Open House Picks: Six Months Later
Comment: Nice prices on Lafayette and 10th Street! Open House Picks 5/16/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Nice prices on Lafayette and 10th Street!
Open House Picks 5/16/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Re: Degraw – I’ve actually seen this listed as “in contract” twice so I think both deals must have fallen through (financing problems? market jitters?). I feel badly for the owners – the house is actually quite nice but very small and an unfortunate choice was leaving the hallway up on the parlor floor which makes it feel very narrow. The other big problem with the house is that it’s very close to 4th Ave which poses the problem of potential future development in what is practically the house’s backyard. Cute as it is, the size, location and overall market conditions make me think they’d have to go a lot lower to close the deal.
Wasn’t 10th Street sale already discussed her as one of “Last week’s biggest sales”? True, it was perceived at the time as a good deal. I know someone who bid on it, and was told that there were only 3 bids on the property, one of which happened to be over ask. Interestingly, the original over-ask offer was more than what it sold for (I believe it was 1.55 and went up to 1.58). Wonder what led to the 40K discount – inspection? market jitters? Anyway, this feature won’t really be meaningful til 6 months post-crisis to really be meaningful (so early next year).
Actually we’re a little surprised that Lafayette got that price. Thought it was going to take another $100K…
If you go back and look at the comments, 10th St. and CH houses were seen as good buys (except for the knee-jerk “if it isn’t BoCoCa/Park Slope you’re in the projects” folks). So at least a few months ago, good properties at perceived discounts were still selling…
That Park Slope home that sold on 10/10 really says something. But like all bear markets the strongest assets go down last.. Don’t believe the hype they will all go down. I still won’t be able to get my Brooklyn Heights townhouse for 800k.
I know the owners of the Degraw place and have been many times inside the house. They had a full price offer this summer that fell through. Hoping for their sake that they get another offer but I suspect they will have to go lower to make that happen. All that being said its a nice house that has been very tastefully renovated.