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October 21, 2008

Last Week's Biggest Sales

Hey, at least one house has gone for above asking in the past six months!

1.GRAVESEND $2,750,000
1959 East 5th Street GMAP (left)
2,049-sf, 2-fam house built circa 1920, says PropShark. Lot size=4,000 sf. Deed recorded 10/16.

2. BAY RIDGE $2,350,000
8423 Ridge Boulevard GMAP (right)
5,086-sf house with ground-floor commercial space. Lot size is a whopping 11,500 sf. Deed recorded 10/16.

3. BAY RIDGE $2,300,000
8019 Harbor View Terrace GMAP
Per listing, this is a single-fam with six bedrooms and five baths. Last sold for $1,525,000 in '03. Deed recorded 10/14.

4. PARK SLOPE $1,540,000
566 10th Street GMAP
Listed for $1,499,000 when it was an Open House Pick this May. 2,574-sf, 3-fam house. Deed recorded 10/16.

5. PARK SLOPE $1,409,500
133 Sterling Place, Unit 4B GMAP
3 beds, 2.5 baths, 1,543 feet in all, according to StreetEasy. Purchase also included a parking spot. The active listings at the condo range from $850K to $1.5M. Deed recorded 10/16.

Photos from Property Shark.

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Bay Ridge TWICE!!!

Posted by: bayridgegirl at October 21, 2008 11:40 AM

But what were the asking prices? Not surprising re Gravesend, the Syrian Jews have not been greatly affected by the market downfall and other world events.

Posted by: tiptoe at October 21, 2008 11:44 AM

Yo go, BRG!!

Meanwhile, I'm setting the over/under at 11:58 for the first anti-semitic comment from propjoe on the Gravesend house.

Posted by: slopefarm at October 21, 2008 11:45 AM

tiptoe=PropJoe????

Why are they so insulated? I'm genuinely interested in hearing.

Posted by: daveinbedstuy at October 21, 2008 11:46 AM

Another: 20 sterling place in the slope (same price as #4). We closed on last Thursday. Noticed that this house was part of one of those back-to-back open house of the week back in june.

Posted by: justinm at October 21, 2008 11:52 AM

JustinM - are you saying *you* bought the house at 20 sterling place for $1,540,000? Is that the Warren Lewis house? It started out asking 1.8 I think, and then the ask was cut to in the 1.6 range.

Re: 10th Street - I heard from someone who knows the broker that the winning bid on this was actually higher than the closing price. I wonder if they cut the price a bit before the closing due to the faltering economy?

Posted by: Miss Muffett at October 21, 2008 11:57 AM

Yes. Started at 1.8, cut to 1.65 and we finally closed on it for 1.54.

Posted by: justinm at October 21, 2008 12:06 PM

Tiptoe is not me and he's right because in times of economic downturn, more people steal so, of course, it hasn't affected the Syrian Jews.

Posted by: PropJoe at October 21, 2008 12:23 PM

Looks like the OVER wins

Posted by: PropJoe at October 21, 2008 12:25 PM

Miss Muffett: You are always trying to spin a higher sale price into a construed thought. Stop it prices are doing well just admit it already. Admit it !

Posted by: sebb at October 21, 2008 12:29 PM

Congrats JustinM. How much work does it need? Tried to get to openhouse but never made it.

Posted by: DeLepp at October 21, 2008 12:31 PM

133 Sterling is the new name for the Vermeil, no?

Posted by: 11217 at October 21, 2008 12:41 PM

Sebb - I'm sorry but I don't even understand what you are trying to say - what does it mean to "spin a higher sale price into a construed thought"?

Posted by: Miss Muffett at October 21, 2008 12:42 PM

Nice locations for those Park Slope closings. Parking spot for the co-op (sweet!).

From comments in the 566 10th Street Open House Pick link back in May:

"NYTIMES MAY 16, 2008
The Treasury secretary, Henry M. Paulson Jr., delivered a guardedly optimistic message to business leaders on Friday, saying that the economy was moving toward a rebound after months of malaise.

'We are still working through housing and capital markets issues, and expect to be doing so for some time,' he said in remarks at a Washington Post conference. 'We also expect to see a faster pace of economic growth before the end of the year.'

