House of the Day: 86 Garfield Place
The question about 86 Garfield Place ain’t whether it’s nice—it’s cute as a button—but whether the asking price of $2,329,000 is realistic for a three-story house just up from 5th Avenue. The best context we have for the asking price is what it sold for back in the Spring of 2006. The number? $1,715,000. It’s…
The question about 86 Garfield Place ain’t whether it’s nice—it’s cute as a button—but whether the asking price of $2,329,000 is realistic for a three-story house just up from 5th Avenue. The best context we have for the asking price is what it sold for back in the Spring of 2006. The number? $1,715,000. It’s probable that the new owner did some work on the house in the meantime but whether he did $600,000 of work is another matter. In some ways, it doesn’t really matter though. The market will decide. Anyone checked it out in person yet?
86 Garfield Place [Aguayo & Huebener] GMAP P*Shark
actually, a couple of brownstones up the street sold for $2 million and above….100 garfield went for 2.2 and the narrow brownstone next door went for close to $2 million.
market went up after that. but not sure about what’s going on now. guess this will be a test.
Crazy.
Nutty price. If there had been significant upgrading wouldn’t A&H be showing up close ups of the baths and kitchen? And the floors look to be in lousy condition.
While I agree that it seems to be priced a bit to high for the size of the place, the comment by Fjorder “Potential buyers are going to want more than lovely architectural elements and proximity to good food for their 2.39M.” kind of made me laugh because, imo, that is the exact combination that will attract buyers – architectural detail and good food, can’t think of anything more attractive than buried treasure in the basement…
Any appraisal company has an incentive in broadcasting higher valuations on homes. When getting a loan or trying to justify the price you are asking for your home who wouldn’t want a company that is telling everyone that prices are continuing to sky rocket.
HMS states, “The report includes data on single- and multi-family homes as well as condominiums in neighborhoods that show both increases and decreases. The selected neighborhoods are deemed a fair reflection of Brooklyn sales, according to Sam Heskel, executive vice president of HMS Associates.”
Deemed fair by who? HMS, that’s who.
This means they are picking and choosing their data and MAY mean that they are purposely skewing their results to reflect higher numbers.
Having said that, even if the high number of 13% is legit, that means the price should be around the 2 million dollar mark.
Actually you are quite wrong, 3:34.
“Brooklyn home prices were up 9 percent in the first three months of 2007 compared to a year ago, according to a report prepared by appraisal firm HMS Associates. The report tracks sales data on 16 Brooklyn neighborhoods.
Across the borough, single-family homes increased 13.3 percent from $607,000 to $669,000.”
LOL at the staging… the little kid’s easel in a sun-drenched corner, just waiting for little Jackson or Isabella.
The market has not increased more than 1-3% since the spring of 2006. I think the sellers still think the market is on fire like it was the prior 4 years. Hopefully they will wake up to the reality of the current housing market. Things are not getting any better. I expect prices are stagnent for the next few years.
a special neighborhood, indeed. but according to what i saw of the home’s interior, 2.39M is WAY too high an asking price. Potential buyers are going to want more than lovely architectural elements and proximity to good food for their 2.39M. I did notice that there are no photographs of the kitchen and bathrooms when i followed the link—where the previous owner could at least justify a significant, (but 600K!) jump in price since the spring of 2006. Are these spaces in need of updating? Did the current owner just sit on this property, hoping to cash in? I reckon the answer is yes to both questions.