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?
DCB – I would be curious to see that math. After factoring in property taxes and maintenance costs (offset by the mortgage tax deduction), I have to yet to find a property whose carrying costs are less than rent for an equivalent property. Granted, a high assumed resale price can always make the numbers work, but if we are going to go down that route, would think one would be better off saving their down payment and putting it in the stock market while also maintaining flexibility to move.
Compare this with yesterday’s house on Washington Avenue, which is nice but a mess without its stoop or bay window. It’s the difference between a property that sells quickly and one that will linger and linger. I don’t see a robust market for wrecks in secondary neighborhoods -especially for a over a million asking price.
Beautiful home
DCB – if you can afford a million dollar home you probably hit the AMT and therefore do not qualify for the mortgage deduction or even deduction of real estate taxes.
“…it still makes better economic sense to rent a comparable property in New York City.”
Not if you factor in the mortgage deduction. I have recently done this math over and over. The mortgage deduction pushes the rent/own debate to the side of the buyers.
“And yet, by any rational measure, it still makes better economic sense to rent a comparable property in New York City.”
So true. And just in time for the double dip!
Doesn’t really matter to me if these prices make sense or not. When only rich people can afford to buy in a neighborhood it is eventually going to go the way of Manhattan and thus not somewhere I would want to live.
Across the street, in PLG but outside of the manor, a detached frame house sold for $1.3M in 2007. What are you guys cheering for? A well-priced house sold fast? It can’t possibly be that grim out there that the sale of one market-priced house is cheered with such outsize jubilation.
Gorgeous house that looks move-in ready. Not suprised it went fast. There are people who have been patiently sitting on their money for the last few years, waiting for a price and a house that suits them, and wouldn’t be surprised to find that to be the case here. Congratulations.