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June 9, 2009

Last Week's Biggest Sales

biggest%20sales%20june%20ninth.jpg

1. BAY RIDGE $2,100,000
7601 Narrows Avenue GMAP (left)
This single-family last sold for $999,999 in 2005, according to Property Shark. The house first hit the market in September, priced at $2,900,000, according to StreetEasy; it was asking $2.5 million by the time it was an Open House Pick in January. Entered into contract on 4/20/09; closed on 5/29/09; deed recorded on 6/4/09.

2. BOERUM HILL $1,715,000
203 Dean Street GMAP (right)
This 3,600-sf house hadn't changed hands in 40 years, according to its listing: "This handsome and detail filled Boerum Hill brownstone is ready for your creative and sensative (sic) updating...it has all the details you want in a Landmarked townhome: dramatic parlour arch, elaborate plaster molding along with crown moldings and medallions, built-in cabinetry, 11 foot high parlour ceilings..." Entered into contract on 5/29/09; closed on 5/29/09; deed recorded on 6/3/09.

3. PARK SLOPE $1,595,000
506 10th Street GMAP
This 2,052-sf, two-family brownstone was evidently priced to sell: It hit the market in early February asking $1,595,000, according to StreetEasy, and was in contract within a couple weeks. Listing had this to say: "Exquisitely renovated, architect-designed 3 story, 1 family (legal 2 family) brownstone. This light-filled home has many restored details including plaster moldings, marble mantel, pocket doors and walnut stair rail, all of which blend seamlessly with the modern bathrooms and kitchen design." Entered into contract on 2/13/09; closed on 5/28/09; deed recorded on 6/4/09.

4. GREENPOINT $1,320,000
21 Greenpoint Avenue GMAP
A 3,300-sf, two-family, according to PropShark. Entered into contract on 12/19/08; closed on 5/28/09; deed recorded on 6/5/09.

5. FORT GREENE $1,300,000
249 Carlton Avenue GMAP
This 3,330-square-foot brownstone was a House of the Day in February, when it was listed for $1.5 million. Listing said it needed TLC. Entered into contract on 4/10/09; closed on 5/28/09; deed recorded on 6/5/09.

7601 Narrows photo from StreetEasy; 203 Dean photo from Property Shark.

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Comments

The Bay Ridge sale smells like a lux-tax avoiding cash deal (hence $1 less than 1 mil). Hard to believe a Bay Ridge property would appreciate like that.

Posted by: heck_of_a_job_brownie at June 9, 2009 11:40 AM

Sorry, was referring to the 2005 sale above.

Posted by: heck_of_a_job_brownie at June 9, 2009 11:43 AM

Surprised by that price on Carlton. I, along with many others, ripped the broker for the lame listing and the ludicrous price back in the original HOTD thread. It got a 200K haircut but that is still a stupidly high price for a four family house that needs lots of work.

Posted by: wasder at June 9, 2009 11:45 AM

These facts contradict everything I have been saying so I will lurk here but I won't post.

Posted by: ghettoazzpnkbtch at June 9, 2009 11:56 AM

ghetto---you are very funny! Love the preemptive snark.

Posted by: wasder at June 9, 2009 11:58 AM

Where are the sales for 11238 and 11216????!!!!!

I know a few things have closed in those zip codes but Brownstoner skates around them.

Maybe those comps just torpedoed his REFI!

The What

Someday this war is gonna end...

Posted by: Return of The What at June 9, 2009 12:03 PM

Narrows Avenue is THE address in Bay Ridge. It is the mansion street. Some of them are beautiful, some are hillarious, but all are expensive.

Posted by: sam at June 9, 2009 12:04 PM

I'm really glad someone's moving into the Bay Ridge house. It was too beautiful to sit empty. So lovely.

Brownie, that's a very prime area in Bay Ridge. If you do the street view and take a look around you'll see. You don't even feel like you're in Brooklyn.

Posted by: TownhouseLady at June 9, 2009 12:09 PM

I ignore the fact that Brownstoner has an article that highlights sales under $1 million which includes various zip codes, including 11238 and 11216 because that still does not fit my agenda.

(Thank you, wasder.)

