Last Week's Biggest Sales

Wow, the price on the South Slope place is pretty amazing!

Jeez...is today, Park Slope beats the housing market blues, day?

Prices up, sales WAY up, and now 1.765 million for a little frame house in South Slope?

Posted by: guest at May 28, 2008 11:16 AM

Actually the bigger surprise (to me) is 2.4M for the boreum hill condo.

That is an incredible number for that apartment - 1/3 of it is below grade

Posted by: guest at May 28, 2008 11:21 AM

What about the million dollar appreciation in 2 years on the Clinton Hill place...?

Posted by: guest at May 28, 2008 11:27 AM

Quick sale on Park Slope means cash buyer

Posted by: guest at May 28, 2008 11:31 AM

Oh the sky is falling the sky is falling HA no it is not.

Posted by: guest at May 28, 2008 11:41 AM

Quite the jump on the clinton hill house but it was probably a gut job???

Posted by: guest at May 28, 2008 11:43 AM

that building in Boerum Hill is in a great spot and looks pretty sick to bad its 1.8mill over my budget...

I think Dean Street is a great block and once those new buildings are built on atlantic and boerum place it will look even better...

Boerum Hill and Cobble Hill are the places to be

Posted by: guest at May 28, 2008 11:43 AM

Johnife - don't be fooled by their INSANE asking price or the subsequent 14% price cut - 2.4M for that condo (no views, 1/3 below grade, etc) is a VERY high

Posted by: guest at May 28, 2008 11:47 AM

It seems as though anywhere in Brownstone Brooklyn PRIME is the place to be.

Holy Cow Park Slope!

Posted by: guest at May 28, 2008 11:49 AM

WHATEVER HAPPENED TO THE HOUSE OF THE DAY / OPEN HOUSE PICKS SIXTH MONTH LOOK BACK?

Posted by: guest at May 28, 2008 12:09 PM

The house in the South Slope is not worth the almost 1.8 Million that the buyer paid for it. The people who sold it are local flippers who buy, then renovate and not with top of the line anything and mark up the prices by over a million for each property. Sellers in the South Slope beware if they come to look at your home and make you an offer a they will low ball you.

Posted by: guest at May 28, 2008 12:13 PM

11:33 - well, yes, you have to pay common charges. but, you do not have to pay to fix, upkeep, paint, clean, etc... the actual building. or, do the garbage, the front landscaping, blah, blah. i've owned "renovated" houses and a brownstone, and am now in a condo. the cc's are so much less overall and very very worth it!

Posted by: guest at May 28, 2008 12:31 PM

So where are all the 50% drop in housing prices all the doom and gloom posters keep promising?

Posted by: guest at May 28, 2008 12:31 PM

Wow, we are SHOCKED at the price of the Clinton Hill house. We live several blocks away on Greene and that house is right next to a bus stop with a Chinese take out place 3 or 4 places away. And it is right across from a school.......makes absolutely no sense to us in any way, and quite honestly, we should be thrilled b/c of the comps with our property.

Posted by: guest at May 28, 2008 12:32 PM

12:13 -

You are absolutely nuts. I live on this block and know the people who live in that South Slope house.

What you say is 100% untrue.

Posted by: guest at May 28, 2008 12:34 PM

Wow. That Boerum Hill condo was an astonishingly bad job. You'd have to pay me to live there. Either those buyers are crazy or this market is.

Posted by: guest at May 28, 2008 12:36 PM

12:21 - I do not disagree on the house v. condo - but the apartment in question is not a house - it is beautiful - but is relatively (to a full house) small - the 1st 2 floors are all essentially open and since it only has one set of windows it can not be easily divided and the top floor has 3 rel small bedrooms - no views, limited outdoor space and is right on Dean St - so everyone who turns to avoid Atlantic Ave traffic is looking right in your living room.

2.4M is an insanely high price to pay and shows that the market is stronger then people are suggesting.

Posted by: guest at May 28, 2008 12:41 PM

The BH condo could be bought by a sole proprietor/lawyer etc.--owner rents space to his company/self and lives there or vice versa. Only way it makes sense.

Posted by: guest at May 28, 2008 12:46 PM

12:46 - Maybe but unless you actually work in the apartment (dedicated space) it is tax fraud - and even then you can only write off the 'office' space - again if you want to be legal.

