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May 26, 2009
Last Week's Biggest Sales
1. MANHATTAN BEACH $2,150,000
34 Girard Street GMAP (left)
A 5,040-sf, two-family house, according to Property Shark. Entered into contract on 1/30/09; closed on 5/11/09; deed recorded on 5/20/09.
2. DUMBO $1,815,000
100 Jay Street, Unit 29A GMAP (right)
A 1,711-sf, 2-bed, 2-bath unit in the J Condo, according to StreetEasy. Entered into contract on 3/25/09; closed on 5/8/09; deed recorded on 5/21/09.
3. CARROLL GARDENS $1,400,093
277 President Street, Unit 3A GMAP
Another big closing in this condo conversion, where one of the buyers has been blogging about their purchase. Entered into contract on 5/5/09; closed on 5/5/09; deed recorded on 5/19/09.
4. BOROUGH PARK $1,100,000
1256 44th Street GMAP
A 5,250-sf, 5-family, according to Property Shark. Entered into contract on 11/5/08; closed on 5/7/09; deed recorded on 5/20/09.
5. BENSONHURST $990,000
1633 79th Street GMAP
A 3,280-sf, 4-family, according to Property Shark. It last sold for $610,000 in 2003. Entered into contract on 1/15/09; closed on 5/8/09; deed recorded on 5/21/09.
34 Girard Street photo from Property Shark; JCondo photo by The Real Janelle.
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Comments
Ladies and gents,
Welcome to another edition of Case-Killa Tuesday!
NY S&P Case-Shiller Home Price Index
Date Reading Change Change
From From
Peak Prev Yr
Jun-06 215.83 (PEAK)
Jul-06 215.25 -0.27% 7.70%
Aug-06 214.34 -0.69% 5.94%
Sep-06 214.08 -0.81% 4.52%
Oct-06 214.28 -0.72% 3.20%
Nov-06 214.23 -0.74% 1.87%
Dec-06 213.79 -0.95% 0.52%
Jan-07 212.78 -1.41% -0.34%
Feb-07 212.52 -1.53% -0.91%
Mar-07 212.39 -1.59% -0.91%
Apr-07 211.61 -1.96% -1.56%
May-07 210.51 -2.46% -2.35%
Jun-07 209.49 -2.94% -2.94%
Jul-07 208.36 -3.46% -3.20%
Aug-07 207.15 -4.02% -3.35%
Sep-07 206.35 -4.39% -3.61%
Oct-07 205.54 -4.77% -4.08%
Nov-07 204.58 -5.21% -4.50%
Dec-07 202.47 -6.19% -5.29%
Jan-08 200.78 -6.97% -5.64%
Feb-08 198.45 -8.05% -6.62%
Mar-08 196.53 -8.94% -7.47%
Apr-08 194.78 -9.75% -7.95%
May-08 193.88 -10.17% -7.90%
Jun-08 194.22 -10.01% -7.29%
Jul-08 193.64 -10.28% -7.06%
Aug-08 193.33 -10.42% -6.67%
Sep-08 191.32 -11.36% -7.28%
Oct-08 189.79 -12.07% -7.66%
Nov-08 186.81 -13.45% -8.69%
Dec-08 183.5 -14.98% -9.37%
Jan-09 181.00 -15.91% -9.85%
Feb-09 178.16 -16.88% -10.22%
Mar-09 173.35 -19.03% -11.79% (f'' still < 0)
Crash getting worse. -19% and falling. Well on the way to -50% or worse.
Have a great day!
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 12:00 PM
Aw man! Heading's f'd up. It's DATE, READING, CHANGE FROM PEAK and CHANGE FROM PREVIOUS YEAR (YOY).
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 12:03 PM
Brownstones Half Off: Dude are you kidding me? Carroll gardens is selling condos for 1.5 mill and you are talking of prices going down? Take a pill and chill with your nonsense.
Posted by: sebb at May 26, 2009 12:13 PM
"Take a pill"
Crack is wack.
[s]ebb and flow = half off
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 12:17 PM
Brownstones Half Off : Bro we all know you want to buy a home 50% off but you have to go to cali for that .
Posted by: sebb at May 26, 2009 12:23 PM
...or simply wait here, sebby boy. Index up +200% trough to peak. Brownstones up +200% trough to peak. Relevant on the way up, relevant on the way down (-19% into the abyss).
You're outnumbered, broham. Nobody wants you on their team. DIBS will soon be ours. Go postal.
Team Bear...we go hard, we go hard! Grrrrrrr!
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 12:36 PM
Brownstones Half Off: you go hard but the problem is this thing is on it's way to bottoming out. Meanwhile Son you still are renting like a fool. You want to come rent an apt from me?
Team Bull keeps on pushing.
