House of the Day: 524 3rd Street
The limestone house at 524 3rd Street just hit the market again for $3,000,000 after striking out at higher prices last year. When it was a House of the Day last March, the four-story house was asking $3,200,000. We have to say that the interiors were less impressive than we had expected, but that could…
The limestone house at 524 3rd Street just hit the market again for $3,000,000 after striking out at higher prices last year. When it was a House of the Day last March, the four-story house was asking $3,200,000. We have to say that the interiors were less impressive than we had expected, but that could largely be the fault of the pathetic photos included in the listings. (Three million bucks and the broker can’t spring for a decent photographer?) There’s certainly some nice period detail, don’t get us wrong, but the rooms feel more cramped than we had imagined. So what’s going on? Just a bad job on the part of the broker or just not a $3 million house? Or both?
524 3rd Street [CBHK] GMAP P*Shark
House of the Day: 524 3rd Street [Brownstoner]
“BHO, I am more of a Bear in the next three years kind of guy too, but the printing of money like freaking crazy is my wildcard. I would say Limestones like these are not going to see a drop to $1.5mm. They are ridiculous in beauty, access to transport and amenities, and just works of art. I think of them like antiques…not just homes. I am not sure if the wealthy that buy these limestones (now, not back in the day when Park Slope and BK in general were a bit shadier) really look at it as an investment into an asset but more as an investment into something beautiful where they can raise their families.” ~Lincolnslope
Lincoln, if you had any clue about “works of art” = the art market you would know that its half off peak pricing.
btw, wheres “The money manager who happens to live (speculated) in the ghetto” dibs? hahahahahah
It’s a complete waste of time even talking about this place.
The owner might as well list that ugly yellow chair on Craigslist for $3,000,000.
What’s the point in even talking about something so overpriced it’s a joke?
Huh? 5th Ave in PS used to be an armpit. Even just the last 5 years have seen huge changes on that street.
True about Park Slope, but if part of the reason the value of Fort Greene or South Slope, et al, increases because the overall quality of the neighborhood greatly improves, then that has to have an effect on the value of the neighborhoods that are several steps ahead in gentrification.
Yes, hood amenities got better. But we’re not talking about a super recently gentrified hood. park slope has been a great neighborhood (many shops, good schools, safe,…..) even before this prices surge. Diff story if park slope used to look like 4th ave and now we see it look like 7th or 5th ave.
One thing people keep missing in discussing pricing is the fact that many brownstone neighborhoods have undergone dramatic transformations in the last 10 years. They are much more stable, populated by people that are able to maintain their properties and many services have opened up. It is not a realistic comparison to say values went up because of no fundamental reason. And I don’t think there will be a large scale exodus of those people that have moved into these neighborhoods for that reason.
anything is possible. if prices can spike on no real fundamental reasons other the “way too loose & cheap” credit, then the drop can be as severe (or worst) on the way down (ie fundamentals are terrible). Anyone’s guess how far & how long the drop will be but conceptually, no reason to believe it cant drop 50% or more.
Are there people on this blog that really think this will go for 1.6mm in 18 months. That would be amazing! If that were the case, maybe even I would give it a gander.
Return of the brokers, posting on Brownstoner. This has all the signs of a delusional owner Whatever, buy it now for three, or buy it in eighteen months for 1.6, take your pick.