Another memorable address that has been on the market for the past year is 130 West 130th Street. The single family, 18 foot wide (according to records but this looks more like a 16 footer), 4 bedroom, 3.5 bath house, between ACP 7th Avenue and Lenox, originally came on the market back last August for the asking price of $3.2 million. A couple of price adjustments later, the property is now currently asking for $2.3 million. There's about 3,400 square foot to the space (depending on who you ask) which has most of its original details on the upper floors, but the garden level is a bit modern, as can be seen from the lower photos. It's a good five minute walk to 2,3 trains at 125th Street and there's one serious looking shell next door. Otherwise, the block is quiet, tree-lined and is pretty intact with brownstones on both sides. More interior photos can be found in our past post:
LINK. House photo by Ulysses
Another memorable address that has been on the market for the past year is 130 West 130th Street. The single family, 18 foot wide (according to records but this looks more like a 16 footer), 4 bedroom, 3.5 bath house, between ACP 7th Avenue and Lenox, originally came on the market back last August for the asking price of $3.2 million. A couple of price adjustments later, the property is now currently asking for $2.3 million. There's about 3,400 square foot to the space (depending on who you ask) which has most of its original details on the upper floors, but the garden level is a bit modern, as can be seen from the lower photos. It's a good five minute walk to 2,3 trains at 125th Street and there's one serious looking shell next door. Otherwise, the block is quiet, tree-lined and is pretty intact with brownstones on both sides. More interior photos can be found in our past post: LINK. House photo by Ulysses
Overpriced by $1MM. won't sell at this price.
ReplyDeleteWonder who determined and derived $3.2M? Simply more evidence Harlem real estate is founded on "the greater fool" theory, crossing your fingers and hoping PT Barnum was right (a sucker is born every day). Don't laugh, lots bought in on this foundation in '06, '07, '08, and '09, they just did not realize it and even today won't concede it. Let's say if this Brownstone ultimately sells for $1.6, and that's a big *if*, then it will sell at 50% of it's original asking price inside of 1 year. Profound and revealing evidence of the Harlem market having no integrity whatsoever. You simply can't believe, buy into, and drink the kool-aid of the real estate hacks. Prices and values are declared out of thin air, in hopes PT Barnum was indeed proven one more time right!
ReplyDeleteUgh...this guy again? Can he come up with a new line at least?
ReplyDeleteThat's Corey Scott or whatever his name is.
ReplyDeleteCory puts his name on his post and doesn't use colorful Barnum comparisons. This is the Sai Baba guy.
ReplyDeleteThanks for the recognition I feel like a star. I was going to avoid this one because the prices is just to crazy. Single family home, Not in a historic district, close to Lenox, need I say more? This is a nice block with very nice people on it but it also has quite a few boarded up buildings. At the last 32 precinct meeting this block was labeled as a "hot spot" for teen gang. There is also a gut renovated 3 family on a nicer block 3 doors down from me listed at 1.5 he would take 1.1. I'm praying that I am wrong. I would love for this place to get 2 million then I can list mine for 90 million.
ReplyDeleteLOL - I'm a homeowner in Harlem, but some of the pricing for Brownstones listed by owners and realtors are comical. Can you say - Price Gouging!
ReplyDeleteReal estate pricing in Harlem represents the tension and disconnect between the old Harlem and downtown Manhattan. Not so long ago, these two areas might as well have been on different planets with different values where people would never cross over the 110th street demarcation to live, like in the Bobby Womack song “Across 110th Street”. Now these different worlds (and values) are melting together with buyers from downtown comparing Harlem with what is on offer one or more subway stops south. So to some these brownstone prices seem fanciful while to others they seem like a steal, depending on your values. As always, the final price will be what the market will bear.
ReplyDeleteI kind of agree with Westsider - the price is what the market will bear, and for many folks, Harlem is the last opportunity to buy a house in Manhattan for a somewhat reasonable price. You really can't find much anywhere else in Manhattan for less than $4-5 million - the listings you see less tend to have serious issues: rent controlled tenants, need a gut renovation, are super-narrow, etc.
ReplyDeleteYes, Harlem still has issues: failing public schools, crime, lack of retail, some boarded up buildings. But let's not pretend the public school situation is much better on, say, 105th & Riverside Drive or Carnegie Hill where you'd pay $5-$6 million or more for a townhouse (the good UES and UWS public schools are farther down), and crime is still relatively low compared to most US cities. The retail isn't great - but improving everyday, and even dramatically throughout this downturn.
And yes, many of these buyers are former "downtown" buyers with money.