Wednesday, February 1, 2012

The Audacity of Hope: 389 8th Street

Park Slope prices may be out of control, but that doesn't mean you can throw any ol' house up there and expect to land well over $2M. That's a lesson 572 Pacific Street is learning with a recent price drop of $145K last week. It's a lesson that we expect the freshly-listed 389 8th Street will soon learn too. With a list price of $2.425M and some pictures that show a modest renovation, we think they're really hoping to be a part of a Park Slope price point they're not quite ready for. You still gotta knock people's socks off somehow in this mid-$2M range.

Are your socks still on?? So are ours. Ya gotta give us more than 2 interior pictures for this price, please. The price says "Park Slope", but so far the interior says "Gowanus".

Take 184 St. Johns Place, for example, which came out for $2.3M with a great exterior & interior back in November. With original details & stylish updates making it classic AND turnkey, it was in contract in 3 weeks and closed all-cash over $100K above asking price. Did we mention, they took pictures? Even as prices shoot through the stratosphere, there are still too many great properties to choose from in the mid-$2M's to fake the funk. What's the angle on 389 8th Street? 233 Garfield is a better buy. 298 State Street is a better buy. 104 Berkeley is a better buy. And we're covering one tomorrow that's a WAY better buy.

Pro's: location, and, um....

Con's: mediocre renovation, dunno if 3-family's command this price even in the Slope, better buys abound

Ideally: prices are high, but it's not a free-for-all, people!


  1. After dropping to $2.275M, this house closed for $2.145M a few months back.