Last Week's Biggest Sales

Holy moly! That Prospect Park South house looks like it belongs in Savannah! It's beautiful.

Posted by: guest at March 3, 2008 10:40 AM

Boerum hill house was a bargain

Posted by: guest at March 3, 2008 10:55 AM

What recession???

Posted by: guest at March 3, 2008 10:58 AM

Does anyone have any estimates about that that PPS house would cost to heat/cool?

Posted by: guest at March 3, 2008 11:03 AM

It's a little early to judge how much of a bargain the Boerum Hill house is -- decent renovations could easily push the total price above $2 million.

Posted by: guest at March 3, 2008 11:11 AM

Looks like pretty much everything sold below asking price.

Posted by: guest at March 3, 2008 11:17 AM

looks like 11:17 is missing a chromosome.

Posted by: guest at March 3, 2008 11:38 AM

that PPS house is a super fly. wish i had the money.

Posted by: guest at March 3, 2008 11:44 AM

Looks like 11:38 is a bitter top-of-the-market-buying bubblehead.

Posted by: guest at March 3, 2008 11:44 AM

Looks like 11:44 doesn't know that even if these homes were ASKING 50 million dollars each, the SELLING prices are extremely healthy...one possibly a record.

Moron.

Posted by: guest at March 3, 2008 11:54 AM

These selling prices don't look "extremely healthy" -- they look fine, but compared to the massive price jumps we saw between 2003-mid 2007, they look like evidence of a market that's cooled down. $1.7 million for a four-story brownstone in Fort Greene hardly seems like a booming market -- what does it suggest about all those owners who are, as we've seen on this site in recent weeks, trying to sell their Clinton Hill properties for closer to $2 million?

All the homeowners here who keep nattering on about how strong the market is seem to assume that because there are a few sales at reasonably high prices, there's nothing to worry about. But how much do you think that Prospect Park home will be worth three years from now? I'd guess just about $1.85 million.

Posted by: guest at March 3, 2008 12:04 PM

"It's a little early to judge how much of a bargain the Boerum Hill house is -- decent renovations could easily push the total price above $2 million."

Where do people get these absurd numbers for construction costs? If you think you would "easily" spend $650k to renovate this place, you need help for you addiction to gold floors.

Posted by: guest at March 3, 2008 12:07 PM

I hope whoever bought the Brooklyn Heights house plane to restore it. It needs it. Every year two or three of these old fleabag rental buildings in the Heights undergo the transformation back to respectable family homes. Amazing how many of these low-rent dumps existed in the Heights. There are still a lot but many fewer than ten years ago. The rent-control laws keep them frozen in time.

Posted by: guest at March 3, 2008 12:22 PM

I am a bubble head who bought at the top of the market (june 2007) and am feeling depressed about it. I comfort myself with the fact that it was a fixer upper brownstone in a NOT fringe area, so didn't pay top dollar and can stay there indefinitely. Nonetheless, feeling grim about the absence of future equity with which to do major renovations (i.e., add a floor).

boo hoo.

Posted by: guest at March 3, 2008 12:24 PM

12:24 = liar.

12:04 = idiot.

over time housing has appreciated about 4-5% a year. that is probably what it will continue to do in this NORMAL market.

Posted by: guest at March 3, 2008 12:27 PM

12:27, you don't know what you're talking about. If over time housing has appreciated about 4-5% a year, but over the last five years (since 2002), it's appreciated at 20%+, then housing prices have to either fall by 30% or so immediately, or stay flat for 5-6 years for housing prices to stay within historical norms. You don't get massive run-ups like we've seen in the last five years, and then just go back to normal appreciation. That's why the stock market, after the bubble of the late 1990s burst, fell more than 40%.

Posted by: guest at March 3, 2008 12:40 PM

Well so far anyway seems like The What has overstated the depression in the local RE market.

- the more interesting information would be what % of these prices were financed and at what rate.

