Open House Picks: Six Months Later
Comment: Three cheers for the New York Avenue house! Open House Picks 10/17/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Three cheers for the New York Avenue house!
Open House Picks 10/17/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Isn’t the St. James Place house you’re referring to the one between Clifton Place and Greene Avenue? If so, it’s a one family too, or at least configured as a one family. I think that makes a sale more difficult. I’d prefer the St. James place myself from a location perspective.
Crazy thing is that some other places on this block of Lafayette sold for close to $2MM, and I think it was post Lehman. Was in move in condition and I think a two family, but I still thought it was a high price.
Oh, I just contradicted myself as I have always maintained that everything will fall by a very similar percentage accross the board. So maybe I’m just asking whether everyone gets the impression that 1-fams tend to ask for the same as their 2, 3, 4+ -fam counterparts while they only actually close for far less. Gut feeling, haven’t done a study.
***Bid half off peak comps***
Would everyone agree that one-fams will fall the hardest? They all seem to be priced (maybe just ask) the same as their counterparts. I’m seriously considering going after a 1-fam to avoid the tenant challenge and exploit this discount if it exists. And besides, a duplex is only so big. And like DIBS, my best friend, I would want to open up the parlor from the floor up (so maybe just 2-fam max which is already included in my current criteria).
***Bid half off peak comps***
I don’t think the Laf Ave house is really affected by those things you mention, wasder and 1842. Any similar home around the corner that sells for more now would have also sold for more Pre-Lehman. It’s the market in general. The factor in these differences stays constant throughout market cycles. Look at St James/Clifton. That place is also sitting and sitting for about the same price. What it takes to get Laf sold is simply acceptance of the highest bank-approved bid, whatever it is (I wish this sensitive information could be posted on a scoreboard like in the financial markets – well, most brokers disclose it anyway unless they’re lying). They are obviously ignoring this bid and, IMHO, will be sorry later. And I say this whether it’s a forced sale or not.
***Bid half off peak comps***
I think overall it’s the one-family configuration that poses the biggest obstacle, the location is pretty good.
I agree, it does look quite nice in other respects, and it’s not a horrible location – just a busy street from a traffic perspective – but you have to factor the one family configuration into place when searching for a buyer etc. This price might get the deal done, I don’t know, or maybe a bit lower because many who’d be interested might want to reconfigure it as a 2 family (it is a legal 3 family).
1842–good points all. Wonder what it will take to get Lafayette Ave sold. It really is a nice house in all other respects.
I think the Lafayette Avenue house is hurt by two things: 1. Busy road with buses and a fair bit of traffic noise, across from some not too attractive apartment buildings (so the view is not nice out of your front windows); and 2. It is configured as a single family so it is a very big house and would require a good bit of money to reconfigure it with a garden rental.
Clinton Hill has far to fall. I think its gonna be a case study in Economic classes in 10 years.