The Biggest Sales of '08, So Far

It would be interesting to see how this compares with last year, especially given the attention given to the housing market crash.

Did you guys publish the top sales for '07?

Posted by: guest at July 3, 2008 10:04 AM

It would be even more interesting to know what is going on in the real market. $6m trophy properties act differently from $2m places that attorneys and Opera managers with 300k joint incomes might be able to buy with a little luck and/or help from the bubble or rich parents.

Posted by: guest at July 3, 2008 10:14 AM

How many houses have sold for more than $2m -- 10? 20?

Posted by: guest at July 3, 2008 10:15 AM

what's interesting about the highest end is that they bring up all of bklyn's average sales price, right?

Posted by: guest at July 3, 2008 10:16 AM

Hey what,

Like I said yesterday, you might want to go waterskiing or go to the park or walk across one of our lovely bridges or go camping in the adirondacks or...

we're all gonna be dust someday, dude. please go away and get a life.

Posted by: guest at July 3, 2008 10:34 AM

These prices are Bel Air, California prices.

Our little Brooklyn...you've come a long way!!!

Posted by: guest at July 3, 2008 10:45 AM

Does anyone else realize that even if NYC/Brooklyn prices takn 30%, they are still going to be one of the most expensive markets in the U.S.

Halve all of the above prices, and we're still talking about Greenwich, Ct. prices.

Posted by: guest at July 3, 2008 10:53 AM

Considering all of the top sales are townhouses except the condo in Dumbo, I wonder what a townhouse would go for in Dumbo if there were any...

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

I saw on the news last night that Lodi, NJ is being bombarded with crime.

I guess that's why the What is up in arms this morning.

Posted by: guest at July 3, 2008 11:05 AM

I am the WHERE.

Someday the what will poop his pants.

Posted by: guest at July 3, 2008 11:18 AM

The Where and The What should totally hook up (The What really needs to get laid)

Posted by: guest at July 3, 2008 11:37 AM

The What is actually a pretty funny guy. I love the "flower child" bit.

The strange thing is some of you seem to be threatened by his extremist doomsday predicitons. That's pretty sad.

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

The number of houses on the market seems to be swelling. I have never seen so many houses for sale in Brooklyn Heights, Fort greene, and Park Slope. They're not selling. What gives? Summertime lull? Only time will tell. The inventory is definitely on the rise though.

Posted by: guest at July 3, 2008 11:55 AM

"The number of houses on the market seems to be swelling. I have never seen so many houses for sale in Brooklyn Heights, Fort greene, and Park Slope. They're not selling. What gives? Summertime lull? Only time will tell. The inventory is definitely on the rise though."

How long have you lived in Brooklyn....6 months?

The inventory in Brownstone Brooklyn is at a historic low. 15 years ago, I remember there being 250 brownstones on the market at any given time. Now there are about 25.

Posted by: guest at July 3, 2008 12:08 PM

To The What,

If you are correct and the economy takes a depression level swan dive into a black abyss-
what pleasure would you take in this?

Pls explain.

Pls do not go for the easy explanations of " the asshats will have their deserved come-uppance"

Posted by: guest at July 3, 2008 12:29 PM

I'm not a broker and I no longer believe the party line parroted by all brokers that inventory is at "historic lows". That's baloney.
I personally know several families who have been trying to sell their houses for months and months with no success. Maybe they are being greedy and asking too much, but that's the way the game is played in NY. There is plenty of inventory, maybe not as much as back during the last crash 15 years ago, but maybe we're slowly creeping back to that number. Looks like it to me. I'm just an impartial observer I neither wish to sell or buy.

Posted by: guest at July 3, 2008 12:45 PM

12:45, you're also rather stupid.

Posted by: guest at July 3, 2008 12:49 PM

#1 = $650,000 price chop
#2 = $450,000 price chop

How sweet it is.

Posted by: guest at July 3, 2008 12:49 PM

#5, 400K over ask.

Park Slope wins!!

Posted by: guest at July 3, 2008 12:53 PM

25 houses in brownstone brooklyn? rriiigghhttt. there are way more than that in park slope alone. then add in BH, FG, ClH, CoH, BoH, PLG, CrH, BedStuy. i just ran a search in nytimes for houses in all those hoods. i got over 600 hits (200 in PS). good try though. without searching each page, let's assume 50% are brownstones (but it's probably much higher than that). so at least 300 right now. problem is, these baby boomers who bought for a song in the 70s and 80s got greedy and wanted to time the top. well, they just missed it. but what do they care? they can still dump it at 20% less than they wanted and be sitting pretty. expect inventory to only grow from here and prices to plummet.