Posted by: guest at March 3, 2008 12:47 PM

The Brooklyn Heights house has two "market rate" apartments. Does that mean it also has several rent regulated apartments? From the outside it looks like a typical decrepit rent regulated building.

Posted by: guest at March 3, 2008 12:52 PM

Brenda - it's so true... I used to live there and we rarely used the AC.

The heat however, was an entirely different story.

Posted by: guest at March 3, 2008 1:15 PM

Old house with no central a.c. = hell.

Posted by: guest at March 3, 2008 1:18 PM

not if its surrounded by mature (and transpiring) shade trees.

Posted by: guest at March 3, 2008 1:26 PM

I am sure whoever had the nearly 2 million to plunk down on the Tara house can also afford to have the HVAC system upgraded to suit their needs.

Posted by: guest at March 3, 2008 1:27 PM

Per the listing on Streeteasy, the Brooklyn Heights house is an owner's duplex with two rentals above. No rent regulation at all. Just a "well-maintained" (says the broker) 4 story 23 ft wide brownstone in the Heights for $2.9m.

Still double what you'd pay to rent an equivalent duplex (cost to live in this duplex should be over $12k/mo including taxes, repairs, insurance, 7% interest, 7% opportunity cost on downpayment, $5000 rental income, mortgage tax deduction, depreciation; I saw a garden duplex advertised this morning for $6k).

But a good deal less that what I was seeing this time last year, when for $3m you also got permanent tenants and an uninhabitable building.

Posted by: guest at March 3, 2008 1:50 PM

"not if its surrounded by mature (and transpiring) shade trees"

- puleeze!! you must be nuts.

Trees do nothing for the heat and humidity of brooklyn summers. maybe on a rare breezy day you could stand it but how about those endless weeks in July and August with 90 degree heat and 90 percent humidty? even in the old days people couldn't stand it and those who could afford it left town for the season.

Posted by: guest at March 3, 2008 1:55 PM

Does the BH building still look like a "dump" now that you know that there are no rent regulated tenants in the place? Talk about projection.

Posted by: guest at March 3, 2008 2:13 PM

We live in an old building with many huge windows, high ceilings, windows on three walls. We invested in a high velocity AC system (unico). We used it a total of five days last year, and only on the top floor.

I'm not saying it's a waste of money, because if you're gonna do a renovation (as we did) you might as well upgrade everything while the walls are open. But if I bought a house like that again, I wouldn't add AC.

Posted by: guest at March 3, 2008 2:28 PM

These places all went for 5-10% under ask. We should be expecting this for another 5 years.

Posted by: guest at March 3, 2008 2:29 PM

Not sure if 12:24 is a liar or not, but we had the same situation (bought in the bubble of 2006, but paid relatively low since it was a gut renovation). Not depressed about it at all, however; only in so far as recession is depressing in general, with people losing jobs, etc. But a correction was imminent, and necessary; we knew it would happen sooner or later. The timing of our purchase had to do with finding the right house for us, which we did (thankfully) while many of our friends are still looking (despite recession). If anything, people looking now are finding the market not much cheaper but MUCH LESS to offer in terms of stock.

Posted by: guest at March 3, 2008 2:32 PM

Yes, agree with the poster above. The nice thing about all us suckers who bought at the top of the market is that at least we are not looking anymore. Looking sure can be time consuming. If you added up all my hours of looking on the internet and going to open houses etc, and consider what might time is worth, I could probably add another $100,000 to the price tag.

Posted by: guest at March 3, 2008 2:40 PM

Does the BH building still look like a "dump" now that you know that there are no rent regulated tenants in the place?

Sure does. nothing says "dump" like a little tacky "colonial revivial" cardboard door surround on the basement level, no stoop, rusty window a.c.'s, and unkempt front areaway. By Brooklyn Heights standards this place is a dump. hopefully the new owners will rectify the situation.

Posted by: guest at March 3, 2008 2:42 PM

"If you added up all my hours of looking on the internet and going to open houses etc, and consider what might time is worth, I could probably add another $100,000 to the price tag."

