House of the Day: 557 7th Street
It’s fair to say that the current owners of 557 7th Street got a good deal when they purchased this limestone house at 557 7th Street in Park Slope for $1,460,000 in 2006. According to the new listing, they’ve done some “updating” work in the meantime and are trying to fetch $2,200,000. Before they try…
It’s fair to say that the current owners of 557 7th Street got a good deal when they purchased this limestone house at 557 7th Street in Park Slope for $1,460,000 in 2006. According to the new listing, they’ve done some “updating” work in the meantime and are trying to fetch $2,200,000. Before they try to do that, they should try to get up some more photos; it’s hard to tell from the one photo provided what the 16-foot-wide house is really like. Do you think they have a shot at getting this asking price?
557 7th Street [Brown Harris Stevens] GMAP P*Shark
Oh, you must be a flipper.
Well, I disagree, and we will probably by a house largely in cash at some point. There is clearly a point at which rising interest rates depress real home values in excess of the gain you get from a lower interest rate. The price and rate changes at which these cross depends on your situation (how much down, how much borrowed). Mopar, don’t say things are absurd if you aren’t actually in the situation and have run the numbers. I guess you are just trying to be inflammatory.
Haley, that is absurd — unless you’re buying a home in all cash and don’t have to worry about the interest rates.
Hey Miss Muffett houses in prime areas will come down just wait.. I and others have been writing this for some time. Though if your looking to get a trophy property I doubt those will come down that much…
I concur with Aisling on the ridiculousness of considering low interest rates to be a good thing for your home value. For a cash buyer (which many of the bulls claim make up or will save the mid-to-higher end brownstone market), you want to buy when interest rates are HIGH, because home values are depressed by high rates and home values will rise as rates come down. Many people here say that these brownstones are affordable because people put down a lot of cash for the purchase. The more cash you have down the more high interest rates are in your…interest.
Haley
I’m right here, pierre. Click me and peep my history.
Miss Muffet, with all due respect, especially as I am not looking in Park Slope so do not have a grasp of the details, nonetheless, asking prices are irrelevant. The actual sale price, and whether it’s going up or down, is what matters.
Aishling, I don’t understand your post. Assuming a 30-year fixed-rate mortgage, why would you want to borrow at a higher rate? That means you’re paying more for your house. It means the price is higher.
The price is what you pay over the lifetime of the loan.
Miss Muffet are you sure this happend here on Brownstoner?
“DOW8000’s handle seemed like a joke, as if he were a prophet of doom”.
When was that? Who was DOW8000S&P800 ? LOL
On a serious note this HOTD is a cute little house with a great facade but 16ft is simply not appealing to a lot of folks….claustrophobic even though its a one family.
To answer Mr B’s question this will not sell @ $2.2m; it needs @ least a 25% reduction and even then will not be a good deal.