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December 12, 2008

Open House Picks: Six Months Later

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Comment: What happened on Dean Street? Bidding war?
Open House Picks 6/6/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]




Posted by Brownstoner at 12:40 PM | Comments (40)
Categories: Open Houses, Six Months Later

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Comments

I believe that a Hollywood star from the series Grey's Anatomy bought the Dean Street house.

Posted by: nyc87 at December 12, 2008 12:46 PM

If Dean Street was a bidding war, it was certainly the last hurrah for a very long while. There's a reason things are called a peak - the heights of irrationality are reached just before the fall.

Posted by: Miss Muffett at December 12, 2008 12:46 PM

I'm looking forward to the "that one house sold above ask so the housing market is fine" comments ...

Posted by: cwbuecheler at December 12, 2008 12:46 PM

That Ditmas park place looks bucolic

Posted by: dittoburg at December 12, 2008 12:49 PM

thought the peak was last year

Posted by: Ringo at December 12, 2008 12:54 PM

That one house sold above ask so the housing market is fine. :)

Posted by: daveinbedstuy at December 12, 2008 12:54 PM

As other posters said back in June, the price on the Bushwick townhouse was insane to start. Try more like $500,000 or $600,000 list. Though I did see an enormous Queen Anne down the block that needed heavy amounts of structural repair and was being used as an SRO and the ask was $830,000 or so. Just heating the darn thing probably would have cost $800 a month.

Posted by: mopar at December 12, 2008 1:05 PM

i think the connelly/bettany house is more of a bellwether of the market. a brownstone is worth around $8 million these days. there is no logical argument against this.

Posted by: z at December 12, 2008 1:06 PM

dittoburg - That Ditmas Park house DOES look bucolic. More like Upstate New York than NYC. I'm consistently surprised by how varied in appearance Brooklyn neighborhoods can be.

DIBS - Thanks. Thanks for that. :)

Posted by: cwbuecheler at December 12, 2008 1:06 PM

Actually, wait. Not an SRO. Rather, a men's shelter or halfway house. All completely legal and licensed. Very polite men.

Posted by: mopar at December 12, 2008 1:06 PM

the only thing with that Dean Street house is that the deed was recorded months before the economy realllly went downhill.
Good for the owners though who got $200K more than they expected!

Posted by: gemini10 at December 12, 2008 1:07 PM

MM, August 2008, the peak? The peak was in 2006.

Posted by: FatLenny at December 12, 2008 1:29 PM

Hey Brownstoner - any chance you could post a running tally of house of the day? How many disappeared, how many sold, how many still on market, how many sold for more % and how many for less %? Might make a nice feature....

Thanks!

Posted by: lalaland at December 12, 2008 1:49 PM

well all I know is that there is a pretty awesome looking house on Berkeley listed in the open house thread thats 2.7 mil now.

Posted by: Santa at December 12, 2008 1:57 PM

FatLenny - not in prime Blyn. I know because at different points in the last few years, we considered selling and had our place priced by brokers. It went up, up, up until this past spring and of course, it's gone down since (again, per brokers). 2006 might be some statistical average "peak" for the US or NYC metro area, but not prime Bklyn - that peak was this spring.

Posted by: Miss Muffett at December 12, 2008 2:03 PM

I don't think you can pin a single date as the peak for brooklyn. Neighborhoods vary. South Slope away from the Park had a bunch of houses go for more than $1.5 mil barrier, including several frames. Nothing like that in 2006. There are definitely microclimates in Brooklyn as certain neighborhoods, or even corners of neighborhoods, reach a new level of visibility.

Posted by: slopefarm at December 12, 2008 2:08 PM

when miss muffett wants to say what the peak was, that's when we assess things based on how brokers are pricing things!

Posted by: i disagree at December 12, 2008 2:16 PM

Thanks Slopefarm - I agree with that, and I would consider areas like Park Slope one of those microclimates that peaked this past spring (and i disagree, I'm not just talking about how brokers were pricing my place but looking at all the sales over the last few years too).

Posted by: Miss Muffett at December 12, 2008 2:31 PM

miss muffett, what's your data source on historical sales prices for prime brooklyn?

Posted by: z at December 12, 2008 2:49 PM

PropertyShark, Brownstoner, StreetEasy, Acris...

Posted by: Miss Muffett at December 12, 2008 2:54 PM

Miss Muffett the Mark zandi of brooklyn real estate. You know nothing. You will be moving out of Brooklyn any day now . Please come back to the blog when you buy your house in New Jersey. Hellooooooo Suburbia.

Posted by: sebb at December 12, 2008 2:55 PM

i'm talking about aggregate trend data. does one of those sites chart average prices for prime brooklyn over time?

Posted by: z at December 12, 2008 2:56 PM

no, it doesn't. she told us she knows because her brokers told her so.

Posted by: i disagree at December 12, 2008 3:03 PM

OK, z and i disagree, can you please provide aggregate trend data proving the opposite to what I'm saying? And sebb, for pete's sake, we are committed to staying in Brooklyn. In fact, we have brokers calling us back as we speak seeing if we'll negotiate on some low-ball prices we've put out. You guys sound like a chorus of denial.