Also check Acris - the guy got a 1.9M mortgage - so much for a mortgage crisis.

Posted by: guest at May 28, 2008 12:53 PM

Dave,

Or diamonds, or ferraris, or $6 cups of ice cream, or $500 shoes, or $1000 strollers, or, or, or or...

Posted by: guest at May 28, 2008 1:09 PM

For the apartment in Boerum Hill I just checked on their website and they say its Cobble Hill isnt Cobble Hill from Court Street and West and East of Court is Boerum Hill????

I dont understand how people can just make up where they live...I recently bought in Boerum Hill and the listing said Brooklyn Heights I dont get it...

Posted by: guest at May 28, 2008 1:11 PM

1:11 - they call it whatever neighborhood is going to get them the highest price - neighborhood boundaries are set by law - so a broker is free to call it whatever they want.

Posted by: guest at May 28, 2008 1:14 PM

thats lying though I dont get that

Posted by: guest at May 28, 2008 1:24 PM

And Dave...we should probably spell it out for these folks...you can't live inside an icecream cone or a pair of Manolo Blahniks...

Even though some of perhaps wish it were so...

Posted by: guest at May 28, 2008 1:26 PM

1:14 here sorry - meant to say neighborhood boundaries are NOT set by law - so brokers can change them to suit.

Posted by: guest at May 28, 2008 1:28 PM

hi,
I live on 14th btwn 6th and 7th and have a four story brick house with double duplexes etc etc etc and it was appraised at 1.2mil by the bank - am very surprised to see this house a block over went for 1.8
does anyone know what it looks like inside?
thanks

Posted by: guest at May 28, 2008 1:29 PM

WOW
I cannot beleive that south slope house went for 1.8
yes it's gorgeous and nicely decorated - but come on!! Almost 2 million for a 1 FAMILY?
well - congrats to them is all I have to say!
that's amazing

Posted by: guest at May 28, 2008 1:32 PM

Just sold my studio in North Slope for 399K two weeks ago. Bought it in early 2007 for 275K. There is still money to be made in the real estate market for those who know what they're doing. Big scale or small scale.

See that the GM building sold over the weekend for 2.9 billion. They say that sale will rejuvenate the Manhattan building market and has restored confidence in this city's future potential.

Posted by: guest at May 28, 2008 1:35 PM

1:35pm I smell a liar 45% in one year come on DUDE....

Posted by: guest at May 28, 2008 1:45 PM

1:32:
To someone who can pay all cash, a one-family is worth extra, not less

Posted by: guest at May 28, 2008 1:46 PM

i've heard studios are one segment of the market which are doing incredibly well. i wouldn't be surprised. 275 sounds awfully cheap for a studio in ps anyway. i never see anything under 300.

Posted by: guest at May 28, 2008 1:56 PM

Based on the fort greene/clinton hill prices, it seems that prices are still climbing. How many 4 storey 3500 sq ft houses sold for over 2 mil. two years ago?

Posted by: guest at May 28, 2008 1:59 PM

If you can find a 1bd apt in Cobble or Boerum Hill under $400k do you think thats a good deal in this environment?

Posted by: guest at May 28, 2008 2:04 PM

I definitely think that's a bargain, 2:04. You'd be hard pressed to find anything remotely decent for under 400K.

Posted by: guest at May 28, 2008 2:10 PM

2:09 fairly new building, great shape and low maintenance....

Posted by: guest at May 28, 2008 2:13 PM

Prices still Look very stable to me and i know a few people still looking for townhouses this summer. Not bad at all.

Posted by: guest at May 28, 2008 2:14 PM

I believe that this evidence shows that the market is still climbing - BUT I also beleive this is the top...and its all down from here - how much down....

I have no clue and neither does anyone else.

Posted by: guest at May 28, 2008 2:15 PM

1:11 - I don't think Most people call east of Court Boerum Hill. Maybe more like east of Smith. Boerum Hill and Cobble Hill are landmarked designated blocks - The surrounding blocks that are not landmarked are open for interpretation.(which includes much of the area).

Posted by: guest at May 28, 2008 2:18 PM

Speaking of the South Slope (and slightly off topic), has anyone seen the house on 14th Street listed for $3.195? Now that seems priced outrageously for the area.

