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August 11, 2009

Last Week's Biggest Sales

biggest%20sales%208-11-09.jpg
1. COBBLE HILL $3,132,000
213 Congress Street GMAP (left)
When this 25-foot-wide, brick single-family was a House of the Day in January, it was listed for $4,400,000. Entered into contract on 6/19/09; closed on 7/17/09; deed recorded on 8/5/09.

2. PARK SLOPE $2,800,000
897 Union Street GMAP (right)
This single-family was a House of the Day in February, when it was listed for $2,995,000. The sellers purchased it for $2,600,000 in March 2005. Entered into contract on 5/12/09; closed on 7/23/09; deed recorded on 8/5/09.

3. GREENWOOD HEIGHTS (?) $1,425,000
157 19th Street GMAP
Tough to pinpoint a neighborhood on this location, and the whole transaction seems slightly bizarre: The two-family house was first listed for $1,250,000 way back in December '07, according to StreetEasy, went on and off the market a bunch of times, and was ultimately asking $899,000 last November. So how did it sell for $1.4 mil??? It's 1,800 square feet and last sold for $605,000 in 2007, per PropShark. Entered into contract on 7/9/09; closed on 7/9/09; deed recorded on 8/5/09.

4. WILLIAMSBURG $1,250,000
85 North 3rd Street, Unit 410 GMAP
This is a 2,000-square-foot loft in the Mill Building condo, according to StreetEasy. It was listed for $1,495,000 in February. Entered into contract on 6/19/09; closed on 7/27/09; deed recorded on 8/7/09.

5. DYKER HEIGHTS $$1,125,000
1315 74th Street GMAP
This house was asking what it went for, according to this listing. Entered into contract on 4/12/09; closed on 7/22/09; deed recorded on 8/7/09.

Pics from Property Shark.

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Comments

So Cobble Hill sold for $759 psf and Park Slope sold for $737 psf.

Not much difference when you factor in that Union Street is far from one of the best locations in Park Slope (as it is heavily trafficked) and many people (Sam mostly) seemed to say that the Cobble Hill house was the ultimate location (even though it's across from those rather ugly co-ops).

I've just noticed a few other expensive (over 2.5 million) homes go to contract in PS over the last week or 10 days.

Posted by: 11217 at August 11, 2009 11:43 AM

Still huge numbers. I really like the houses to the left and right of the Congress Street house, only drawback is it's across from a tall well maintained coop, cuts out some of your southern light.

Posted by: DeLepp at August 11, 2009 11:46 AM

Fear no ask in Cobble Hill. Market be damned, Park Slope nesters gotta have their home (they'll soon learn though - mind over emotion). Fraud in Greenwood. Brain dead in Billy. Fear ask in Dyker.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 11, 2009 11:47 AM

More like Greenwood Depths...

Posted by: denton at August 11, 2009 11:58 AM

Just curious - can anyone see what the burg place traded for in 07?

Posted by: dirty_hipster at August 11, 2009 11:59 AM

The Congres Street Co-ops are not that tall -- only six stories (I think), and significant parts are set back from the street.

Posted by: Boerumresident at August 11, 2009 12:16 PM

I'm sure all these buyers are far happier in life than you, BHO; and I don't mean just because of having the money!!!

Posted by: daveinbedstuy at August 11, 2009 12:22 PM

Your info on Dyker doesn't look correct to me:

Dyker Heights sold for 1.175 million according to Streeteasy.

And it was asking 1.250

Posted by: 11217 at August 11, 2009 12:26 PM

lipstick on a pig

Posted by: IronBalls at August 11, 2009 12:28 PM

wonder what the "prices are back to 2004" crowd think of the williamsburg trade.

7/27/09: 1,250,000
7/18/07: 1,100,000

a) idiot buyer.
b) mortgage fraud.
c) spoiled hipsters.
d) rich people don't care about a few hundred grand.
e) [get creative folks]

And i'm waiting for the inevitable spin...you gotta go up 10% before hitting 50% off?

This in condo overfloweth williamsburg.

Posted by: antidope at August 11, 2009 12:34 PM

Antidope:

DH can probably clarify for us, but I believe the Mill Building is special. It's one of those real loft buildings in a great location.

Please also keep in mind that at 2000 sf, the place traded for $625 psf. That means to me that those NSP white boxes in the sky and all the other new construction crap are going to need to come down a LOT more when you can get an awesome loft for that price.

Posted by: 11217 at August 11, 2009 12:44 PM

Reminder: Biggest sales are just that - biggest, outliers, prone to anomoly.

