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April 24, 2009

Open House Picks: Six Months Later

Comment: Can that Willoughby price can be right?
Open House Picks 10/24/08 [Brownstoner]
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Something fishy about selling price of the Clinton Hill House. Either Mr. B missed a million dollars somewhere OR quite a bit of money was exchanged "under the table"

Posted by: Kensingtonian at April 24, 2009 12:43 PM

If I hit the mega millions tonight, 1255 Carroll is mine!

Posted by: InsertSnappyNameHere at April 24, 2009 12:48 PM

It might be a sale with a related party, or something aliong those lines.

Or maybe the inspection came back and said there was serious structural flaws with the house.

Posted by: Boerumresident at April 24, 2009 12:49 PM

WTF IS GOING ON?
the first two properties sold for FAR LESS than asking, I mean FAR LESS!!!!!!!!!!!!!!!!!!!!!!

And what is up with CARROLL STREET IN CH????? is every house for sale there?

Posted by: gemini10 at April 24, 2009 12:50 PM

"Something fishy about selling price of the Clinton Hill House. Either Mr. B missed a million dollars somewhere OR quite a bit of money was exchanged "under the table""

"WTF IS GOING ON?
the first two properties sold for FAR LESS than asking, I mean FAR LESS!!!!!!!!!!!!!!!!!!!!!!"

You are witnessing the effects of a collapsing Mutant Asset Bubble!

First the Flash!

Next the Shockwave!!!

Last the Radiation...

Wake up guys it's OVER!!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at April 24, 2009 12:54 PM

1278 was a distressed seller -- or so my friend who was looking told me.

In general, I gotta think the days of $1mm+ prices in Crown Heights is over. At least for the moment.

Posted by: Ringo at April 24, 2009 12:57 PM

If 1278 was distressed, I'd say the Clinton Hill seller was a glass of full blown panic with a scared-sh!tless chaser.

Posted by: InsertSnappyNameHere at April 24, 2009 12:58 PM

I remember discussing 1278 with DIBS a while back and him saying that the seller was willing to take a big discount but not the 50% off that I suggested. Still, 35% off is not too shabby!

In fact, just found the discussion through google:
http://www.brownstoner.com/brownstoner/archives/2008/10/open_house_pick_213.php

Posted by: the chicken at April 24, 2009 1:02 PM

Property Shark does not show the Willoughby sale at all. On 12/17/08 P.Shark shows a $100,000 deed transfer.

I think the records are a mess, is what I think.

Posted by: serpentor at April 24, 2009 1:04 PM

that's gotta be a mistake with that Clinton Hill house
i mean a 1.2 off asking??!! - isn't that part of Willoughby reallly nice as well? also the house from the outside looks great!

Posted by: gemini10 at April 24, 2009 1:04 PM

The deed is a transfer for 50% share; does that make sense?

Posted by: bedstuy11216 at April 24, 2009 1:09 PM

was discussed here G10

http://www.brownstoner.com/brownstoner/archives/2008/06/house_of_the_da_521.php

Posted by: the chicken at April 24, 2009 1:10 PM

Chicken..
I looked back and I see a nice house that of course some people found fault with, but it doesn't need to be gut renovated - so I wonder why it sold at that price
is that nabe just not safe/good? - sorry, am just sorta in shock that it went for that price!

Posted by: gemini10 at April 24, 2009 1:23 PM

Re: Willoughby

This is the info from Streeteasy, which does not match up with bstoner's info since he says it sold on 12/17/08....nothing about that date in Streeteasy. I'm guessing it did not sell for 725,000.

06/16/2008
Previously Listed in StreetEasy by Corcoran at $2,100,000.
08/28/2008
Delisted temporarily by Corcoran. Last priced at $1,995,000.
11/10/2008
Listed in StreetEasy by Corcoran at $1,795,000.
11/20/2008
Price decreased by 6% to $1,695,000.
01/12/2009
Listing entered contract.
02/15/2009
Listing is no longer available.
02/28/2009
Listing entered contract.
03/04/2009
Listing sold.

Posted by: 11217 at April 24, 2009 1:29 PM

I don't see any evidence willoughby sold on acris.com
And no - I don't think that number is right. As Judge Judy says - if it doesn't make sense then.....

Posted by: Petebklyn at April 24, 2009 1:38 PM

I hope it's correct / legit cause that means more of us here can buy something vs. waiting, waiting, waiting....

