House of the Day: 23 South Portland Avenue
Hey, just because South Portland Avenue was voted the best block in New York doesn’t mean you can just slap any old price on a house and expect it to fly off the shelf. Which is what the owners of 23 South Portland (who also own 4 South Portland) have done. Granted it’s a five-story…
Hey, just because South Portland Avenue was voted the best block in New York doesn’t mean you can just slap any old price on a house and expect it to fly off the shelf. Which is what the owners of 23 South Portland (who also own 4 South Portland) have done. Granted it’s a five-story house, but it’s been an SRO forever (though the owner claims to have received a Certificate of Non Harrassment) and is in need of a total renovation. (An email we received from a neighbor said that this is a case of renovatus interuptus—the interior is totally demo’d and the backyard full of sandbags. We’ve got no info on why the owner/developer is cutting and running. The recent title and mortgage history is a little tricky to follow too, but the house has changed ownership a couple of times since 2004, most recently in January of this year. The price of that transaction is not provided (possibly because it was simply a transfer between related parties?) but it was accompanied by a $1,680,000 mortgage. Given that you can pick up the perfectly restored house across the street for $2,600,000, the asking price of $2,500,000 for a place that needs a complete make-over seems like a relative rip-off. Then again, what would five floor-through condos on this block net you? Clearly that’s the only way this price could make any sense.
23 South Portland Avenue [Christmas Realty] GMAP P*Shark
What a sick joke.
23 South P. is a total disaster package–run. They did some of that demo work last year without a permit and created cracks in the building next door. Also, the broker is dishonest.
[And for the record, 30 South P., the house across the street everyone keeps referring to, is gone.
http://www.bhsbrooklyn.com/detail.asp?id=727404
I guess everyone dropped this thread. Sorry 1:08 you didn’t get the house. Did you bid under the asking? You might have eventually had quite a bit to do in the house because there are some issues/quirks that only the initiated know. Luckily the seller is getting out for a decent selling price in FG. The person who wrote it should go for 2, maybe a little less is not correct. I could have predicted it would sell for over 2, NOT under 2…goodness sakes.
Sorry you didn’t get it.
“You aren’t supposed to time the market for regular investments”
http://en.wikipedia.org/wiki/Propaganda
“How does this work exactly?”
http://tinyurl.com/mythk
I agree 2:21, but I am certain that the 30 S. Portland house, if it were located in Park Slope, would be going for 3.6. It’s a much grander/larger-scaled house than for ex., the Berkeley listing that everyone keeps mentioning. But Ft. Greene is definitely overpriced in general, even if it is beautiful.
i think paying 2.6 million for a townhouse in park slope (at least the northern part) makes sense. it’s lovely, has many services, near a big park, has subway access, etc.
i think ft. greene is gorgeous too, and i’d say 2 million sounds about right. maybe a little less.
i do not think ft. greene (which gentrified 20 years after park slope) should be commanding the same prices yet. it’s just not far enough along in the process yet to ask for these prices.
Different strokes…that’s all, although maybe you’re right. However, it was “reasonably priced” when you take into account comparables and recent sales in the immediate area, as well as some of the insanely overpriced listings too. These numbers are outrageous in general, you have a point.
i don’t call 2.6 million for a house in ft. greene reasonably priced.
if you were outbid, someone else is even more foolish than you are.
1:08 here: that’s awesome that you’d think I was the broker, considering most every comment I make about HOTDs are actually really negative because I think most are shit and overpriced. So everyone on this thread, including Brownstoner himself, that appreciated 30 So. Portland as a house, and thought it was reasonably priced relative to other properties is a broker? I was a prospective buyer, fell in love with that house, was outbid and am still sad about it. I checked out 23 So. Portland soon thereafter and was appalled that they were asking essentially the same price as 30 So. Portland. Nothing more, nothing less. BTW, the broker who was handling the 30 So. Portland house is incredibly nice, so I highly recommend using her! And yes, the property is in contract. I was supposed to be contacted if the sale didn’t go through, and I’m still waiting… You know, it IS possible to actually say something nice about a house, and not trash its asking price, without being a broker!