Last Week's Biggest Sales

I live in Carroll Gardens and love the neighborhood, but I'm shocked they even got 2.5 million for a 3-story house, regardless of how wide it is. I guess there's just not that much on the market for someone who only wants to live in Carroll Gardens, because I just don't see how this makes sense financially, except as a one-family for someone to whom price is no object.

Posted by: guest at May 14, 2008 11:34 AM

2.55 for a 3 story house is a lot. If they listed it at the start for 2.55, all of the CG haters and doomsday commenters would have said it was overpriced. This house is nice but not recently renovated. So much for the falling sky.

Posted by: guest at May 14, 2008 11:39 AM

The CG house is purely an investment play, trying to develop a multifamily property on that plot before any zoning changes happen. That block is still zoned as a wide street because of the garden, so they can go 6 floors there. Its the only way that price makes sense in that location. Sad, but true.

Posted by: guest at May 14, 2008 11:39 AM

I don't understand how this would work as an investment play, frankly. First, that zoning change is about to happen, and I believe work actually has to start to be grandfathered in. And, even if you could go up, floor through condos aren't selling at 1 million / floor these days. I think there are few languishing on the market on Henry Street for less. By the time you factor in construction costs and carrying costs on the mortgage for the building time, I just don't see it working. Especially in this market.

Posted by: guest at May 14, 2008 11:46 AM

A little research will show that this isn't an investment play.

Even more interesting is that it's an example of the allegedly mythical "UWS buyer" moving to Brooklyn.

Posted by: guest at May 14, 2008 11:51 AM

Market looks pretty healty from here.

Posted by: guest at May 14, 2008 12:57 PM

A house on Lincoln Place in PS just closed for nearly 3 million recently as well.

Posted by: guest at May 14, 2008 12:59 PM

if you think the market looks healthy I suggest you go to listen to the Toll Brothers conference call from yesterday.

Posted by: guest at May 14, 2008 1:00 PM

a williamsburg condo just under 1.5 mil - of course, it's across from the water, but - that's a lot. market cannot be all that bad if it's a good building/good apartment.

Posted by: guest at May 14, 2008 1:13 PM

"A house on Lincoln Place in PS just closed for nearly 3 million recently as well."

Really, you know the ACTUAL closing price, do you? Any more unrelated threads you want to post that comment on? Food and Drink roundup perhaps?

Posted by: guest at May 14, 2008 1:16 PM

There are 3 others on lincoln place that they can't sell. 2 diferent brokers have called me about these places.

Posted by: guest at May 14, 2008 1:19 PM

I know because it was my house, 1:16.

And we got full ask.

Posted by: guest at May 14, 2008 1:20 PM

Toll Brothers said that Brooklyn has faded. I would not call that healthy

Posted by: guest at May 14, 2008 1:22 PM

Do you know anything about Toll Brothers, 1:22?

Where do they have projects in Brooklyn??

Williamsburg. And the not yet even cleaned up Gowanus site.

Toll brothers info does not apply to Brownstone Brooklyn, because I don't believe they have any projects here.

They build new, glassy, overpriced condos in Williamsburg. And I've been saying the Burg will be in trouble for quite some time.

Referencing a primarily suburban developer with their take on the overall health of the Brooklyn market is quite ignorant on your part.

Posted by: guest at May 14, 2008 1:30 PM

FYI: the toll bros comments are being discussed on curbed - the northside piers is the high rise - this is really just a problem for them about that building. they are building at least 1 and probably 2 more buildings as part of that development. So, the 2 other bldgs will block the views of the existing building (for the most part) AND then if you move into the existing building, you have to wonder about construction. However, i do know someone who bought as an investment in that building and has a tenant already, and i do feel like it would make an amazing rental building. it is very nice and has great amenities and waterfront access, and for now, views.

the other toll bros building in williamsburg - the one being discussed here only has 2 remaining apts according to the site and everyone who bought has moved in already, so obviously, that was successful for toll bros. and, i think the remaining 2 apts are not even finished yet which is why they are empty.

