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…
[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 at 251 Fenimore Street closed on February 4 for $935,000. What is this, 2007?
Quality will always sell for a good price. I work in the auction world and at the top tier auction houses we have noticed that mediocre items are selling for less but the finest items are selling for above estimate.
This was a lovely house in a decent neighborhood for under a million dollars. It doesn’t seem surprising to me that it went for above asking.
I don’t know about that, Maly. A quick search shows there have been no single family sales above $1M in Bed Stuy or Crown Heights in the last year. Since September, two single-families have closed in PLG of $1.25M and $1.32M. I think PLG, and especially the single families in the historic district, is in a very different category. Whoever got this beautiful house for $935 got a fair deal.
That is a really pretty house.
Not related the the value of the house (or maybe it is?), that color red looks awesome in the dining room with all the wood. The color is perfect.
I was disappointed that by the time I got to the Clinton Hill listing featured yesterday on Lafayette, Corcoran had
taken down the listing. That looked like it could be a lovely place from what I could see, but once the poster invisible wondered aloud how much would you value losing 90% of your personal life to renovate one of these things.
A renovation project of that magnitude could eat up to two years of your life.
Bkhabitant, I just figured it in excel. If you need the formula for amortization table, I would be happy to post it for you.
Of course what I said applies more to year 1, since you are paying mostly interest.
Also, if you are in a very low tax bracket, then what I said wouldn’t apply.
You should be able to deduct interest from a home acquisition loan (As a home equity loan) regardless of the AMT up to the limit. ($500,000 for a couple, I think).
I am lost when it comes to the fine points of the AMT. My accountant handles that.
Not understanding the floor plan of this house. There are two dining rooms, two living rooms, but only one kitchen? Description says one-family, but looks like that’s an apartment on the bottom floor, even though I can’t find another kitchen on the parlor floor. Does anyone understand?
bk, people buy for the long-run. People buy for the security of knowing one has established roots. comparisons dollar-for-dollar between buying and renting the first few years of buying something is silly. As time goes on the buyer sees more and more advantage, while the renter is where they were when they started.
ML, the project on Washington Ave is probably worth at least $1.25M, based upon recent sales in the same neighborhood, 700K-worth of work notwithstanding. 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.)
Keep in mind that when you pay a mortgage, a percentage of that payment actually goes back into your pocket via the ‘forced savings’ debt retirement.
Also, owning is a very nice hedge against inflation and increases in housing costs. Especially while we’re still in the day of the 30-year fixed interest rate mortgage. If you buy, you essentially lock in your housing cost for the next thirty years (especially if Cuomo’s property tax cap passes).
You don’t keep downpayments in the stock market. It’s too risky/volatile.