« This House Is Getting Cheap Co-op of the Day: 32 8th Avenue »

April 7, 2009

Last Week's Biggest Sales

1. BROOKLYN HEIGHTS $5,309,390
One Brooklyn Bridge Park, Unit 1220 GMAP (left)
3-bedroom, 3-bath condo has 3,456 square feet of indoor space and 1,903 square feet of terrace space. Sale included a parking spot. Entered into contract on 6/15/07; closed on 3/25/09; deed recorded on 4/1/09.

2. PROSPECT HEIGHTS $2,200,000
132 St. Marks Avenue GMAP (right)
This 3,440-sf, 5-bedroom brownstone was listed for $2,485,000 when it was a House of the Day in mid-October. The price was reduced to $2,350,000 later that month, according to StreetEasy. Entered into contract on 1/20/09; closed on 3/31/09; deed recorded on 4/3/09.

3. BROOKLYN HEIGHTS $2,070,000
One Brooklyn Bridge Park, Unit 224 GMAP
2,277-square-foot, 3-bedroom, 3.5-bath condo. Entered into contract on 5/22/08; closed on 3/19/09; deed recorded on 3/31/09.

4. COBBLE HILL $1,900,000
271 Degraw Street GMAP
This 3,016-square-foot, single-family house was originally listed for $2,495,000 last July, according to StreetEasy, and the price was reduced a couple of times until it was asking $1,987,000. Entered into contract on 2/12/09; closed on 3/27/09; deed recorded on 4/3/09.

5. FORT GREENE $1,500,000
170 South Oxford Street GMAP
In December, when this 4,000-square-foot brick house was a House of the Day, it was listed for $1,675,000. The asking price for the 6-bedroom, 4-bath single-family was never reduced. Entered into contract on 1/20/09; closed on 3/19/09; deed recorded on 3/31/09.

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Comments

Still no BH brownstones for antwhere near $800,000 that I can see. And that whole "half off" thing just ain't happenin.

Posted by: daveinbedstuy at April 7, 2009 11:43 AM

Cobble Hill place went for 25% below ask, so it looks like we're halfway there, DIBS. ;-)

Posted by: SnarkSlope at April 7, 2009 11:47 AM

There isn't much in CH that would fetch over $2mm even in good times. $629 psf is pretty good for there.

Posted by: daveinbedstuy at April 7, 2009 11:52 AM

Can someone PLEASE tell me why people are spending 5million for a 3 BR condo in that monstrous building?
am I missing something here?

Posted by: gemini10 at April 7, 2009 12:01 PM

One Brooklyn Bridge Park does not seem like a way to live... on a dock, in a huge anonymous building, surrounded by *nothing* Errrgh.

Posted by: tybur6 at April 7, 2009 12:02 PM

CH if meaning cobble hill and not clinton hill or crown hts
has seen plenty over $2M.

Posted by: Petebklyn at April 7, 2009 12:03 PM

DIBS, you said "Still no BH brownstones for anywhere near $800,000 that I can see", that would be like 75% off for a Brooklyn Heights brownstone.

The ones on the market right now are mostly in the $4 million price tag range. Not that they are worth that, but even the crappy ones I don't see dropping below $1 million. There is one on Hicks with 2 RC tenants originally asking over $4 mil (might be less now). No way it goes for $4, but even with RC it might go for $2 mil. It's got something like 11 units in it.

My predictions:
BH brownstones will level off at $2 million (a few of the smaller 17 foot wide ones, of the frame bldgs on Joralemon, etc might go below that, but I'm putting the true brownstones at a $2 million minimum).

CH and CG I'll put at a floor of $1 mil.

Those One Brooklyn apts will keep selling for tons of cash though I bet...

Posted by: christopher at April 7, 2009 12:03 PM

I agree with you christopher. Not sure if you recall HOBOKENROCKS who thinks he'll someday get a BH brownstone for $800k, which he won't.

Posted by: daveinbedstuy at April 7, 2009 12:07 PM

The 5M sale is almost two years old

Posted by: joe_the_bummer at April 7, 2009 12:07 PM

DIBS, I pretty much ignore people who like Jersey ;)

Joe, the 5MM sale might be 2 years in the making, but it still closed. How many articles have we seen lately about people walking out on 6 and 7 figure deposits and down payments?

It may have started 2 years ago but it was finalized now, which to me means whoever wanted it then still wants it, can still afford it, and still thinks it's worth that much.

Posted by: christopher at April 7, 2009 12:28 PM

christopher -- ok, or at least they think it's worth within 10% of the price, if that's what their deposit was.

I rode by there on my bike sunday -- that park will be amazing if they get around to building it. I could see living there. it is kind of dark and forbidding, though, back behind the highway, and the balconies on the north side are in a sort of cut-out section that won't get any light.

I also biked up to williamsburg and hung out in the new park by the water. Wow, what an amazing change. I used to live there in 2000 when that was literally a junk yard. I think the Edge will be a pretty cool place to live, and there will be plenty of bargains when ~2000 new units are spewed onto the market. The only thing is that I wonder what kind of wrath the hipsters have waiting for you if you buy a condo on their turf. anyone know? what's the HIX* reading on that?