Posted by: guest at May 28, 2008 2:22 PM

isnt smith street considered Boerum Hill

Posted by: guest at May 28, 2008 2:26 PM

2:22, you mean the one which has already received an offer?

Posted by: guest at May 28, 2008 2:29 PM

2:22, that ridiculous 14th Street monstrosity was on the market for last year at that same price. Then it was taken off the market, and now it's back. I think it's a sham listing--it's hideous and outrageously overpriced.

Posted by: guest at May 28, 2008 2:33 PM

what # on 14th street?
am curious

Posted by: guest at May 28, 2008 2:33 PM

I heard there are scores of UWSers or foreign buyers scrambling to make $3M offers on South Slope houses.

2:29, at least try to make some effort to disguise the fact that you’re the broker/seller.

Posted by: guest at May 28, 2008 2:54 PM

Does it really matter if someone is the broker if the property sold? You renters are so dellusional.

Posted by: guest at May 28, 2008 3:01 PM

3:01, reading comprehension is not one of your strengths. The 2:29 post says nothing about the house having sold or gone into contract. Merely, that the house received an offer and at what price is anyone’s guess.

Posted by: guest at May 28, 2008 3:14 PM

Seems like Park Slope is the place to be.

Posted by: guest at May 28, 2008 3:31 PM

3:31pm great comment...LOSER....

Posted by: guest at May 28, 2008 3:47 PM

i don't know, 3:47...

your comment is pretty special too...

definitely a lot less loser-ish for sure.

Posted by: guest at May 28, 2008 4:28 PM

lets all say a prayer for the person who paid 2.3 in Clinton Hill. I bet a lawyer will be able to sue the broker who sold it to them

Posted by: guest at May 28, 2008 4:52 PM

4:28 zip it you RENTER

Posted by: guest at May 28, 2008 5:16 PM

biff the ny times is not correct
court st is the dividing line
one side is cobble the other boerum
who cares what the ny times thinks

Posted by: guest at May 28, 2008 5:18 PM

that boerum hill building is awesome...

with all new condos coming to that block as well its a great area nestled between smith/court

Posted by: guest at May 28, 2008 5:42 PM

Yeah 5:42 that building is truly an architectural masterpiece

Posted by: guest at May 28, 2008 6:00 PM

"Just sold my studio in North Slope for 399K two weeks ago. Bought it in early 2007 for 275K."

The problem with that story, delightful as it may be, is that you've been posting that exact same tale for SEVERAL MONTHS now.

Posted by: guest at May 28, 2008 6:04 PM

ha ha--that's true 6:04.

Posted by: guest at May 28, 2008 6:18 PM

Something smells about that Clinton Hill sale. That is *not* prime Clinton Hill. No one in the thread seems to be picking up on it, though. Wonder what the story is.

Posted by: guest at May 28, 2008 8:51 PM

Back before Smith St. was gentrified it was always Boerum Hill. After it gentrified, Cobble Hill laid claim to it.

Posted by: guest at May 28, 2008 9:05 PM

I don't know, 8:51, what make something "prime Clinton Hill"? This house is a couple blocks to the subway and extremely close to the grocery store. I'd rather live here than down in the "prime" areas of, say Washington or Clinton Aves near Myrtle. That said, I wouldn't want to be across from those courts. I remember when this was originally for sale and, I believe, we on brownstoner discussed the bodega that used to be on the corner and how strange it was. It is now the restaurant Speakeasy. Things change!

Posted by: guest at May 28, 2008 9:16 PM

8:51, this is prime Clinton Hill. If this was closer to Franklin Avenue and the Bed-Stuy border and you called it prime, I would question that.

Posted by: guest at May 28, 2008 9:45 PM

The 13th St house was renovated by Charrette Properties. Since they have made a name for themselves, they have their fans (and their detractors, I must say - some people specifically warned me NOT to buy one of their homes). But because they are a kind of "brand" some people like, I think that's partly why it went for a lot. That said, I recall people claiming there were bidding wars on this place or at least that it went for ask, and that of course, is not true. While the sales price is high, 130K below ask seems like a good sign to me - as someone who's looking to buy a house roughly that price range, and thinking that prices are still very inflated, this points to things softening and heading down compared to the past. Last year, it seemed that even the inflated ask prices would fly, and at least now in this market, many sellers cannot expect to get ask, and often have to settle for substantially less. I think that as inventory grows, that trend will strengthen, since inventory has been low. But note to all sellers: don't panic - you'll still be cashing out for far more than you paid so for god's sake, don't complain...

