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July 30, 2009

Brooklyn Sales: Under a Million

sales%20under%20a%20mil%207-30-2009.jpg
Some of the sales recorded last week that went for $1 million or less:

$250K or under: KENSINGTON
207 Ocean Parkway, Unit 6J; Price=$208,000 GMAP
This 1-bedroom co-op was listed for what it went for, according to this PDF. Listing said it was "fully renovated." Maintenance=$375. Closed on 7/20/09; deed recorded on 7/24/09.

$250-$500K Range: WINDSOR TERRACE
135 Prospect Park Southwest, Unit 12F; Price=$390,000 GMAP
This 1-bedroom was asking $399,000 when it was a Co-op of the Day in May. The maintenance is $458. Closed on 7/17/09; deed recorded on 7/24/09.

$500-$750K Range: CROWN HEIGHTS
1201 Union Street; Price=$663,000 GMAP
This wide 2-family was asking $719,000 when it was a House of the Day last November. Entered into contract on 2/13/09; closed on 6/1/09; deed recorded on 7/22/09.

$750K-$1 Million Range: GREENPOINT
82 Norman Avenue; Price=$775,000 GMAP
This 3-family was initially listed for $995,000 last December and was said to need TLC. Entered into contract on 4/12/09; closed on 7/2/09; deed recorded on 7/20/09.

Photos from Property Shark

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Comments

I've been inside the first one. The layout is not to my taste - a small windowless kitchen tucked into a corner of the living room, but everything is new. I guess that plus a convinient location and a very low maintenance made it worthy for someone.

Posted by: kensingtonka at July 30, 2009 11:33 AM

Page not found - /brownstoner/archives/2009/07/www.agentdashboard.com/brochures/2009/April/.../138020_web.pdf

Posted by: DitmasSnark at July 30, 2009 11:34 AM

Windsor Terrace is holding up quite well price wise w/ the condo today and the 1.5mm house. Its a great neighborhood, the F train is the biggest drawback!

Posted by: ebklyn at July 30, 2009 11:36 AM

WT prices are indeed holding up better than I would have expected. Oh well, I guess Snarky don't know jack. Or perhaps my "it all collapses from the edges inward" theory is still unfolding.

Posted by: DitmasSnark at July 30, 2009 11:44 AM

If you had the widget up for the norman street pad, how well do you think it would have done?

Posted by: lalaland at July 30, 2009 11:45 AM

Given the pics of Norman Ave, I would have bid about 5 bucks.

I think Greenpoint goes the way of Red Hook in the new economy. Nothing over 1 million.

Posted by: 11217 at July 30, 2009 11:51 AM

lala - I think the widget would have said $650K, so this price is about right. It was a lalaland asking price thats for sure.

Posted by: dittoburg at July 30, 2009 11:52 AM

I like Crown Heights. Looks like a downward compressed brownstone.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 30, 2009 11:53 AM

i'm a bit in the BS-zone here. but is it possible that areas like WT are holding up better because they had less of a run-up in prices/inventory to begin with - unlike some other 'non-prime'/'fringe' (sort of hate all those words) areas like clinton hill, south/east williamsburg, or harlem in mnhtn, where there was much more speculation, development, hype etc?

Posted by: perhaps at July 30, 2009 11:54 AM

Perhaps, perhaps.

Posted by: 11217 at July 30, 2009 11:55 AM

Looks like a "jello" market. Everything's stuck, not much movement.

WT seems analogous to Jackson Heights. That's down quite a bit. You can buy a big two-bedroom apt with an elevator there for about $370,000 or $400,000 now.

Posted by: mopar at July 30, 2009 12:09 PM

> Jackson Heights... big two-bedroom ...for about $370,000 or $400,000...

No offense intended to Jackson Heights - I like the neighborhood - but doesn't that still seem like a lot of money?

Posted by: DitmasSnark at July 30, 2009 12:14 PM

I 2nd Snark's comment on Jackson Heights. That sounds more expensive than even Forest Hills which normally has higher prices

Posted by: more4less at July 30, 2009 12:23 PM

"...doesn't that still seem like a lot of money?"

In this case, things ARE what they seem. The peak COULD NOT have been much more than that. I once accompanied a friend to look at a big 2BR/2BA, brand spankin' new, abated condo with parking in Forrest Hills for $400K in 2004. Forrest Hills!

So, no, that's not down quite a bit for Jackson Heights.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 30, 2009 12:28 PM

"Forrest Hills!"

Is that where Forrest Gump lives?

Posted by: dirty_hipster at July 30, 2009 12:31 PM

...Sorry, it was Kew Gardens. Still, Kew Gardens vs Jackson Heights? KG by 1st round knockout.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 30, 2009 12:31 PM

I think that is a fair point about WT prices never really booming (until maybe the past year, there have been some recent asks that looked bubble-y) and thus prices remaining pretty stable. Also, not a huge glut of development really, it is mostly small houses with prewar buildings along the park. And the school is good, which seems to be an important factor in real estate these days.

Posted by: WTbound at July 30, 2009 12:53 PM

Forest Hills aint much. But Forest Hills Gardens - there's some nice houses there.