(*hate index)

Posted by: joe_the_bummer at April 7, 2009 12:41 PM

One BBP seems to be doing better. Many multi-million dollar units every week. Obviously they can't all be Elizabeth Stribling's units. Someone (with a lot of money) must be buying. I was impressed with what I saw there when I visited the sales office. I'm glad it is not tanking.

Posted by: sam at April 7, 2009 12:57 PM

132 St Marks Ave looks like an important bellwether. It had a very high end renovation just a couple of years back and is in incredible condition throughout (I've been inside). Reconfigured floor plan with great flow, amazing original details on the parlor floor, built-ins everywhere, huge L-shaped backyard (1.5 times the size of the normally big Prospect Heights' lots), venetian plaster walls, etc etc. There are rarely more than a handful of brownstones on the market that reach true shelter magazine levels. This is one of them. And it sold at only 12% off the ask. There's a moral there.

Posted by: 1929 at April 7, 2009 2:05 PM

I think these general predictions about brownstones staying in the $2mil range are silly. What kind of brownstone? Totally renoed? 20, 18 or 17 feet wide? 3 story or 4? Which school? 1 or 2 family? There is so much variability, and already there are many going for less than 2 mil, even in prime areas. A 3 story 18x45 home, for example, is a typical size, and I don't see that going for $2mil in prime area - too small. There are some on market that aren't selling well under $2 mil. I think the more modest brownstones could easily start to sell closer to the $1mil mark, or at best bet 1-1.5. But again, really depends on specific property

Posted by: Miss Muffett at April 7, 2009 2:23 PM

"And that whole 'half off' thing just ain't happenin."

Nice snap shot. The collapse is a slow death, like cancer. It is, however, happening right outside your door (today's thread). Although half off would'nt quite lead to a $0.8M BH brownstone.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 7, 2009 2:24 PM

Also, I've been hearing from *brokers*, yes brokers, that inventory will go up, a lot, soon and prices will go down a lot more. Biggest sales will become a lot more telling come when they reflect properties in contract winter 09-10.

Posted by: Miss Muffett at April 7, 2009 2:25 PM

I love how you continually push the dates back when things will finally come down to your acceptable home price levels every few months or so MM. It's never that perhaps you are looking in areas that are too expensive for you, but always that you will try to talk down the market in the area you want, even though most data would prove you otherwise.

First it was fall 2008, then winter 2009, then spring 2009, now it's winter 09/10? Maybe you'll finally see that perfect townhouse you want for 500K in 2037? ;-)

Keep taking that advice from the brokers though. They do know all.

You know I'm only joking with you...but really?!

Posted by: 11217 at April 7, 2009 2:32 PM

"Biggest sales will become a lot more telling come when they reflect properties in contract winter 09-10."

That's wahat everyone was saying once we got to "pre-Lehman" I guess not!!!!!

Posted by: daveinbedstuy at April 7, 2009 2:35 PM

Biggest sales by definition reflect the last frontiers to fall. A severely flawed indicator. Bring on the smallest sales head-to-head with this feature and it'd be a lot more telling.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 7, 2009 2:43 PM

"Biggest sales by definition reflect the last frontiers to fall."

At least they represent reality as opposed to some "I hope everything will come off 50%" dream world.

Posted by: daveinbedstuy at April 7, 2009 2:48 PM

Dave--if you want to argue with BHO you are going to need a spiffy little tagline like his. Can't you think of something and then paste it onto the end of every post you make?

Posted by: wasder at April 7, 2009 2:56 PM

Dave,
Since I worked in this at one time, here are my tagline suggestions...ugh...I can't believe I'm engaging in this!:

"DaveInBedStuy, A Little Bit 'o Bed, A Lot of Stuy..."

"Brownstones15%Off"

"***Bid 10% off current ask***"

"If you have to ask, you *don't* know DAVE!"

...and the obvious:

"Condos, Down; Coops, Down; Brownstones...Priceless"

Posted by: BrooklynGreene at April 7, 2009 3:28 PM

Tagline:

"Hope...half off"

Posted by: BrooklynGreene at April 7, 2009 3:45 PM

BrooklynGreene...I especially like that last one.

*Always An Owner, Never A Renter Be*

Posted by: daveinbedstuy at April 7, 2009 3:48 PM

By the way, the house in Fort Greene is covered in clapboard but Gabby referred to it as "brick".

I guess the parking space is nice and grandfathered in since it wouldn't be allowed today. I think that house has very little back garden and some less than stellar views.

My fear of that whole area of our neighborhood is that if someone has his way and puts up some big towers, there will be a lot of shade and down stream wind issues...and dust and crud during construction.

I'm glad they got (more-or-less) their price! It's a relief (for me) frankly!

Posted by: BrooklynGreene at April 7, 2009 3:50 PM

How about?:
"Proud HomOwner since 1959!"