Posted by: Miss Muffett at December 12, 2008 3:08 PM

2008 being the peak sounds rather odd to me. we had a house that we wanted to sell in prime stuy heights in 2006 and we were being quoted nice high prices. we waited (for personal reasons, not to get the highest price)and by summer 2007 the prices started to drop. so we had to hold on. i know it's not prime park slope but the market started going down way before this past summer.

Posted by: bkny at December 12, 2008 3:11 PM

denial? i'm not taking a position one way or the other. i don't know whether prices peaked in 2006, 2007, or 2008, and i don't particularly care. i was curious as to the source for your citation to "all sales over the past few years," because i have tried in the past to find good aggregate historical sales data without success.

Posted by: z at December 12, 2008 3:20 PM

also, i know you can do better than resorting to the bill o'reilly style "prove me wrong" argument.

miss muffett: santa claus is real.
i disagree: there's insufficient evidence he is real.
z: how do you know whether santa claus is real?
miss muffett: show me the evidence he is NOT real!

Posted by: z at December 12, 2008 3:26 PM

bkny - I think that makes sense - fringe areas always suffer first. We watched the market in prime Brooklyn very closely the last few years and saw prices go up and up until very recently.

Posted by: Miss Muffett at December 12, 2008 3:31 PM

OK, I don't want to get into a big argument over the past - but believe me, I've followed things very closely and this is what I've observed. I'm open to someone proving me wrong, but really I'm much more interested in looking forwards than backwards (though history does teach us things).

Posted by: Miss Muffett at December 12, 2008 3:32 PM

Miss Muffett : Why do i feel like you live in Anadale Staten Island? tell me i am wrong.

Posted by: sebb at December 12, 2008 3:46 PM

Looks like they r still buying and buying big.


Claudia Blum, the Colombian ambassador to the United Nations, bought a $3.35 million apartment at 936 Fifth Avenue, at 75th Street. And Bill Royall, president of the college recruiting firm Royall & Company, bought a duplex penthouse at 4 Sutton Place, at 58th Street, for $5.5 million

Posted by: sebb at December 12, 2008 3:48 PM

Sebb, you are wrong.

Posted by: Miss Muffett at December 12, 2008 3:50 PM

"miss muffett: santa claus is real.
i disagree: there's insufficient evidence he is real.
z: how do you know whether santa claus is real?
miss muffett: show me the evidence he is NOT real!"

QOTD.

Posted by: SnarkSlope at December 12, 2008 3:55 PM

miss muffett, i think the problem is that your observations are different from what pretty much everyone else says was the peak, which somewhere in late '06 or early '07. no, it doesn't matter, really. i just thought it was funny that you were using the very source that you've so often maligned - the prices brokers assert, and in particular, the ones they quote to the owners who will hire them.

either way, i think it's pretty clear that dean street is aberrational.

Posted by: i disagree at December 12, 2008 4:25 PM

I am no expert, but after following the market for the past few years as a potential buyer, I think the peak (for the areas I am interested in) was late 07 - early 08, therefore unlike "pretty much everyone else" I agree with Miss Muffett.

Posted by: Paul C at December 12, 2008 5:05 PM

she said spring '08. or august '08, based on her first post. so no, you don't.

Posted by: i disagree at December 12, 2008 5:22 PM

No, i disagree, I said early 08 was peak, as in late winter/early spring (Bear Sterns was beginning of the end). So Paul C and I are in agreement - Dec 07-March 08 was probably tippy top of market...

Posted by: Miss Muffett at December 12, 2008 6:32 PM

I agree with what everyone is saying here. The peak for Jackson Heights was end of '07/beg of '08 (could have been as late as spring this year). The peak for Bushwick (e.g. marginal fringe Brooklyn) was end of 2006. This is based on closing data. On the other hand, based on what I see/hear about on this site for "prime" Brooklyn I would guess the peak was spring of this year.

Posted by: mopar at December 12, 2008 11:23 PM

no, you said, in regards to an august 2008 sale: "There's a reason things are called a peak - the heights of irrationality are reached just before the fall." but i will take you at your word that you think top of the market was march '08. which is still wrong.

Posted by: i disagree at December 13, 2008 9:17 PM

I think it's pretty clear the peak was 1st q 2007. Remember, American Home Mortgage went belly up in May, I believe, and the full extent of the subprime crisis began to be exposed. mortgage rates immediately went up and lending standards tightened, so there was less cash out there for buyers.

Sure, there continued to be closings for the next 6-8 months on homes sold then, and there may have been a few outliers last winter, but I believe it was clear to anyone following the news that the real estate bubble was fizzling out (in NYC) or bursting (South Florida)by mid-July 07.

Wonder if that PH dump will sell at 1.3 mil? Ordinarily I'd say jump on it but that just screams "money pit."

Posted by: Bolder at December 14, 2008 12:58 PM

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