Open House Picks: Townhouses

The New York Observer. “The housing market has been nudging downward for a while now. Add one more factor: the overhaul, recommended this morning by the city housing department, of the so-called 421a tax break. Housing commissioner Shaun Donovan said in a conference call this morning that condo ‘prices would potentially go down to some degree’ in neighborhoods where the abatements would be eliminated.”

“In those neighborhoods, like Tribeca, the Financial District, Dumbo and Brooklyn Heights, prices have been inflated by about 50 percent of the value of those abatements, he said.” Just how much difference would that make? The abatements were worth $40,000 to $210,000 over their lifetimes, so prices would come down $20,000 to $105,000 just because of that one change. ‘It’s very clear that implementing these changes in a measured way over time is the right way to do this so that there is not a one-time significant impact,’ Donovan told reporters.”

“That said, Mayor Bloomberg said early this year that real estate prices were too high, so we don’t imagine he is too worried.”

The New York Sun. “Clearly the boom in the condominium market we were experiencing over the last few years and reached its peak about 12 months ago has cooled and the bloom is off the rose.”

“The vice president and regional manager at Fremont Investment & Loan, Patrick Crandall chimed in: ‘In terms of Manhattan, while its true inventories are climbing, it is really only in comparison to the frenzied absorption we have seen for the past several years. Buyers now know they have time to think and shop before making their purchase decision. I think buyers are taking longer to commit than they otherwise might, because they keep reading about an impending market decline in the papers and fear if they buy now their apartment will lose value.’”

10 4th Plc is a great deal if you want to use your creativity to design your own duplex and still recieve rental income from the upper units. There is nothing else in the area in that price range. The BQE is at least a good block away.

If it is true that the Adelphi Street owner is a “flipper” who spend oodles of cash on crazy fixtures, then I do not understand the renovation strategy. Why use finishes that limit the pool of buyers that would be attracted to the property.

This renovation reminds me of the “flipper” house that was listed on Clermont Avenue last year. It also had a lot of “bling bling” finishes (including a high gloss, wood panelled room), was listed initially at $2million and eventually got reduced to $1.7.

If I were renovating a house to sell it, I think it would be better to go with classic/neutral finishes that are good quality but not crazy expensive. That way the pool of buyers is bigger, and in the case it sits on the market for a while I have greater flexibility to move on the price and still make a nice profit.

waterworks or not, that bathroom is ugly and the kitchen is worse. much worse.