Posted by: ghettoazzpnkbtch at June 9, 2009 12:12 PM

Bay Ridge looks nice. Now that's what a million dollar plus home should look like, a friggin mansion.

Cash fo' yo' ass in Boerum Hill (or relative/gift).

A serious seller in Park Slope. "Sell house now!"

Fort Greene buyers must be telling themselves, "be careful what you ask for". I've seen that place.

Can't speak on Greenpoint. I don't too much care for that place. Might as well be on the other side of the Pulaski Bridge.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 9, 2009 12:19 PM

Pretty sure that the Carlton Ave house is in 11238 What.

Posted by: wasder at June 9, 2009 12:20 PM

Pretty sure that the Carlton Ave house is in 11238 What.

Posted by: wasder at June 9, 2009 12:20 PM

Nope dumbass it's 11205! Tell Brownstoner to start posting 11238 and 11216!!!

"ghetto---you are very funny! Love the preemptive snark.

Posted by: wasder at June 9, 2009 11:58 AM"

You love a poster that has the word "Ghetto' in his name. I wonder how you neighbors would feel about that WASDER! Now fuck off!

The What

Someday this war is gonna end...

Posted by: Return of The What at June 9, 2009 12:26 PM

I wonder how I live with myself when everyone is on to me. I have no rational retort so I will curse now and then change my log-in name so as to avoid the fall out and support my insane ramblings.

Posted by: ghettoazzpnkbtch at June 9, 2009 12:32 PM

ghettoazzpnkbtch

your endless pwning of the twat (took him some time to cotton on) has been a source of fun for weeks now

Posted by: dittoburg at June 9, 2009 12:34 PM

Does anyone know what the original ask on the Dean Street place was? I think it was over $2M but am not sure anymore.

Posted by: Boerumresident at June 9, 2009 12:35 PM

(thank you, ditto.)

Posted by: ghettoazzpnkbtch at June 9, 2009 12:38 PM

Everytime the sales numbers come out Missmuffett is nowhere to be found.
I wonder why?
Bears should shut there mouths.

Posted by: sebb at June 9, 2009 1:12 PM

Per Street Easy, I see 1.715 Mil list for 203 Dean, but that may just be the last price. Can't fiind it elsewhere.

Price at sale comes in at $430 per square foot.

You hear that 238 Wykoff....?!! Ok, yes you're much prettier, but you are stuck between 2 projects.

Posted by: MoneyForNothing at June 9, 2009 1:14 PM

I'm a bear, and i can't shut my mouth at that greenpoint price. Unbelievable. But true.

Posted by: dittoburg at June 9, 2009 1:18 PM

Here I am sebb! The 10th Street house was beautiful. We were tempted by it. But I'm patient and in no rush, and time is on my side. I don't see these numbers in contradiction to my position, which is price declines only started this past winter, and will take a while to bottom out, so these prices reflect the early end of the downward curve.

Posted by: Miss Muffett at June 9, 2009 1:20 PM

Also, a reminder of what has been pointed out before: "Biggest sales" are just that - somewhat of an anomaly. Much more representative snapshots of the market can be found in the "Open House 6 months later" column, and as those show, prices ARE dropping.

Posted by: Miss Muffett at June 9, 2009 1:27 PM

muffy - am curious whether 10th street seemed cramped on the top floor. i looked at the floor plan and am somewhat incredulous that they managed to fit three bedrooms in there at ~16x40.

Posted by: i disagree at June 9, 2009 1:37 PM

Miss Muffett: I think you have confused NYC with Las vegas.
Maybe you don't understand the Housing bubble very well.
Let me explain
Nyc had very little to zero speculators. The rest of America had major speculation going on.
After the recession of the 1970's Nyc Real estate went down 12% overall, the 1970's recession was even worse than this one.
After the recession of the 1990's Nyc real estate went down 29% overall but did not go down in some nabe's such as Carroll Gardens and Cobble Hill.
After both downturns real estate went up more than double the amount of loses.
So as you sit and wait for something that may never pan out, you should start looking into the Job and housing markets in South dakota or Nebraska.
Also if you think maybe the Job market is not so good in NYC , understand the rest of America never had a job market.

