Wednesday, April 18, 2012

It's Not Rocket Science: 124 Park Place

If you're a Park Slope tire-kicker whose low-ball offers are falling on deaf ears, you don't have to be Einstein to know his definition of insanity.

Maybe try a different strategy? Afterall, when mortgage rates are fixed around 4% for 30 years, but Park Slope prices keep going up 5% every other week... well, you do the math. If you've spent over 6 months bidding $1.5M not to get a place, now you have to bid $1.8M to not get a place. Imagine how much you'll have to pay when you actually decide to put in a competitive bid. If you're a step behind the curve in an up market, then watch out. Accordingly, when Corcoran drops 124 Park Place for $2.7M, gets more than a handful of offers in a few weeks, and a contract within a month - it's no surprise to see it close for $2.91M 3 weeks ago.

With over 4,000 sqft of parquet floors, exposed brick, sick moldings, and modern upgrades, the offers just poured in on this north Slope 2-Family brownstone. While Brownstoner's busy "suspect[ing] there’s a small discount to make up for the fact that it’s so close to Flatbush Avenue," Corcoran's moving this listing out the door well above ask. Besides, there's a little thing we like to call 7th Avenue that provides a pretty decent buffer between this house and Flatbush. Pro's obviously outweighed the Con's for a number of people. Who has time to worry about tacky furniture when the deck & view is this nice?

After you recover a bit from the sticker shock, we'd like to point out that this house still listed below the average price per square foot in Park Slope. (Just to keep things in perspective here.)

Pro's: size, curb appeal, great restoration with modern upgrades, above-average quality for less than the average psf in Park Slope

Con's: went in a flash for well above ask, cry PS 282 if you must

Ideally: bid realistically now, or forever hold your peace

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