Price Cut at 273 Berry Street
The three-story townhouse at 273 Berry Street at South 1st Street on Williamsburg’s South Side hit the market last February with a price tag of $1,129,000, which is where it was when it was an Open House Pick in March. On Monday, the asking price was reduced by 7 percent to $1,049,000. The interior has…
The three-story townhouse at 273 Berry Street at South 1st Street on Williamsburg’s South Side hit the market last February with a price tag of $1,129,000, which is where it was when it was an Open House Pick in March. On Monday, the asking price was reduced by 7 percent to $1,049,000. The interior has about as much detail as you can expect to find in this part of town. The owner’s also willing to provide financing. Further to fall or about right now? GMAP
M4L, you trying to pick a fight? With residential deals you can foreclose and collect a deficiency!
I would love to live in a townhouse like this in Williamsburg on Berry St. It’s quiet and close to tons of great restaurants and retail (too many to mention, but list includes many home and garden stores as well as Aurora and Superior). But it’s $400,000 over my price range.
But I would think there would be a ton of artists and restauranteurs and small business people in Williamsburg that would have the money and kids and jump at a chance like this.
Interesting about the seller financing — good solution to banks unwilling to fund jumbo mortgages. Does that mean the seller has a million sitting in the bank?
I’m surprised it hasn’t sold already. Maybe strike a deal at $999,999 and avoid the mansion tax.
DH, seller would prefer to get cash in hand & completely free & clear of the ppty vs holding a note after the sale. Mortgages are non-recourse loans in US – ie note holder can sue buyer for rest of note balance; can only repossess the ppty
“Yup chicken, buyer gives seller downpayment, seller gives buyer the property and takes back a mortgage and a note…”
Interesting – what are the risks involved with this? With so many people having trouble getting financing nowadays, why don’t you hear abotu thsi happening more?
Yup chicken, buyer gives seller downpayment, seller gives buyer the property and takes back a mortgage and a note…
“Basically, chicken. Owner financing, though not all that common, is more common here than outside the country, for sure.
Posted by: daveinbedstuy at April 29, 2009 11:17 AM”
But what is it DIBS? Does the seller provide the mortgage for you then? I can see that working if the seller is a bank (in the event of a foreclosure) but not otherwise…
Its a nice block, in a relatively quiet area (Berry does not get tons of traffic, and there is not much retail). Not sure what is up with the $71 taxes – even as a monthly figure that seems really low.
Totally M4L – I’m not one to say “for that price you could get something better in _________ neighborhood” but……
While I really like the burg – If i was in the market for a 1mill townhouse i think i would prefer something in great shape in Clinton Hill (or something amazing in Bed Stuy)
who / what is the addressible mkt / buyers for a small 1-2 family house in williamsburg priced $1M or more? Condos – that I understand who’s the target buyers are. if the addressible mkt is a cheaper $$ per sq ft vs condos then seller should just bite hard & cut deeper NOW and just sell it before condo prices there tank further.