Posted by: sebb at June 9, 2009 1:46 PM

Re: 10th Street - my memory is that they took that middle "dead" space (which is often used for bathrooms or closets) and made it a bedroom with a skylight. I have friends who have done this too and it works well for them. The challenge is that it's harder to get ventilation (I suppose you can install a mechanical system to open and close the skylight) but it does maximize the space. Also, you obviously then have trade-off with bathrooms/storage and/or laundry. My preferred configuration is a wider house (i.e. 20 x 40) where you can have 3, or even 4 true bedrooms up top (granted with the smaller one(s) being small but not closet-sized as is the case with the 16-17 footers) and then you have bathrooms/storage in the middle.

Given how many houses we've seen, 10th street really stood out as being beautifully staged, with great renovation choices. Even if I didn't agree with all of them (i.e. kitchen on garden floor vs. parlor), they had great taste and the house showed phenomenally well. Not what I'd call a typical house in this category.

Posted by: Miss Muffett at June 9, 2009 1:47 PM

Sebb - actually what you say is untrue. My previous apt, in a prime brownstone hood, went down in value by at least 35% from peak to crash in last big downturn and took many years to climb back up. And that last recession was mild compared to this one.

As the Open House 6 months later threads show, and just about every serious media analysis states, NYC prices will probably wind up a minimum of 40% down from peak, if not more. Fringe hoods may suffer more, and prime hoods might suffer less, but it's really property by property, block by block.

Your capacity for denial (not to mention typos) never ceases to amaze.

Posted by: Miss Muffett at June 9, 2009 1:54 PM

203 Dean was priced at $1.725 out of the gate - not a bargain for estate sale condition but made 291 State St (similar condition but slightly smaller) look way overpriced IMO.

Posted by: tricks73 at June 9, 2009 1:59 PM

Miss Muffett: You are worried about my typos, that is the reason you loose money everyday.
You know nothing about real estate my friend.

Posted by: sebb at June 9, 2009 2:04 PM

I am not sure where you lived but in the last downturn even Ghetto areas went up and held there own.
Maybe you are confused. Relax everything will be okay, you just wont be able to steal a home in Nyc for close to nothing.

Posted by: sebb at June 9, 2009 2:07 PM

I have $1 million dollars. If I don't buy a house, I will glue my one dollar bills together to create the house of my dreams - and save on an architect.

Real estate market in Brooklyn started to declined the day after I sold my place. Then it started to declined after Lehman. Then it started to declined this winter. It will start to decline this summer.

I assume that a house that goes for less than ask reflects softening prices and not a readjustment of buyers and sellers approach to buying/selling a house.

Posted by: ghettoazzpnkbtch at June 9, 2009 2:20 PM

MM, according to Case-Schiller, prices have been dropping since mid-2006, not just since winter.

Posted by: FatLenny at June 9, 2009 2:24 PM

interesting. does a skylight make it a "true" bedroom according to code, i wonder? of course if you can afford the wider house then that's ideal. we couldn't, and found that with our 17 footer the most we wanted to do was two bedrooms up top, 2 more on the garden level. it's pretty sweet, actually, works for us with little ones, and will also work with older kids, but we wonder how it will work in the middle!

Posted by: i disagree at June 9, 2009 2:29 PM

I can add nothing here, today. Things sell at prices that team bear finds unrealistic, yet they still sell.

Posted by: daveinbedstuy at June 9, 2009 2:31 PM

I deny the real direction of the real estate market and instead repeat the same form of mockery every day.

I ignore the cognitive dissonance of differentiating "softening prices" and "a readjustment of buyers and sellers approach to buying/selling a house."

Posted by: Miss Muffett at June 9, 2009 2:56 PM

I am incapable of supporting my views with facts so I waste everyone's time with the same nonsense over and over. I am so lacking in originality that I ape others in hopes that I can distract others from my misstatements and lack of knowledge.

I still have $1 million.

Posted by: ghettoazzpnkbtch at June 9, 2009 3:04 PM

Sebb, you almost sounded conciliatory the other day, and I was almost ready to cut you some slack for once. Then you insist on making a gigantic ass of yourself again.

