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April 2, 2009

Brooklyn Sales: Under a Million

Sales-Under-%241Mil-03-02-2009.jpg

Here are some Brooklyn sales recorded in public records last week, all of which went for $1 million or less:

Under $250K: BEDFORD-STUYVESANT
1142 Bedford Avenue, Unit 2F; Price=$206,500 GMAP
No listings readily available for this new condo, which was nearing completion in October. This is the first sale recorded for the 29-unit project. Entered into contract on 2/26/09; closed on 2/26/09; deed recorded on 3/23/09.

$250-$500K Range: PARK SLOPE
343 4th Avenue, Unit 3I; Price=$410,000 GMAP
This 875-square-foot, 2-bedroom condo in the Novo was originally listed for $499,000 last April, according to StreetEasy. Entered into contract on 2/10/09; closed on 3/13/09; deed recorded on 3/24/09.

$500-$750K Range: FORT GREENE
230 Ashland Place, Unit 18D; Price=$730,000 GMAP
This 1,007-square-foot, 2-bedroom condo in the Forte was originally listed for $746,000 last August, according to StreetEasy. Entered into contract on 2/25/09; closed on 3/20/09; deed recorded on 3/25/09.

$750K-$1 Million Range: SUNSET PARK
746 43rd Street; Price=$763,000 GMAP
This is a 2,048-square-foot, 2-family house, per Property Shark. Entered into contract on 10/22/08; closed on 3/10/09; deed recorded on 3/27/09.




Posted by Gabby at 11:00 AM | Comments (40)
Categories: Sales

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Comments

Thank you thank you thank you!!! It's about time we had a thread on low priced sales.

Posted by: InsertSnappyNameHere at April 2, 2009 11:03 AM

I walk by Forte at night pretty regularly. I rarely see the lights on in more than 10 or 15 apartments in the entire building.

Whoever bought #18D has a serious set of attachments.

Posted by: jdoo at April 2, 2009 11:06 AM

Yes indeed, please keep them coming.

Posted by: dalton at April 2, 2009 11:07 AM

Good feature. Keep on this one. More relevant to many people, and a much better snapshot of the market.

Posted by: Frederick Law Homestead at April 2, 2009 11:07 AM

Awesome new feature!

Posted by: 11217 at April 2, 2009 11:08 AM

great new feature Mr B! It will be really interesting to see time series progressions of what you can get for your money.

Posted by: the chicken at April 2, 2009 11:10 AM

Kinda crazy that the Novo place sold for so "cheap" when this 3 bedroom 1100 sf one sold on March 18th for $905,000...

http://www.streeteasy.com/nyc/sale/92336-condo-343-fourth-avenue-park-slope-brooklyn

Half the price for only 300 fewer square feet...?

Posted by: 11217 at April 2, 2009 11:12 AM

Very nice. Please do keep this feature.

Posted by: northsloperenter at April 2, 2009 11:13 AM

About time the listings weren't just for business people raking in huge bonuses...WTF took so long?

Posted by: infinitejester at April 2, 2009 11:14 AM

That Novo is a 1 Bedroom not 2 - no?
Also the bedroom and living room is narrow.

Posted by: crimsonson at April 2, 2009 11:16 AM

I just have to say after watching "Make Me a Supermodel" last night, those Forte condos look really cramped. Of course, that may have had something to do with the number of people.

Posted by: Heather at April 2, 2009 11:16 AM

Novo is only 1 BR not 2.
It sold cheap because of the narrow bedroom and livingroom.

Posted by: crimsonson at April 2, 2009 11:20 AM

great one stoner.

pk slope under 500/foot! now that's what I'm tawkin about!

Posted by: joe_the_bummer at April 2, 2009 11:23 AM

This is a great new thread - love it
could we also have a weekly thread perhaps of Brooklyn homes that are currently FOR SALE under the million mark?

Posted by: gemini10 at April 2, 2009 11:26 AM

I would also ask for one under 500k. Those are the ones I notice in my personal reviewing. "Brownstone" is a state of mind anyway.

Posted by: infinitejester at April 2, 2009 11:30 AM

I too appreciate the new feature :)

Posted by: cwbuecheler at April 2, 2009 11:31 AM

The layout of the Novo condo sucks monkey butt.

Posted by: nycdelisauce at April 2, 2009 11:37 AM

great one stoner.

pk slope under 500/foot! now that's what I'm tawkin about!

Posted by: joe_the_bummer at April 2, 2009 11:43 AM

"I just have to say after watching "Make Me a Supermodel" last night, those Forte condos look really cramped. Of course, that may have had something to do with the number of people."

No, they are cramped. I remember viewing a 3BR/2BA and scratching my head as to how I would fit a bedroom set into the "master" bedroom.

Forte will need significantly more sales to be visible at night. Right now, it's like 'The Shining'. Heeeeeeere's Johnny!

I see someone blew their load on the Novo. That Sunset Park listing looks like San Fran.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 2, 2009 11:47 AM

Nice feature -

Now how are all the condos (only) = massive discounting people going to spin this????