Posted by: guest at July 3, 2008 12:55 PM

12:49 is a desperate broker behind on his sales. There was nothing stupid or even grammatically incorrect with the 12:45 posting. In fact, it has an unusual ring of truth as opposed to propaganda.

Posted by: guest at July 3, 2008 1:11 PM

What: Is your financial ass getting kicked? No? Then you have no finances, which make you a piece of poor trash. Your days of running the hood are over. Get out before the cops come and arrest you again.

Posted by: guest at July 3, 2008 1:12 PM

Brooklyn is the shiznit! Keep em coming Brownstoner!

You naysayers I hear jet blue has a 4th of july one way ticket sale to West Bubble. Get in where you fit in!

Posted by: guest at July 3, 2008 1:19 PM

New reality TV show:
"Desperate Realtors of Brownstone Brooklyn"

Posted by: guest at July 3, 2008 1:20 PM

Seems like there are a ton of houses for sale, and a ton of people looking to buy. The increased demand for Brooklyn is balancing out the housing crash so far. I think it can continue to work that way. The economy is looking grim, but the demand for New York City is not.

Posted by: guest at July 3, 2008 1:20 PM

It's cute how all the doom and gloom people come out in force on the thread talking about the highest sales this past year.

You THAT desperate for attention?

Posted by: guest at July 3, 2008 1:23 PM

These prices are simply amazing. For Brooklyn, or for anywhere. Anyone who states otherwise (even despite some price cuts) do not know one thing about real estate.

And I'm being serious. Anyone who thinks these prices are downright SHOCKING are either trying to get a rise out of people or are missing a chromosome.

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

To The What

I asked for a non simplistic explanation

I didnt want "the asshats will get their come uppance" and that is exactly what you gave me. I could have guessed that reply without wasting minutes of my valuabe lunch hour writing this post

Howvere, I do have another questions based on yr reply. Who is the "us" that the "asshats" are supposed to give back the city to.

How inclusive or exclusive is that "us"? What are the requirements for being an "us"?

I have been reading this blog and your postings for past few months. I cant decide if you deeply belive the statements you spew, are a troll ( or group of trollS) looking for some sort of cyber notriety? a combination? or what?

I am being simplistic and perhaps a little naive but why would you want anyone to lose money or their homes? The type of financial armegeddon you are hoping for would NOT just affect the "asshats et al" but would surely negatively affect the "us"
and possibly the "them".

I totally disagree with you regarding deflation. I simply do not understand why you feel defltion would be a cure for this country's economic problems. Pls help clarify in more detail and less rhetoric.

Pls help to asnwer all the questions that I have posed.

Posted by: guest at July 3, 2008 1:46 PM

Actually, the What's "flower child" comment was pretty funny. Om, om. It also shows his age.

Posted by: guest at July 3, 2008 2:05 PM

I'm in market for a townhouse and can tell you that brokers/sellers are getting much more negotiable. There are indeed more places getting price cuts. Highlighting a few trophy properties, esp those that closed earlier this year, is in no way representative of current state of market, which is definitely softening.

Posted by: guest at July 3, 2008 2:35 PM

I don't think anyone should read anything into the sale price of the Park Slope house. If you look at Street Easy, the most recent sale of that property states that it included either a garage or vacant land along with the house. Probably explains why it's one of the highest sales and went over ask. I don't remember this house ever being on the market.

Posted by: guest at July 3, 2008 2:47 PM

Try not to get shot while selling drugs on Putnam and Grand this weekend, t'What.

Looking forward to January 21, 2009.

Posted by: guest at July 3, 2008 4:05 PM

I agree with The What and so does 10:04, 10:14, 10:15, 10:16, 11:20, 11:55, 12:45, 12:55, 1:11, 1:20 and 2:35. Granted, that's probably about five of us total but there's also probably a total of five of you (bulls). So lets say between 1 to 2 out of every 4 of us has some level of respect for The What's opinion.

He's come a long way since his first 'Appocalypse Now' excerpts. Better take heed.

Posted by: guest at July 3, 2008 4:36 PM

The postings under the signon name "what" are probably NOT the true What. The writing style is not his. The age of the person writing under the name "what" is seemingly off by 15 years from the true What.