Prices are coming down. This is pretty much universally accepted at this stage. The only real debate - and it's not a very interesting one - is how much longer this is going to go on. Your rhetoric makes you sound weak and defensive, and frankly a little scared. It has no depth and lacks reason. You almost always resort to ad hominem attacks. And, as it turns out, you have a solid track record of being just plain wrong on the direction of the housing market.

Some of us who use this board are actually pretty smart and articulate. Why don't you let us keep this discussion alive and go sit at the little kids' table. Thanks.

Posted by: lechacal at June 9, 2009 3:07 PM

MM, admitting is the first step. Comgratulations. :)

Posted by: daveinbedstuy at June 9, 2009 3:12 PM

I have negative equity in a shabby chic house in a fringe neighborhood that never sprouted the as-promised wine bars and gourmet providores. To soothe my panic, I go on an anonymous blog, and poke fun at other shut-ins. I've been stone wrong on price action in Brooklyn RE for a year now; but everything is set to turn around. I believe anything Larry Kudlow tells me.

Posted by: Whuh at June 9, 2009 3:15 PM

"You are worried about my typos, that is the reason you loose money everyday."

Loose money? Where can I pick it up?

People might take you a tad more seriously if you could write, sebb!

Posted by: sixyearsandcounting at June 9, 2009 3:15 PM

shall
eat
bad
buys

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 9, 2009 3:19 PM

That part of Greenpoint Ave is NOT an attractive stretch (yes, there are nice blocks in Greenpoint)

Posted by: dirty_hipster at June 9, 2009 3:19 PM

Sebb. focus on finishing high school. especially english class. Then pick up your real estate brokering career with a credential, puberty, and a few more years of experience. It will be worth the invested time.

Just to start you off in the right direction, and to relieve the little bit of forehead tension I get every time you butcher my language: the word you mean to use is "their", not "there".

Posted by: joe_the_bummer at June 9, 2009 3:25 PM

DH - when I google-mapped the Greenpoint place it's literally a hop, skip away from the water, perhaps the reason it went for 1.3
however it's across from a warehouse

Posted by: gemini10 at June 9, 2009 3:29 PM

: lechacal: How have i been wrong? Prices have dropped a little in NYC. Big deal. I always said they would go down 15% to 20%
Let me ask you how many homes have you bought ?
You are telling me to go sit with the little kids (LOL)
Muffett is running around saying the sky is falling (clearly not) but i am the one scared.

Posted by: sebb at June 9, 2009 3:30 PM

"MM, according to Case-Schiller, prices have been dropping since mid-2006, not just since winter."

She's talking about the brownstone belt, a component of the index so to speak, that lags the rest of Tri-State. This lag logically suggests that prices here will continue to fall even after the index stabilizes (when the hell is that going to happen?). Plenty of time to catch the bottom when it's in.

MM - I like your return fire @ 2:56. Priceless.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 9, 2009 3:31 PM

DH there aren't many or any really nice stretches of Greenpoint Avenue. It's right around the corner of what some consider the most desirable section I guess (Franklin Avenue and Historical District). I guess it would be considered extremely desirable if they ever build those parks on the waterfront as they planned. It's still allot of scratch though.

Posted by: dosteov at June 9, 2009 3:31 PM

joe_the_bummer: If i sat and worried about my use of the english language while i type and complete my workout i would never have made any money in this lifetime.
You should stop listening to people like MM and buy a home.
renting in the long term is for suckers .

Posted by: sebb at June 9, 2009 3:39 PM

Sebb, when I was telling people last fall (say, 15% ago) that it was a bad time to buy, you objected in the strongest possible terms. You used some colorful langauge. It was very clear that your recommendation was just the opposite of mine.

The people who listened to you have 25% of their down payment left (20% down payment, 15% drop), and that's being generous. The Sebb portfolio is down 75%.

You were just flat out wrong, in every possible sense of the word. QED.

Posted by: lechacal at June 9, 2009 3:40 PM

Brownstones Half Off: You keep mentioning Case-shiller, the index does not factor in Multi family or condos-Coops.
How is this relivant to NYC real estate?

