Wednesday, October 6, 2010

Another Price Drop Candidate: 120 3rd Place

Some houses have list prices that are still stuck in 2008-mode. Others choose to sell. Sales have picked up in these areas, but for those willing to get realistic. We've documented a few places in this neighborhood that have fallen some $400K+ from list price to sale price. We see little exception here on 120 3rd Place. Originally listed at $1.95M during pre-crash 2008 according to Zillow, and seen here north of $2M as an "Open House Pick" on in 2008.

Brown Harris Stevens snatched up the listing in 2010 and put up some nice photos and a layout. They also dropped the price to $1.795M. We like what we're seeing, for maybe 25% less. They're not showing the exterior, 'cause there's not much to see there. The mumurs on brownstoner talk of a developer that meant to super-size the place and was thwarted, along with tenant issues that were allegedly mishandled. Property Shark says it was purchased for $1.73M in 2006, and then involved in some kind of $3.2M mortgage. Someone's gonna have to cut some losses.

Pro's: 4-family, nice floors and interior in available pics, proximity to Court Street, neighborhood

Con's: curb appeal, price, 1BR floorplan

Ideally: This place makes like the rest of the neighborhood and sells in the $1.4M range, tops.


  1. The listing currently says the contract has been signed on this place. We'll keep a look-out for the closing price.

  2. Wowza, closed for $1.71M on 5/3/2011