September 1, 2009
What is going on in the New York housing market and around the US? Living in Canada, I get American feeds (and, love reading the Drudge Report), as well as all the international papers online . Nevertheless, it is quite hard to get a full sense of the current state of the housing market in the US. As such, I was amazed to see this deal from New York. The Bailey mansion, a rare 12,000 square foot free-standing house in Harlem originally listed at $10 million sells for $1.4 million. Wow.
Here is what the Wall Street Journal had to say:
Originally listed in November 2008 for $10 million, the 121-year-old house sold in July for $1.4 million. Stribling agent Lori Huler Gluck blamed the weak economy when sellers chopped to list price to $6.5 million in April. It goes without saying that Harlem has been one of the hardest-hit markets in Manhattan.
This house also has a cool history. It was built by circus entrepreneur James A. Bailey, as his last residences, but he didn’t care much for the area. As per the New York Times:
Bailey thought that St. Nicholas Place would be lined with other mansions and would develop into a Harlem version of lower Riverside Drive. But Bailey was disappointed by apartment construction in the area in the 1890’s… and moved to Mount Vernon, N.Y.
Have any cool examples of what is going on in any international housing markets? Send them our way, firstname.lastname@example.org.