Posted by: Miss Muffett at August 11, 2009 12:46 PM

No denying it, those are pretty strong #s on Cobble and Slope houses.

11217,

do you have a pulse check if the 1.6M and below market is fairly as well as the 2.5M and above?

Posted by: more4less at August 11, 2009 12:50 PM

Muffy:

When lots of these sales are of brownstones (of which there are only a handful on the market at any given time in each neighborhood) of course they are outliers. The entire brownstone market is an outlier in those terms then. There is practically NOTHING on the market right now in some of these areas with regard to nice, renovated brownstones, so your comment doesn't really make much sense to me.

Tell us...what was your prediction for that Union Street house...cause I can tell you for certain that there's no way you would have guessed 2.8. Judging from your other comments, you would have said it was 500-800K overpriced.

Posted by: 11217 at August 11, 2009 12:50 PM

"DH can probably clarify for us, but I believe the Mill Building is special. It's one of those real loft buildings in a great location."

You beat me to it. The Mill is an amazing warehouse conversion, definitely the best building on the northside. Love the wood beams the apts have.

Resales in other conversions have been decent (the gretsch and the cast iron coop on Broadway and bedford)

agreed - the towers on the water need to come down if the best building is trading at 625psf

Posted by: dirty_hipster at August 11, 2009 12:50 PM

I'm sorry, is The Mill considerably different than it was in July 2007? Sure it's not a direct comp to new condos and their issues, but it is a DIRECT COMP TO ITSELF. Now maybe someone can show me that the building or apartment underwent an extensive renovation. that would change things. otherwise this is as good a comp as you can get for williamsburg nabe. (But also agree that it doesn't say anything specific about clearing prices for new glass condos in nabe.)

Posted by: antidope at August 11, 2009 12:56 PM

DH, gretsch bldg hasn't done so hot recently. A buddy of mine ate a 20% haircut selling his place and he said he wasn't alone. Plus recall, there were some short sales there.

Posted by: more4less at August 11, 2009 12:58 PM

M4L:

I really don't see too many brownstones under 1.6 on the market, but just to give you an idea of inventory....I usually check the Corcoran website for their "newest listings" and today for the first time since I can remember checking it, there is not a single new listing for a brownstone in Park Slope. None. Zero.

To give you an update on Manhattan inventory just for fun. They had over 11,000 properties on the market just a few months ago, down to 9853 30 days ago and 9541 today.

Inventory has been steadily dropping since winter.

As we can see from BHO's rather desperate posting today, the bears don't have a ton to work with on this thread.

Posted by: 11217 at August 11, 2009 12:59 PM

antidope, off memory (a little vague now), $1.1M (back in 07) for a 2000 sq ft unit sounds like it's an insider deal and/or the unrenovated version. Believe the developer was offering both renovated and unrenovated versions back than. Even if unrenovated, the $1.1M price sounds lower than the prices I vaguely remember

Posted by: more4less at August 11, 2009 1:02 PM

ah - gotcha m4l. i'll have to keep an eye on any listings from the gretsch then. I freakin' love that building

Posted by: dirty_hipster at August 11, 2009 1:02 PM

DH, that 20% haircut I referenced was on the price my buddy paid back in 06 - ie he took a 20% LOSS

Posted by: more4less at August 11, 2009 1:06 PM

DH, correction; not gretsch bldg but one of those near there on the water

Posted by: more4less at August 11, 2009 1:08 PM

"DH, correction; not gretsch bldg but one of those near there on the water"

Schaeffer Landing? If so, not surprising.

Posted by: dirty_hipster at August 11, 2009 1:10 PM

DH, yeah, think its's Schaeffer

Posted by: more4less at August 11, 2009 1:19 PM

They could be happier, unhappier or just as happy, DIBS. They're still grossly overpaying and I will continue to remind you.

Bad interpretation, 11217. It's the parading, and therefore absurdity, of LWBS's that qualifies as desperate. I patiently await in vulture mode, quite relaxed.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 11, 2009 1:21 PM

"They're still grossly overpaying and I will continue to remind you."

And you've been preaching for brownstone prices half off of peak comps for what now, maybe 2 years??

What's it to you if they overpay??? Like I said, they are probably happy. I overpaid in Bed Stuy in hindsight and I've been quite happy.

When a house becomes nothing but an investment, like it seems to be for you, you will NEVER be happy.

