Sale at 192 Parsonage

that property was bought for $5.9M in '08. Theres no way the owner would take even close to 4mm that would be a firesale!! Be that as it may with a HALF ACRE LOT on a block all of the other parcels are usually around 1.5acres I agree with you on what it's worth. (I would pay 4mm for it tomorrow)

http://hamptons.curbed.com/archives/2010/08/17/two_years_later_sagg_cottage_wants_1m_in_appreciation.php

check that article out...

They may not have a choice if they want to sell it. What chump is going to drop $5mm+ for half acre with a one car garage in that location?

i hope your right...but chances are they're not that desperate where they're going to need to dump the property at a 2mm loss...and a brand new house like that on parsonage can probably rent for a couple hundred grand for the summer so even if they have a big mortgage on the property they should be able to cover the nut with the summer rent. Either way we will see and like i said if i knew i could buy this property for 4mm I would put an offer on it immediately (if you have some inside information that is)

Given they have it on the market at the price they do they need to sell it. Best case they sell if for 10% discount to current ask which would be $5.75mm. Factor in 5% commission of $288K. They net $5.47. So a loss of $450K which is probably $550-600K including closing costs when they purchased it. No one sells a house for a $550-600K loss unless they need to.

I suppose your correct. It might take a year or two for the owners to realize and actually bring themselves to accept such a low offer but your right; inevitably they will end up taking a beating when they sell.