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June 19, 2009

Brooklyn Sales: Under a Million

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Some of the sales recorded last week that went for $1 million or less:

$250K or under: PARK SLOPE
133 8th Avenue, Unit 1A; Price=$205,000 GMAP
This studio's listing said it's about 300 square feet, has a "very low maintenance," and lots of closet space. Closed on 5/26/09; deed recorded on 6/9/09.

$250-$500K Range: DITMAS PARK
385 Stratford Road; Price=$380,250 GMAP
A 1,688-square-foot, 1-family house, according to Property Shark. Entered into contract on 4/9/09; closed on 6/2/09; deed recorded on 6/9/09.

$500-$750K Range: BUSHWICK
74 Pilling Street; Price=$605,000 GMAP
This 3,300-square-foot, 2-family house last sold for $600,000 in 2006, according to Property Shark. A foreclosure auction was scheduled for it last year, which likely explains the closing date. Entered into contract on 5/15/08; closed on 6/20/08; deed recorded on 6/12/09.

$750K-$1 Million Range: SOUTH SLOPE
515 5th Avenue, Unit 7D; Price=$752,000 GMAP
This 1,110-sf, 3-bedroom in the 5 One 5 condo was first listed for $995,000 last April, according to Street Easy. Entered into contract on 3/4/09; closed on 4/14/09; deed recorded on 6/8/09.

Photos from Property Shark

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Comments

anyone have any idea what's up with the price on the ditmas park pl? i know ditmas is relatively cheap, but damn, i assume it was about to fall down or something.

Posted by: perhaps at June 19, 2009 11:11 AM

Bushwick house prices baffle me. I don't see the great demand, but somehow houses are still selling out there. Not real cheap either.

Posted by: Crooklyn at June 19, 2009 11:13 AM

what kind of a person buys a 300 sft shoebox in Brooklyn for 205,000? I mean there should be laws against that

Posted by: brickoven at June 19, 2009 11:15 AM

677/sq foot in the soslo. and not fake "south slope"; this is around 13th street. 7D, nice high floor...sounds like it's getting more reasonable.

Posted by: joe_the_bummer at June 19, 2009 11:17 AM

i completely agree brickoven. that park slope studio should be 75K TOPS.

*rob*

Posted by: PitbullNYC at June 19, 2009 11:17 AM

am happy for the buyers who were able to get that park slope condo for $250K less than asking in the south slope!

Posted by: gemini10 at June 19, 2009 11:18 AM

The Ditmas Park house is a sh*t hole. Walked past it many times and the exterior is very run down so I can only imagine what the interior looks like.

Posted by: girlacross at June 19, 2009 11:26 AM

That PS studio is on the corner of 8th Ave. and Montgomery Place in a beautiful building, one block from the park. With low maintenance, $205K is a good deal. Location, location, location.

Posted by: Lesloaf at June 19, 2009 11:35 AM

that 5One5 p.s. condo: 3 sales on that D line this year per streeteasy. all 1110 sq ft.
710k, 752k, 870k.
4th, 5th, 6th floors.
Unless there is something really different on that 870K sale - I'd think that party paid too much.

Posted by: Petebklyn at June 19, 2009 11:38 AM

Not only is the studio a terrific location but with 20% down, it's $931 a month before maintenance (not sure what that is).

That's a good deal for someone to have the prospect to live alone and own their own place. Many people in this city pay that much (and much more!) to share a room in an apartment, which is certainly smaller than 300 sf.

Anyone who thinks it should cost 75K (or about $350 a month) to own an apartment in Park Slope doesn't really understand real estate very well.

Posted by: 11217 at June 19, 2009 11:41 AM

11217, you should know better than to listen to Rob about real estate advice ;o)

On a serious note, how's that investment in Argentina working out for you? Which part? Are you happy with the decision overall?

I know nothing about Argentina real estate but heard very good things about the country and apartments there (particularly Buenos Aires). I presume you speak spanish fluently.

Posted by: Kensingtonian at June 19, 2009 11:45 AM

Ditmas house was a foreclosure bought at auction: http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2009061000669001

Posted by: babs at June 19, 2009 11:49 AM

11217 why is my opinion about real estate any less valued than yours? im sorry, but that shouldnt be a 1/5 of a million bux. also i should not be paying 1225 a month for a room in park slope either, but that is neither here nor there.

and the location, location, location comment is absurd.

people see these "low prices" and are like omg how cheap! yeah right. you all must be neurosurgeons or something.

