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.
Tag Archives: Havemeyer prices
4 Nimitz Place, in Havemeyer, is offered today for $1.875 million. New construction on a quarter acre. My impression is that prices in Havemeyer have been falling and so this one’s fate could prove reassuring to Havemeyer residents. If it sells for around its asking price, then the $875 the builder paid for the lot will put a nice floor under your own house, so to speak. If it doesn’t, watch out below.
Not long ago you could buy a tired old house, do a quick update and flip it for a tidy profit. Not now. This ranch was purchased for $1.2 million in October ’07, just as the air was leaking out of our market. The new owners added central a/c, a new kitchen, redid the baths and refinished the floors and perhaps added on 800 feet (can’t be positive from the listing). They put it back up for sale in April ’08 at $1.795 an aggressively high price, in my opinion, for the market that then existed, and couldn’t sell it. Today it’s come down to $1.395. If it keeps dropping, all of that work will have been for naught. Of course, that original $1.2 million purchase is probably worth something like $750,000 now so a loss was coming one way or the other, but the owners put in a lot of time and expense redoing this house without, it seems, getting much back for their effort.