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September 25, 2006
Recently Sold in Brooklyn
SUNSET PARK $950,000
555 48th Street
Three-story, two-family brownstone built in 1901. Three-bedroom owner's duplex and a two-bedroom top floor rental. Parlor floor has 12-ft ceilings and original details, including an exquisite 8 ft. oak pier mirror and oak fireplace mantel with tile surrounds. One week on market. Broker: Mayra Ortiz, The Corcoran Group.
555 48th Street [Corcoran]
BROOKLYN HEIGHTS $314,000
160 Columbia Heights
500-sq.-ft. studio co-op in a prewar Srt Deco building; 24-hr. doormen; renovated kitchen and bath, high ceilings, hardwood floors, Manhattan skyline view; maintenance $585, 50% tax deductible; listed at $329,000, 1 week on market. Broker: Brooklyn Heights Real Estate.
PROSPECT HEIGHTS $385,000
365 St. John's Place
2-bedroom, 1-bath, 700-sq.-ft. co-op in a prewar building; renovated eat-in kitchen, high ceilings, hardwood floors, 2 exposures, Manhattan skyline view; maintenance $430, 48% tax-deductible; listed at $399,000, 15 weeks on market. Broker: Coldwell Banker Hunt Kennedy & Garfield.
First item submitted by broker; second and third items from the print edition of Thursday's New York Times.
Comments
who is the idiot who paid nearly $1MM to live in sunset park?
Posted by: anon at September 25, 2006 11:12 AM
For 1/2rd the price, Sunset Park is a much better deal that Park Slope or Prospect Heights and the ethnic food (Mexican and Chinese) is a million times better.
I live in Soho, but would rather live in Sunset Park than pretty much anywhere else in Brooklyn.
But then again, I love REALLY to eat.
Posted by: Anonymous at September 25, 2006 11:41 AM
anon 11:12, apparently it wasn't you. Amazing isn't it, that values continue to rise and properties continue to sell while you sit on the sideline gnashing your teeth praying for the crash. How pro-active is that.
Sunset Park, those houses were going for 500K 2 years ago.
Maybe 2 years from now you'll be able to afford a place in East New York, Brownsville, Bensonhurst or Canarsie.
Posted by: Anonymous at September 25, 2006 11:44 AM
Park Slope AND Sunset Park are overpriced.
Posted by: Anonymous at September 25, 2006 12:01 PM
anon 11:44. why so much hostility? is any criticism of price just jealousy? sounds like you're more worried than he is that prices might drop. in 1999 everyone said the stock market was going to keep it's pace for another 30 years. EVERYTHING goes down, at some point or another. and yes, I am a homeowner.
Posted by: Anonymous at September 25, 2006 12:07 PM
I am not sure the Sunset Park buyer was such an idiot. Zillow appraises the house at about 887,000.
Posted by: crouchback at September 25, 2006 12:09 PM
hey 11:44...I'm glad you are able to judge me. First of all, I own a house I bought last June...so you are wrong there.
Secondly, as a lifelong Brooklynite, I promise you that that house in Sunset Park will not be worth that price for at least 5-10 years.
Thirdly, I am not praying for the crash, as I just bought...so you are wrong there.
So before you assume anything, you should know what the F**K you are talking about.
I have an opinion...my opinion is that if you paid nearly $1MM to live in Sunset Park then you are a friggin' idiot...but I also think that of you considering you assume stuff about me that just aren't true. Have a good one.
Posted by: anon at September 25, 2006 12:09 PM
hey crouchback...we cannot rely on zillow...they are entirely inaccurate.
Posted by: anon at September 25, 2006 12:10 PM
If someone can afford to pay almost $1m can't be too much of an idiot.
It is the way the 1st responder commented that is instigating, offensive and lame.
Plenty of neighorhoods, parcels I would not be interested in but I don't assume all others have same priorities as myself.
Posted by: Anonymous at September 25, 2006 12:26 PM
anon 12:07 PM PM, I'm surprised that you sensed hostility in my posting but you didn't see any of the same in anon 11:12 AM or anon 12:09 PM's comments.
Posted by: Anonymous at September 25, 2006 12:42 PM
who is to say what over-priced is? not everyone is on the don't-buy-let's-wait boycott bandwagon. why do we have to bash anyone who goes against the grain of what we believe to be acceptable/rational in this market. Maybe the buyer got locked into a contract that they couldn't get out of. Maybe he/she sees value in the house and the neighborhood that we can't see. Maybe he/she is part of an entirely different circle that is willing to plop down a million on a Sunset Park beauty. Who are we to determine that that buyer is an idiot.
Posted by: Anonymous at September 25, 2006 12:49 PM
sunset park is quietly improving and prices are climbing for both sales and rentals.
While there isn't a lot of buzz about sunset park, the people who go out there find that they like it. I know a number of people who initially went to SP for cheap rent and are staying because they really like the neighborhood.
