Expired in Havemeyer

4 Nimitz Place

This Havemeyer modular on Nimitz Place nicely illustrates the rise and fall of prices there over the past five years. It was built on a quarter-acre that was listed for $799,000 in 2004 and sold in four days for $875,000. I don’t know what caused the delay that made this house miss the bubble but something must have happened because it didn’t show up for sale until May,2009, long after the music had stopped. The builder priced it at $1.875 and only dropped it $100,000 before its listing expired yesterday. I’m sure it will come back, either as a rental or a sale property, but at what price? More important, what price will a buyer pay for this? Those two new houses on Havemeyer Lane, admittedly a much busier location but still just a block away, started at $2.1 each and are selling for $1.2 or $1.1 and I believe the market is still falling. Whatever happens here, I don’t think we’ll see bidding wars on Havemeyer tear-downs for a while, and the days when a building lot could fetch almost $900,000 are gone – you should have sold two years ago.

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