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April 21, 2009

Last Week's Biggest Sales

1. PROSPECT HEIGHTS $2,148,507
On Prospect Park, Unit 6E GMAP (left)
A 2,085-square-foot, 3-bedroom unit in the Richard Meier-designed condo, according to its listing. Entered into contract on 8/7/07; closed on 2/5/09; deed recorded on 4/17/09.

2. CARROLL GARDENS $1,810,000
419 Union Street GMAP (right)
This 2,871-sf, two-family house was asking $2,300,000 when it was a House of the Day in December; it was originally listed for $2.55 million last summer. It last sold for $1,577,800 in 2005. Entered into contract on 1/13/09; closed on 4/2/09; deed recorded on 4/13/09.

3. BOERUM HILL $1,685,000
114 Bergen Street GMAP
This 1,785-sf, 2-family house last sold for $1,215,000 in 2007, according to Property Shark. Entered into contract on 2/10/09; closed on 4/3/09; deed recorded on 4/13/09.

4. CLINTON HILL $1,629,600
306 Washington Avenue GMAP
As covered a few weeks ago, this four-family brownstone hit the market last year for $2.3 mil, and its price was reduced to $1.9 mil by last November. Entered into contract on 1/22/09; closed on 3/26/09; deed recorded on 4/16/09.

5. BAY RIDGE $1,325,000
70 89th Street GMAP
A 2,261-sf, single-family house, per Prop Shark. The house was listed late last year for $1,490,000. Entered into contract on 4/8/09; closed on 4/8/09; deed recorded on 4/14/09.

419 Union Street photo from Property Shark.

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Comments

I can handle the above...

The price "declines" are very slow...yes, real estate may take a long time to descend (and then again may NOT!)...but this is QUITE slow in my opinion.

Ms. BG (who has lived through a number of cycles already...including my own!)

Posted by: BrooklynGreene at April 21, 2009 11:33 AM

206 Washington could serve as a useful comp for the Lafayette Ave house we were talking about last week.

Posted by: wasder at April 21, 2009 11:38 AM

I was going to say the price on that Carroll Gardens house is still ridiculous, but then I looked at the photos. Wow, gorgeous and perfect.

So a nice renovation is worth $200,000 vs. Home Depot claptrap in Carroll Gardens. Now we know.

Posted by: mopar at April 21, 2009 11:40 AM

Price per square foot on Bergen pretty intensely high...

Posted by: wasder at April 21, 2009 11:42 AM

I agree--the Carroll Gardens house is gorgeous, but think of it this way: the sellers paid 1.57 mil three years ago; lived through a huge renovation which probably cost $250,000 (this is an assumption), lived with the house on the market for 8 months, and probably haven't cleared all that much on the sale.

Sure, the Home Depot cheapo reno didn't bring in as much, but they probably weren't as white-knuckled when the economy started to tank.

It's also about 30% off the crazy asking price of last summer... Brownstone 1/3 off anybody?

Posted by: Minmin at April 21, 2009 11:46 AM

Carrol Gardens house presents an interesting picture in the market wars. Obviously way off its original ask (which now looks ridiculous) but still a pretty hefty amount of money. If the sellers were the ones that did the nice renovation after buying at 1.5 then they didn't see any profit, but they didn't get hosed either. Fuel for both sides of the argument here.

Posted by: wasder at April 21, 2009 11:47 AM

one can debate how fast or not prices are dropping but no denying prices are dropping. Until prices flatten out or go up, safe & simply assumption to believe it'll continue to drop / drip / tank.

the continued weak job mkt will place huge pressure on prices dropping. Economist often say unemployment metrics are lagging indicators on overall econ health. That may be true for gauging when companies' earning might improve or when stock markets rebound. Just cant see how employmt metrics would be lagging indicator for home purchases (particularly for big $$$ prices). I would assume it's a leading indicators (ie people aint going to buy homes until they see employment metrics are much improved)

Posted by: more4less at April 21, 2009 11:56 AM

The Union Street house picture is the wrong house (diff from the Corcoran listing)

Posted by: ilikeslices at April 21, 2009 11:59 AM

Wrong picture there on that Union St Property. I know about the Union St. sale, friends of friends of the owner. Lets just say this ain't their only house. Its a very nice house. Price seems a little low to me, but I would have sold it at that price if I was them too.