..." - guest at May 16, 2008 2:51 PM

Then there was The What...

"Ok, is this from a guy this is worth 500 million? Oh I see, he has his finger on the financial pulse of America. I think this guy used to run Goldman Sachs, the company that just reported a 500 million lost this quarter. Ok I see, the good ole truth comes from this Administration. Like the weapons of mass destruction in Iraq." - guest (The What) at May 16, 2008 3:15 PM

Fast forward to today - the end of the year is near. Faster economic growth? After bank failures/takeovers, the disappearance/conversion of the big five IB's as we knew them (poof!), a $1T bailout and more on the way and a DOW loss of 40%, I totally believe Paulson, Bernanke and the mainstream media (including Warren Buffet), that THEY control, when they say the credit markets are recovering.

Posted by: DOW8000SP800 at October 21, 2008 12:43 PM

ummm, why am I being compared to PropJoe? Nothing I said was flame-worthy, racist or otherwise inflammatory. Syrian Jews are a very insular group and have built up a great deal of wealth not dependent on banking, the stock market etc. etc. so, it makes sense that they can still afford to buy property, tear down homes and builder larger ones in their place.

Dave - why don't you stop talking out your ass for a change?

Posted by: tiptoe at October 21, 2008 12:43 PM

"a great deal of wealth not dependent on banking, the stock market etc. etc."

No such thing. One economic pie (global, national, regional, local, you name it) from which we fight over slices.

Posted by: DOW8000SP800 at October 21, 2008 12:53 PM

I agree Tiptoe. You said absolutely nothing remotely wrong, but there are a few crazy people on this blog who like to overreact and generally be annoying.

Please don't take offense and continue posting because some of us actually do like to hear others viewpoints.

I'm sticking up for you Ms. Muffet on this one also. Sebb is out of his mind.

Posted by: 11217 at October 21, 2008 12:54 PM

We are putting about 100k into it. A lot of people were talking about the $200/sqft or so for gut reno, but it really didn't _need_ any work except to redo the facade, although that was by far the most expensive part (40k). We're painting (white instead of those huge bold blue/red colors), putting in new flooring above the pine subfloor, new HVAC to save money over the long haul on heating/water, and various other small things (hopefully most things I can do myself). Will probably redo the kitchen/bathroom in the future when the dust has settled.

Posted by: justinm at October 21, 2008 12:54 PM

DOW - I mean these people are their own bankers, they do their own financing and deals among themselves. They don't go to Chase Bank and ask for a loan. In that way, they are much more insulated from the economic downturn. I didn't say they were completely unaffected, just that they aren't reliant on the "goodwill" of outsiders. Beleive me, their wealth will weather them through this storm.

Posted by: tiptoe at October 21, 2008 1:02 PM

There is no zoned commercial space on Ridge Blvd!!

2. BAY RIDGE $2,350,000
8423 Ridge Boulevard GMAP (right)
5,086-sf house with ground-floor commercial space. Lot size is a whopping 11,500 sf. Deed recorded 10/16.

Posted by: SenatorStreet at October 21, 2008 1:03 PM

But weathering the storm will mean ABSORBING losses. Absorbing losses still means TAKING losses. That will absolutely affect Gravesend comps in some negative fasion.

Posted by: DOW8000SP800 at October 21, 2008 1:11 PM

11217: how am I wrong on this one? The place in PS went for more than asking enough said. How can Miss Muffett say otherwise. Ohh I guess she knows everyone. Grow Up already. You are losing money everyday you sit on this blog waiting and waiting for prices to drop.

Posted by: sebb at October 21, 2008 1:17 PM

but, what do comps matter if they're paying 100% cash for the house? or the purchaser's parents are buying the house for them? or they are going to another family member for a loan??

Posted by: tiptoe at October 21, 2008 1:19 PM

sebb, please read some RE history. The period for the boom/bust cycle is typically 20 years. Significant price drops lag by years after the market turns (slow-motion train wreck). I don't want you to get hurt, baby.

Posted by: DOW8000SP800 at October 21, 2008 1:23 PM

"You are losing money everyday you sit on this blog waiting and waiting for prices to drop."

