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June 5, 2009

2233 Caton Avenue Sells Out

2223-Caton-Avenue-0609.jpgWhen we reported back in 2006 that a new condo building was being built at 2223 Caton Avenue, we wrote that "the 15-unit building will be an interesting test to see how far out the market for cookie-cutter "luxury" apartments can push." Well, two and a half years later, it seems that the project passed the test. We received an email earlier this week from a reader trumpeting the fact that the final two units had just gone into contract making the building sold out. Impressive. GMAP




Posted by Brownstoner at 11:00 AM | Comments (23)
Categories: Condos, Prospect Lefferts Gardens

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Comments

There's no limit to how far out these condo types can push. If you price them low enough, people will sign up.

"Impressive."

Not without price info. Anything will sell out if you liquidate it.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 11:07 AM

"Not without price info. Anything will sell out if you liquidate it."


It really doesn't matter how they sell the units or for what price. What is most useful is the fact that the units are occupied with people who have made them their homes, invest in their community and become customers of neighborhood businesses.

You change your story to suit the situation.

Posted by: 11217 at June 5, 2009 11:11 AM

"It really doesn't matter how they sell the units or for what price."

Oh yes it does..

"What is most useful is the fact that the units are occupied with people who have made them their homes, invest in their community and become customers of neighborhood businesses."

See me on the Condo Welfare thread 11217. You change your story to suit the situation.

The What (It's over)

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 11:14 AM

It looks like the units sold for $330,000 to $380,000, a 25-30% discount to the original wishful listing prices. Early buyers must be kicking themselves now. They could buy a 2 bedroom apt in a much nicer location these days.

Posted by: Maly at June 5, 2009 11:16 AM

From Streeteasy on this property:
$476 per ft² (avg)
$415,000 (avg price)


Here is the info for the sales of this building.

FAR from "condo welfare"

You never cease to amaze me with your ignorance What/BHO.

Posted by: 11217 at June 5, 2009 11:18 AM

Oh Streeteasy yeah um right.

$476 per ft² (avg)
$415,000 (avg price)

So one Condo sells for 999k and the rest sell for 200k to get this "average" right?

How about real sales prices???!!!

You never cease to amaze me with your ignorance 11217..

The What (it's over)

Someday this war is gonna end...


Posted by: Return of The What at June 5, 2009 11:22 AM

What's your excuse now...?

Building: Lefferts South at 2233 Caton Avenue in Prospect Lefferts Gardens
Lefferts South at 2233 Caton Avenue in Prospect Lefferts Gardens


Prospect Lefferts Gardens


01/12/2009 #6B $330,000 -10.6% $369,000 ↓ Sold 2 beds 2 baths 831 ft²
12/02/2008 #3C - $399,000 ↓ Off-Market 2 beds 2 baths 979 ft²
12/02/2008 #2C - $450,000 ↑ Off-Market 2 beds 2 baths 979 ft²
12/02/2008 #5A - $429,000 ↓ Off-Market 2 beds 2 baths 977 ft²
12/02/2008 #5C - $429,000 ↓ Off-Market 2 beds 2 baths 979 ft²
10/28/2008 #3B $328,500 -5.9% $349,000 ↓ Sold 2 beds 2 baths 831 ft²
09/10/2008 #2C $386,250 -15.1% $455,000 Sold 2 beds 2 baths 979 ft²
08/12/2008 (Commercial Unit) insiders only -
05/19/2008 #4B insiders only $399,000 ↑ Sold 2 beds 2 baths 831 ft²
05/12/2008 #4A - $460,000 Sold 2 beds 2 baths 979 ft²
05/08/2008 #4A+ insiders only -
04/30/2008 #2B insiders only $375,000 ↓ Sold 2 beds 2 baths 831 ft²
03/27/2008 #5B insiders only $425,000 ↓ Sold 2 beds 2 baths 831 ft²
01/09/2008 #4C insiders only -
12/26/2007 #6A+ insiders only -
12/20/2007 MULTI insiders only -
12/18/2007 #2A insiders only -
08/10/2007 - $415,000 2 beds 2 baths 831 ft²
08/10/2007 - $499,000 2 beds 2 baths 979 ft²
08/10/2007 - $430,000 2 beds 2 baths 830 ft²
08/10/2007 - $430,000 ↓ 2 beds 2 baths 977 ft²
08/10/2007 - $450,000 2 beds 2 baths 977 ft²
08/10/2007 - $450,000 2 beds 2 baths 979 ft²
08/10/2007 - $420,000 2 beds 2 baths 836 ft²
02/05/2007 #3A - $465,000 2 beds 2 baths 977 ft²
02/05/2007 #5B - $469,000 2 beds 2 baths 831 ft²
02/05/2007 #6A - $525,000 2 beds 2 baths 977 ft²
02/05/2007 #2B - $439,000 2 beds 2 baths 831 ft²

Posted by: 11217 at June 5, 2009 11:28 AM

Exactly the last sales were inthe mid 300's, while the earlier sales were in the high 400's. Now you could buy a nice 2 bedroom in Kensington for this kind of money.