Posted by: billyboomer at April 21, 2009 12:00 PM

Oh and another thing if you judge the market by the Union St house you are wasting your time.

Posted by: billyboomer at April 21, 2009 12:02 PM

Are you sure you've got your dates right? PP went into contract in 2007 and Bay Ridge closed the same day they signed contracts?

Posted by: rh at April 21, 2009 12:20 PM

Please elaborate, Mr. Boomer.

Posted by: SnarkSlope at April 21, 2009 12:21 PM

Wait, what? So what does the Carroll Gardens house look like, etc.?

Posted by: mopar at April 21, 2009 12:41 PM

I am sorry...I am OK with the On Prospect Park building (although it annoys me that I can see it while in the middle of the park since the concept of the part was to not see buildings like that) but those prices are ridiculous in any market. It is just insane to live in a generic box like that with such HUGE maintenance cost when you can gave a pre-war building or house or that beautiful apartment at the Montauk Club (which I assume will come down in price a bit). Either way, someone spending $2.2mm on an apartment has budget leeway. I am just so confused by this building. I hate to bate, but can someone please explain why this building did so well?

Posted by: LincolnSlope at April 21, 2009 1:07 PM

The apartments in OPP went into contract back in '07 way before the current economic downturn. I am sure that the folks who are paying these crazy prices are stuck and would have lost their deposits if they were to back out now. Certainly, if they had to sell today, the apartment would be worth a lot less than they paid.

Posted by: JoeBushwick at April 21, 2009 1:28 PM

L'Slope, maybe this bldg is like Porsche's pricing-wise - ie the huge price tag is the draw, bragging rights, etc. Funny how the super wealthy thinks sometimes.

Posted by: more4less at April 21, 2009 1:30 PM

Well, the thing is, I would expect them to just ditch the deposit. We are talking about something that is probably worth 40% less today or at least in a year. These things are boxes of glass. Unintereseting boxes of glass.

Posted by: LincolnSlope at April 21, 2009 1:34 PM

The Meier building looks better in pictures... most pictures tone down how green it is. It's really green. Green and frosted. Like a makeover gone wrong. Yuck. :-)

Posted by: tybur6 at April 21, 2009 1:45 PM

LincolnSlope - You are making the mistake of assuming that your taste is everyone else's taste. While I love the Montauk Club apartment, I also love a nice, clean blank slate of a space.

Posted by: SnarkSlope at April 21, 2009 1:52 PM

Touche', I get it. I just can't believe there are THAT many people out there with this much money and that particular taste.

Posted by: LincolnSlope at April 21, 2009 2:11 PM

Week after week I am befuddled that the Meier building always tops the list of most expensive property sold. I am beginning to question my assumption that the multitudes of real estate sages that frequent brownstoner might not know what they are talking about. I know, it's crazy to even entertain such an absurd notion, yet I find myself doing so. This upsets me, because the main point of coming on brownstoner is to hate any and every new building on the market. If it wasn't built prior to 1935, it must be a piece of s***.

Posted by: Big Jugs at April 21, 2009 6:10 PM

Nonsense, Jugs. I mean who doesn't love mid-century modern? And those office building-esque condos with a counter, uncomfortable stools, and a subzero?

Just... if you're shopping in a building made of glass at the GREEN market, perhaps you need to rework your ideologies. Slightly.

Posted by: Heather at April 21, 2009 6:32 PM

« Preservationists Give Nod to Poly Prep Addition Co-op of the Day: 75 Henry Street »

April 21, 2009

Last Week's Biggest Sales

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