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July 28, 2008

Last Week's Biggest Sales

Nary a brownstone in the lot.

1. DYKER HEIGHTS $2,480,000
8209 11th Avenue GMAP (left)
A 1-fam, 4,290-sf house with a garage, according to Property Shark. Easy access to the Dyker Beach Golf Course. Deed recorded 7/23.

2. GRAVESEND $2,000,000
2090 East 4th Street GMAP (right)
A 1-fam, 2,404-sf house with a garage, says Property Shark. Deed recorded 7/21.

3. MANHATTAN BEACH $1,500,000
4147 Ocean Avenue GMAP
2-fam, 3,523-sf house built circa 1960. Deed recorded 7/21.

4. PARK SLOPE $1,400,000
357 7th Street GMAP
Listed at $1,700,000 when we had it as an Open House Pick back in November. 2-fam, 2,076-sf house built. Deed recorded 7/25.

5. Wiliamsburg $1,296,000
120 North 7th Street, Unit 4D GMAP
Unit at the Sevenberry condo, where current listings range from $740,000 to $999,000. Deed recorded 7/23.

Photos from Property Shark.

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Comments

what's up with all these Syrain Jew's buying shit hole homes. where they be getting their money from?

Posted by: PropJoe at July 28, 2008 11:53 AM

I don't understand why people in far-flung Brooklyn neighborhoods are spenging 2 mill on ugly detached houses when there is still beautiful housing stock in Staten Island neighborhoods that's just as convenient to Manhattan as Gravesend & Dyker Heights are (i.e. not very convenient--1 hour trip on public transportation), and where they're only asking $600k?

http://newyork.craigslist.org/brk/rfs/771265336.html

Posted by: setancre at July 28, 2008 12:09 PM

they obviously know something we dont

Posted by: Santa at July 28, 2008 12:16 PM

I feel I MUST contribute here. Dyker Heights is lovely. Pretty much no crime. Very clean, good schools. Plentiful street parking, and only a $5 car service ride (we don't have cabs out here) to Bay Ridge for restaurants & bars.

Posted by: Dyker Blights at July 28, 2008 12:17 PM

PropJoe - The syrain jews are a very tight community that likes to remain within WALKING distance to their shul/synagogue. They are willing to pay any price to stay in the community. To them community means more then location. Besides, most of these shit hole homes will come down and mini-mansions will go up. If you have a shit house in that area that sits on a 40x100 lot...your a millioner.
Most syrain's are buisness owners and very successful. They tend to look down on higher education and prefer that their kids get into the family buisness right after high school. They also tend to marry young and only other syrians.
..............im not a syrian jew.

Posted by: troll at July 28, 2008 12:23 PM

yes, the syrian jews are an insular group. they only hang with each other. dollars to donuts that gravesend house will be razed and replaced with a house too big for the lot size within a year. it's same with the bukharian jews in the cord meyer area of forest hills.

Posted by: amused at July 28, 2008 12:43 PM

wow troll, you just got trolled! I have no problem with your post, but how could you ever take PropJoe seriously?

Posted by: Biff Champion at July 28, 2008 12:44 PM

If anyone is actually curious about the Syrian Jewish population in Brooklyn (I was/am) this article in the Times from last year was quite interesting...

http://www.nytimes.com/2007/10/14/magazine/14syrians-t.html

Posted by: 11217 at July 28, 2008 12:47 PM

What's wrong w/ you Biff Champion? I did not denigrate these Syrian Jews, I merely asked where they obtain their blood dollars? Seriously, what kind of businesses do they own which can then afford them to buy $500k homes for 5x that amount and then do a tear down. In short, they're buying a $550k turd & spending $5mm in the process. I'm going to build a Syrian JEWs Temple in AY w/ Ratner's money & profit from their stupidity as they try to buy up all of FG & Boerum Hill. Bwahahaha!

Posted by: PropJoe at July 28, 2008 1:14 PM

11217:

Just finished reading the Times article on these SY's. What a bunch of filthy dirty RACISTs! C'mon, these are the most racist people I have ever come across. They make the Hassis' look like SAINTs. I'm truly, truly appalled at the gall of this ethnic group. There's no place in my NY for such ignorance & trash. Thank God they don't live in Fort Greene.

Posted by: PropJoe at July 28, 2008 1:24 PM

Setancre. where is the beautiful housing stock in SI within 1 hours commute of downtown (I presume).

Posted by: dittoburg at July 28, 2008 1:30 PM

See the craigslist link from my original post:

http://newyork.craigslist.org/brk/rfs/771265336.html

The northern shore of Staten Island is an easy commute to Manhattan either by ferry (25 mins ride to downtown Manhattan, 24 hrs a day), or via express bus over the VZ bridge. The property above has the benefit of convenience to both the VZ bridge and ferry, as you can see from the map it links to. It doesn't compare to Park Slope, BH, Williamsburg, etc., but if we're starting to look at houses just as far away in Dyker Heights (lovely neighborhood, but very limited transportation), then why wouldn't you look somewhere considerably cheaper?