*rob*

Posted by: PitbullNYC at June 19, 2009 11:56 AM

Slightly baffling cases today. Cheap in Park Slope and Ditmas Park, high in South Slope, Bushwick holding ground against all expectation.

Detail on Bushwick house: From the outside, it does look like a nice house in good condition, but who knows. As to area, it is seriously the very worst corner of the neighborhood. As to price, as the history of this house shows, that is a 2006 peak price. Actually, it went for more than the 2006 peak price, which is very surprising. It's funny to think the recent comp of the nearby brownstone on Bushwick Ave. and this house will set new comps for the area. I'm rather amazed to say the least.

There are also all kinds of foreclosures in this area going for $250,000 to $350,000 and a few (rapidly dwindling) short sales in the high 300s and low $400s. Inventory of nice two-families in decent condition is virtually non-existent.

Someone (M4L?) commented at the gathering Wednesday that prices all over the map are typical of crashes, because no one knows what anything is worth.

Posted by: mopar at June 19, 2009 12:04 PM

who would buy what practically amounts to a large closet for 200 grand? I mean seriously, why wouldn't you just keep renting and saving money until you could afford an actual apartment? Seems a little sad, really.

Posted by: johny0299 at June 19, 2009 12:06 PM

Kensingtonian,

I'm still working on my Spanish...I wouldn't call myself fluent yet, but I'm improving. Buenos Aires is just an amazing city...I'm such a New York lover, but I almost like it more than here. Real Estate there is super cheap...a 1 bedroom in a really nice area can be had for 100 - 150K (I've even seen some viable options for 80K). I'm in the Palermo district of BA with a ton of shopping/nightlife and restaurants...most with outdoor cafes...something I wish we had more of here. I couldn't be more pleased. It's an incredibly vibrant city with amazing food, architecture, nightlife and the people are absolutely STUNNING! I can't reiterate that last point enough...it's actually shocking how beautiful the Argentinian people are. It's the perfect mix of European and Latin cultures.

Posted by: 11217 at June 19, 2009 12:06 PM

that 300 sft place is smaller then some jail cells, no joke. Just go break the law and you can have a place this size for free and free cable. 205 thousand for a cell in Brooklyn, this one will be discussed in case studies for years

Posted by: brickoven at June 19, 2009 12:07 PM

Pit 11217 is the resident dolt

Posted by: brickoven at June 19, 2009 12:13 PM

11217, thanks for the input. Do they still have gov't issues as well as economic ones? I used to work for a small law firm that specializes in foreign trust and estates and most clients we had were either Brazilian or Argentinian. We had a couple of Argentinian clients who visited in 2000 and said you could literally pick up a million dollar apartment in Buenos Aires for 100K back at that time because the gov't froze bank accounts for sometime to stabilize economy and wouldn't let people take out large amounts of cash. You could only write checks for rents and such. So a lot of rich people who sat on real estate would sell at a fraction of the value just to cash out. Our Partners put a venture capital together and bought a whole bunch of real estate in Argentina. I left before I could find out how that panned out.

I gotta agree with you on the Argentinians being a good looking clan (eventhough I know we play for different teams).

Posted by: Kensingtonian at June 19, 2009 12:15 PM

wow 11217, didn't you pay double that slope coop for your hole in the wall? More investment advice please!

Posted by: cornerbodega at June 19, 2009 12:18 PM

Wheres dibs for the daily LOL@dibs show?

Posted by: cornerbodega at June 19, 2009 12:19 PM

i dont think 300 square feet is that small for a single simple person at all. i could live in 80 SF *and i did for 5 years on the les*. it;s the price for it that is obscene.

*rob*

Posted by: PitbullNYC at June 19, 2009 12:20 PM

Exactly Pit, that price aint right to live like that. Hell no

Posted by: brickoven at June 19, 2009 12:23 PM

Kensingtonian,

You are correct...Argentina still has some serious economic and political issues. Their economy essentially collapsed back in 2000-01 and the value of their currency was significantly devalued. Argentina used to be one of the most expensive countries in the world...now...not to much. If you speak with the people there, they definitely have a lot to say on the issues, but to make up for the problems, it seems that the people have really come to live each day as if it's the last, which is something I really appreciate. People are out all hours even during weeknights, the restaurants are packed at midnight and the nightlife (which I find to be utterly boring in NYC) is incredible there.

