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January 16, 2009

155 Warren Sells; Highest Price Ever in Cobble Hill?

Here's a post-Lehman data point for you: 155 Warren Street, the gorgeous 7,000-square-foot townhouse-cum-carriage-house property in Cobble Hill that attracted (much-deserved) attention when it hit the market in the fall of 2007 with a price tag of $8,750,000. As you can see from the price history (on the jump), it was a tough slog for the princely pad. From the looks of it, someone swept in in November when the asking price was still $5,900,000 and offered $5,400,000. Given that the transaction only took a month to close, we'd bet it was an all cash deal. Waddya make of that?
HOTD: 10% Off at 155 Warren Street [Brownstoner] GMAP P*Shark
House of the Day: $8.75 Million in Cobble Hill? [Brownstoner]

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Pretty impressive. This datum will be depended on for the next 5 months by brokers to skew the average and show how prices are holding up fine in Brooklyn!

Posted by: dittoburg at January 16, 2009 9:07 AM

Yes, it's let's use the mean price instead of the median price trick. Works all the time.

Posted by: Suburbandude at January 16, 2009 9:22 AM

I got a chance to see it at an Open House. Amazing property. The attic was an incredible space (with the foosball table) the parlor floor spacious and lovely. The kitchen was nice but could use some re-doing(Ikea cabinets, btw for an almost 6 million dollar house) The backyard nicely landscaped and the garage was an incredible thing--huge!! Enough to fit 4 or 5 cars or empty out the cars and have a regulation game of indoor roller hockey! The realtor said a perspective buyer was thinking about putting a pool on top of the garage! The odd thing was that there were no closet doors hiding the washer and dryer which was in the middle of a hallway and the garden level bathroom had a toilet basically in the shower--it was very odd. Would def re-do that bathroom too, if, of course, I had the 6 mill to spend.

Posted by: ilikeslices at January 16, 2009 9:24 AM

In BoCoCa no less!!!!!

Miss Muffett, BHO, cornerbodega??? Hellllloooooo???

This sale illustrates two important issues: First, at 38% off from the original listing prices, asking prices were unrealistically high through most of 2008. But secondly, and more importantly, people are spending money moving to nice houses in Brooklyn. Yes, this was most likely a cash deal given the quick closing and probably someone moving over from Manhattan because, God knows, all of you people who have been living here for a decade or two can't fathom how anyone in their right mind would pay these prices in Brooklyn!!!

Posted by: daveinbedstuy at January 16, 2009 9:42 AM

a foosball table in the attic? wtf? do joey and chandler live there or something?

*rob*

Posted by: PitbullNYC at January 16, 2009 9:46 AM

so is it 7k sqf without the carriage house?

seems like a steal if you have the cash. At around 770 bucks a sqf doesnt seem half bad.

Posted by: Santa at January 16, 2009 9:59 AM

Price divided by footage is 771$. How does that compare to other top condition property sales in the area?

Posted by: BK realestate veteran at January 16, 2009 10:12 AM

You essentially get to live on two of the nicest streches of blocks in this area, warren st and verandah pl (where the garage and potential future pool are). It's still kind of a ridiculous price if you ask me, but i'll admit I have been playing mega millions for the last 6 months with this place in mind.

Posted by: Danny Noonan at January 16, 2009 10:12 AM

Rich people....hmmpf...they get to buy nice things.

Posted by: bayridgegirl at January 16, 2009 10:14 AM

Danny...are you related to any of the Noonans from around Albany; "Polly" in particular???

Posted by: daveinbedstuy at January 16, 2009 10:14 AM

Hmmm, maybe we shouldn't write off 22 Remsen just yet. Although this place would have gotten $3MM without the foosball table and plate of plastic fruit and veggies on the kitchen counter.

Posted by: Biff Champion at January 16, 2009 10:33 AM

Hey Dave - don't know of any Polly Noonan's from Albany, sorry. Great name though.

Posted by: Danny Noonan at January 16, 2009 10:35 AM

Danny...she was my aunt and Mayor Erastus Corning's (Mayor of Albany for 44 years) "confidant." She literally ruled Albany County Democratic politics for decades.

Posted by: daveinbedstuy at January 16, 2009 10:38 AM

Are these really Ikea cabinets??? That's a great kitchen layout.

Posted by: daveinbedstuy at January 16, 2009 10:43 AM

That's a house to fall in love with, at which point $$ don't matter.

Posted by: DeLepp at January 16, 2009 10:47 AM

City of Albany politics - that must've been interesting. That's a pretty rough town. You have the student ghetto and you have Arbor Hill (the real ghetto). Downtown is nice, but Arbor Hill may give Camden a run for it's money as one of the most run down crack infested areas in the country (at least when I was there in the 90's - not sure how it is now).

hey ilikeslices - the picture of the attic in this house looks like there's roof access. Was there any kind of usable outdoor space up there? This house probably has some decent views where it is if it's high enough.

Posted by: Danny Noonan at January 16, 2009 10:58 AM

Beautiful place and very atypical. Truly a special sale. Where else in *prime* Brooklyn can you find a house AND carriage house, along with 3,706 sq ft of unused FAR? Oh, and someone with $5 million cash who wants it now!

Posted by: bk14 at January 16, 2009 12:30 PM

Dibs, congrats your crib in the ghetto just doubled in price. Whens the party?

Posted by: cornerbodega at January 16, 2009 2:11 PM

It will someday cornerbodega, just like your rent.

Posted by: daveinbedstuy at January 16, 2009 3:16 PM

"Here's a post-Lehman data point for you..."

Just one?

"Miss Muffett, BHO, cornerbodega??? Hellllloooooo???"

You rang? Oh, a sale. That's soooooooo cuuuuuuuute - look at that little sale! And how are the total number of sales doing? Oh, down -60% according to ACRIS. What happens to prices after volume collapses? The same. In your own words, "Hellllloooooo???".

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 16, 2009 5:12 PM

Must have been Russian oil money . . .

Whoever paid that price either is filthy rich or incredibly naive.

Market value will plummet 50% by this time next year.

Posted by: IronBalls at January 16, 2009 8:11 PM

Saw the house as well during an Open House. Amazing property. Tons of space, tasteful renovation and 4 car garage ! In the best neighborhood in Brooklyn, Cobble Hill so no surprise !

Posted by: brownie77 at January 17, 2009 4:12 PM

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January 16, 2009

155 Warren Sells; Highest Price Ever in Cobble Hill?

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