Posted by: sebb at May 26, 2009 12:44 PM
Pardon me if I'm missing something here as an occasional poster/comment reader, but:
BHO, don't you have anything better to do? Who are you? Do you own any Brooklyn property?
Am I the only one sick of these incessant posts full of aggro, over-the-top negativity? I am totally open to well-made arguments that the market is going down, but BHO and the What's testosterone vibes bug me.
Posted by: babygreene at May 26, 2009 12:49 PM
"Am I the only one sick of these incessant posts full of aggro, over-the-top negativity? I am totally open to well-made arguments that the market is going down, but BHO and the What's testosterone vibes bug me."
Being right is what "bugs" you Asshead! I lovin it, like McDonald's!
ROTFLMMFAO! BHO What's happing??!! I see Killa Cam dropped -19%! That 27 consecutive months of declines.
BHO please be kind to the retards because watching the Mutant Asset Bubble collapse can cause Headaches...
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end...
Posted by: Return of The What at May 26, 2009 1:39 PM
I, for myself, am not sick of opposite minority opinions. Prior to the Doom, all I heard was 'buy now, you can't miss', 'Property always goes up', 'You're just not smart if you aren't buying'. Even the NYTimes, that bastion of real estate boosterism is running stories on the turn of consensus (5/24 Arts & Leisure, PAGE 18 TELEVISION: "Reality Check for Real Estate Shows")
As a renter looking to buy, what's wrong with the 50% metric- it's easy to understand. As to basis in reality... stranger things have happened...
And as to some one paying a price that we might not agree with... big deal- YOU don't have to make the mortgage, the buyer seems happy to pay the seller's price.
Ain't Capitalism wonderful!
Posted by: phc123 at May 26, 2009 1:44 PM
Yeah, babygreene. I have better things to do but this is fun. I enjoy cheering on the bear market.
I'm a regular family guy patiently waiting for the bottom feed. Thank God I don't own any Brooklyn property because it more than likely would have been purchased near peak price. Proudly renting.
No, you're not the only one. I get tired of myself sometimes. Being right all the time (DOW/SP falling to 8000/800, rents falling, Manhattan-to-Brooklyn-back-to-Manhattan, Condos going rental, prices falling more than 5 or 10 percent, etc etc etc) is so boring. The "negativity" is in balance with the "positivity" that was the euphoria of perpetual price increases. Why is the testosterone bothering you? Can't you just skip over our posts?
I'm done with "well-made" arguments. Made plenty of them. Not necessary anymore. The market is in code red.
So who are you, babygreene? Do you own?
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 1:52 PM
"BHO What's happing??!!"
Shhhhh! Special education is in session. I'll get with you at 3:30.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 1:55 PM
I don't see negatively here. I see information. Information is good.
However!!!!! This is pathetic. We're only 19 percent off peak still? This is totally ridiculous.
This strongly supports my observation that subprime areas are down significantly and prime areas not.
If the economy does recover in 2010, you're screwed, BHO. However, I think it's far more likely we'll see a recovery followed by another shock, etc., resulting in a flat decade.
Posted by: mopar at May 26, 2009 1:55 PM
And what's the deal with the 1.4 million condo in Carroll Gardens? I thought you could buy a whole house there for that.
Posted by: mopar at May 26, 2009 1:57 PM
"Shhhhh! Special education is in session. I'll get with you at 3:30."
ROTFLMMFAO!!!!!!!!!!!!!!!!!!!!!! That's funny!!!!!!!!
The What
Someday this war is gonna end...
Posted by: Return of The What at May 26, 2009 2:00 PM
I think case-shiller is good gauge but I still find it difficult to believe that mid-2006 was peak price.
Maybe for general greater metro area but not NYC.
It say closer to end of 2007.
And that prices are probably down 10% on average.
Posted by: Petebklyn at May 26, 2009 2:03 PM
"I don't see negatively here. I see information. Information is good."
The blog speaks.
"We're only 19 percent off peak still?"
Be easy. People are jumping out of buildings because of that number. If you think -19% hurts...
"This strongly supports my observation that subprime areas are down significantly and prime areas not."
Prime areas not down significantly YET. Nice snap shot. Put down the camera and pick up the HD camcorder and lock it on RECORD.
"If the economy does recover in 2010, you're screwed, BHO."
If the economy recovers in 5 minutes I'm "screwed". What if this? What if that? If I had to buy at -19% (or even +19%), it would be what it would be. I'll bite the bullet as soon as NY Case-Shiller stops falling.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 2:11 PM
So there's a time lag, Petebklyn. What's a better monthly gauge than Case-Shiller? No index is perfect but the +200% common increase is "cash money".