P.S. It's not just the men who are beautiful...the women are EQUALLY stunning!

Posted by: 11217 at June 19, 2009 12:25 PM

You want a studio for $75k?

Move to Yonkers.

Problem solved.

Posted by: SnarkSlope at June 19, 2009 12:29 PM

Hmmm, I still wouldn't risk my money there. Did you check out other Latin American countries. I know some people who bought in Montevideo and are very very happy. I think for that money, I would choose a more stable country personally but that's me. Thanks for the personal input though.

I just came from Dominican and the resort was full of Argentinians. Mucho eye candy.

Posted by: Kensingtonian at June 19, 2009 12:30 PM

11217, have you been to El Almacen in Williamsburg?

Posted by: mopar at June 19, 2009 12:35 PM

I haven't mopar. Do you recommend it? I'm actually headed out in Williamsburg tonight, and if you think it's good perhaps that could be a good dinner spot.

Posted by: 11217 at June 19, 2009 12:38 PM

> I'm actually headed out in Williamsburg tonight

Who are you, and what have you done to 11217?

;-)

Posted by: SnarkSlope at June 19, 2009 12:50 PM

11217...i'm going to look at the house on the corner of adelphi & Lafayette on Tuesday at 6:30. Want to come along???

cornerbodega, if I buy it'll be an all cash deal and i'll put about another $400-500,000 into it.

Posted by: daveinbedstuy at June 19, 2009 12:55 PM

And the sale will appear here in the Under A Million thread.

Real estate is getting cheap fellas, too cheap. You wait at your peril. Learn something.

Posted by: daveinbedstuy at June 19, 2009 1:01 PM

900 bucks to live off one of the best blocks in the city? Not a bad deal.

I RENTED a studio on Attorney Street on the LES for 900 a month in 2003 and thought that was a great deal. If anyone is familiar with the LES - you'll know Attorney is no Montgomery.

300 sq ft - so what? it's valuable to know what your housing costs will be for the next 30 years.

Posted by: dirty_hipster at June 19, 2009 1:17 PM

11217, I highly recommend it. Great food, lovely sense of community, really nice Argentinian owner, pretty decor. Unfortunately, last I was there they still did not have their liquor license and couldn't let people do BYOB, and the food seriously needs wine, so that is a big drawback. If you go, I recommend the spinach salad and the short rib entree (NOT the short rib from the grill). And the churros are out of this world.

Posted by: mopar at June 19, 2009 1:17 PM

Dave, what a fun evening. If you buy it, are you still going to keep your Bed Stuy place? Don't let the loons here chase you out of Bed Stuy.

Posted by: mopar at June 19, 2009 1:19 PM

Not sure about buying it, mopar. Things are actually really busy here at the mutant hedge fund. Some new clients coming in. I don't think I need the distraction (and especially the problems) of a gut reno in a landmarked building.

That said, If you can get this building finished for $1.0-1.2 MM it's a real good deal.

Posted by: daveinbedstuy at June 19, 2009 1:30 PM

Thanks mopar....sounds worth checking out, although the no liquor nor byob might be a problemo. All right guys...I'm outta here for today. Have a good one.

Posted by: 11217 at June 19, 2009 1:49 PM

Why is it so cheap? Is it a "handyman special"? Maybe you can take some photos and post.

Posted by: mopar at June 19, 2009 1:51 PM

Rob you lying whore. no one lives in 80 sq ft. I do agree that you are simple, however.

Posted by: joe_the_bummer at June 19, 2009 2:02 PM

mopar, it needs all new everything. Needs to be gutted. Hopefully, the parlour floor retains all the architectural details like the listing says. But its a gut reno.

Posted by: daveinbedstuy at June 19, 2009 2:05 PM

@11217. I'm going to chime on BsAs since I just returned after living there for 6 months.
The city is amazing, the people are beautiful (but you obviously have not spent much time in Brazil, since Brazilians put the Argies to shame in the looks the dept).

Also, there is absolutely no diversity in BsAs, coming from NYC that was a major drawback.
As for real estate there seems to be extreme over expansion in Soho & Hollywood nabes- expect prices to start dropping even more next year. Argentina is no longer an economy on the move (unlike Brazil) and people are really hurting financially - run away inflation. Things will only get worse for most of the people there. But as a foreigner you can isolate yourself from the problems.