Posted by: dittoburg at July 30, 2009 1:03 PM

i think it'll be interesting to see over the entire run of this downturn how places like WT will compare to places like CH and south/east Wburg (Prospect Heights seems somewhere in the middle). it is possible that once the market bottoms out (whenever that is), the places with more speculation would be the places to buy, because all of the negative hype might artificially push those prices down, just the way the positive hype artificially inflated them.

(also 11217 - haha)

Posted by: perhaps at July 30, 2009 1:31 PM

Jackson Heights is MUCH closer to Manhattan than Forest Hills, and MUCH MUCH closer than Kew Gardens.

Posted by: rf at July 30, 2009 3:09 PM

Forest Hills has much higher rated schools, better crime stats,... if proximityt o Man is the be-all then LIC must be the #1 hood for Queens

Posted by: more4less at July 30, 2009 3:15 PM

The best schools in NYC are in far northeastern Queens. Want to live there?

Posted by: rf at July 30, 2009 3:21 PM

You brought up Jackson Heights is closer to Man which I agree is 1 key driver for ppty value. I counter Forest Hill has better schools which is another key driver. My opinion doesnt represent everyone but the mkt has voted and it's placing higher prices for Forest Hills.

BTW, forest hills to midtown is around 30 minutes by train - not a bad commute at all even if jackson heights is shorter commute.

Posted by: more4less at July 30, 2009 3:39 PM

I'm talking about a 1920s apt of 1100 square feet or more with fireplace and elevator with two bedrooms in Jackson Heights for $375,000 or $400,000. They were $550,000 at peak. You can get a three-bedroom walkup of 1200 sf there for about -- well, I don't know what they are now. At peak they were about $350,000.

Posted by: mopar at July 30, 2009 3:46 PM

Mopar, suspected you were referring to those massive coops in the historic district. yeah, those are really nice and HUGE

Posted by: more4less at July 30, 2009 3:55 PM

"Jackson Heights is MUCH closer to Manhattan than Forest Hills, and MUCH MUCH closer than Kew Gardens."

That is hyperbole.

Kew Gardens is the immediate neighborhood EAST of Forest Hills. They are separated by 1 subway stop (75th Street).

Posted by: crimsonson at July 30, 2009 4:14 PM

Jackson Heights is 20 minutes from midtown on the E express. The elementary school is decent enough, and your little genius can test into Hunter and then go to Yale. Like everywhere else in New York, the area is safe as long as there are people around, and there usually are. They do like to steal plants, however. List prices are down 20 to 30 percent off peak. I haven't checked actual sales prices. Of course, this has no relevance to anything. I'm just saying the prices seem comparable to -- oops, not to Windsor Terrace. Where was that place yesterday with the weird floor plan?

Posted by: mopar at July 30, 2009 4:29 PM

continental avenue forest hills station is 5 minutes east of jackson hts express stop. and forest hills to me seems much nicer area.

Posted by: Petebklyn at July 30, 2009 4:36 PM

I think you have to live in Manhattan (although I think Inwood and Washington Heights count) for the little genius to go to Hunter... NEST is city-wide.

Note: I am not at the elementary-school level yet of looking so I could be wrong about this.

Weird floor plan was in PLG. Kinda sorta. And the school district looked amazingly abysmal. But that apartment looked great.

Posted by: Heather at July 30, 2009 9:16 PM

forest hills is a very large neighborhood. the prime area is near the 71st/continental station which is a leisurely commute. The schools in forest hills are among the best in the city (like PS 101).

Jackson heights has some nice landmarked apt buildings, but even the closest among them are a bit of a hike to the Roosevelt stop on the E/F. The schools are very good but not in the top echelon of public schools.

Windsor Terrace is different. It's an Italian neighborhood that was traditionally home to a lot of civil service workers like police and firefighters. It was never glamorous or overdeveloped. Even in the worst times for this city, it was still a safe and pleasant neighborhood. The best comparison is Bay Ridge.

Posted by: slick at July 30, 2009 10:19 PM

Whoops, I meant coop prices in Jackson Heights seem like coop prices in PLG. Thanks, Heather.

Interesting about Windsor Terrace, Slick.

Forrest Hills is more expensive than Jackson Heights, and also quite a bit fancier. But not all of JH looks like the area under the elevated train -- and not all the historic buildings are so far from the express stop - although the heart of the historic district (80th St.) is.

Heather, maybe they've changed the rules. I know someone who lived in JH in the 80s and went to Hunter -- and then to Yale. If it did change, that would really suck since my entire geographical real estate life plan depends on Hunter. Oh well -- maybe by the time that's relevant, the Upper East Side will be really cheap.

Posted by: mopar at July 30, 2009 11:38 PM

"The best schools in NYC are in far northeastern Queens. Want to live there?"

Up on a hill in Douglas Manor overlooking Little Neck Bay? Hell yes if I had a few million dollars lying around.

Posted by: Sparafucile at July 31, 2009 8:36 AM

Mopar don't mope: Hunter elementary - Manhattan only; Hunter high school - any of the 5 boros.

Posted by: dittoburg at July 31, 2009 9:44 AM