Asking Price Dropped $300,000 at 30 Cambridge Pl

I think Brownstoner is on the money with 1.5 to 1.6. It looks like a very nice house and that would be in line with the neighborhood costs for a 4 story 2 fam in good shape.

Posted by: Anonymous at July 25, 2005 1:38 PM

If my memory servers me correctly I recall the house on Willoughby starting out very high. I recall it starting at about 1.75M then dropping to something like 1.65M after some time went by. I remember going to the open house and noticing that at the aprox.1.75M price point everything needed to be either updated and/or tastefully renovated. Unfortunately, I can not remember the address of the property. I believe the property was located on Willoughby between Clinton and Waverly or Washington and Clinton. Either block at that time was not warranting the high price tag. If the property never sold I guess the owner is waiting for more time to pass and hopefully unloading it then when the price makes more sense. This might actually work if the owner is paying low taxes with minimum upkeep for the house. The owner may spend aprox. 10K over the course of a year and get the extra/inflated 200k that he or she is asking for so long as the property value keeps rising and the neighborhood stays hot.

I personally think putting houses on the market for outrageous prices will hurt the owner in the long run. I think the mentality out there for some folks (especially brokers) is that someone will eventually buy the property at or near the specified price point one way or the other. In the past (a few years ago) folks would put their properties on the block at outrageous prices and eventually (if the location was right) someone would come along with the right number and the two parties would strike a deal. I personally think that this phenomenon is slowing down and in fact I am noticing prices getting slashed in order to make a deal. Today with so much development taking place and literally every real estate agent claiming that a particular area (basically the New Hot Spot) is going to blow up why would someone over pay for a sub par property or a property that is outrageously high. If someone is going to spend 2 mil on a property in Clinton Hill it better be either huge, really nice, centrally located, and be on a nice block or can produce a huge return. If not the potential buyer might as well look into other areas where they can get a nice space for a better price and renovate it to their taste Or go to a well established neighborhood where all the houses are fetching close to 2 mil or more and try and find a bargain. It doesn’t make sense to spend an extra 200k – 500k on a nice house with a few amenities if the houses on or around the corner are 200k-500k cheaper. Also, you sellers out there have to keep in mind the mentality of those fortunate enough to spend aprox. 2 mil. More than likely if they can afford 2 mil they do not need to buy an over priced house because I would assume the fortunate tend to be in a position where they can customize the space to their liking if it is in Brooklyn.

Posted by: Anonymous at July 25, 2005 3:43 PM

Are there any properties in Prospect Heights with comparable stats for sale that you are aware off? Within this price point off course.

Posted by: Anonymous at July 26, 2005 10:45 AM

I would love to come across a property that needs everything (electric, plumbing, etc.) that has comparable dimensions. Does anyone know if such a property exists in Prospect Heights, Clinton Hill, Park Slope, or Fort Greene for perhaps 1.1M or 1.2M?

Posted by: Anonymous at July 26, 2005 11:55 AM

All of Clinton Hill is "close to Bed-Stuy". Classon Ave is the traditional bounday. Cambridge Place is still several blocks away and a beautiful few blocks. I wouldn't worry about the location, rather, I'd be worried that it would be very hard to find an affordable house.

Posted by: Anonymous at July 26, 2005 3:50 PM