Multiple Price Cuts for Heights Houses
Not even Brooklyn Heights, the bluest chip in the borough, is proving immune to the pressures of a weakening market. Exhibit 1: Three of the lower-priced houses on the market in the area have recently had to undergo price reductions in their bids to find buyers. The most surprising of these, in our opinion, is…
Not even Brooklyn Heights, the bluest chip in the borough, is proving immune to the pressures of a weakening market. Exhibit 1: Three of the lower-priced houses on the market in the area have recently had to undergo price reductions in their bids to find buyers. The most surprising of these, in our opinion, is 72 Middagh, a 3,450-square-foot former school house with its own parking that recently underwent a pitch-perfect renovation. This one started out three months ago at $2,995,000 and was just cut to $2,895,000. The historic colonnade of 47 Willow Place was not enough to reel in a buyer at the initial asking price of $3,450,000, so after just five weeks, it too had its price trimmed to $3,200,000. These two cuts follow the unsuccessful efforts of a succession of brokers to unload the suburban-modern carriage house at 43 Love Lane. Brown Harris Stevens, Stribling and Halstead gave it a go for most of last year, starting at an original asking price of $3,500,000. Coldwell Banker took over in February at $2,995,000. With no better luck, they cut the asking price to $2,745,000 at the end of April. Where’s the bottom on this stuff?
72 Middagh Street [Corcoran] GMAP
47 Willow Place [Corcoran] GMAP
43 Love Lane [Coldwell Banker] GMAP
House of the Day: 43 Love Lane [Brownstoner]
HOTD: Love Lane Buyer, Wherefore Art Thou? [Brownstoner]
House of the Day: 72 Middagh Street [Brownstoner]
House of the Day: 47 Willow Place [Brownstoner]
I was wondering when you’d get here Biff and add a few words of reason to the discussion which was headed off course.
If there have been no offers, the 3.3% price cut for 72 Middagh and the 7.2% price cut for 47 Willow do no service to the seller. These type price cuts are the type negotiated between buyer & seller anyway. Now the more severe haircuts for Love Lane indicate morte of a “facing of reality” and yet, still no takers.
but you’re not biased though…right biff?
it’s ok to support your own neighborhood, as long as it’s not park slope i’m finding out here…
I agree with z and Carol Gardens. Let’s not get too excited that things are tanking or BH is losing its luster. The prices were simply set too high. Sure the area is considered boring to many, but some people like the fact they can live in a beautiful, quiet area that is within walking distance to Cobble Hill, DUMBO, downtown and even Park Slope (of course while still being so close to downtown Manhattan). And the potential conversion of certain Jehovah Witness buildings and the development of Brooklyn Bridge Park, which hopefully will be completed within our lifetimes, will only make it better.
10:59 and 11:13 –
you are no better for criticizing park slope than those who support it, you realize…
if you didn’t care, you would ignore it.
I was the person talking about Park Slope and BH.
I live in Carroll Gardens. I was simply stating my thoughts on the two neighborhoods and answering someone’s question about why I think Park Slope is becoming more desirable than BH.
You don’t need to agree.
OH MY GOD – it is virtually impossible to discuss brooklyn heights without a sloper getting into a twitter about how slope is better. You know what? BOTH neighborhoods attract the most conventional newcomers to the borough – people who wouldn’t ever consider other brooklyn neighborhoods – and thus BOTH have a vaguely more irritating feel to them than the other popular brooklyn neighbs.
Plenty of apt inventory available at $700psf; rentals are priced as if the buildings were $500 or less.
Why bother buying when you can rent at a much lower price?
Townhouse fetish is so 2005
I’m not a prospective buyer for any of these — all way out of our price range. That said, I’m interested in the Middagh Street place because we looked at it — or the lower half of it — in the fall of 2005 (children of a long-term owner were looking to do short term rental until the upper duplex lease was up so they could sell, if I’m rembering correctly). It’s hard to tell from the photos exactly how much renovation was done — the first “parlor” floor looks to be significantly changed, the kitchen in particular (assuming that’s the lower duplex kitchen), but it’s possible the bottom floor only got some carpeting and paint (it had a very 70s rec room thing going in 2005). This is a long way of saying that I’m wondering how much money was put into the renovation. According to Property Shark, the place last sold for $2,395,000 in May of 2006; I wonder how much of a profit the current owners will be making if they sell now. I think calling the garage (it was a three-car garage when I saw the place) a “carriage house” is a serious stretch.
“The ONLY real benefit I see about BH is a 15 minute closer commute.”
It’s only 15 minutes closer if you’re going to the financial district. If you are going to Canal or above, it’s faster to take an express train over the bridge from BH, PH, or north slope.