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The state of the Fort Greene townhouse market

Despite all the rhetoric on brownstoner's very popular House of the Day discussions, where naysayers decry the asking price of a specific Fort Greene townhouse, the market has spoken and the word is that the Fort Greene townhouse market is being buffeted by Manhattan buyers.

We have three specific examples.

The first townhouse at 211 Carlton, listed at $2.655MM, sold at asking price. The second, on 53 South Oxford, was an ostensible flip job, and sold at $1.83MM. It was originally listed at $1.975MM after having sold for $1.375MM in July 2006. The third, at 344 Carlton, sold for $2.48MM.

The not-so-surprising tidbit? All three buyers came from the island of Manhattan - the Upper West Side, the Lower East Side and the East Village, respectively. What this all boils down to, is that a wealthy Manhattan buyer(s) will pay a premium for the limited amount of brownstone stock in this neighborhood.

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At November 14, 2007 7:01 AM, Anonymous Anonymous said...

as others have said...all it takes is one wealthy manhattanite to pay these crazy prices.

At November 14, 2007 5:51 PM, Anonymous Anonymous said...

I agree with you. Ft. Greene is turning out to be the hippest neighborhood around and the word is getting out. The combination of architecture, peoples, restaurants, culture, transportation and general good feeling draws the smart money to the area. Plus, they don't build 150 year old buildings any more.

At November 14, 2007 8:01 PM, Anonymous Anonymous said...

but, when the prices keep going up and up, what happens to the people and culture then?


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