Posted by: daveinbedstuy at August 11, 2009 1:44 PM

BHO,

I think a name change is in order. How about DOA, cause that's what your "educated guesses" have been for the past two years. People look for value, and when they find it, even in a down market, they buy. No surprise here.

Posted by: homey at August 11, 2009 2:35 PM

Gowanus house numbers indicate maybe a developer/flip job. Looks like a flipper.

Posted by: denton at August 11, 2009 3:17 PM

"No denying it, those are pretty strong #s on Cobble and Slope houses."

True. You can't argue that when you get $3.1+ for the Cobble Hill house. Beautiful, wide house on a great block. The Co-ops across the street are immaculately maintained and landscaped. But, the original asking price of $4.4 was ridiculous; I mean, after all, how many overpriced houses in Cobble Hill could Norah Jones be expected to buy?

Posted by: CarrollGardened at August 11, 2009 3:17 PM

"And you've been preaching for brownstone prices half off of peak comps for what now, maybe 2 years??"

Maybe 3, DIBS. Doesn't mean it aint happenin'. Doesn't mean you won't be out a few hundred grand if you didn't take heed. I've got all decade. No deadline, just a slow process but a quick loss if you leave your feet on the headfake.

"What's it to you if they overpay???"

Laughing stock. Then I have to read/hear all these sob stories about the soft rental market, higher taxes, higher energy bills, tighter refinancing, "erroneous" appraisals, etc. Then my tax dollars go toward bailing some of you out. The deep, down secret is that many of you are unhappy because you've been duped. You thought you couldn't lose in RE.

"When a house becomes nothing but an investment, like it seems to be for you, you will NEVER be happy."

I'll be "happy" (aka bullish) when Case-Shiller YOY gets out of the red.

Cute, homey @ 2:35. But my guess is alive and arrivING. A correct prediction grows in Brooklyn.

Guys - You can't run out the clock in the housing market. It's on nobody's schedule. It's a process, not an event.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 11, 2009 3:49 PM

3:49 was very "The What"-esque.

Posted by: dirty_hipster at August 11, 2009 4:04 PM

dh, it did not include the requisite "I Beam up the ass" prediction.

Posted by: daveinbedstuy at August 11, 2009 4:09 PM

I thought it was confirmed that BHO = What.

Posted by: 11217 at August 11, 2009 4:09 PM

I'm with dh. Seems very What-like to me. Perhaps the What on meds.

Posted by: CarrollGardened at August 11, 2009 4:18 PM

"BHO = What"

Last resort when you got naaaaaaahhhhhwwwwwwthing.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 11, 2009 4:19 PM

I've got nothing?

Take a look at the sales above.

Could you at least post your comment in a thread where it would make sense, like in a condo going rental or something...?

To say I've got nothing in a thread about homes selling for 3 million dollars makes you look like an even bigger moron than you usually do.

Posted by: 11217 at August 11, 2009 4:34 PM

"Take a look at the sales above."

Exactly. Nothing. In the grand scheme of things, as many on this blog agree, it's naaaaaahhhhhwwwwwthing. You will always have lofty sales even at market bottom (in 1929 there were lofty trades). It tells you little or nothing. So fine, at best you have little which for all intents and purposes is naaaaaaahhhhhwwwwthing.

Why don't we get rid of this tread altogether? But this is where I always find Team Bullshit.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 11, 2009 4:54 PM

I would have to agree "biggest sales" are just that.

Posted by: mopar at August 11, 2009 10:25 PM

Well done, Biggest Sales. Brownstone Brooklyn made it through the apocalypse without collapsing, esp. at the higher end. This seems to me evidence of the Wall Street bailout's efficacy in preserving a social class more than evidence for price rationality in the RE market. If my money or (perversely, inexplicably) my self-esteem (DIBS) were tied up in an illiquid asset, I'd worry about a.) the Goldman backlash, which indicates a zero tolerance policy going forward against mismanaged risk, and b.) the long term health of the dollar, which, when strong, pushes up the price of domestic non-tradables like RE; and seriously worry about c.) BK quality of life, which is crashing at the low end. Say I have a couple mil to spend on RE and am looking at what this market offers me. At some point I have to consider what my quality of life would be living in rural NY in a beautiful Greek Revival with 1.5 in the bank; or watching as my purchasing power relative to bankers and their enablers erodes, even as my neighborhood loses social services.

Posted by: Whuh at August 12, 2009 8:02 AM

« Red Lipstick Opening in Red Hook Co-op of the Day: 214 Carlton Avenue, #5 »

August 11, 2009

Last Week's Biggest Sales

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