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]
One’s ugly, one’s small, and one’s (as mentioned) going to be across from a construction site for years. And the original prices were just plain silly. Simply proves that even rich folks in the market for Brooklyn Heights properties may pause when faced with unrealistic expectations from sellers/agents.
except for the rare 5-8 million house in brooklyn heights, i see houses in park slope selling for more than in brooklyn heights these days, overall.
anyone know why that is??
these price cuts are not reflective of a weak market. they reflect overly aggressive pricing. yet the current asking prices are still very high. to wit:
willow — looks to be around 2,100sf, with a shallow garden. original asking price was around $1,600/sf, now it’s $1,500/sf. still a healthy price.
love ln — stated to be 2,300sf, with minimal outdoor space. original asking price was $1,500/sf, now it’s $1,200/sf. still a healthy price.
middagh — this one is more of a mystery, since it’s a big house and a nice reno. maybe it’s just too ugly on the outside for people who have $3M to drop on a house.
Agreed. The Middagh house is next to the firehouse and has a terrible layout. The ‘carriage house’ is a wood-frame
garage and nothing more.
These three properties were priced too high to begin with and now they’re stuck. Start yer choppin’.
Add to this list the beautiful house at 30 Orange, which started out months ago at $3.2 million and is now at $2.9 million.
Three very bland houses. Love Lane house has the best exterior out of the three, but the interiors on all are so boring. Take away all the furniture and all you have is walls in the most expensive neighborhood in Brooklyn.
Add to this list the beautiful house at 30 Orange, which started out months ago at $3.2 million and is now at $2.9 million.
Love Lane is way overpriced. Directly across the street from years of construction on the Love Lane Mews with nothing else of aesthetic value on the whole street? No thanks. For that money you can be on Willow, Garden, Columbia Heights even.
Why is a price chop at Middagh Street surprising? The exterior of that house has been badly beaten with the ugly stick. They need to chop again and chop like they actually want to sell the place.