As Market Shifts, A Flight to Quality
Broad statistics sure aren’t painting a very clear picture of the market dynamics these days. A couple of recent examples illustrate the flight to quality that’s happening right now. Close readers of the comments may know already that 191 Washington Park, an Open House Pick on August 25th, went into contract within a matter of…
Broad statistics sure aren’t painting a very clear picture of the market dynamics these days. A couple of recent examples illustrate the flight to quality that’s happening right now. Close readers of the comments may know already that 191 Washington Park, an Open House Pick on August 25th, went into contract within a matter of days of its first showing at the asking price of $1.9 million. Other, more marginal properties, have been languishing for months. Take, for example, 52 Irving Place. Back when it was a House of the Day on March 6th, we were surprised to see a house in Clinton Hill for under a million bucks. It had recently been cut from $999,000 to $975,000. Clearly that didn’t do the trick and the owners are getting antsy. It resurfaced last week on Craigslist for $700,000. Now, we’ve seen some price cuts in our day, but this is one of the most drastic. Think it will move quickly at this price?
Open House Picks [Brownstoner]
HOTD: 52 Irving [Brownstoner]
Reduced: Clinton Hill One Family [Craigslist] GMAP P*Shark
the block of the clinto hill house is crappy. if it was like 2 blocks over closer to washington would be a good buy.
In Pricing 191, I seriously considered the sale of 190 the prior year and used it as a benchmark as to what I could possibly hope for in selling 191. Professional broker’s opinions as to listing price varied from less to more by about 5% either way. 190 is far more finished on the interior, has a legal 2 family status, has better details and layout, and does not require anywhere near the amount of work that 191 would require to convert to a single family dwelling. It is as a single family dwelling that these houses can maximize price vs square ft. Furthermore, 190 was sold as a result of a sealed bid contest, and was originally under priced at 2 million. It is my belief that both buyers got great properties that they wanted and at a good value.
Not surprised that 191 Washington Park sold for asking. Even if someone wanted to put $4-500k into it (or more), the price still looks good for a 20′ 4-story brownstone on the park. Quality.
To Anonymous at 11:08, regarding the house next door (190), I didn’t see the inside, but the exterior is much more impressive, with unusual curved windows, etc., so I’m not surprised it sold for more. Plus, it has an extension, while 191 does not.
If I were not already in contract for a 5-story house nearby, I would have seriously considered 191, although I have to say it felt narrow to me (I’m buying at 22’er).
Yeah we really need to put some pressure on the drug dealers on Irving. Quite frankly the buildings the operate out of are much smaller, and perhaps more susceptible to pressure on their owners. The interaction between the prositutes, their johns, the runners and the dealers is quite a ballet from 9 pm until the morning hours.
I live on Irving Place and my partner and I were woken up on July 3rd to the sound of gunshots. Originally we thought it was some pre-July 4th revelry until we found the .38 shell casings on the sidewalk the next morning. We’ve lived on this block for two years and I have mixed feelings about how ‘safe’ I feel here. It’s fine during the day but late at night and wee hours of the early morning feel a bit off to me.
Looks like the stock market is setting to tumble to:
http://www.newyorkbusiness.com/news.cms?id=14702
Where oh where can I put my money?
Looked it up, 27 units. Rent stabilized explains a lot.
i don’t know if it has that many units in it, but yes, a nice-looking stone apartment building. rent-stabilized, of course.
56 lefferts place is an apartment building, nice looking from the outside, with about 25 or 30 units, right?