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September 20, 2007
Just Sold in Brooklyn
WINDSOR TERRACE $185,000
140 E. Second Street GMAP
Prewar studio co-op, 400 square feet, with separate windowed kitchen, foyer, high ceilings and windowed bath; building is pet-friendly and features laundry and storage. Maintenance $349, 50 percent tax-deductible. Asking price $190,000, on market 10 weeks. Broker: Robert Frye, Brooklyn Heights Real Estate.
BOERUM HILL $645,000
560 State Street GMAP
Renovated prewar two-bedroom, 11/2-bath condo, 1,070 square feet, with 12-foot ceilings and washer/ dryer; building features courtyard. Common charges $356, taxes $549. Asking price $660,000, on market six weeks. Broker: Sue Wolfe, Nancy McKiernan Realty.
Items from the New York Post, Just Sold!; photo of 140 E. 2nd Street by Christopher Bride for Property Shark.
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Comments
I have seen that studio in Windsor Terrace. It's been on the market for WAYYYY longer than 10 weeks. I remember seeing it back in February or March. The original asking was $215,000.
Posted by: guest at September 20, 2007 11:31 AM
They use the number of weeks since the property was last priced.
I thought we had been over this enough times by now.
If it was reduced from 215K to 190K, the tally of number of weeks begins at that point, not from the original list price/date.
I don't know why, but that's how it works, I've been told.
Posted by: guest at September 20, 2007 11:55 AM
Isn't there a more accurate way of researching/stating the length of time a property is on the market? Brownstoner seems to ridiculously way off most times.
For example I saw the studio in Windsor Terrace approx.5 months ago.
Posted by: guest at September 20, 2007 11:56 AM
That seems a bit misleading to me.
Posted by: guest at September 20, 2007 12:02 PM
Is 185 a good price for the Windsor Terrace place?
Posted by: guest at September 20, 2007 12:15 PM
The studio is nothing special. It's OK. I guess the location of Windsor Terrace can command that price even though it is quite a walk from the subway.
@11:55 That same broker has had that listing for MONTHS....so in my view that studio has been on the market for much much longer than 10 weeks.
Posted by: guest at September 20, 2007 12:19 PM
It's not about how long the broker has it for, it's about how long it's been at THAT price.
The broker could have it on the market for 2 years, then all of the sudden lower the price and then from that point, they tally the weeks...
Makes no sense to me either. But there it is...
Posted by: guest at September 20, 2007 12:32 PM
400SqF? Can you even live in that? Big money for a closet in the middle of nowhere.
Posted by: guest at September 20, 2007 1:13 PM
When you analyze the market for anything, your only concern is the exposure time at a given price. Market activity is based upon sale prices for actual transactions, not the owners pipe dream.
If I offer you a bar of gold for $2000 an ounce for a year, what does that tell you about the market for gold? Nothing. That wasn't a market price, thus it is irrelevant. Same thing with real estate.
The only reason exposure time matters is that it indicates market risk. The longer it takes to actually sell a property at a market oriented price (not a pipe dream), the more risky once would anticipate the market to be.
For commercial real estate, this could affect rate selections. Residential lenders might also begin to raise interest rates during periods of increased exposure time.
Posted by: guest at September 20, 2007 1:32 PM
1:32 that is a nifty explanation for why people on the sales end want to limit buyer information on time on market or total sales drop, but ultimately the information does obscure the real state of the market. To differentiate between market oriented price and "pipe dream" price as you do suggests that there is some way of knowing which is which. Last listed price, if higher than final sales price, is no less a "pipe dream" than was the initial (presumably higher) price. Those seeking to buy a product want to know how long homes are sitting without purchases, and what discount there has been from the initial price. Sellers want buyers to think properties are going to close to asking and goign quickly. To equate a fungible, internationally traded, commodity like gold with Brooklyn real estate is disengenous. It seems to me that given Brownstoner only features a couple of properties in this category he could do some real journalism and investigate the actual time on the market and the actual initial asking price. Since obviously people want to know it. To not do so is to risk being seen as simply one more cog in the real estate machine. (Okay maybe that's a bit harsh...)
Posted by: Putnamdenizen at September 20, 2007 1:52 PM
Putnamdenizen :Perfectly put
Posted by: guest at September 20, 2007 2:13 PM
So obviously if this studio in WT sold for 185K, I don't think the one highlighted in the North Slope this week was all that outrageous at 250K.
North Slope is leaps and bounds better than this area...not to mention it was in a brownstone 2 blocks from the Q Train.
Posted by: guest at September 20, 2007 4:15 PM
i wanna know what that north slope studio goes for.
im guessing 200k
Posted by: guest at September 20, 2007 5:03 PM
You could have bought a 464 square foot apartment in Concord Village and been three minutes away from Brooklyn Heights/Dumbo/Manhattan for 230k, or you could have bought a 400 square foot apartment for 185 in the middle of nowhere. Looks like the poor sap who bought this one didn't do enough research, but I hope they're happy anyway.
guest@1:13: you can very easily live in 400 square feet. I lived in 100 less easily with my girl, it's not as hard as you think.
Posted by: guest at September 20, 2007 6:02 PM
I agree 4:15PM ,,,, and 6:02PM, yes a smaller space can definitely work, especially when you have great amenities and good transport right outside your door ....
The space in the brownstone appealed to me alot.
Posted by: bren at September 20, 2007 6:54 PM
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