Posted by: Maly at June 5, 2009 11:48 AM

Yes, they dropped the prices when the economy tanked. That doesn't surprise me. The average sales price for the building as a whole is still $415,000.

Posted by: 11217 at June 5, 2009 11:55 AM

Does the average make the building a success? The way I look at it, the developers were hoping for 500psf, which did not happen. Worse, sales went from the "right" number in early 2007 to a steady decline by 2009. The concept was only viable at the height of the bubble.
Looking at it from the buyers' perspective, how happy would you be if you had bought 5B for $469,000 in 2007, only to find out your upstairs neighbor bought for $330,000 in 2009?

Posted by: Maly at June 5, 2009 12:10 PM

11217 how about sales numbers from THIS FUCKING YEAR!!!!! You know 2009????!!!! Let me help you with the date it's June 5, 2009, OK!! Find 5 months of missing data and get back to us!!!

"01/12/2009 #6B $330,000 -10.6% $369,000 ↓ Sold 2 beds 2 baths 831 ft²"

So this means the other Retards are underwater right????

See everybody molds the date to fit their POV!!!

The What (Oh man 11217)

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 12:16 PM

There's only 3 recorded sales shown on streeteasy.

01/12/2009, #6B, $330,000, -10.6%
10/28/2008, #3B, $328,500, -5.9%
09/10/2008, #2C, $386,250, -15.1%

And then there's all this garbage about "insiders only" and "may or may not have sold". And the most recent sale was in January?! If they truly sold out, WHERE IS THE CLOSURE DATA??? Contracts don't mean dick at this stage in the market. Lot of holes in this story.

Team Bull can't win on volume alone (whether these have REALLY sold out or not). They've got to win on price. And on price, they're losing big time.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 12:46 PM

Team Bear can't even accept the facts when they are staring them in the face.

Posted by: daveinbedstuy at June 5, 2009 12:55 PM

Dave:

This one isn't even team bear or bull, it's the fact that they can't even accept the fact that the building sold out, #1, and then the delusional thought that somehow this is "condo welfare."

Most normal people would not equate those who bought 300-400K apartments to those on welfare.

Making a joke about it (if that's what it is) is simply tasteless.

Posted by: 11217 at June 5, 2009 1:03 PM

"Team Bear can't even accept the facts when they are staring them in the face."

Rewrite!!!!!

"Team Bear can't even accept the Bullshit when they are staring them in the face."

"Making a joke about it (if that's what it is) is simply tasteless."

OMFG!!!!! ROTFLMMFAO!!! 11217 you are a snob to the highest degree! Oh man I'm done LMMFAO!!!!

01/12/2009, #6B, $330,000, -10.6%
10/28/2008, #3B, $328,500, -5.9%
09/10/2008, #2C, $386,250, -15.1%

You missed something 11217! Great work BHO, Go Hard!!!!!

The What (It's over)

Someday this war is gonna end...

Posted by: Return of The What at June 5, 2009 1:25 PM

"Team Bear can't even accept the facts when they are staring them in the face."

Whuddya mean? The so-far-undisputed fact sitting right in front of our faces is that there are only three recorded sales, the latest in January. I accept that! If you let me borrow your rose-tinted shades or do the ACRIS legwork, maybe I'll see something else.

IS THERE ANYBODY OUT THERE THAT CAN PROVIDE CLARITY???

Maybe these really did sell out (except the last two in contract). We just want to know for sure and at what prices.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 1:53 PM

I hope that's not a recent picture up there. I only see about 10% of the lights on [dusk? people still sleep?].

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 5, 2009 1:58 PM

Why is there not an MLS in NYC?

Posted by: goodoleboy at June 5, 2009 8:51 PM

11217 thinks his place is worth the "avg" of the last 3 years. LOL hahahahahhaahaha. You and dibs would make a good couple ;)

Posted by: cornerbodega at June 6, 2009 12:31 PM

Psyched about this building - one of the best deals around.

Posted by: Armand at June 6, 2009 3:30 PM

Just for the record, Caton Avenue is NOT in Prospect Lefferts Gardens. If PLG has enough cachet for developers to expropriate our name, does that mean we've "made it"? :-)

Posted by: Bob Marvin at June 7, 2009 8:47 AM

As Bob says: This is a few blocks south of Lefferts Gardens but what ever makes it sell. This building isn't close to being luxurious, just another lego job. For better or worse, it's closer to the Parade Grounds than the Park. You probably would better off buying a pre-war coop on Lenox Road.

Posted by: Crownlfc at June 7, 2009 6:00 PM

Property Shark shows Unit 3A w. Parking Space 7 closed on June 12th for $390,000 ($398/sf).

Posted by: new2brooklyn at June 25, 2009 11:47 AM

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