Um...as you might be able to tell from some of the posters here who apparently spend all day posting, their time is worth about 1 cent per hour.

They have more time than brains, it would seem in many cases.

Posted by: guest at March 3, 2008 2:46 PM

Elderly people and anorexic women are never too hot and do not need A.C. for the rest of us it is a non-negotiable necessity.

Posted by: guest at March 3, 2008 3:11 PM

hahaha....hopefully the new owner of 104 Buckingham Road doesnt go 40 ft down the road and get jumped in the PJs...2 million???? no way...not for that location.

Posted by: guest at March 3, 2008 3:57 PM

1:55, I have to disagree. The trees outside of my home definitely help keep the house cool during the summer months. When you turn into the block which has a canopy of trees when the trees are in full bloom, you can feel the tempature and the humidity drop. Having a porsh also helps keep the lower level cool. The trees don't help with the heat because there are no leaves on the trees during the winter.

Posted by: guest at March 3, 2008 4:00 PM

Sorry for the typo that would be "temperature" and "porch".

Posted by: guest at March 3, 2008 4:18 PM

Where is the What posting how the world is going to end?

Trees are a great way to keep a house cool in the summer - as the shade keeps the heat of the sun out - and warm in the winter.

Posted by: guest at March 3, 2008 4:18 PM

Trees do help keep a house cool in the summer, especially if you live in MAINE.
But in Brooklyn it just means that you will have to deal with more bugs on those unbearably hot and humid nights.

Posted by: guest at March 3, 2008 4:34 PM

hot and humid nights in brooklyn = 5-7 per summer.

could you people be any more pussy-like?

just because you are obese and can't keep your body temperature in check, does not mean we are all like that.

Posted by: guest at March 3, 2008 4:54 PM

hot and humid nights in brooklyn = 5-7 per summer.

could you people be any more pussy-like?

just because you are obese and can't keep your body temperature in check, does not mean we are all like that.

Posted by: guest at March 3, 2008 4:54 PM

You don't have to go quite as far as Maine 4:34. A tree grows in Brooklyn. Ditmas Park, Prospect Park South and the points in between are just some of the boroughs tree lined streets. You can call 311 to request that a tree be planted in front of your house or building. Of course the new trees will have to mature before they impact heating or cooling but they are always a nice addition to a city block.

Posted by: guest at March 3, 2008 4:58 PM

The reason to read blogs is that you find out stuff that you did not know before such as only the obese require air conditioning and that in Brooklyn, if you live by a tree, you will stay cool all summer, which are really only 5 or 7 days long anyway. Who knew Brooklyn was blessed with such short cool summers?
Thanks for the valuable information.
How's the food at the asylum?

Posted by: guest at March 3, 2008 5:08 PM

"What recession???"

The one that Warren Buffet and Donald Trump are talking about.

Posted by: guest at March 3, 2008 5:11 PM

5:08 = obese

Posted by: guest at March 3, 2008 5:18 PM

"...compared to the massive price jumps we saw between 2003-mid 2007, they look like evidence of a market that's cooled down..."

Yup. Market won't go from hot to cold overnight. It has to get warm, then cool, then cold, then frigid, then CRACK!!! To get to -50% from 2007 prices, you gotta go through +15%, +10%, +5%, 0%, -5%, -10%, -15%, and -25%. Some prices may still be increasing SLIGHTLY but the rate of change is dropping.

Housing bulls always want to cite sale prices. How about sales numbers? How've they been doing?

Posted by: guest at March 3, 2008 5:23 PM

Okay now I've read it all - Brooklyn has 5-7 hot humid nights a summer??????????

What Brooklyn do you live in? A/C is hardly a luxury in 2008 and very few people would consider it an unnecessary amenity in a 2M home.

That being said 1:27PM - Just b/c you spend 2M on a house it really doesn't mean that the 40K it is going to cost to add central air is just 'pocket change" to you. - People here have a very strange notion of how rich people are who buy these homes/apartments.

