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January 18, 2007
Just Sold in Brooklyn
BOERUM HILL $2,095,000
26 Bergen Street
Two-family, four-story, four-bedroom, two-bath fully renovated Federal-style frame house on a 22-foot-by-100-foot lot, with period details, wet bar, wood-burning fireplace, central AC and garden. Taxes $3,069. Asking price $2,375,000, on market three months. Brokers: Karen Sebrini, Prudential Douglas Elliman and Sue Wolfe, Nancy McKiernan Realty.
Open House Pick 6/16/2006
PARK SLOPE $1,125,000
446 Third Street
Prewar three-bedroom, two-bath full-floor condo, 1,029 square feet, with oak floors, crown moldings, two wood-burning fireplace, kitchen with Miele dishwasher, wine refrigerator, Wolf Range, Sub-Zero refrigerator and marble counters and N/S exposures. Common charges $180, taxes $38. Asking price $1,150,000, on market 147 days. Broker: Diane Henning, The Corcoran Group.
WILLIAMSBURG $950,000
44 S. Sixth Street
Two-bedroom, two-bath duplex condo, 1,592 square feet, with washer/dryer, renovated bath, central AC, terrace and Manhattan and East River views; Dunham building features elevator, laundry room and common roof deck. Common charges $697.39, taxes $3.25 with 25-year tax abatement. Asking price $999,000, on market one year. Broker: Jennifer Lee, The Developers Group.
Just Sold! [NY Post]
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Comments
Developer made some good money on Bergen. Bought for just under $1m.
Did some major work, including structural - so lets estimate cost him additional $500k.
Sold for over $2m. Guess there is still money to be made.
Posted by: Anonymous at January 18, 2007 10:50 AM
More interesting is the time on the market for all three properties (I imagine Bergen Street must have been on the market longer than 3 months if it was a Brownstoner open house pick in June 2006), and the stubborness of the condo sellers in sticking close to their asking prices for a year in one case! I have to believe there is a lagging indicator (tied to affordability) on the state of the condo market in Brooklyn that will come to light in the next few months. Any anecdotes out there on the state of condo sales?
Posted by: crouchback at January 18, 2007 11:08 AM
from the few pics i saw of bergen it looked cheap and horrible. mostly cosmetic.
Posted by: anon at January 18, 2007 11:11 AM
I saw the Bergen St. property and I have to say, I must be seriously underestimating the market since I am very surprised it sold for over $2 million. It was a very charming house, and having the 22 feet width is great, but it had some drawbacks including a dark, not very appealing rental unit and the location. That block of Bergen street is great if you value convenience, since it is very close for everything, but it's not a charming, quiet, tree-lined block. We just couldn't see living on it, even had the price been 20% less than it sold for. I'm always shocked at what buyers will pay more than 2 million dollars for.
Posted by: Anonymous at January 18, 2007 11:22 AM
$1093/ft in Park Slope. Impressive.
Posted by: Anonymous at January 18, 2007 11:35 AM
26 Bergen is $842/ sq ft which is crazee high
Posted by: Anonymous at January 18, 2007 12:21 PM
Greater fools are falling for the dead cat bounce. Good catch 11:08. Your busted Corcoran!
Posted by: Anonymous at January 18, 2007 1:10 PM
I mean Prudential Douglas Elliman and Nancy McKiernan Realty. Sorry Corcoran.
Posted by: Anonymous at January 18, 2007 1:13 PM
The williamsburg condo that was on the market for a year was the last unit of a 14 unit development so the 1-yr on the market needs to be taken in context.
Posted by: Anonymous at January 18, 2007 1:47 PM
If you're a seller would you rather have your house on the market for 6 months and get $2.1 million (as Bergen St. did) or for three 2 months while getting $100-$200 K less?
Posted by: Anonymous at January 18, 2007 3:06 PM
All depends on your monthly carrying costs, if you've moved out yet and are therefore paying taxes, insurance and monthly charges on two places, and if another deal hinges on the sale.
Posted by: zeebee at January 18, 2007 5:31 PM
Or sometimes people will price a property high if they are not pressured to move yet, thinking IF they can sell at a certain price they'll do so, otherwise they'll stay. Not all people sell are desperate to sell really soon. I think sometimes some of the highly priced properties that baffle us are people testing the market, seeing how much they can get. It only takes one buyer to go for it.
Posted by: Anonymous at January 18, 2007 6:20 PM
FYI according to property shark, bergen street is 2880 sq ft which comes out to $727/sq foot, but sq footage is actually over 3000 with new kitchen addition.
Posted by: anon at January 18, 2007 11:22 PM
I believe that the Bergen St property was originally priced at 2.6 million through some no-name realtor (I think it was the developer) Saw it at an Open House in April or May last year. The backyard abuts a school playground , I can imagine it gets pretty loud around mid-day.
Posted by: Anonymous at January 19, 2007 6:17 AM
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