Posted by: setancre at July 28, 2008 1:41 PM

Not a bad find. We have relatives in SI though, and although I've seem some individual nice houses (including some very old stuff) the restaurants and shopping there leaves a lot to be desired. Apart from the Sri Lankan places in St. george.

Posted by: dittoburg at July 28, 2008 1:46 PM

that was a very interesting article. Thanks for posting.

Posted by: new2hood at July 28, 2008 2:02 PM

Biff - you're right. I had a weak moment. No coffee this morning...:(

Posted by: troll at July 28, 2008 2:05 PM

The ferry may be 25 minutes, but it only runs every half hour during off-peak hours, and only hourly during the overnight. Plus, once you're in Manhattan you need to switch to the subway, unless your destination is within a reasonble walk from South Ferry.

There are some very attractive neighborhoods on the north shore, but they're not right at the ferry. I like the areas around Sailors Snug Harbor and near Alice Austen Park, but they're at least another ten or fifteen minutes by bus from the ferry. I'd consider north shore SI as soon as I'd consider a two-fare zone in Brooklyn, which in my case would be never.

Posted by: Flatbushwhacker at July 28, 2008 2:15 PM

troll, it happens to the best of us. :-)

11217, thanks as well for posting the article. I remember when it came out but thought it was worth another read.

Posted by: Biff Champion at July 28, 2008 2:23 PM

Definitely agree with you Flatbushwhacker. Staten Island isn't for everyone (and not for me), but neither is Dyker Heights, and certainly not with a 2 million price tag. To me they are pretty similar except for Dyker costing 3 times more in this case.

Posted by: setancre at July 28, 2008 2:32 PM

I just keep wondering if sales like these are the last gasp of the mortgage fraud party.

And how Williamsburg can really be so full of people willing to spend that much on a 900 square foot condo.

Posted by: Heather at July 28, 2008 2:51 PM

Heather,

Why is it surprising that people continue to buy condos in Williamsburg? Other than watching the news and seeing economic reports, what exactly has changed for you in the past year financially? Anything? Are you burdened by the 4.00 gas?

I'm not being sarcastic at all, I'm just saying that some people's lives have not at all changed. People are still making money...it didn't ALL just dry up in the last year. I'm making more than I was last year due to a raise, so while I certainly feel for those people in areas of the country (and our city) which have been hard hit, I don't understand why people think things are so dramatically different now than they were a year ago, other than the fact that you now have to have great credit to get a good mortgage (which is how it should and always used to be).

Life goes on, and economic hard times do not hit everyone equally. We are in a slow and perhaps rough time, and I'm not oblivious to the situation at all, but I hear people seem to suggest that no one buys homes in down periods, and that we all sit around and eat beans and rice, and I don't understand it.

If I didn't read the news or watch the television once in the past year, I would have ZERO idea we are in the midst of hard times right now. I still see restaurants packed, I was at a Broadway Musical on Saturday night which was sold out, people seem to be shopping, bought myself some new clothes this weekend.

People all over the world live through hard times all the time. Those of us here who are reading brownstoner for fun should consider ourselves lucky to have the luxury of commenting on a blog about million dollar real estate.

Posted by: 11217 at July 28, 2008 3:03 PM

11217, I think you misinterpreted what I said -- I guess I wasn't very clear. I think the mortgage fraud party is happening in deep Brooklyn, and, as a separate issue, I think Williamsburg is a dangerously overvalued and overbuilt market right now.

Most of the new condos in Williamsburg (and I don't know if you've noticed, but there are MANY) are built on brownfields. There are environmental issues. There is a superfund site. There is a radioactive storage facility. There are also some great restaurants and a hipster mini mall, but I'm not sure those conveniences merit spending over $1MM on a condo, especially when that same amount will get you something pretty nice in areas with no transportation and environmental issues... or even, should you possibly want to live there, something in Manhattan.

Then again, I never understood the DUMBO and Tribeca thing either, so what do I know?

But to address your question about economic hard times -- I suspect we're still in the eye of the hurricane. What do you think is going to happen to all of these property values if interest rates go up?

Posted by: Heather at July 28, 2008 3:23 PM

Yeah, with the Syrians and Bukharans (and Satmars/Lubavitchers), the price and the existing home are almost inconsequential. What it is is the price of belonging to a cradle-to-grave system of mutually assured survival.

I don't think sales to groups like these ought to be included in the "top sales" feature, since most of the properties never even went on the open market, and probably no one who reads this site would want to live in those communities, and they certainly wouldn't want us...

Posted by: Bolder at July 28, 2008 3:30 PM

Thanks for clarifying, Heather. I guess I went on my soapbox prematurely. Sorry about that.

I guess I think prices may come down 15% or so (or possibly stay relatively flat for the next 3-5 years).