Actually I'm losing money everyday in the depreciating asset I own (my apartment). I'm fine with it, and you should get used to it also.

Posted by: 11217 at October 21, 2008 1:31 PM

Comps are equivalent to stock prices. Whether you buy with cash or on margin is immaterial. You still stand to lose in a falling market. Syrain Jews did not become wealthy by overpaying for real estate.

Posted by: DOW8000SP800 at October 21, 2008 1:31 PM

Let's just agree we are seeing this differently. These people will not be leaving this neighborhood. There will continue to be a demand for housing in this area as everyone in this specific community wants to be within walking distance of the synagogue and their community center. When $10 million was paid a year ago for one of these houses, comps had absolutely nothing to do with it. Supply and demand in the outside world has no bearing on Gravesend and certain parts of Midwood Brooklyn.

Posted by: tiptoe at October 21, 2008 1:40 PM

Gee....I thought I started off this thread on the right track.

Can't we just talk about Bay Ridge.

There's a synagogue in Bay Ridge. I heard rumors that it was going to be torn down for Condos.

Posted by: bayridgegirl at October 21, 2008 2:09 PM

Just one BRG?

Posted by: daveinbedstuy at October 21, 2008 2:17 PM

DOW8000SP800 : the dow is at 9200 and going higher I guess you have to change your name.

Posted by: sebb at October 21, 2008 2:35 PM

Yes, DIBS...only one. And I haven't seen anybody come in or out of there in a billion years.

The neighborhood is a funky mix of: Swedes, Italian, Irish (these are the old timers), Arabs (Muslim and Christian), Asian, Russian and 4 hipsters.

Posted by: bayridgegirl at October 21, 2008 2:44 PM

"only one. And I haven't seen anybody come in or out of there in a billion years."

You ever been to shul on Yom Kippur, BRG? Those services are loooooonnnnnnggggggggg. It could be another billion years before we see anyone exit the synagogue.

Posted by: Biff Champion at October 21, 2008 2:55 PM

Biff, I'm not Jewish. So I don't know anything about long services. I'm catholic, we go into service, sleep through what's going on, get a little wafer and think we're going to heaven.

Posted by: bayridgegirl at October 21, 2008 3:07 PM

Me neither, BRG. But I had the "pleasure" of attending the services one year with a friend (who became a former friend right after the service).

"we go into service, sleep through what's going on, get a little wafer and think we're going to heaven."
You just explained my Catholic ex-girlfriend. I guess that says less about me than her!

Posted by: Biff Champion at October 21, 2008 3:10 PM

Oops, I meant I guess that says MORE about me than it says about her...

Posted by: Biff Champion at October 21, 2008 3:11 PM

Freudian Slip there, Biff!

Posted by: bayridgegirl at October 21, 2008 3:14 PM

I knew I shouldn't have gone there but I didn't thrust my instincts...

Posted by: Biff Champion at October 21, 2008 3:23 PM

Hi all,

So I just bought a house on 85th...the owner of the house at 8423 is not Syrian, but they are Arab. He grew up on 85th st in the first house and his mother still lives there. His brother just bought 239 85th or something...its across the street from mine. Both are renovating. Also, 235 or something is being built by the Arab dude who owns that huse middle eastern market on Atlantic ave. All them are really cool people, Iv met them all already.

Im not sure what the deal with that synagogue is, but my wife, who is Jewish was there for Yom Kippur and she said it was a nice place. The Jews will ever tear down the only synagogue in an area...they wouldnt let that happen.

Posted by: nybk01 at October 21, 2008 3:25 PM

nybk01, congrats on the new place. I don't live in the area, but recently strolled through it on a couple of occassions and found many of the homes and blocks stunning (the Gingerbread House is my new favorite residence). Based on your description yesterday of your home, it sounds very impressive. Best of luck with the renos and enjoy it.

Posted by: Biff Champion at October 21, 2008 3:29 PM

Trusting your instinct, especially in places your not familiar with will only lead to trouble.

Posted by: bayridgegirl at October 21, 2008 3:33 PM

The North invaded the South!!
Gingerbread house is amazing. It is Landmarked!!! That along with the Farrell House (there was a fight to get that marked, it was slated for the bulldozer).

