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August 13, 2009

Brooklyn Sales: Under a Million

sales%20under%20a%20mil%208-13-09.jpg
Some of the sales recorded last week that went for $1 million or less:

$250K or under: KENSINGTON
350 Ocean Parkway, Unit 3C; Price=$232,000 GMAP
This is a 700-sf, 1-bedroom co-op, according to its FSBO listing. It went for $3,000 more than what it was asking. Maintenance= $591. Closed on 7/28/09; deed recorded on 8/5/09.

$250-$500K Range: BUSHWICK
356 Suydam Street; Price=$460,000 GMAP
This 1,500-sf single family last sold for $430,000 in 2006, according to PropShark. Entered into contract on 4/7/09; closed on 7/28/09; deed recorded on 8/6/09.

$500-$750K Range: SUNSET PARK
448 53rd Street; Price=$530,000 GMAP
This small 4-bedroom house was originally listed for $599,000 last October, says StreetEasy. Entered into contract on 3/30/09; closed on 7/20/09; deed recorded on 8/5/09.

$750K-$1 Million Range: SOUTH SLOPE
222 14th Street; Price=$760,000 GMAP
This house was listed for $799,000 in April. Property Shark reckons it's a 2,000-sf two-family. Entered into contract on 4/13/09; closed on 7/28/09; deed recorded on 8/5/09.

Photos from Property Shark




Posted by Gabby at 11:00 AM | Comments (39)
Categories: Sales

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Comments

Jeez, that Sunset Park thingie seems particularly over-priced.

Posted by: denton at August 13, 2009 11:03 AM

I saw the place at 350 Ocean Parkway and was very tempted to put in an offer. The place was flawless. Perfectly staged and priced well below other units in the same building. I'm actually surprised it did not go for more.

Posted by: DitmasSnark at August 13, 2009 11:05 AM

Could you start posting some of these listings *before* they go into contract? Maybe a $250k or less HOTD feature?

Posted by: InsertSnappyNameHere at August 13, 2009 11:07 AM

Bushwick..sold for 7% higher than 2006. Appreciation less than cost of living...but not indicative of any major price depreciation.
These are the type of sales I look for to see what has happened to prices. A resale now - and a previous sale in past few years.

Posted by: Petebklyn at August 13, 2009 11:07 AM

OMFG i LOVE that seafoam house :) it's cute as a button. 'spensive tho, no?

*rob*

Posted by: PitbullNYC at August 13, 2009 11:08 AM

yea man that house on 53rd st i pass by all the time... not the nicest block 4/5 ave and that house is super small. the streets are never done, you're pretty much off-roading...

if you ask me someone just got beat over their head.

Posted by: guikazoid at August 13, 2009 11:08 AM

Jeez, who would spend that kind of money on those Bushwick and Sunset Park houses?!?

Posted by: Park Sloper at August 13, 2009 11:08 AM

By the by...I like the looks of that Kensington coop. Simple, clean, nice floors, enough space for a girl with a couple of cats :)

Posted by: InsertSnappyNameHere at August 13, 2009 11:08 AM

1/2 a million to live in a fedder's special house in bushwick! la la la la la la where's my meds!


*rob*

Posted by: PitbullNYC at August 13, 2009 11:09 AM

Agreed on that Sunset Park/bermuda colored shanty shack
$530K?- am sure some developer purchased it so they can raize it and then build a new condo

am VERY curious about that 14th street house - I never saw it listed anywhere. I wonder what it looked like inside.
I think even if it was in need of a reno - $760K was a good price for the buyers!

Posted by: gemini10 at August 13, 2009 11:10 AM

@sunsetpark

did a developer buy this??? 900 sf... crazy

Posted by: guikazoid at August 13, 2009 11:12 AM

@gemini10 - im with you on that one...

Posted by: guikazoid at August 13, 2009 11:14 AM

gemini, I heard that the Charette folks are doing a brick house on that block of 14th. That may be the house. If Charette bought it, the house probably never hit the market. They will do a decent reno with nice farmhouse-chic finishes and try to flip. They did 303 13th and 237 14th. You will want to do teh nosy neighbor thing and see it when it is done, but chances are the price will be too high.

Posted by: slopefarm at August 13, 2009 11:14 AM

Snappy, that Kensington place was sweet. New Ikea kitchen, renovated bathroom, refinished floors, and Elfa shelving systems in every closet. Oh, and a terrace to boot.

Posted by: DitmasSnark at August 13, 2009 11:24 AM

I love Kensington. There are good deals like that all around. My building has some from time to time. If any of your regulars are interested, I can keep you updated.

Posted by: Kensingtonian at August 13, 2009 11:33 AM

love that kensington flr plan - very very little wasted sq ft via hallways

Posted by: more4less at August 13, 2009 11:36 AM

The FSBO website on the Kensington place was nicely done as well. I would have like to see the bathroom, but you can't have everything. Listings like that in that price range should make COTD more often. I think it's more in line with what most folks can afford/want to see.

Posted by: InsertSnappyNameHere at August 13, 2009 11:40 AM

Slopefarm:
hmmm -very intersting and you are probably right!

Posted by: gemini10 at August 13, 2009 11:44 AM

OK. Even I have to say that $530 for that top of a Pez dispenser is funny.

This might be the meanest thing I've written on here.

Just saying "funny" not stupid or anything the no-house-should-cost-more-than-this-amount-that-I-deem-reasonable camp might say.

Posted by: Nomi at August 13, 2009 12:32 PM

I think the reference to "no-house-should-cost-more-than-this-amount-that-I-deem-reasonable camp" is the funny part!