Posted by: sebb at June 9, 2009 3:42 PM

lechacal: Maybe i am wrong but i don't see the price decline of 15% you talk of. Not in Cobble hill, Carroll Gardens, North slope ,BH and Bklyn Heights.
Where are you getting these numbers from?
40 2nd place just sold for 2 mill it is 16 ' wide.
22 strong place over 2 mill
277 president st 1.375 condo
275 president 1.6 condo
i have plenty more.

Posted by: sebb at June 9, 2009 3:52 PM

sebb, you need to tweak your reasoning to be a more successful broker in 2009. you make money on volume. lose the logic of "higher price = higher commission". the way to sell houses is to put intense pressure on the sellers to come down, not on the buyers to come up. realtors should switch sides and start panicking the sellers to create some momentum here. "sell now or be locked in forever".

Posted by: joe_the_bummer at June 9, 2009 4:10 PM

"If i sat and worried about my use of the english language while i type"

Sebb, most of us don't exactly have to think really hard when using the English language, and it doesn't take any additional time to string together a sentence without typos.

Posted by: sixyearsandcounting at June 9, 2009 4:27 PM

joe_the_bummer: All i worry about is collecting rent. Selling homes is for people who have no education.

sixyearsandcounting : Okay buddy.

Posted by: sebb at June 9, 2009 4:32 PM

My knees often hurt
We really should sell our house
To a young couple

Posted by: BrooklynGreene at June 9, 2009 4:56 PM

My knees often hurt
We really should sell our house
To a young couple

Posted by: BrooklynGreene at June 9, 2009 4:56 PM

"Things sell at prices that team bear finds unrealistic, yet they still sell."

Yes, shockingly, the regular feature titled "Last Week's Biggest Sales" regularly contains properties that both sold, and sold for relatively high (perhaps even "unrealistic") values.

"I assume that a house that goes for less than ask reflects softening prices and not a readjustment of buyers and sellers approach to buying/selling a house."

So true. Buyers are readjusting their approach by offering less than during the bubble. Sellers are readjusting their approach by accepting less than during the bubble. Of course, this can in no way be interpreted as "softening prices" because, well, just because.

Posted by: Smudge at June 9, 2009 4:59 PM

Wow--what an extraordinarily "meta" thread. Ghetto's hilarious subliminal musings echoed by Miss Muffett (who I love by the way, and who can be as bearish as she wants cause she does so classily), a snark off if you will. Then Whuh joins the party with a well written stab at us asshats. Then the BHOWhat gets into the act by commenting on Miss Muffet's great rejoinder, showing that pre-emptive snark still stings no matter which of the BHOWhat's persona's its aimed at (both took hits). I love it.

However, there is no doubt that we are in a climate of falling prices and its a bear's world. I just appreciate a few laughs on the way down.

Posted by: wasder at June 9, 2009 5:49 PM

s o m e
e g r e g i o u s
b r o k e r
b l a t h e r i n g

Posted by: SnarkSlope at June 9, 2009 5:51 PM

> Maybe i am wrong but i don't see the price decline of 15% you talk of.

Step 1: Remove head from a**.

Posted by: SnarkSlope at June 9, 2009 5:53 PM

"I have negative equity in a shabby chic house in a fringe neighborhood that never sprouted the as-promised wine bars and gourmet providores. To soothe my panic, I go on an anonymous blog, and poke fun at other shut-ins. I've been stone wrong on price action in Brooklyn RE for a year now; but everything is set to turn around. I believe anything Larry Kudlow tells me."

Kudos Whuh. Though you are likely writing about me or someone like me, I think that is funny as shit.

Posted by: wasder at June 9, 2009 5:57 PM

Yes, the sarcasm and ironic comments WERE rather hilarious today...I agree. But no one laughed at my haiku...I thought I'd mixed it up a bit. Otherwise, I always seem like the stick in the mud Mom on this blog.

Posted by: BrooklynGreene at June 9, 2009 6:42 PM

I validate you
Greene is your avenue, mom?
Unstuck from the mud

Posted by: ghettoazzpnkbtch at June 9, 2009 6:46 PM

SnarkSlope : Very lame of you to call me a broker.

Posted by: sebb at June 9, 2009 7:06 PM

Other thoroughfare
Where the G shakes the house while
Flea shoppers waltz by

Posted by: BrooklynGreene at June 9, 2009 7:08 PM

I saw the 10th street place and it seemed like a good value. What do others think?