Posted by: BrooklynGreene at April 7, 2009 4:20 PM

That cobble hill house sold for 20% more than it did 5 years ago, which doesn;t exactly seem like the sky fell on the seller's head.

Posted by: Boerum Hill at April 7, 2009 5:05 PM

I know him as "The Money Manager who happens to live in the Ghetto", or sometimes simply "the idiot who lost $500K on a $800K speculative investment"...

Posted by: cornerbodega at April 7, 2009 6:00 PM

Real estate unfolds rather slowly. I've been saying, yes, for a long time that the market was bound to fall, but it did indeed defy gravity much longer than I expected. That's no longer the case - Lehman was indeed a watershed. But due to the rather slow movement of real estate, it simply takes time for the comps to re-adjust. Say what you will, but other than Sebb, everyone is an agreement that this is exactly what is happening. We only disagree about degree and exact time frame.

Posted by: Miss Muffett at April 7, 2009 6:49 PM

So Miss Muffett -- and any of you -- how do you respond to the sale of 132 St Marks Ave? I'm generally very pessimistic about the market but this does seem to indicate that houses in excellent condition can sell at close to the ask.

Posted by: 1929 at April 7, 2009 6:59 PM

And, I've also heard from someone in the trenches that current market for bstones and limetones is even softer than coops/condos...

Posted by: Miss Muffett at April 7, 2009 6:59 PM

1929, as many are quick to mention, % off ask is a dangerous metric. But if St. Marks is to be a bellweather, I wonder if 12% off is really so bullish. You and others seem to be extolling the virtues of this property which makes me think it is a top 5% property of its type. If a top tier property such as this is still a 12% off ask, then I would think the less desirable housing stock (which is virtually everything) is likely to be more discounted. I'm not sure we can assume consistent pricing strategies so I'm not sure the whole compare works anyway, but if % off ask is the interesting metric to you, that is one way to think about it.

Posted by: Ledbury at April 7, 2009 7:22 PM

Miss Muffet,

When E.F. Hutton talks, people listen..."I've heard from my sister's daughter-in-law's hairstylist's boyfriend's mother that the cost of coffee is going to drop $2/tonne on Friday! And she knows people (wink wink)."

Please give it a rest already, it's almost Passover for goodness sake! Enough with the little negative drip, drip, drips...It's tiresome, like listening to a faucet dripping.

Look, I was telling my husband we should sell 3 years ago...who wouldn't? You're not alone in this, but your picking away is like an obsessive picking at a scab.

Take a breather. Your comments are not a good reflection on you. It almost makes you seem like a "short seller" or whatever they call them...although I guess that's only in the stock market.

Thank you.

Posted by: BrooklynGreene at April 7, 2009 7:42 PM

Ledbury, I have no particular loyalty to % off. It's just one of many ways to look at the sale price. Another possibly more interesting way is to ask how many brownstones have ever sold in Prospect Heights for over $2 million -- even at the peak. Just anecdotally (I live in the nabe and follow comps closely but not scientifically), I would say only about 3-4. By that metric, $2.2m is pretty impressive.

Posted by: 1929 at April 7, 2009 9:56 PM

You summed up Miss Muffet's posts perfectly BrooklynGreene. I could not agree more.

Posted by: 11217 at April 7, 2009 10:48 PM

If real estate unfolds rather slowly, why did it unfold in all over the country so quickly in June 2006? And even in New York, where June 2006 was the peak, according to Case Schiller? And why is it, if real estate unfolds so slowly, that the subprime areas of New York City dropped 40 percent from June of 2006 to December of 2008? And now foreclosures in those areas are trading in the $300,000s? Seems things are moving oh so slowly only where Miss Muffet lives.

Posted by: mopar at April 7, 2009 11:38 PM

Miss Muffet,
As I said, 25 foot wide brownstones in Brooklyn Heights will not drop below $2 mil. No school zone to consider, no "# of family/units" to consider. Straight up 25 foot wide (almost every BH 25 wide brownstone is 5 story) Brooklyn Heights brownstones wont drop below $2 mil. Just the way it is.

Cobble Hill? Same deal on a smaller scale. PS 29 school, one of the best. Mostly 25 wide. Mostly 5 story. More 19 wide and some 4 story which is why I said $1 mil as the minimum.

I agree that some neighborhoods will see drops. Some will see massive drops. But some will not. And some will see drops that yo may not consider "massive" but those in the neighborhood do consider "massive". It's all relative. If I can get a 25 wide Brooklyn Heights brownstone for $2 mil, I'm all over it. A 10 unit 25 wide BH brownstone for $2 mil? Genius!

Someone with cash may fine a 1 or 2 family 25 wide BH brownstone at $2 mil genius. It's all relative.

Regardless I put $2 mil for the Brooklyn Heights 25 wide brownstone as the bottom (regardless of C of O).

Posted by: christopher at April 7, 2009 11:41 PM

« This House Is Getting Cheap Co-op of the Day: 32 8th Avenue »

April 7, 2009

Last Week's Biggest Sales

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