Posted by: antidope at August 13, 2009 12:51 PM

I know that Bushwick house. Great location, ridiculous boom price. $460,000 for a 1,500-sf one family? Geez, is a parking space really worth $160,000?

Posted by: mopar at August 13, 2009 12:55 PM

I live around the corner from the Bushwick house and I am amazed that they can get this kind of money for these crappy 80's infill houses. There are loads of these around Bushwick that were built after the fires in the 70's. Most were built with public money and then practically given away in order to get people to stay in the neighborhood. Bushwich sure has come a long way.

Posted by: JoeBushwick at August 13, 2009 1:15 PM

kens, I've got a friend interested in kensington/ditmas. Looking to buy but I told her maybe rent first to get a handle on the hood. Will drag her next week to beer hall if possible.

Posted by: DeLepp at August 13, 2009 1:32 PM

Bushwick looks very much like Nehemiah Houses architecture. It is remarkable that this land, that was not worth the back taxes 20 years ago, now has a half-million dollar home on it.

Posted by: Sparafucile at August 13, 2009 1:43 PM

DeLepp, bring her around and we'll talk. I think Kensington in general is a solid investment. There are regular no frills co-ops and a few luxury ones with pool and doormen but those obviously will have the higher maintenance. Rentals are very reasonable as well.

Posted by: Kensingtonian at August 13, 2009 1:49 PM

thanks kens,damn there are pools out there! Need to get her in one of those.

Posted by: DeLepp at August 13, 2009 2:03 PM

DeLepp, here is one my sis sent me but it needs a total gut basically.

http://www.trulia.com/property/1084323582-227-Ocean-Pkwy-3D-Brooklyn-NY-11218

Yeah there are a couple of buildings with pools and I'll give you the addresses when we get together on Thursday. I don't remember off hand but if my sis is lurking she can feel free to comment. She knows all the buildings in our hood pretty well.

Posted by: Kensingtonian at August 13, 2009 2:15 PM

Sparafucile, fwiw, an organic fauxdega is going in around the corner.

Posted by: mopar at August 13, 2009 2:37 PM

"Jeez, who would spend that kind of money on those Bushwick and Sunset Park houses?!?"

Sorry Park Sloper. We can't ALL be condescending Park Slopers.

Is the price nutty? Sure. But so are brownstones in YOUR more desired and better-than-thou hood. That being said, I'm glad prices are holding in the "fringe". (Well, at least in this one-off example)

Posted by: MAT at August 13, 2009 3:42 PM

Slopefarm - you are totally right, that is a Charrette development. I wonder how on earth they find out about listings like this - it was listed for 3 days. Seems odd.

Posted by: tribe at August 13, 2009 3:49 PM

Re: the buldings with pools in the neighborhood. I know of only one, the tall building on the east side of Ocean Parkway, between Cortelyou and Ditmas (I think). But it's a rental, not a coop.

Re: the developers finding out about listings. A good RE agent knows who they are and may make some phone calls even before the property is officially on the market.

Posted by: kensingtonka at August 13, 2009 3:59 PM

My guess is that they have been around the local RE business in So Slo for a while. They work consistently with the same one or two realtors and perhaps they get some inside info to buy in exchange for the exclusive to sell. I think they also beat the bushes in the area and know almost everyone. They work in a tight geographic area and probably know all the old timers and easily learn who is looking to sell. They've probably made enough to swoop in with a lot of cash at this point. Got huge prices on the last two they sold.

Posted by: slopefarm at August 13, 2009 4:00 PM

Slopefarm - i'm guessing all that is correct, and obviously the seller can choose any broker to go with, but if there is an inside deal for a developer purchaser to sell with the same broker (or some other inside deal with the selling broker) surely they would have to disclose to the original seller? It's not like it was an all cash deal - there is still a 65% mortgage on the property.

Posted by: tribe at August 13, 2009 4:11 PM

The Bushwick price is simple -- these houses are lived in by Bushwick's middle class, they put a premium on living in the area near their extended family, and to them parking their quite luxurious cars IS worth a lot of money. On top of it, these houses do not have the problems old houses do and long-time locals don't care at all about historic charm the way Brownstoners or newcomers buying houses in Bushwick normally would. To us, it's boring and ugly and somewhat depressing -- to them it has everything they want.

Posted by: Jeremy at August 13, 2009 4:24 PM

But Jeremy, it's a single family house and 1500 sf. They could have bought it for $300,000. I think the buyers didn't know the area.

Posted by: mopar at August 13, 2009 5:04 PM

Kensingtonian-

Any idea on the difficulties involved in renting out your apt in a local coop?

I assumed you were familiar with certain local boards and would know the sentiment on the issue.

thanks.

Posted by: Brooklynchimp at August 13, 2009 9:23 PM

Brooklynchimp,

Would be very hard to rent them out. Have to live in one for 2 years (that's the rule for most co-ops that I know of and from what I gather in general). After that, you can rent up to 2 years or sometimes more with board approval. Some co-ops charge fees for it. Co-ops in my area, in general, try to discourage rentals. Some pre-war buildings in Kensington and Midwood do have lax rental policies but you have to search for those.

Posted by: Kensingtonian at August 13, 2009 11:50 PM

Brooklynchimp,

Will be very difficult in most Kensington co-ops. Most that I know require at least 2 years for the owner to live in the apt. before even a chance to rent it out with board approval. I gather that that's the rule in general for co-ops. Some do have lax rules though and allow rentals from day 1.

Posted by: Kensingtonian at August 13, 2009 11:52 PM

This was a long day. I am posting twice. Sorry.

Posted by: Kensingtonian at August 13, 2009 11:53 PM

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