My guess is that most of the people who are bashing Sunset Park have not taken some time to head out there and walk around recently.
Posted by: a at September 25, 2006 12:55 PM
"Secondly, as a lifelong Brooklynite, I promise you that that house in Sunset Park will not be worth that price for at least 5-10 years."
famous last words.
Posted by: Anonymous at September 25, 2006 1:04 PM
you people live in fantasy land. there is no way that house is worth $1MM in that neighborhood. the schools are some of the worst performing in that neighborhood. 5th ave shopping is simply 99 cent stores and the like. the commute to midtown is 45 minutes, on a good day. come on...dont get so offended b/c not EVERY neighborhood in brooklyn is worth $1MM. some neighborhoods arent. clearly bay ridge is a better neighborhood than sunset park, and that house wouldn't sell for that much there. let's at least be honest and stop the BS.
Posted by: anon at September 25, 2006 1:08 PM
Two years ago I went for a walk in Sunset Park and was litterally chased down the street by some guy who wanted to sell me his townhouse for $450K. I guess he figured because I was white I was looking to buy.
I regrett not taking that guy up on his offer. Sunset Park has the best food in Brooklyn.
I can't stand the suedo French cafes you folks hang out at in Park Slope and Fort Green.
Posted by: Anonymous at September 25, 2006 1:21 PM
you can't argue over the price of a house that has already s.o.l.d.
The buyer and seller agreed on a price; the house most likely appraised for that amount and, if the current owner took out a mortgage, the bank/lender provided the mortgage based on that value.
You can't argue with a currently established value. A more sensible discussion would be whether or not the house will maintain its current value in the near future.
I'm not happy with the prices either. I've given up the idea of owning a brownstone (anywhere in brooklyn, queens or the bronx) as a pipe dream. I have adjusted my expectations and I'm willing to consider living in an apartment. If I want a house in nyc, I'm going to either have to win the lotto, marry for money :], or get a higher paying job.
Posted by: Anonymous at September 25, 2006 1:51 PM
Of course you can argue about the price of a house that's been sold. Isn't that the point?
While at least two people - the buyer and the seller - agreed that this house was "worth" $1 million, I dont know. Is approx $370/ sq ft out of line for the neighborhood? Whats the going rate for Park Slope or Bay Ridge.
Regardless of the per sq ft price, the buyer seemed to be paying a lot for a house in a neighborhood with few amenities. Sunset Park has a long way to go to compete with Park Slope or Bay Ridge, despite the mutiple ethnic food choices.
Posted by: bored at work at September 25, 2006 4:53 PM
950 is well within the range for brownstones in Sunset Park. The poster who says otherwise is sadly out of date on prices in that neighborhood. This is by no means a high price for the neighborhood.
Posted by: Anonymous at September 25, 2006 6:34 PM
We live two blocks over from the Sunset Park, 48th St house. 48th st is a very pretty tree lined block. Anyway, I too am surprised to hear that this house sold for 950 but not real surprised since I've been watching prices climb for some time now. This area has some of the most beautiful original brownstones around. I would rather live here than South Slope for that reason. I'm still waiting for people to make the leap over the cemetery and notice the beautiful housing stock of Sunset Park. . Sunset Park is changing, it's slow but I see much more improvement every year. Many young couples & artists have been moving in, making this not just an immigrant neighborhood. You can see our house on the "My Brownstone' section of this site if you're interested. When prices do come down I hope some of you will consider this area and bring some trendy restaurants with you!
Posted by: Rick at September 25, 2006 6:41 PM
Why are people who want to sell $2MM houses in Brooklyn talking about the good public schools? There is a huge disconnect because many of these people that own these old brownstones that they want to sell for upwards of $2MM are at a very different economic level as the folks they are trying to sell to. Why would you buy a house foe $2MM and then send your kids to public school? If you can afford the $2MM you can afford the St. Ann's or Packer tuition.
Posted by: Anonymous at September 25, 2006 8:47 PM
"Why are people who want to sell $2MM houses in Brooklyn talking about the good public schools?"
Because they appreciate the diversity that is not present at a place where the vast majority of the student body is rich. And because there are more Intel science winners.
Posted by: Will at September 25, 2006 9:03 PM
I used to live on 15th Street, a half block from the F train stop at Prospect Park. Before that I lived closer to the 7th Ave stop in Park Slope. I moved to Sunset Park and reduced my commute to midtown by ten minutes. I don't miss the F train!!!!
Posted by: Anonymous at September 25, 2006 9:37 PM
by definition if you are buying a $2mm home you are rich don't kid yourself. also, if you are buying a $2mm home while sending our child to PS anything, I have to question your priorities...
Posted by: Anonymous at September 25, 2006 11:11 PM
That Sunset Park is gorgeous.
Posted by: Anonymous at September 25, 2006 11:29 PM
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