Report: Bidding War in the South Slope
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking: “They had an open house over the weekend and then did a…
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking:
“They had an open house over the weekend and then did a ‘best and final’ offer session – essentially asking everyone to submit their best bid. The format was such that the bidders had no idea what anyone else had offered. The brokers, Lisa Taylor and Wassim Fakhereddine, naturally all the while whispering in everyone’s ears that were being outbid, never showing any cards, watching as the offers soared. Talk about causing a frenzy. 7 bids submitted in a day, 10 total.”
The 20-by-30-foot two-family wood frame house was asking $959,000 and the winning bid was $1.25 million, according to our correspondent. Questions remain: Did the 100-by-25 lot make the property seem that much more valuable, or did Corcoran’s whisper campaign play a big part in whipping bidders into a frenzy?
12th Street Listing [Corcoran] GMAP
I like this house. Let’s see: I have a 3 bedroom in Brooklyn Heights that would get about 1.4ish. I could buy this, put 100k into it, and end up with a house in, yes, a lesser neighborhood but without my $1300/month maint. fees (and rising) and without co-op issues. Is it a lot? Yessss. But I see the appeal.
Families might have been part of the bidding process, especially closer to asking, but I guarantee you this went to a developer. This only makes sense in the context of tear-down, build condos.
12:10pm,
Very true. You cannot get a house in Soho for anywhere near 1.25 million any more.
But in other parts of Brooklyn, you sure can. I’ve owned and renovated a wood frame row house and I personally would be worried about fires if I lived in in one.
Sure, most houses in this country are wood frame, but they’re not directly abbutting their neighbor’s homes.
Of course, if there’s an earthquake, wood frame is safer than brick, but what are the odds of that?
Jake the Snake
12:07, without floor plans you don’t know if the basement includes mechanical/storage space or not. Anyway, who wants to live in the basement?
that looks like the house I grew up in. where is this park slope south?
These woodframes burn down in a millisecond. Not a good investment.
This *does* look like it belongs in Southie.
$1.25 for THAT in today’s market!?!?!? What a bidding scheme that broker devised.
Give it a few days…Let’s see if the financing comes thru.
This is how the market got into the mess in the first place.
And you can’t have a HOUSE in Soho for this price.
That’s the point. It’s a free-standing home for 1.25 million dollars.