There are a couple of houses that look like Antebellum homes with the two-story columns and double porches. Very Southern. Reminds me of New Orleans.

My favorite house is the one on 76th btwn ridge and Colonial (before the stairs) - Neo Gothic. It was built by the founder of Blue Cross. It must be a 10,000 sq. ft. house. It's best viewed in the winter from Colional (high on a hill). I was disappointed with the new front they did, but I give them credit for not destroying any other details.

Posted by: bayridgegirl at October 21, 2008 3:42 PM

Ya that place is something else...not sure if Id want to live there...but its really amazing.

We looked at the one 2 doors over on 76th...a big brownish/yellowish one (still for sale too!). Was beautiful, however, it needed a great deal of work to restore it. The owners kept it in great condition, but you can tell they didnt put much time into restoring the inside. It wasnt anything even close to yesterdays demo on 83rd...and it is in a hell of a better condition then mine (beyond restoring...beyond doing anything but ripping out all the walls to get to the cat pee!)

Posted by: nybk01 at October 21, 2008 4:13 PM

NYB - I was invited to go check out that 76th street house, but I blew it. Things happened and I didn't call them back. I regret it to this day. I imagine there's a ballroom in there.
I'l love to pull into that covered archway in a horse and carriage.

People reading this have no idea...I wish I could get some great pics of the house, but it's so hard, there's so much foliage around it.

Posted by: bayridgegirl at October 21, 2008 4:27 PM

BRG, the mere mention of New Orleans is making me crave a Bananas Foster.

Posted by: Biff Champion at October 21, 2008 4:36 PM

BYR-

We were very unimpressed by that house...I imagined, like you say, a ballroom, beautiful staircases, fireplaces, floors...but the house is not as dramatic inside as you would think. It has huge potential, but right now its not all that grand...thats why it is still listed for 2 Mil...We offered 1.4 and they turned it down. I just dont think its worth 2 mil...it has a small back yard also.

Posted by: nybk01 at October 21, 2008 4:47 PM

Biff, How can you crave something, you've never had??

Posted by: bayridgegirl at October 21, 2008 4:48 PM

NYB - Sorry for the confusion. I was still referring to the Neo-Gothic house before the stairs. I'll never stop talking about that house.

Posted by: bayridgegirl at October 21, 2008 4:56 PM

I read an interesting article about that place...Let me look for the link now.

Posted by: nybk01 at October 21, 2008 5:03 PM

"Biff, How can you crave something, you've never had??"

You mean like Angelina Jolie?

Posted by: Biff Champion at October 21, 2008 5:19 PM

Sebb,

You still have the grammatical skills of a total Asshat! Please do some editing.

Posted by: sixyearsandcounting at October 21, 2008 5:22 PM

Biff...that's the best you can do at 5:19....YAWN.

You owe me a better one than that. Think a little harder before you post.

Posted by: bayridgegirl at October 21, 2008 5:28 PM

You're right, I should have said Vivien Leigh. I'm losing it. I think when I get older I'm going to get a t-shirt that says, "I Know I Came Into This Room for a Reason."

Posted by: Biff Champion at October 21, 2008 5:31 PM

Vivien Leigh??? It must be the wardrobe from Gone with the Wind that does it for you.

When's your birthday...it'll by my gift to you, almost like a reward.
http://www.zazzle.com/i_know_i_came_in_this_room_for_a_reason_shirt-235958275049501305

Posted by: bayridgegirl at October 21, 2008 6:00 PM

Thanks BRG! I love that shirt but, from what I can tell from the picture, the woman wearing it seems way too young. I think it works best on someone in his or her golden years.

Posted by: Biff Champion at October 22, 2008 7:51 AM

"DOW8000SP800 : the dow is at 9200 and going higher I guess you have to change your name."

Too much trouble. When it drops to 7000 and below, I'll have to change it again. I can't be bothered. I'll stay at the optimistic 8000.

Posted by: DOW8000SP800 at October 22, 2008 3:02 PM

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October 21, 2008

Last Week's Biggest Sales

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