Hardly the doom many are predicting (granted very small sample - but still)

Posted by: fsrg at April 2, 2009 11:48 AM

Joining the thank-you chorus, Mr. B!

Posted by: Brooklyn Chicken at April 2, 2009 11:48 AM

11217 - Are you sure that 3br in the Novo actually traded for $905k? Is that not the most recent listing price (with the sale price presumably way south of that)? I would be astonished if someone actually paid almost a million bucks for one of those tiny little 3br units on 4th ave, but I have been wrong before.

Posted by: lechacal at April 2, 2009 11:50 AM

Unless the link is incorrect, the NOVO is actually a 1BR. and that 1BR is 8'x20'. Worst proportion ever. Am I wrong?

Posted by: squaredrive at April 2, 2009 11:51 AM

That would make more sense, squaredrive.

I'm not a fan of the NOVO, but 410K for a 2 bedroom there did seem a little fishy...

Posted by: 11217 at April 2, 2009 11:58 AM

Novo unit is 1 BR. The bedroom and livingroom are narrow.

Posted by: crimsonson at April 2, 2009 12:01 PM

yes, thanks for this feature. More "affordable" coverage, please. Maybe picks for first-time buyers?

Posted by: lolabklyn at April 2, 2009 12:06 PM

I'll spin the novo sale, just for sport.

Here’s how liquidity works in the bond market: it’s two dimensional. You might see a trade for 2MM in a bond at 95c, but if you wanted to sell 50MM, the price is lower. Figuring out how much lower is the real game for traders. And the thinner the volume is, the worse reading you get from the actual sale that you can see. Sometimes a desperate seller of a large amount will absolutely crush the market in an illiquid bond.

That’s the situation in RE right now. The novo got one done. But how many do they have to sell and when does their cashflow situation cause them to start vomiting apartments? We know that the pace of sales is not working for the developers, and something needs to change. So fine, someone pulled the trigger and bought one. There’s always someone. But the inventory is the real story.

Posted by: joe_the_bummer at April 2, 2009 12:15 PM

squaredrive, you are correct!

Posted by: TownhouseLady at April 2, 2009 12:15 PM

LOVE IT! Please do keep listing properties below 1M.

Posted by: househunt at April 2, 2009 12:41 PM

Surprised at the 730K sale at Forte which went into contract 2/25/09. I would have thought maybe 600K was the top for that.

Posted by: jawbreaker at April 2, 2009 1:00 PM

Novo unit is 1 Bedroom NOT 2. The LR and BR are also narrow.

Posted by: crimsonson at April 2, 2009 1:22 PM

how big is your bed BHO? Forte floorplan shows MB of 3bdrm as 12'x12'9". Sounds spacious enough to me. I didn't see the 3 bedrooms when I was there but apt layouts seemed good sized to me (compared to many others bldgs) when I viewed.

Posted by: Petebklyn at April 2, 2009 1:55 PM

Another thumb's-up for the new feature, Brownstoner!

As for the Novo -- I think that place went for what it's worth. Maybe even a little more than it's worth.

Posted by: JKB at April 2, 2009 2:09 PM

One more Thumbs Up for this feature.

Posted by: SnarkSlope at April 2, 2009 2:13 PM

I didn't even know there was any kind of housing you could buy in BK for less than 400K. I was shocked at the 206K price. And I've been lurking this board for about a year now. Be gentle I am a newbie.
But yes I like this feature.

Posted by: so_b_it at April 2, 2009 2:47 PM

Great new feature.

Gotta say I did a double take on the Park Slope building. That is uglier than any Horror Show Friday. Wow.

Posted by: mopar at April 2, 2009 2:57 PM

Nice feature.
Is that Novo 1 BR or 2BR? I think it is 1BR.

Posted by: vill at April 2, 2009 3:36 PM

"how big is your bed BHO?"

Would be king-size if I paid that much for an apartment. But I was talking about the whole set (armoir, nightstands, chest, dresser, etc.).

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 2, 2009 3:37 PM

I pass the condo on Bedford Ave. every day--it looks pretty nice on the outside, and it's a nice block--right across the street from the YMCA, not far from the A or G train, etc.

Anyone have a clue how big the condo was?

Posted by: rf at April 2, 2009 7:19 PM

in the sub 1mm market... does anyone know what the real story is with be@schermerhorn? im not sure why people seem to dislike this place so much, as per comments from other message boards ive seen. the building seems nice as are most of the be@ properties and the location seems perfect - a block or two from smith and court streets. and its located on a block thats not bad, just dead, but the hotel projects are starting up so it seems like an a great investment since the block will be rolling along shortly and most of the fulton mall is being redone by the city. aside from those on these message boards who seem to hate everything and think the world is coming to an end, does anyone actually know why be@scherm just isnt selling. also, does anyone know the outcome of buying an apartment in a building that ultimately goes rental - i assume the value goes down, but is it really a horrible tihng to own under those circumstances? thanks!

Posted by: bbb at April 3, 2009 9:14 AM

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