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 2:17 PM
rather buy when case shiller is up. don't want to be faked out by a head fake
Posted by: more4less at May 26, 2009 2:21 PM
Besides, NYC proper lagging NYC Metro gives me plenty of time to react when the index YOY passes back up through zero.
Recess!
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 2:23 PM
"Recess!"
Hey Retards you forgot the fucking helmets!
The What
Someday this war is gonna end...
Posted by: Return of The What at May 26, 2009 2:27 PM
"Besides, NYC proper lagging NYC Metro gives me plenty of time to react when the index YOY passes back up through zero."
Smart.
Posted by: mopar at May 26, 2009 2:50 PM
Except prices will probably go up sooner in prime areas of New York City than they will in the whole metro area.
Posted by: mopar at May 26, 2009 2:50 PM
I am waiting to read more of the resales of newer condo bldgs - where many people of speculated we will see bigger declines. Or even houses, but those are harder to figure because don't know when/if/quality of renovations or upgrades.
So even though I believe prices have gone down some...then I see the J condo resale here - for $1.8m which sold in 2007 for $1.5. So I ask, please , if you see resales at declining prices please post. I think prices have gone down...I want to see the evidence.
Posted by: Petebklyn at May 26, 2009 3:00 PM
"Except prices will probably go up sooner in prime areas of New York City than they will in the whole metro area."
History disagrees with you, mopar.
NY Case-Shiller Home Price Index
DATE, READING, CHANGE FROM BOTTOM, CHANGE FROM PREV YR
May-90 79.05
Jun-90 78.96
Jul-90 78.78
Aug-90 78.21
Sep-90 77.41
Oct-90 76.80
Nov-90 76.14
Dec-90 75.60
Jan-91 74.59
Feb-91 73.69
Mar-91 72.87
Apr-91 72.29 (BOTTOM - retroactively called)
May-91 72.63 0.47% -8.12%
Jun-91 73.50 1.67% -6.91%
Jul-91 74.39 2.90% -5.57%
Aug-91 74.90 3.61% -4.23%
Sep-91 75.06 3.83% -3.04%
Oct-91 75.01 3.76% -2.33%
Nov-91 74.84 3.53% -1.71%
Dec-91 74.74 3.39% -1.14%
Jan-92 74.59 3.18% 0.00% (RECOVERY)
Brooklyn's brownstone belt (and all its prime) didn't recover from the 80's/90's crash until well after 1992.
Logic also disagrees. First to fall (bottom out), first to recover (bounce from bottom).
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 4:48 PM
1992 was a different world. Also, everyone says that poor areas are the *first* to fall and the *last* to recover. Hence prime Brooklyn should bounce back sooner. Though I notice quite a bit of sales activity in Bed Stuy and Park Slope. But that's anecdotal.
Posted by: mopar at May 26, 2009 5:00 PM
Petebklyn is right about condo resales. Friends who bought in 05-07 are dying right now.
Also think whether Case-Shiller lags is sort of irrelevant. I too think peak in NYC was in mid- or late 07, but it is a better gauge of the broader market than the bogus realtor "statistics" they trot out every quarter.
But...will brownstones really fall 50% from the 2006 peak? Maybe in outer Bed-Stuy, but overall I suspect not, but only because I think they're much more desirable now than in the early 90s. The city is safer overall, and more important, brownstone neighborhoods are, too.
Posted by: Bolder at May 26, 2009 7:00 PM
Hey assclowns...
Did you miss the heading?
How bad could things be if people are paying 2 million in Manhattan beach and 1 million in Bensonhurt. Not exactly brownstone Brooklyn.
Team bear takes a grizzly dump pie in the face.
tee hee hee...
the is getting interesting...
Someday this bore is gonna end.
Posted by: Legion at May 26, 2009 8:01 PM
"different"
Very dangerous word, mopar. We never learn.
"poor areas are the *first* to fall and the *last* to recover. Hence prime Brooklyn should bounce back sooner"
That I can agree with. African-Americans are first fired (recession) and last hired (recovery). But we were debating NYC proper vs NYC Metro, income being equal. History and logic show that the burbs will recover first.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 27, 2009 12:31 AM
Christmas is coming too, BHO. No chimney for Santa to come down in your rental.
Posted by: daveinbedstuy at May 27, 2009 8:09 AM
Santa will not be coming down your chimney, DIBS. You haven't been good. Your neighbor (William Thompson) and Cuomo are all over your ass for f'ing with our state pension dough.
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 27, 2009 9:37 AM
Amid all this lofty intellectual hothouse debate, is no one going to point out the architectural loveliness of the $2.1 mill Manhattan Beach house, which appears to be the result of a literal train wreck in which one McMansion rear-ended another?
Posted by: Brenda from Flatbush at May 27, 2009 11:08 AM
Latest Restaurant Additions
-
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn
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