Open House Picks: Six Months Later
Comment: Seriously reduced selling prices on Berkeley and Warren! Open House Picks 9/12/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Seriously reduced selling prices on Berkeley and Warren!
Open House Picks 9/12/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Just to clarify, I totally agree that the Berkeley house would never have sold for 3 million at the peak, but I do think it would have aimed to set its ask *between* 2-3 million, for this house on the low end of that for sure – perhaps 2.1-2.3 – in fact, as I said, I believe its initial ask was over the $2mil mark. During the frothiest years, it was uncommon for houses to sell below ask and indeed sales above ask were common. That’s all I meant. So, for such a house to sell for 1.5 in December 08 (and thus have gone into contract even earlier) says to me that yes, prices may come down fast and furious, as 11217 says.
bk14, that is hilarious!
“I do think not long ago houses like this aimed to start their prices in the 2-3 million range, and went close to, at, or even above ask.”
At the peak of the bubble, a house like 150 Berkeley would have never sold for anything close to 3 million. 3 million in Park Slope has been reserved for the best of the best (and large) townhouses. I’ve seen very few ever sell for 3 million or over.
This house would have probably sold for around 2 million at the peak.
Prices are indeed coming down, but I think they are coming down fast and furious as opposed to a slow leak like the rest of the country has been experiencing over the last 2 years.
It’s quite possible prices here have already tumbled a good portion of what they are going to…
Thank you Miss Muffett as always.
Now, maybe our lower values will lead to lower assessed values so our property taxes drop?…
Wouldn’t that be nice?!
Any thoughts on that Benson and NostalgicOnPark?
So much for our house being a retirement account… 🙂
I saw the Warren street house. It does indeed need everything. Complete gut. New beams, floors, roof, plumbing, electric and most likely an extension since it is so short.
Didn’t the Berkeley house have an initial ask of over $2million? I seem to remember this was the case. Also, Mr. B, can you please list the in contract date – I’d be curious to know if this was just before or after Lehman (usually contract to close takes about 3 months). My husband looked at this house and said it was quite nice inside, and I agree that 16.7′ is a fairly typical width for bstones (albeit on the narrower end for sure). I do think not long ago houses like this aimed to start their prices in the 2-3 million range, and went close to, at, or even above ask. And given the further deterioration of the market since this went into contract, I bet if it went on the market today, it would sell for less than 1.5. So, another example of why houses that once were 2-3million are heading for the 1-1.5 range. Perhaps not all of them, but enough to reset the comps.
lechacal, that powder room was described to us (by a broker’s assistant) as an “efficient use of space that solves the parlor floor bathroom problem”! That house was too chopped up for my taste, and was a real mishmash. It also needed quite a bit of work. In my opinion, an almost $1 million difference between 108 and 150 Berkeley, even with the difference in size, is pretty shocking.
Hoboken, does it have to have plumbing, heat, and a roof?
Warren Street was a “Diamond in the rough!” One of my favorite real estate euphemisms.