Price Cut at 355 Degraw Street
This has flown under our radar ’til now…This two-family, four-story brick house at 355 Degraw Street in Carroll Gardens hit the market asking $1,950,000 in early April and was just reduced yesterday by a modest $75,000 to $1,875,000. It was recently renovated and has a nice modern feel without having lost its original charm. The…
This has flown under our radar ’til now…This two-family, four-story brick house at 355 Degraw Street in Carroll Gardens hit the market asking $1,950,000 in early April and was just reduced yesterday by a modest $75,000 to $1,875,000. It was recently renovated and has a nice modern feel without having lost its original charm. The new price should attract some interest, dontcha think? Has anyone been inside? Here’s the listing. GMAP
i disagree — that’s fair and may account for part of the increase. i am skeptical that they renovated the entire house — the pictures of the second apartment are absent.
iz — not sure that I agree on the ceilings. don’t love the look, but more importantly, a few months back there was a discussion about coop’s granting approval to an owner wanting to make this change — the general concensus was that it was a v. bad idea, given that you are significantly reducing the length of time that the ceiling could withstand a fire. Obviously, in your own house, your decision isn’t going to affect your upstairs’ neighbor, but I still don’t think it would be worth the trade off.
the house is beautiful. they obviously did a really major renovation. The rear yard is fantastic. I really like this house and it looks move-in ready. but I have no idea what the price should be. the economy is bad but there are always those people who prosper in bad times. they will expect a bargain though. If it sells at all, I think it will sell for under 1.6.
insolation = insulation
Beautiful renovation. The paint looks like clay paint, really clean and vibrant and warm, not that garish white that you get with standard latex. Just a guess.
What a fantastic solution to the ceilings — instead of boring flat ceilings (assuming the crowns were no longer available to restore) or putting in new crown moldings, just taking the ceiling off entirely and adding that grittier, tougher edge of the beams to an otherwise elegant setting. LOVE IT. The only question I’d have is acoustic insolation — when you don’t have a ceiling over your beams, you can hear everything between the floors.
Anyway, if the owners or architects are reading this, stellar job people!
aishling: i’m going to take a wild guess and say that maybe they did a major renovation and maybe this justifies some increase in price.
i never get the point of cutting asking price by such a token amount. . .
to me, it sends a signal of weakness, without the wow factor of a bigger cut that might actually get a deal done.
I lost a Corcoran closed bidding for this house in 2004. We put in a bid over ask, and the house sold for about $150,000 more than that.
I remember the house being nice, but it’s only 17 feet wide. Ultimately, we were glad we didn’t win the bidding. We would not have had the leftover cash to do a renovation as nice as the one done by the current owners. It was not in great shape in 2004.
House sold for $1.36 million in 2004. At this point in the correction, what would really justify a 38% increase in the price since then?
The S&P 500 index is down about 20% since 2004; the NYC unemployment rate is up from about 7.4% in March 2004 to around 8.4% in March 2009 (with the unemployment rate in the professional sectors likely being much greater in ’09 than ’04); the City’s finances are in substantially worse condition, meaning property and other taxes likely will need to be raised in the near term; the Boerum Hill/Carroll Gardens/Cobble Hill area hasn’t substantially changed since ’04 (incremently changed, yes — but the substantial changes occurred from ’98 to ’04 or so).
I suppose mortgage rates are probably down about 100 bp since ’04, but access to financing likely is much tougher, so that seems like a wash. Incomes (at least in the top quartile) have probably increased since ’04, don’t know exactly how much.
I know that we can point to comps, etc. But really, what would justify such a sharp increase in the price?
It seems to me like it takes at least a 10% drop to feel like you’re getting a “deal” or that the price has been substantially reduced.