Posted by: 7andfive at June 19, 2009 2:06 PM

I can't decide if Colombians or Brazilians are the uber-hottest.

Posted by: dittoburg at June 19, 2009 2:12 PM

ditto, we need to have an offline conversation on that. :)

In my world it goes:

1. mexican
2. Guatemalan
3. Peru/Ecuador
4. Columbian

Posted by: daveinbedstuy at June 19, 2009 2:19 PM

panamanians.

Posted by: panamac at June 19, 2009 2:29 PM

A friend of mine recently got back from a trip to Panama City and said there was some good eye candy down there. He also said it was the second most-debaucherous trip he had next to Brazil

Posted by: dirty_hipster at June 19, 2009 2:31 PM

Thailand still holds the lead there, dh.

Posted by: daveinbedstuy at June 19, 2009 2:34 PM

Haha Dave - after some of your stories I'm scared of heading over to Thailand - at least without an experienced gender verifier

Posted by: dirty_hipster at June 19, 2009 2:46 PM

DB, I don't know. Half the ladies in TH are men and half the men are ladies :)

Posted by: 7andfive at June 19, 2009 2:47 PM

Most places definitely do not have that "ambiguity" 7andfive and dh

Posted by: daveinbedstuy at June 19, 2009 2:51 PM

Dibs, I hope you move on that property. Keep us posted on your next 50% loss. Have a great weekend and oh, sweep those stairs for your bitter renters, mr "Money Manager" lol

Posted by: cornerbodega at June 19, 2009 3:06 PM

DH, think the "Dont Ask Dont Tell" concept originated from TH

Posted by: more4less at June 19, 2009 3:06 PM

You staying in town this weekend, bodega, or going to one of your country homes????

Posted by: daveinbedstuy at June 19, 2009 3:11 PM

Oh my, lol.

Dibs, I think that Ft. Greene place sounds perfect for us. We could stoke the coal fire whilst heating the water to bring up by pail to the freestanding tub under the basement attic crawl space.

Posted by: mopar at June 19, 2009 3:54 PM

I feel like I just stumbled into the OT instead of <1M$.

Posted by: Petebklyn at June 19, 2009 4:15 PM

Bushwick is mortgage fraud? I think, anyways. Not to malign the buyer, seller or neighborhood, but that's the only way I can explain it.

Mortgage fraud or some overly enthusiastic foreign buyers who didn't get "the sky is falling in North Brooklyn" memo.

Posted by: Heather at June 19, 2009 4:21 PM

Heather, why do you say that? I didn't look at Property Shark. Is there a wacky convoy of parties of two selling to each other the same day over and over? Price is not that out of line.

Posted by: mopar at June 19, 2009 6:14 PM

You know the market better than I do, mopar, but if houses in Bed Stuy are now $400K (and some are, although I'm not sure if this is due to distressed sellers or a real price point -- haven't looked that closely at it) -- then wtf is Bushwick doing at $600K?

I know at the height of the market that price wasn't out of line at all, but in this market... is it still good? That's not prime Bushwick, correct?

Posted by: Heather at June 19, 2009 6:57 PM

That is prime not good Bushwick, almost East New York.

Ocean Hill has had two sales in the $600s, two in the 300s, and one in the 400s lately. So who the f*ck knows.

Regular old Bed Stuy -- I'm not up on closed sales. I know that ask ranges from $500,000 to $600,000 for a two-family brownstone right now. The nicer properties are more but I'm not as familiar with them because they're out of our price range.

Posted by: mopar at June 19, 2009 11:42 PM

I'm very dubious of the high end in those neighborhoods, I guess. I don't really have anything more than a gut feeling to gage that on though, so... as I said, you know the market more than I do. Regular old Bet Stuy though, I think, is where the bargains are. I kinda wish we were looking.

Posted by: Heather at June 20, 2009 8:32 PM

i see no point in buying a studio apartment unless i'm an orphan and never had any family, or dont plan to have much of a social life. i think only introverts buy studio apartments.

Posted by: aj at June 21, 2009 11:52 AM

Heather, that would be fun if you were looking in Bed Stuy too. But where you live is very nice, especially with kids.

Posted by: mopar at June 21, 2009 5:48 PM

« Skimping on the Cornices at 574 4th Avenue? The Last of the Bungalows »

June 19, 2009

Brooklyn Sales: Under a Million

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