House of the Day: 586 4th Street
$3 million is no longer a lay-up asking price in Park Slope, but this limestone house at 586 4th Street seems to have what it takes. It’s in a Park block, generously proportioned and chock full of original details like parquet floors, mahogany paneling and plaster crown moldings. Do you agree that the $2,999,999 asking…
$3 million is no longer a lay-up asking price in Park Slope, but this limestone house at 586 4th Street seems to have what it takes. It’s in a Park block, generously proportioned and chock full of original details like parquet floors, mahogany paneling and plaster crown moldings. Do you agree that the $2,999,999 asking price is realistic?
586 4th Street [Corcoran] GMAP P*Shark
The price reflects the fact that the house though beautiful is only three floors. The basement is a basement, not a garden level.
i love the way people insist that new york city is totally insulated from the wider real estate (rather, economic) trends. think about this — when the RE market was on the rise (last year, year before) you could see it in any major city center. everywhere, people paying a premium for city living, loft-condo conversions of once-undesirable spaces, etc. one would have to agree that at one point there was some degree of parity in market behavior, even if NY prices were scaled up from other metropolitan areas.
doesn’t it seem unreasonable to maintain that the relationship no longer holds when the market is moving in the opposite direction?
The 3380 square footage figure is 3 floors + the kitchen. It seems like they are treating the garden level like a basement. Personally, I don’t think that $/sq ft is a very useful barometer in these Brooklyn houses. That comparison works fine for commercial spaces and cookie-cutter apartments. But these houses vary wildly in both condition and how effectively they use their square footage.
I guess there are no takers on my square footage question, but I think 11217 really does have a point, which is that properties priced more aggressively make sense in the current market. As Paluka points out, NY is different from rest of the country, which is why we have not seen the same market crash here that has happened in other areas. But we are seeing a softening, and NYC is not totally immune to what is happening elsewhere. Historically, NYC has lagged the rest of the country, and in deed there are many reasons to think real price declines may happen here. Not as bad as Vegas and Miami, but certainly enough to be considered a “correction”.
I think it’s SPUNK-TABULOUS!!!!!
Wow do I wish I had $3M. They could keep the change.
I think most people understand what is going on in real estate outside Brooklyn, but most people also understand that Brooklyn and New York City have very little to do with the rest of the country. There is very limited land in the city. Incomes are higher here. There was never an epidemic of subprime and other questionable mortgages in brownstone brooklyn. New York has been rapidly gentrifying leading to more people with money being willing to live here with kids longer and need larger spaces. There is a ton of foreign money pouring into the real estate market here as well. New York is just not the rest of the country. There are some good reasons why we might see a price drop in real estate here, but the fact that there are too many condos sitting on the market in Miami and Vegas isn’t really one of them.
sellers: if you want to move your house. take the price your broker gave and shave it in half. this place would be a steal at $1.499999mn.
overpriced, 2.1 tops.
“11217 once again takes the high road and personally criticizes EVERYONE on this board. LOL.”
No, I was actually referring mainly to you, Brooklynnative.
And I take back my personal attack comment. You deserve it. You are nasty. One of the reasons I never commented on Brownstoner before last week was because of people like you who seem to actually get off on being rude and inconsiderate.