IMO - i do not think that the northside piers high rise situation should be applied to the entire market - it's too unique.

Posted by: guest at May 14, 2008 1:44 PM

Taking advice from Toll Brothers on the overall health of the Brooklyn real estate market would be like asking Dolly Lenz about her take on the suburban Little Rock market.

Posted by: guest at May 14, 2008 1:51 PM

1:30 - i am a condo owner in Williamsburg and in my building there are apts that were bought as investments and rented out. one california couple owns 2 apts in fact that they rent out.

point is that many will continue to buy as investments in this area because the rental market in the burg is through the roof. rents are going up in my experience as much as 25-30%. apts. are broken into 2 bedrooms then 3 bedrooms and the rents go up each time. for those of you who are interested, there is a chance with the market down now to go into a condo building that already has a c of o and people have moved in, but maybe they have a one bedroom left. the sponsor may deal with you. i saw a great apt for this in the Aqua (on the park). unfortunately i don't have any $$, but this is my dream - to live off of rental income of brand new apts that don't need any work!

fyi - you can rent an apt in williamsburg in less than an hour. my cousin has a studio loft thats $2900 per month (isn't that a lot?). he was the first to see his place and he took it within 10 minutes.

Posted by: guest at May 14, 2008 1:55 PM

When one of the countries largest homebuilders comments on trends in a region you can stick the head in the sand all you want. Does not take a genious to connect the dots.

Posted by: guest at May 14, 2008 1:57 PM

1:57 - well that makes no sense. they have 2 buildings in brooklyn. that's it. there are hasidic guys who own more property!

Posted by: guest at May 14, 2008 2:00 PM

It's so ironic to me that the doomsayers always come out every week on the thread telling us about all the properties that SOLD for multi-millions trying to convince us the world is coming to an end...

You could at least pick a different thread where it doesn't seem so idiotic. Like how about the ones where things AREN'T selling...

Posted by: guest at May 14, 2008 2:03 PM

"When one of the countries largest homebuilders comments on trends in a region you can stick the head in the sand all you want. Does not take a genious to connect the dots."

Really. The comments on their conference calls 2 years ago were nothing but sunshine and daisies. People wish they'd stuck their heads in the sand after hearing those calls.

Posted by: guest at May 14, 2008 2:13 PM

No way this makes sense as an investment. I looked at nice full floor apt last week around the corner on henry st for priced at $500-600k. 1 mil/floor days are over. That said, if $ is no object, it's a nice family house in a great neighborhood.

Posted by: guest at May 14, 2008 3:07 PM

The Carroll Gardens House to me looks like a Great Buy in A great Area. Also Toll Brothers Know Florida and Know Zero about NYC. They Over exposed themselves In Florida and Now they are feeling the Pain, if they were so smart they would have seen the sky falling in Florida from a mile away. Brownstone Brooklyn Looks strong.

Posted by: guest at May 14, 2008 5:04 PM

The CG place was not overvalued just they Wanted to List it high. For a great Block and Wonderful Nabe you can get high prices. People have to understand 1 million more people are going to move to NYC and more and more people are moving to Urban cities. Places Like BOCOCA are the best you can find and people will pay up. If they don't want to pay up then they can always try Florida or North Dakota or even New Jersey. not for me. Guess what i am a Renter.

Posted by: guest at May 14, 2008 5:49 PM

5:49 well said. i think that all the new construction will be absorbed too over the next couple of years, and if there's a slow down in new development in '09 or '10, then in about 3-4 years or so, prices are really going to sky rocket.

especially if new condos go rental. then, holy crap in 3 years.

Posted by: guest at May 14, 2008 5:58 PM

children are idiots when it comes to money. no grown-up should make an investement based on what rich kids are willing to pay on a whim at the moment.

Posted by: guest at May 14, 2008 10:18 PM

wow. brokers really humped this one. keep spinning...

Posted by: guest at May 16, 2008 5:09 PM