Posted by: more4less at April 24, 2009 1:38 PM

This may have something to do with 1278 Carroll St.

http://www.nytimes.com/2008/08/04/nyregion/04fraud.html?partner=rssnyt&emc=rss

Posted by: kensingtonka at April 24, 2009 1:49 PM

11217 - your back!!!
yeah!!!

Posted by: gemini10 at April 24, 2009 1:51 PM

Yes, kensingtonka, you are right.

Posted by: daveinbedstuy at April 24, 2009 1:52 PM

Yes, Gemini....got back super late last night from a great trip to Argentina...

Ahhhh...so tired but refreshed...

Posted by: 11217 at April 24, 2009 1:54 PM

ok...so what does that article about some Brooklyn Heights swindler have to do with the distressed sale on Carroll street?
(sorry am blonde)

11217 - welcome back!!

Posted by: gemini10 at April 24, 2009 2:00 PM

He was the owner of those places, gemini.

Posted by: daveinbedstuy at April 24, 2009 2:03 PM

There was a $455,000 price drop at 396 Vanderbilt -- HOTD 9 months ago...

http://www.streeteasy.com/nyc/sale/348441-multi-396-vanderbilt-avenue-clinton-hill-brooklyn

Posted by: talknerdytome at April 24, 2009 2:20 PM

125 Willoughby sold for $1,600,000.

Posted by: Abdul Muid at April 24, 2009 2:32 PM

You mean the Brooklyn Heights swindler owned 1278 Carroll St.? CRAZY!

Did Madoff own Willoughby?

Posted by: mopar at April 24, 2009 2:40 PM

Let this be a lesson to us all: If the seller's in jail, you might get a good price.

Posted by: mopar at April 24, 2009 2:42 PM

He's not in jail. He wasn't really culpable legally because it was the manager who was doing the swindling, not the owners.

Posted by: daveinbedstuy at April 24, 2009 2:45 PM

Oh my god. The sudden closing of his businesses thanks to the Brooklyn Heights swindler must have forced him to sell. How terrible.

Does anyone see when he bought and for how much?

Posted by: mopar at April 24, 2009 2:52 PM

oh wait - so the Clinton Hill house sold for 1.6
broker chimed in above guys

Posted by: gemini10 at April 24, 2009 3:24 PM

Brownstoner, you might want to correct the sale price on Willoughby. Don't want the bears getting the wrong idea.

Posted by: mopar at April 24, 2009 3:25 PM

1.6 makes a lot more sense for Willoughby. Mr B, where did your crazy number come from?

Posted by: wasder at April 24, 2009 3:27 PM

"Brownstoner, you might want to correct the sale price on Willoughby. Don't want the bears getting the wrong idea."

It sold for 500K under the initial asking price of 2.1 million. I'm not sure that exactly puts it in bull category either.

Posted by: 11217 at April 24, 2009 3:28 PM

11217--you are right, not in bull territory but in "reasonable" territory, at least compared to what I understand comps to be for that area. 2.1 was ridiculous and so is 725. This makes much more sense.

Posted by: wasder at April 24, 2009 3:32 PM

> "oh wait - so the Clinton Hill house sold for 1.6"

Or so claims a random person on blog.

Posted by: SnarkSlope at April 24, 2009 3:37 PM

Snark,

If he/she is random, they did select as a login the name of the broker for the Willoughby House.

Could of course be a fake, but the broker has a vested interest in making sure this crowd knows that the house didn't in fact sell for a song (if that's the case).

That being said, the broker priced the house at 2.1 million too, so that's not necessarily saying much for his smarts either.

Posted by: 11217 at April 24, 2009 3:47 PM

It could be the broker, sure.

But even if it is, where is the actual evidence of the selling price?

It's still hearsay, whoever is saying it.

And welcome back, 11217. Hope you had a great time in Argentina.

Posted by: SnarkSlope at April 24, 2009 3:54 PM

Thanks Snark. Terrific time...I really love it down there.

Good to be back though...and what a great welcome with this weather!!

Have a great weekend.

Posted by: 11217 at April 24, 2009 3:56 PM

"oh wait - so the Clinton Hill house sold for 1.6"

Or so claims a random person on blog.

Not a random person if indeed this is same dude we know i.e. Corcoran Broker with lots of listings in FG & CH.

