concerned about the middle and upper middle class- those with homes under 1.5 million that want to sell.
And for the record Bed Stuy is getting killed right now. Remember that place on Putnam? Still there. Property Shark even had a few foreclosures listed in the historic district.
I guess the Babs buy didn’t have the short term effect everyone thought it would have.
7andfive….I trust you’ve seen “Last Weeks Biggest Sales” here today…well into the “meltdown!!!”
I disagree be concerned with whatever you want.
As for this house, luckily she was only in it for a year and probably didn’t take out any home equity loans. Those that took out those ridiculous home equity loans will have even more problems trying to get out of this mess with their shirts on.