That Was Quick: 236 Dean Snapped Up
Yowza! Guess the market can’t be that weak. We just got a tip that the brick beauty at 236 Dean that we wrote about last week has already been snatched up. From our tipster: “There were 6 bids for 236 Dean in one week and it went for 1.8 in cold cash from a city…
Yowza! Guess the market can’t be that weak. We just got a tip that the brick beauty at 236 Dean that we wrote about last week has already been snatched up. From our tipster: “There were 6 bids for 236 Dean in one week and it went for 1.8 in cold cash from a city buyer.” This should not be a big surprise: We, along with most of the commenters, were quite bullish on this place. We also got some more deets on the condition: “It was rock solid on the inside, though only about 70% completed and with no plumbing.” Very interesting indeed.
ect. Really beautiful though.
Mid-Stream in Boerum Hill [Brownstoner]
Boerum Hill Masterpiece [NY Times] GMAP P*Shark
I think AY may be a bit like Y2K. People are panicking now, but when all is said and done, it won’t be the end of the world. Terrible while the construction is going on, but I have a feeling it will be fine for property values in the long run. And yes, I am against the project, but I don’t think the sky is falling.
The sky is falling….the sky is falling!!!!
Of course info is all from ‘tipster’ so whole thing could be bogus but I think almost any buyer would except 3% less than asking for ‘cold cash’ -whereas I’m inferring no mortgage contingency then full price from buyer that might not get all the financing required. Remember this is house in midst of construction – and from by experience not a plus to lenders/appraisers.
As far as AY not sure why commentor think neighborhoods to west will be effected most. As to values will make little if any difference plus or minus.
Seems misleading automatically to refer to unrestrained development of this kind as “Manhattanization”. Otherwise, we might as well talk about how the Manhattanization of Newark is going to lead to higher property values there. Not.
The infrastructure of a large chunk of Brooklyn…the subways, the roads, sidwalks, intersections, etc….are going to be so overwhelmed once this project is completed that it will not be easy to “take it in stride”. I actually think that a few areas, including the ones mentioned in the first post above, will pay a heavy price. Boerum Hill will not be a very pleasant place to live when this project is complete…mark my words. It’s a damned shame.
If this project has a positive effect on any property values, I suspect that it will be in areas further out…places like Ditmas Park and PLG. People will want to get away from the mess created by Atlantic Yards, and I suspect they’ll turn to these nabes.
Park Slope will also pay a toll. I don’t know if you’ve walked around Park Slope lately, but it’s already uncomfortably crowded. Its relatively narrow sidewalks were not designed to handle the amount of foot traffic it has now. Consequently it’s a pain in the behind just to walk around there.
6 offers and they couldnt even get asking price?
I do wonder what AY’s impact will be on Boerum Hill. It seems like the greater impact will be on the neighborhoods to the west.
AY’s will only lead to increased value of these areas in the long run unless you are right on top of the AY site, which this property is not.
Re: Anonymous 8.57 AM’s post, I’m wonderingt what other posters think about the impact of Atlantic Yards on brownstone values in adjacent areas (Ft. Greene, Boerum Hill, Park Slope). I think Atlantic Yards will erode quality of life advantages that Brooklyn has had over Manhattan (i.e. increase traffic _ density etc). This will push ahead the Manhtattanization of Brooklyn. However, it seems like the Manhattanization of Brooklyn implies that Brownstone prices will increase. People seem to pay for proximity to certain amenities (i.e. the Arena, add -ons to BAM cultural district.
Does that mean that there is a flight to quality? That there are still flush, frustrated Manhattan buyers who recognize quality buildings and are willing to pay up? 6 bids… Great. Even if the new buyers have to deal with construction….