House of the Day: 31 Prospect Park West Revisited
We’re not sure which rock we’ve been living under, but while we were asleep at the wheel 31 Prospect Park West has been in free-fall. The 2,800-square-foot one-family overlooking the park settled at $2,600,000 a couple of weeks ago, after starting at $3,250,000 in April and making stops at $2,995,000, $2,895,000 and $2,800,000 along the…
We’re not sure which rock we’ve been living under, but while we were asleep at the wheel 31 Prospect Park West has been in free-fall. The 2,800-square-foot one-family overlooking the park settled at $2,600,000 a couple of weeks ago, after starting at $3,250,000 in April and making stops at $2,995,000, $2,895,000 and $2,800,000 along the way. It’s now priced below $1,000 per foot and does have a driveway, so it’s gotta be getting close!
31 Prospect Park West [Corcoran] GMAP P*Shark
House of the Day: 31 Prospect Park West [Brownstoner]
Price History [StreetEasy]
aw, just tell the prince there’s a steal of a deal on ppw… :^)
Is that the Prince of “Do Buy”?
I own a small co-op in Park Slope, one in which I plan to live in long term and honestly could not give two rats asses if it increases in value. So never was it in my brain that I’d get rich from the purchase of my home.
My mortgage and maintenance are at least a couple hundred dollars less than my place costs to rent (got a great deal fsbo) and love my hood.
Speaking of arab princes, I’m off to Dubai in two weeks…I’ll tell him you said hi.
i didn’t say dumbo was the only brooklyn nabe to have sweeping changes and i’m not going to argue with someone so clearly set in their beliefs as you 11217, so keep believing your park slope place will make you rich as an arab prince for all eternity…
Well if you read any of my other posts, you would know that I do think prices will correct. I think probably 10-15% in NYC.
You do realize that nationwide, the median price has dropped 15%, correct? That means many areas have seen less then that, because cities like Los Angeles, Miami, Las Vegas and Miami make up a bulk of the declines with those cities tallying up almost 30% drops.
If you think Dumbo is the only area of Brooklyn which has seen sweeping changes in the last 10 years means you aren’t really very familiar with Brooklyn, in my opinion.
In the last 5 years, it has become “cool” to live in Brooklyn. That, in fact even trumps many of the MASSIVE changes in terms of restaurants, bars, shops, reduced crime, increase in quality of public schools and a new downtown Brooklyn in the midst of a major revival.
I actually HOPE Brooklyn and NYC prices slide a bit to keep this city interesting, diverse and affordable to the creative and moderate income folks. That’s what made it special for me, and I hope others have the same fortune.
clearly nabes that have had complete makeovers like dumbo will not return to pre bubble levels but others like brooklyn heights, park slope, cobble hill, and most of manhattan will. incomes in nyc simply have not kept up with real estate prices and must correct. to think they won’t is short-sighted…
I wonder how the upcoming elections will affect the NYC housing market. There is so much uncertainty in the air, with the volatile stock market, credit crisis, recession, Bloomberg & Patterson’s doom & gloom etc. Whatever his faults, Bloomberg has done a great job steering the city through potentially tough financial times (i.e. 2001-2002) and I really wonder how his successor will do, and even who his successor is likely to be (does not seem to be much excitement about any of them). And then there is the question of our next president. Anyway, this house really does seem overpriced given how small & unremarkable it is, but as for what it says about the broader market, I’m curious what others think about these external political factors, and the role they will play.
Travy,
I do not agree. Since 1999/2000, many of the areas we are speaking about in Brooklyn are 100 times better/cleaner/safer than they were 9 years ago.
There would absolutely be appreciation due to gentrification of these neighborhoods outside the factors of the housing bubble.
To compare 5th Avenue in 1999 to 5th Avenue in 2008 or Dumbo in 1999 vs. 2008 or Bed Stuy or Vanderbilt (the list continues) is like night and day.
Your comment seems very short-sighted.
11217…email me at davebedstuy@yahoo.com if you would