PLG House Sells Over Ask
[nggallery id=”53716″ template=galleryview] Park Slope is not the only place where houses are flying off the shelf these days? Prospect Lefferts Gardens is getting in on the action too, as evidenced by this recent data point: After hitting the market with Douglas Elliman with an asking price of $899,000 on January 5, the three-story brownstone…
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Park Slope is not the only place where houses are flying off the shelf these days? Prospect Lefferts Gardens is getting in on the action too, as evidenced by this recent data point: After hitting the market with Douglas Elliman with an asking price of $899,000 on January 5, the three-story brownstone at 251 Fenimore Street closed on February 4 for $935,000. What is this, 2007?
i have no problem with people who want to buy, but they should absolutely NOT get such good tax breaks for it. it’s unfair, why don’t renters get breaks too?
*rob*
Yes, FLH.
I haven’t rented except on an interim basis since 1985 so i haven’t done the calculations.
The calculations to sell my condo and buy a brownstone were overwhelmingly in favor of owning a brownstone with a tenat on one floor.
Beautiful home!
“PLG is a bit more like Bed-Stuy or Crown Heights in terms of prices: it’s really hard for a house to crack the $1M ceiling, even for gorgeous homes (like this one.)”. -Maly
Not exactly true. Prices in wider PLG may be similar to CH and BS, but not in Lefferts Manor Proper. Although this house is technically in the Manor, Fenimore Street is not as nice as the prime Manor blocks. If this house were on Rutland Road or Midwood Street it would have easily gone over a million.
“you believe there is zero risk associated with your price appreciation assumption. I think a lot of buyers make the same error you are making regarding evaluation of opportunity cost. ”
Dude: I make no assumption about future prices, so I can’t be making a mistake about it. I know what I pay in rent NOW, I know what my costs will be in my new condo, and I have a pretty good idea of what my after tax net costs will be.
I will live cheaper in a much nicer apt in the condo. If interest rates go up, I am paying off my loan at a very favorable rate. THEN opportunity costs can be factored in.
FLH, I think it’s more an accident of chance. If a super-fancy, professionally-decorated house came on the market on one of the prime blocks of Stuyvesant Heights, it might break the $1M mark too.
That said, I agree, 935K is a very fair price in the current market, which is about 4-5% down from Spring 2010, and 15% down from the peak. I’ll leave the future to BHO.
BHO is like our own Paul Krugman, Doom and Gloom Meister.
Krugman had been predicting financial ruin for twenty years, finally when there actually was a bad recession, he claimned victory and got his Nobel prize.
It worked for him.
DCB: Using the risk free investment rate makes sense only if a) you are buying using 100% equity; and b) you believe there is zero risk associated with your price appreciation assumption. I think a lot of buyers make the same error you are making regarding evaluation of opportunity cost. Remember, if you put down 20% and your house price declines by 20%, you have lost your entire investment. Given housing prices in the US are now down >30% from peak, I wouldn’t exactly call that a risk-free investment.
Wow. Thank you Frederick Law Homestead. What a stand up guy you must be. Not joking!
So you think the parlor floor is essentially mislabeled on the floor plan. I think that’s what you are saying. Makes sense.