What the Heck Is Going On in Carroll Gardens?
This is getting weird. Despite a softening market all around, there’s been a rash of new listings in Carroll Gardens that have defied all logic and precedent. Starting with 44 1st Place (which in retrospect is probably the best deal of the lot) for $3,842,500, they’ve just kept coming: A 3,100-square-foot house at 78 3rd…
This is getting weird. Despite a softening market all around, there’s been a rash of new listings in Carroll Gardens that have defied all logic and precedent. Starting with 44 1st Place (which in retrospect is probably the best deal of the lot) for $3,842,500, they’ve just kept coming: A 3,100-square-foot house at 78 3rd Place for $3,495,000? A 16-foot-wide one at 40 2nd Place for $2,800,000? And now a three-story house at 329 President Street for a $3,600,000? What is going on here? One common denominator: Corcoran is the listing agent on all these places except for 1st Place. Coincidence or conspiracy?
329 President Street [Corcoran] GMAP
HOTD: 40 2nd Place [Brownstoner]
HOTD: 78 3rd Place [Brownstoner]
HOTD: 44 1st Place [Brownstoner]
Can anybody say “price fixing”?
They’re all crazy but the president street one is by far the most crazy since the reno job is truly hideous and cheap. Looks to me like greedy old timers with no clue about the market.
i think corcoran needs to be investigated for fraudulent listings
I own in CG and I do think it’s somewhat planned. Put alot of properties on the market at 2 and 3 million plus and suddenly everyone thinks those are typical prices in the neighborhood. I’ve no doubt the owners don’t expect to get that and would be happy with bids significantly less, but still enormously high. (For example, that 3 story 3rd place one — I’d be surprised if the owner turned down $2 million for that, with a listing price of 3.5 million.)
On the other hand, the market in Carroll Gardens has steadily increased over the last few years — I just heard of a 20 ft wide 4 story on Summit between Henry and Hicks that sold for 2.1 million and I wouldn’t have believed anyone would pay that much in that location but someone did. The huge improvement at PS 58 is one reason — people are now clamoring to get their kids into the school from other places and only 6 years ago most newcomers to the neighborhood found ways to get their kids into PS 29. Also, the rise of Smith Street and south Court Street means that there’s a very good quality of life. And despite people’s claims to the contrary, the F train isn’t that bad, and having it as the only subway line is simply not putting off buyers at all. (For that matter, it doesn’t put off renters either — I’ve never seen so many young hipsters renting in the neighborhood as I have in the last year).
The 4 listings here are still way overpriced, but I’d still guess that CG real estate generally is more valuable than in Ft. Green for example, despite not having the same beautiful housing stock.
I think the brokers are desperate to make as much money as they did in 2001-2006, so to make up for the number of listings, they are trying to rape the few they have with outlandish prices.
Thing is, even in a good market these prices are absurd. Fake listings.
Or maybe the it’s a mob effort. The houses are probably all mafia owned.
I think it’s one big hoax or a publicity stunt of some sort, especially the President Street & 3rd Place listings. Those are the worst offenders, in my opinion, and it would seem there’s some sort of fraud or money laundering going on there.
It’s a cartel effort.