Posted by: pierre de taille at April 24, 2009 4:00 PM

am sure it's legit
let's hope that some idiot didnt pretend to be the broker and login just to claim 1.6

Posted by: gemini10 at April 24, 2009 4:04 PM

that is odd about the Clinton Hill house. Price drops like that should still be 18 months away!

Posted by: brickoven at April 24, 2009 4:35 PM

We pulled up the actual document in Acris and it said $725,000...

Posted by: brownstoner at April 24, 2009 4:51 PM

For what it's worth, we came very close to buying a property on Willoughly pre-9/11 (deal fell through due to 9/11) and it was very, very cheap. So, even if the number was 725K, I don't think that would SO out of line with prices that were not that long ago. Back in 2000, those houses were still quite cheap, so I bet if it was a long-time owner, he could still pull in a big profit at 725K...

Posted by: Miss Muffett at April 24, 2009 5:05 PM

Miss Muffet, prices have gone up since 2001.

Posted by: mopar at April 24, 2009 5:29 PM

And evidently down since 2008.

Posted by: SnarkSlope at April 24, 2009 5:40 PM

Mopar, to say prices have gone up since 2001 is the understatement of the year. Indeed they have, in some cases more than tripling. That's the whole problem here - why we had a bubble in the first place, and why it burst. And why I think declines of 50% are far from inconceivable.

Posted by: Miss Muffett at April 24, 2009 8:03 PM

OMG you mean house prices are falling back to reality? $725K was still overpriced for that house. New/old banking mortgage rule of thumb of 3x income means you still have to have someone making a lot of money or a huge down payment to even pay that much for it. In 1999-2001 what would these have gone for? What would it cost to rebuild if a fire happened tonight? There's your price. Oh wait, buy now or be priced out forever! Hardeeharhar.

Posted by: williamsburgguy at April 24, 2009 8:41 PM

you can tell who the blind and delusional are when these #s "stun" them. Can't be real!

Posted by: cornerbodega at April 25, 2009 4:17 AM

wheres dibs? LOL

Posted by: cornerbodega at April 25, 2009 4:21 AM

cornerbodega, you're just a moron. If you can get me a house in the Willioughby block in decent condition for $725K, I'll personally write you a check for 10% of that value if I buy that house.

Mr. B, check ACRIS again please. I think the mortgage from 2 different banks for that house was taken out at 1.25Mil. How could they have bought the house for 725K then? Doesn't make any sense to me at all.

Posted by: Kensingtonian at April 25, 2009 12:09 PM

"OMG you mean house prices are falling back to reality?"

Pretty much.

"New/old banking mortgage rule of thumb of 3x income..."

Pretty much.

"you can tell who the blind and delusional are when these #s 'stun' them. Can't be real!"

Pretty much.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 25, 2009 12:26 PM

Kensingtonian-I am with you. It is very strange and some explanation will likely turn up that will contextualize it.

Posted by: wasder at April 26, 2009 8:29 AM

read again the docs on Acris and you'll see that a 50% interest in the prop sold for $725K.
Maybe in week or so we'll see if other 50% sale is recorded or if someone only bought 1/2 the house.

Posted by: Petebklyn at April 26, 2009 10:51 AM

SO that would make it a 1.450 house, which is more in line with comps.

Posted by: wasder at April 26, 2009 11:39 AM

you see, peeps like kensingtonian are the prototypical delusional cheerleader going bust. Whatever the exact #s are they can't seem to grasp the main point that s*hit is going downhill in what is just the very beginning of the NYC bubble burst.

Posted by: cornerbodega at April 26, 2009 12:24 PM

now that I look at Willoughby more closely...that 50% sale is one of the owners buying the other's share out.

Posted by: Petebklyn at April 26, 2009 1:01 PM

Pete, that makes perfect sense.

Mr. B. I think correction is in order.

Cornerbodega....I am not arguing about whether the market is going bust or not. I am not sure about that myself yet. I am just pointing out that, again, you're a moron if you beleive that a house on Willoughby sold for 725K and you're making a housing burst comment based on that.

Posted by: Kensingtonian at April 27, 2009 9:54 AM

I agree that that Willoughby could not have sold for 725K. No way the sheep would have allowed that. Koolaid rehab is still in session.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 27, 2009 10:30 AM

« Bed Stuy Garage Goes Residential Open House Picks »

April 24, 2009

Open House Picks: Six Months Later

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