Park Slope Home Asking $7.5 Million Speeds to Contract
With townhouses in “emerging” areas of Brooklyn closing for double what they were two years ago, the gap between, say, Bed Stuy or Crown Heights and Park Slope has been narrowing. We have been wondering if and when prices in Park Slope would shoot up. Well, now it looks like they will. The Park Slope brownstone…
With townhouses in “emerging” areas of Brooklyn closing for double what they were two years ago, the gap between, say, Bed Stuy or Crown Heights and Park Slope has been narrowing. We have been wondering if and when prices in Park Slope would shoot up. Well, now it looks like they will.
The Park Slope brownstone with a mostly modern renovation by CWB Architects at 250 Garfield Place, above, a House of the Day in February, is in contract after 23 days on the market. We won’t know, of course, what the final sale price is until the transaction closes and appears in public records, but usually a brief time to contract indicates a price at or above ask. If it does go for ask, $7,500,000, that would pencil out to about $1,802 per square foot, an extremely high figure for Brooklyn. (PropertyShark puts the house at 4,160 square feet.)
The pending sale is significant because, until now, most top-of-the-line row houses in Park Slope could be had between $3,500,000 and $4,500,000, a figure that has not changed much in the past five years or so. True, a handful of Park Slope houses have sold for more, but typically those fell into the “mansion” category in one way or another. And despite quite a few listings asking over $10,000,000 in the last few years, that barrier has proven a tough nut to crack for most, even for double- or triple-size properties with gardens and garages, such as 646 2nd Street, the former residence of writers Jonathan Safran Foer and Nicole Krauss. (It’s still available, by the way, and asking $13,000,000.)
The house at 250 Garfield isn’t the only high-ticket Park Slope house to be snapped up this month. The house at 930 President Street, asking 5,850,000, also has a signed contract, after 47 days on the market, according to StreetEasy. However, a House of the Day twice, it was on and off the market with different agents and listings (and a slightly lower price) in 2013 and did not sell.
Curbed was the first to write about the two sales.
Do you think Park Slope prices are poised to shoot up this spring? Is $7,500,000 the new $4,500,000?
250 Garfield Place [Brown Harris Stevens] GMAP
House of the Day: 250 Garfield Place [Brownstoner]
If that does happen, expect Bed Stuy prices to rise as well as Park Slope becomes even more unaffordable and brownstone Bed Stuy sees an increase in demand as people continue to turn to “the next best thing” (and Bed Stuy’s abundance of nice brownstone blocks are enough to keep it as “the next best thing” for many). Gone are the days where prices in Park Slope are outrageously higher than those in Bed Stuy, well at least as long as brownstones continue to be in such high demand. True, Bed Stuy has more violet crime than Park Slope, but I argue that the price differential reflects that in part. But, and let’s be serious, both long-time residents and transplants to Bed Stuy aren’t exactly dodging bullets walking home from work these days and can live in peace for the most part. Still, many people see where the neighborhood has come and where it is going, and view their purchases in Bed Stuy as very shrewd investments.