Posted by: guest at May 28, 2008 9:46 PM

Re: 13th Street - another way to look at it is that it sold for $775/psf for something that was renovated to the hilt. Again, still expensive but some sellers think they can get more than that, and that's where they are crazy. I think that if there were not Charrette Properties, this would have sold for significantly less - call it the "Charrette mark-up". And yet, even they are not immune to market's downward pressure. They renovated another house on 12th Street which is having trouble selling (several offers have fallen through...) and my guess is that it will go for significantly less...

Posted by: guest at May 28, 2008 9:52 PM

How do you figure 775 psf? I think the house is bigger than the size implied by that number. Which means the selling psf would be lower. Looks like 20x35x3 plus whatever the top floor adds, not to mention the "deep" 2 story extension claimed by the broker.

Posted by: guest at May 28, 2008 10:10 PM

I agree something is not right about that Clinton Hill house sale.

Posted by: guest at May 28, 2008 10:27 PM

For 13th STreet house, I was using property shark square footage to arrive at 775 psf renovation cost - but hey, if the house was bigger then yes that's a lower psf price. I know there is a premium paid for quality renovation, but Charrette is known for doing just that (even though some people don't like their work, or them), so this is really a move-in condition house and the psf with this house should in theory be a comparable price point for high end renovation in a decent, if not top, part of the slope. My point is that, while this house was priced high, it sold for 130K less than ask, AND other houses that have even higher psf prices should realize that their prices might be unrealistic - I'm amazed by some sellers ideas of what they can get for their homes in this market, esp when you boil it down to psf cost. Yes, I know, there are other variables, but space is space and cost per square foot is something to take into account!

Posted by: guest at May 28, 2008 10:56 PM

Wow -- I live in a Charrette renovated rental.. the apartment looks nice at first glance, but it was all done very shoddily..

Posted by: guest at May 28, 2008 11:18 PM

11:18 - Yes, this is what the detractors say. But there have been bidding wars on other Charrette properties (i.e. the Warren Lewis 13th St listing bet 4/5) and they obtained historic psf prices for their Carroll Street condos. So, while others have said they are shoddy, some buyers really like their taste and pay a premium, so my point was sellers asking unbelievably inflated psf prices for poorly or non-renovated places are crazy.

And here's a fascinating tidbit about state of market: yesterday's HOTD (383 3rd Street) got a price chop of 100K since yesterday!

Posted by: guest at May 28, 2008 11:24 PM

"yesterday's HOTD (383 3rd Street) got a price chop of 100K since yesterday!"

Chop $100k/day and it should sell within 2 weeks.

Posted by: guest at May 29, 2008 12:52 AM

anyone know what happened with the other OHTD park slope house on union street listed the same week as the 13th st. house?

Posted by: guest at May 29, 2008 9:27 AM

I think that most of the comments here are ridiculous. I've been to open houses on all the properties you guys are talking about, in some cases more than once- the 14th Street $3.2M, the SmithNCourt 1A, and the house on 13th street. Using a simple pricing method of "how much would I actually want to pay to live in this house", I don't think any of them are outrageously priced. SmithNCourt has mediocre finishes, but if you like Carrol Gardens and want a ton of space it is great. Has tons of outdoor space and a parking spot. There are not many large condos in the desirable neighborhoods in Brooklyn with outdoor space, parking, etc... so just the rarity of this kind of property adds to its value. Some people don't want brownstones. The 14th street house is beautiful. It is expensive for its size, but it is beautiful. It is the nicest renovation I've seen, has great outdoor space, and is half a block from Prospect Park. Unless you actually see the house you don't realize how crappy it makes other houses look. The 13th street house was very nice as well- I don't understand what people are comparing it to where it seems overpriced (unless they are comparing it to 5 years ago). I've been to quite a few open houses over the past few months, and all 3 of these places were priced better initially than most of the stuff I've see.

Posted by: guest at June 1, 2008 6:39 PM