Oh, well. Whatever.

Yes, these prices are rather surprising seen all together. I'd like to see a list of the top 100 sales with the addresses.

There does seem to be quite a bit more inventory. At least it means that prospective buyers have to vie tooth and nail with each other. The feeding frenzy and the stress was getting bad.

FGG

Posted by: guest at July 3, 2008 5:57 PM

brooklyn heights is full of houses for sale i am even seeing 4 sale signs popping up on stoops -what's that about if not desperation? 4 sale signs on stoops?
i am not pessimistic by nature but even our billionaire mayor is warning about hard times. i think the down cycle has been delayed by an influx of euros to manhattan but when the cycle finally comes around -watch out!

Posted by: guest at July 3, 2008 6:06 PM

I don't know why so many people here tried to deny the What says (Although I don't like his use of language). It seems that the What clearly understands the basics of Economics (better than I...).

Once the price becomes unsustainably high, those speculators will rush to withdraw the bidding war. Indeed, the housing price has been skyrocketed without income growth among majority of people (but supported by the wrong monetary policy), so it is like a time bomb of pyramid scheme... it is likely meant to collapse (not going to be just "correction" because of the bubble)... I don't know how far the price decline continues, but the price will seemingly be back to the traditional level at least (4-5 times of average income in the neighborhood, and/or buyers).

In 2005, people told me that the real estate price goes up forever... I told them it is not going to happen... My friend looked at me like, "What are you kidding"...

Let's see what is going to happen, since only the future will judge this agenda (within 10 years).

By the way I am a renter.

Posted by: guest at July 4, 2008 11:51 AM

4-5 times the income of the Sheik of Dubai would be ???

Posted by: guest at July 4, 2008 3:06 PM

To The What

You answered my question, thank you

The What= Troll(s) seeking cyber noteriety

or basically, you are a jackass

Thank you for the clarification

Posted by: guest at July 5, 2008 2:18 PM

What, the bbqs were in full effect.

Quit being counter-productive

Posted by: guest at July 5, 2008 10:40 PM

Cgguy, why do you think that a 50% drop in NYC real estate prices -- which would only bring purchase costs in line with current rental costs -- would be bad for the city's vibrancy?

On the contrary, it is probably essential to return to the life that used to characterize this place before inequality and the excessive wealth spread its homogenized spread over all.

Posted by: guest at July 6, 2008 3:04 PM

If nobody liked to live in the New York City, the price decline would be more than 50 %... However, you, cgguy, seem to miss the point of this 'bubble' burst agenda. Even people still like to live in this city, the price of the current housing cannot be sustained by our income level. What people want and what people can pay off are completely different domains.

Now, our credit system is facing a serious crisis. Years of easy lending and speculation among people in real estate have created the real estate bubble we are seeing. We were having parties and this upward feeling was leading people to consume more. However, this drive of economy is now completely diminishing. Please look at DOW and NASDAQ. And eventually many people in Wall Street are losing and will lose a job. Or those luckily keeping a job will have significantly less bonus...

With tightening a lending practice and possible rate hikes due to ongoing inflation, I don't know whether I am living in fantasyland where the housing price goes up forever no matter what is going on with economy.

Posted by: guest at July 6, 2008 11:14 PM

"Do you really think that NYC real estate prices are going to drop by 50%? Be serious. In order for that to happen, nobody would want to live here any more."

I'll be serious. People still wanted to live here during the Great Depression. Prices dropped more than 50%. It doesn't matter where you want to live if you have no cash or cannot remain solvent.

"And when prices drop, they don't drop across the board, but in spots."

Did they go up in spots?

"Anyone who believes in some massive dislocation in Manhattan/Brooklyn real estate prices is living in fantasyland."

The same thing would have been said in the 90's (an era of RE fear) if one predicted 200% Manhattan/Brooklyn price increases accross the board. But it happened (an era of RE greed). Fantasyland is the place for those who think the process can't reverse itself. Unprecedented boom, unprecedented bust.

Posted by: guest at July 7, 2008 7:24 AM

House price declines during the Great Depression were 30%, not 50%.

Posted by: guest at July 7, 2008 9:12 AM

People the writing is in the (f)ing blog.
save your math.

Prime Brooklyn RE is on fire.

Posted by: guest at July 8, 2008 12:29 AM