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]
i agree with i_disagree. i saw this place too and $1.3M is a great price given all those drawbacks. $1.5M was a real stretch even in a more solid market.
Santa…there will be some give-back by the top 2-3 executives with this package. Details however are still unclear. It will not have an effect on the “producers” within these organizations. There will still be lots of multi million dollar payouts. That is, provided of course they are able to do the business.
“it is basically a 2-bedroom condo alternative for short people who like stairs”
Uh Oh….I’m cringing at the “short people” comment and where it might lead today!!! 🙂
sure, 7andfive, we’ll only be concerned with what you say we should be concerned with.
did any of you see this place? it’s put together well and very cute, great block around the corner from the subway. but, really, it is basically a 2-bedroom condo alternative for short people who like stairs. honestly, i am not that big and the low ceilings on 2 of the 4 floors, the tight stairway, narrow spaces and sorry little sliver of a back patio enclosed by taller neighboring buildings made me viscerally uncomfortable after about 15 minutes. couldn’t imagine actually living there.
even discounting for the difference between the market at contract and today, $1.3 million for this place is a good price, MSM’s loss aside. and, by the way, as to that difference, can we please keep in mind that recent buyers aren’t aliens with no ability to read and understand the news. if they thought the economy really was tanking, and that the agreed price was truly out of whack, they’d renegotiate (who knows, maybe they did) or walk away. so, no, maybe $1.3 million isn’t today’s price, but it’s not as if these transactions are vacuum-sealed from the point of contract on.
and lets not forget the government pretty much owns our banking system now.
who gets million dollar bonuses while working for the gov?
And sebb, where is next year’s inflation coming from. Oil, metals,corn, wheat,soybeans are all back to levels at or below where they were 12 months ago.
“Why would she lose money”
Because the sales commission alone exceeds the difference between the buying and selling price, let alone closing costs, lawyer fees etc. The fact that you need to ask this question goes hand-in-hand with your logic-defying assessments of the state of the real estate market right now.
She lost money because closing costs probably totaled over 100K between paying the luxury tax when she bought the property and paying the Corcoran fee when she sold it.
Hard to break even when you only live in a place for a year.
Why would she lose money. What everyone fails to understand is most people in NYC did not take out APR loans with 1% balloon rates. This is not Vegas. We will see a full recovery in Spring of 2009. You think prices will go down they might inch down a bit but guess what as Inflation kicks in next year it will bring prices back up again.