Posted by: guest at March 3, 2008 5:24 PM

Air conditioning is for the weak and frail.

Human beings have evolved to be very good at shedding heat - hairless body, long torso and limbs to maximize surface area, lots of sweat glands, upright stance to minimize sun exposure. Just because you've short-circuited your body's thermoregulatory system by spending your life in refrigeration doesn't make AC 'non-negotiable' for non-pussies.

Posted by: guest at March 3, 2008 5:31 PM

"over time housing has appreciated about 4-5% a year"

Then how do you explain this...

http://tinyurl.com/2yqbrh

Posted by: guest at March 3, 2008 5:35 PM

Before 1950, ALMOST NO ONE HAD CENTRAL AC!!

The Vanderbilts and Rockefellers managed.

How can you not seem to?

Too many nights at the golden arches, I'm guessing.

Posted by: guest at March 3, 2008 5:53 PM

"The Vanderbilts and Rockefellers managed.[to live without A/C]

How can you not seem to?"

Because I (and anyone else making over 25k a year) doesn't have to anymore.

BTW - the Vanderbilts and Rockefellers also didnt stay in NYC during the summer months either.

Posted by: guest at March 3, 2008 6:02 PM

5:53 = anorexic

Posted by: guest at March 3, 2008 6:07 PM

The Vanderbilts and Rockefellers would have cut down every tree in NY and had you assassinated if it meant they could have gotten their hands on a modern a.c. system.

Posted by: guest at March 3, 2008 6:20 PM

Somebody spending 2 million on a big ass old house that needs work, in that neighborhood, is rich enough to spend 40K for AC. I can assure you that it wasn't a hipster or an investment broker and it wasn't someone who was priced out of somewhere else. This buyer will do justice to this old the house.

Posted by: guest at March 3, 2008 7:05 PM

speaking as a semi-obese person who loved air conditioning even in his skinny days, 40 thou for central air is money well spent. fuck the trees.

Posted by: guest at March 3, 2008 7:23 PM

3:57. There are no PJ's in Flatbush.

Posted by: guest at March 3, 2008 8:04 PM

Proximity to the PJ's in NYC does affect property values but not to the extent that you might think. Williamsburgh, Fort Greene, Clinton Hill, Park Slope, Bed-Stuy and Boerum Hill are all very close to or the location of some of Brooklyn's most notorius
PJ's and those neighborhoods manage to hold their values. Flatbush has Vanderveer Estates which is privately owned and not technically a project. In some of these areas it is literally a "tale of two cities" with residents on either side of the divide never interacting. And no, getting robbed is not considered interaction nor is being knocked off of the sidewalk by a woman pushing her child in a big ass stroller.

Posted by: guest at March 3, 2008 8:14 PM

"Brooklyn has 5-7 hot humid nights a summer??????????"

I ran my AC about 5 times last year. But I'm from Texas, so these New York summers seem downright dry and chilly.

Posted by: guest at March 3, 2008 9:02 PM

Gabby,

Houses #1, #2 and #3 all went for under final asking price couldn't tell with #4 and #5 was a foreclosure. You only showed the difference in price for #1 and #2 in this thread. Why not be more consistent and show the differences on all of them?

Posted by: guest at March 3, 2008 9:51 PM

I ran my air conditioner practically continuously all summer. How many days are there in a year? about 360? I would say about half of those days are insufferable in brooklyn without air conditioning.

Posted by: guest at March 3, 2008 9:54 PM

No PJs anywhere near the Buckingham house. Even Vanderveer Estates, which the new owners are working mightily to upgrade and market to middle-class tenants, is almost 2 miles away.

Why is it when non-buppie black people live anywhere near -- or god forbid in -- an attractive neighborhood posters here assume they live in public housing projects? Though if you recently moved into rapidly cleansing Fort Greene you could be forgiven for the impression.

Posted by: guest at March 4, 2008 7:38 AM

"I ran my air conditioner practically continuously all summer. "

No wonder the ice caps are melting.

Posted by: guest at March 4, 2008 8:36 AM