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]
re this comment: “Right now I don’t see how the “old style” renovator interested in buying a place and putting her sweat and tears into slowly bringing back a house to its previous glory can do so. Everything is just too expensive.”
This sounds a little like me. I don’t want a total, total fixer-upper but do want something slightly less expensive that we can put our own stamp on. What’s hard is figuring out how much the renos will actually cost. We have seen a 4-story brownstone fixer-upper in Prospect Heights which we think we could get for around $1.2 (a few thousand under the asking). It’s on a decent block, quite near to the beautiful St. Mark’s house going for the overpriced $2.3. The house needs facade work, some structural work, some (but not the whole house) electrical work, new kitchen, the usual cosmetic stuff–painting, plastering, sanding–on first 3 floors, and maybe a gut reno on the top floor (it’s pretty raw space with a funky bathroom). Some new windows needed. A deck would be nice, etc. etc. The parlor floor is the nicest, with original burled walnut detail (were painted but then scraped but need to be finished), parquet floors, several slate mantels, etc. We’re afraid that even if this is quite a good price based on the surrounding houses, we can’t afford the work involved to get it in shape for family living. Any thoughts?
I believe that a buyer in the 2 million+ bracket is well able to decide for him or herself if they want to spend that much on a house in any particular neighborhood. The fact that some prices have been dropped is in response to not being able to sell the property as the initial asking price. While Mr. B may get people to take a second look at the values and neighborhood and while it seems everyone in life reads the blog, it isn’t in his power to devalue anything. If anyone devalues a property it’s the brokers and sellers who set an overly high price in the first place and then have to lower it when the house doesn’t sell.
I have a hard time understanding why Ed takes every opportunity to make negative comments, most of them off the mark.
Hey Ed,
Yes, it is too bad when people have information on the marketplace. It was so much easier when sellers let the brokers set the price, buyers let the brokers tell them that the price was perfectly fine, and everyone went along their merry way, wasn’t it?
Down with Ed. Up with information.
To be clear, inclusion as an Open House Pick does not mean we necessarily think the listing is priced right, only that the house has something interesting or redeeming about it…
Here’s a couple past Brownstoner Open House picks.
105 Lincoln Pl was highlighted on Brownstoner on 11/4/05 for $2.4m. Sold 2/2/06 for $2.0 mill. 400K or 17% under ask.
How about 548 Third St, highlighted on 4/22/05 for $3.2m. It sold for $2.8m on 9/7/05. 400K or 13% under ask.
Here’s a good one. 482 E16th St, highlighted on 11/4/05. Sold for 900K. A mere 275K under ask but a whopping 23% under ask.
Maybe Brownstoner does have the Barron’s touch. For those unfamiliar with Barron’s its a financial publication that Wall Streeter’s read religously every weekend. For the longest time, short selling the cover story company worked like a charm. Barron’s was the bear market trader’s best friend. To bad we cant short the individual house picks.
…and the truth hurts. But no pain, no gain.
Ed,
Don’t knock the messenger. The truth has been gained.
I think many of us (who view our properties as homes rather than investments) would be better off if prices were lower. Right now I don’t see how the “old style” renovator interested in buying a place and putting her sweat and tears into slowly bringing back a house to its previous glory can do so. Everything is just too expensive. So properties are sold to developers, some of whom rip everything out and sheetrock and home depot it to hell and back. Of course that has nothing to do with the price of a house such as in this listing which in these days would always beyond the reach of a new homeowner (altho I guess maybe not back in the 70s).
I wouldn’t say that the property was devalued in any way. It seems like a delusional owner or broker just saw the light. Value is determined by what’s paid, not the asking price.
Thanks for keeping things (kind of) sane.