Posted by: sunny10 at June 9, 2009 7:25 PM

> SnarkSlope : Very lame of you to call me a broker.

My apologies. That was indeed lame and uncalled for.

Please accept this new expanded acronym:

s o m e
e m p t y h e a d e d
b r a i n l e s s
b l o v i a t o r

Posted by: SnarkSlope at June 9, 2009 7:35 PM

> But no one laughed at my haiku...

I enjoyed them. Keep mixing it up.

Posted by: SnarkSlope at June 9, 2009 7:36 PM

We Skipped that house so
Cannot determine value
Haiku's my new beau

Posted by: BrooklynGreene at June 9, 2009 7:36 PM

As house value sinks
Finally thinking of move
Greene pastures elsewhere?

Posted by: BrooklynGreene at June 9, 2009 7:46 PM

"Then the BHOWhat gets into the act by commenting on Miss Muffet's great rejoinder, showing that pre-emptive snark still stings no matter which of the BHOWhat's persona's its aimed at (both took hits). I love it."

WASADE give the Dowwhat thing a rest. We are two different people!

Remember this?

Pretty sure that the Carlton Ave house is in 11238 What.

Posted by: wasder at June 9, 2009 12:20 PM

Nope dumbass it's 11205! Tell Brownstoner to start posting 11238 and 11216!!!

WASDER Brownstoner does not post sales within 11238 and 11216???????

What's up with that???

OH BTW Don't worry the end is here baby it feels like last year. This time you don't get up. Buh Bye retards thanks for the memories....

The What

Someday this war is gonna end...

Posted by: Return of The What at June 9, 2009 8:02 PM

SnarkSlope: How many homes do you own? How much do you have in the bank? please step back until you buy your first home and have more than $100 in the bank.

Posted by: sebb at June 9, 2009 8:48 PM

I ignore comments that point out the foolishness of my tirades.

Posted by: ghettoazzpnkbtch at June 9, 2009 8:58 PM

Ouch, sebb, how your witty ripostes cut me to the quick!

s h o r t b u s
e s c a p e e
b o r e s
b r o w n s t o n e r s

Posted by: SnarkSlope at June 9, 2009 8:59 PM

OK, SnarkSlope, that was one of the funnier posts I've read in a while.

Posted by: Miss Muffett at June 9, 2009 9:04 PM

Shithead

Eats

Big

Brownshit

The What

Someday this war is gonna end...

Posted by: Return of The What at June 9, 2009 9:10 PM

"Remember this?

Pretty sure that the Carlton Ave house is in 11238 What.

Posted by: wasder at June 9, 2009 12:20 PM

Nope dumbass it's 11205! Tell Brownstoner to start posting 11238 and 11216!!!

WASDER Brownstoner does not post sales within 11238 and 11216???????

What's up with that???"

You got me What. I plead guilty to not knowing the exact boundaries between 11238 and 11205.

Posted by: wasder at June 9, 2009 9:23 PM

"You got me What. I plead guilty to not knowing the exact boundaries between 11238 and 11205.

Posted by: wasder at June 9, 2009 9:23 PM"

Wasder you make it hard for me to hate you ; ^ } .

The What (Good night Wasder)

Someday this war is gonna end..

Posted by: Return of The What at June 9, 2009 10:16 PM

laughing
alone late
should go to bed

Posted by: mopar at June 9, 2009 11:53 PM

"Brownstones Half Off: You keep mentioning Case-shiller, the index does not factor in Multi family or condos-Coops.
How is this relivant to NYC real estate?"

I also keep mentioning that the index went up +200% trough to peak and multi-fams/coops/condos all went up +200% trough to peak. That's relevant like a muthafucka! There's only one housing market.

Can you explain to me in detail why it's not relevant? I didn't think so.

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 10, 2009 12:30 AM

"Wasder you make it hard for me to hate you ; ^ } ."

I guess that's kind of my point. good night to you too.

Posted by: wasder at June 10, 2009 1:32 AM

Looks like sebb drinking the cnbc kool aid again lol.

Posted by: cornerbodega at June 10, 2009 10:29 AM