Price on Former HOTD Slashed Almost 20%
Thanks to a reader who brought to our attention the fact that the price at 899 Union Street has been slashed $500,000 in the aftermath of last month’s post questioning why the house was priced $300,000 more than a very similar house in better condition down the block. Don’t get us wrong, though: This house…
Thanks to a reader who brought to our attention the fact that the price at 899 Union Street has been slashed $500,000 in the aftermath of last month’s post questioning why the house was priced $300,000 more than a very similar house in better condition down the block. Don’t get us wrong, though: This house is a real beauty in a prime location. We’d be surprised if it didn’t move quickly at this price. It’s also interesting to look at in comparison to yesterday’s HOTD on St. Marks for $2.3 million.
899 Union Street [Corcoran] GMAP P*Shark
Does Not Compute on Union Street [Brownstoner]
Dear Anon in PH, Unless you have reason to believe that your income and/or salary are about to move rapidly south, I say buy the most house you can afford and resign yourselves to living in a less than perfectly renovated home for a while. Just painting and refinishing the floors will give the place a new freshness. If, 2-3 years from now, you just can’t bear it, sell and buy an apt. Brownstones appreciate in value based on several factors that go beyond condition, eg. size, not having to deal with a coop board, outdoor space, detail (even unrestored detail) and, perhaps most importantly, rarity — there are simply never enough on the market to satisfy demand. I live in PH and love the neighborhood. I would, however, be careful about buying too close to the AY development since you don’t want to be impacted by construction noise — and nor does the next person to buy the place, if that’s within the next 10 years.
Yes, bravo putnam-denizen and clinton hillbilly for not objecting to putting the sweat in sweat equity. I’ve lived in my house in CrnHts for 5 years, and am now having my bathrooms done, the first real renovation in my part of the house since I bought it. I just haven’t had the money before, or my monies went into the tenant’s part of the house, or last year, to a new roof and boiler. I worked out a deal with my contractor, who is a saint, and they are doing the roughing in, and I’m doing all of the finishing (tiling, painting, etc).
The house is a true fixer-upper, and I wouldn’t have been able to afford it otherwise, and I really wouldn’t have had it otherwise, as I really love restoring, and putting my mark on the house. While I certainly love the really expensive houses, like this one, they are really only eye candy for me, I don’t play anywhere near that ballpark. But the HOTD is like going to a house museum – it’s always fun to look.
Jeepers, the ladies have twisted themselves into quite a tizzy! I think the PLG troll is one of them!
Look, folks –
There is a legitimate conversation to be had about the direction Brooklyn is taking right now with respect to the rest of the city.
There are detractors who are trying to pull it back – knock down the real estate market, scrap the plans for the arena, etc.
I’ve said repeatedly that discussions of Brooklyn real estate should be put in context with what is going on in Manhattan. Unless prices in Manhattan are being slashed 20%, we have no reason to jump for joy. In fact, it means we are moving backward.
Now I ask all of you, which direction do you want Brooklyn to move in? Do you want first class restaurants? Do you want first class schools? Do you want culture and arts and sports? Do you want a thriving urban experience mixed in with low-rise, beautiful brownstone blocks?
I like the progress this borough is making, and I’m proud to have been a part of it for more than a decade.
I don’t think being a cheerleader for regression does much good.
My hubby and I want to leave Vermont and move back to Brooklyn, but we haven’t been able to afford it…that is until now! With devaluations like this we should be able to save up enough to move home in, like, 76 years!
Give me a break, Brooklyn is doing just fine. I bet the appreciated equity in a lot of these homes is enough to buy and sell my home a dozen times over. We would be thrilled if appreciation in NY slowed to ‘normal’ for a few years while OUR market spiraled out of control..until then, you are so right ItsAWrap, no teachers or firefighters (or affordable housing advocates) for you!
Hey 3:49, do you have a frame townhouse where you are getting the siding changed over to original clapboard? Any suggestions on who to use besides T&A woodowork?
amen clinton hillbilly. we’ve been in our fixer upper about 3 yrs and are finally getting the ugly siding soon. of course it took us a lot of time just to find someone to do the work, and then we had to wait for him to be available, but it allowed us time to save the $. unless you have millions everyting is a trade off. what kills me is the way 2.3 million, (and similar prices) are thrown around like peanuts.
Hi bkborn, anon 2:27 responding. I do agree about brokers. I’m not discounting their very large influence. But in terms of Ed’s comment that Mr. B is devaluing property all around Bklyn- that I don’t believe.And I think the fact that a number of properties have dropped their prices bears me out regarding buyers. I don’t know of very many buyers who would look at property without researching the area first. I would think that most buyers go in with a budget, and with the hope of getting the asking price lowered. Some people will go over their budget- and that’s where I think brokers prey on their vulnerabilities.
And you are right about the commentary being so important. I’ve learned more about homes and real estate on this blog than I have anywhere’s else. It’s just the idea that Mr. B would be taken to task for “devaluing property” is ludicrous. A little realism in housing prices is certainly more than welcome and that’s a good thing.
We moved into a fixer-upper that we can’t afford to fix up right away. I think the trick is to be able to tolerate the house as is and then to be willing to deal with the inconvenience of fixing things up while you live in it. It’s not easy, but life is full of trade-offs. We’re just happy that we found something in our neighborhood even if it will be years before our house is our “dream house.”
I respectfully disagree with 2:27. Buyers and sellers are often exhausted, stressed and under pressure to make a deal. Brokers actively exploit these vulnerabilities. Remember brokers have a first-order interest in completing a sale quickly even if they leave a little moeny on the table for either side.
This forum shines a very bright and revealing light on the property, location and price of the hotds. The comments are generally by well-informed and, most importantly, experienced owners and residents. Even posters with agendas make good, if extreme points that have value. Shilling brokers are the only counter productive element I see.
It is only natural that information of such high quality will impact market one way or the other. ‘Stoner gets the ball rolling, but the impact comes from the comments.