Open House Picks: Six Months Later
Comment: Blah. Open House Picks 10/31/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Blah.
Open House Picks 10/31/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Miss Muffet, the Elliman report (or whatever it was) tracked actual sale prices, and they went up some small single digit in Q1. That’s totally different from asking prices, which are meaningless.
“How much would it take to renovate St. James? My back of the napkin calculation is 500K minimum since it seems it’s basically a wreck (they repeat “estate condition” several times) with some detail that is expensive to restore. Location also is not great. Given the more pronounced softening of market in more fringe areas, I suspect this price is too high.”
Miss Muffet called it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
If you are interested in delusional pricing, chew on this new listing (which happens to be on my block): http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1532135
I wouldn’t put much stock in that Elliman report. I track the market property by property and am seeing much bigger cuts. A house I really like on 8th St, for example, just got trimmed again – started at 2.4 and is now at 2.05 so that’s a 15% drop just in the ask and we all know asking prices are pie in the sky. I think they’d be lucky to get 1.8 at this point. And Dean Street is a far cry from 8th Street and this house, frankly, is pretty grim. I would not bid on it period, but I think the seller/broker is delusional.
Christ Almighty, and the Dean St. house bottom floor is technically a one bedroom. Well, this opens up all sorts of possibilities. You could live just as the recent immigrants in Bushwick do (the floor plan is identical) and make every room a bedroom except the dining room, which becomes the combined dining room/living room.
Miss Muffet, I wouldn’t buy that Dean St. house for any price, the layout is so awful. But do you happen to know what is the average price per square foot in Park Slope these days (sold places, not asking prices) and where the Dean St. place comes in?
I would think you could bid 10 percent under whatever that is and you might have a good chance. At least that’s the rule of thumb in most neighborhoods these days.
But didn’t Park Slope prices increase 1 percent or something in the first quarter, according to that Elliman report or whatever it was a week or so back?
Mopar:
a few weeks – yes park Slope 🙂
Gem, how long has your house been on the market? Is this in Park Slope, if I remember correctly?
The Dean Street house is still vastly overpriced.