I also think that most people will be fine and that the ones who will be affected most are those who were speculators and those who end up having to move because of illness/divorce, etc. I think this is about 10% of the population, give or take.

I think the co-op market with its financial rules, will play a small part in "saving" much of the NYC housing market from severe

I also think that in NYC, when people see good deals, they are going to snatch them up, because they know the overall long range desirability of NYC still exists. So I think sales might pick up if prices drop even slightly...

I have no clue though. These are all just educated guesses, really.

Posted by: 11217 at July 28, 2008 3:36 PM

Yea - that DUMBO thing? Why is it that people pay for living in the middle of three of the busiiest highways in Brooklyn.

Posted by: dittoburg at July 28, 2008 3:37 PM

Yeah, Ditto, no idea. The air is terrible down there. Williamsburg IS much nicer than that at least.

And 11217, I think you're probably right about the coop thing... although it makes me wonder what will happen to the condos.

Posted by: Heather at July 28, 2008 3:45 PM

I was just in Dumbo yesterday for part of the day with a friend from out of town, and I have to say it's one of my favorite neighborhoods in all of NYC. We've been to about 20 neighborhoods so far on his visit to NYC this past week (Manhattan and Brooklyn) and he said after we left that Dumbo was his favorite so far.

If I didn't live in Park Dope, I'd be in Dumbo. Just love it there.

That's the beauty of NYC...we all don't like the same things.

Posted by: 11217 at July 28, 2008 3:46 PM

Can I just say how nice it is that posters like Heather, dittoburg and 11217 (three of my faves) can disagree without biting each other's heads off? To jump into the fray, I'm glad to live close to DUMBO and think it's nice to visit, but, you guessed it, I wouldn't want to live there. I appreciate the beautiful views, some nice restaurants and of course Jacques Torres Frozen Hot Chocolate. And it is a nice place to bring tourists. But, to echo dittoburg, no pun intended, it just feels too disjointed and not "neighborhoody" to me given the highways and bridges running through it. Just my opinion.

Posted by: Biff Champion at July 28, 2008 3:59 PM

The spicey hot chocolate does it for me. But its so rich I want to sit down and vegetate for half an hour after consuming it.

Posted by: dittoburg at July 28, 2008 4:08 PM

There is a really terrific coffee shop with Tivoli Home attached down across from Jacques Torres. Don't recall the name, but we scurried in there during the thunderstorm yesterday and I thoroughly enjoyed my iced mocha and attractive patrons.

Great bookstore right near there also.

Posted by: 11217 at July 28, 2008 4:14 PM

Good bookstore? Are you sure?

Posted by: dittoburg at July 28, 2008 4:16 PM

Spicy hot chocolate, dittoburg? Is that a typo or for real? I haven't heard of that before. 11217, are you talking about the bookstore on the corner across the road from (East) of the Clocktower.

Posted by: Biff Champion at July 28, 2008 4:18 PM

It's the P.S. Bookshop (used and rare books) on Front Street, across from J Condo. Right near the coffee place I was referring to also....

Posted by: 11217 at July 28, 2008 4:22 PM

Biff, it's the "wicked" version as opposed to the original. Definitely has some spice in it.

I've gotta check out the bookstore.

Posted by: dittoburg at July 28, 2008 4:27 PM

I've looked it up - its got chipotle, allspice and other magic ingredients.

Posted by: dittoburg at July 28, 2008 4:29 PM

Thanks dittoburg! I love spicy food (and drinks), so I'll try it for sure.

Btw, speaking of tourists and book stores, I was in the Brooklyn Heights Bookstore on Montague yesterday asking if they had the book Walking Brooklyn and they told me they are all out of those kinds of books as the tourists have been coming in throngs and scooping them up. I thought that was a great sign (although I wasn't as thrilled I had to resort to picking it up at the Barnes & Noble on Court).

Posted by: Biff Champion at July 28, 2008 4:31 PM

http://psbookshop.com/

Posted by: 11217 at July 28, 2008 4:32 PM

Oh and the coffee place is called Retreat Cafe, I think.

Just looked it up...

Posted by: 11217 at July 28, 2008 4:33 PM

Thanks 11217, that's definitely not the one I was thinking you meant, but it looks a lot more interesting!

Posted by: Biff Champion at July 28, 2008 4:39 PM

"I don't think sales to groups like these ought to be included in the "top sales"

I probably wouldn't live in any of those neighborhoods either but "top sales" are "top sales," whether you or other Brownstoner readers desire to live in those areas or not. I would not have made any of them HOTD's but at those prices, the sales should be noted.

Many of these homes were on the open market and sold by older Italian families to the SY community. It is relevent to BK real estate because as the SY community continues to grow, the boundaries of the community will expand.

Posted by: Chaka at July 28, 2008 7:45 PM

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July 28, 2008

Last Week's Biggest Sales

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