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October 15, 2009
Brooklyn Sales: Under a Million

Some of the sales recorded last week that went for $1 million or less:
$250K or under: BROOKLYN HEIGHTS
70 Clark Street, #2B; Price=$220,000 GMAP
This "spacious" studio was listed for $225,000 in June, according to StreetEasy. Maintenance=$504/month. Closed on 10/2/09; deed recorded on 10/8/09.
$250-$500K Range: WILLIAMSBURG
72 Berry Street, #6A; Price=$456,300 GMAP
A 626-sf, 1-bedroom condo in Williamsburg success story Mason Fisk. Entered into contract on 4/3/09; closed on 9/23/09; deed recorded on 10/6/09.
$500-$750K Range: BEDFORD-STUYVESANT
208 Hancock Street; Price=$570,000 GMAP
This 3-family, 3,600-square-footer was a House of the Day twice: First in August '08, when it was listed for $859,000 and then last October, when the price was down to $799,000. Entered into contract on 5/15/09; closed on 9/30/09; deed recorded on 10/8/09.
$750K-$1 Million Range: CROWN HEIGHTS
691 St. Johns Place; Price=$815,000 GMAP
This limestone 3-family was listed for $869,000 when it was a House of the Day in March. Entered into contract on 7/7/09; closed on 9/23/09; deed recorded on 10/7/09.
Clark Street and St. Johns Place photos from Property Shark.
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Comments
The Crown Heights sale is one of many to prove the bears wrong.
From the HOD thread
>>"This place has depreciated in this market to completely nullify the upgrades...YES zero growth...not worth a penny more than $700K in our opinion and that is being very generous."
Generous?
Posted by: lincolnlimestone at October 15, 2009 11:14 AM
yet the BedStuy house went down from 859k to 570k.
Posted by: Santa at October 15, 2009 11:21 AM
The Clark St place makes the studios that have been COTD the last view days look ridiculous. $504 maintenance verus $1000?
Was the Bed Stuy place a foreclosure or short sale ultimately?
Posted by: Brokedeveloper at October 15, 2009 11:21 AM
The Bed-Sty house clearly needed a lot of work on the inside.
Posted by: lincolnlimestone at October 15, 2009 11:27 AM
great price on the bed stuy house - if prices stay in that range houses will be snapped up and the neighborhood may in fact reach a gentrifying tipping point...
Posted by: gkw at October 15, 2009 11:39 AM
Santa,
You can't draw conclusions about the market by comparing ask to close. You need comps. You got comps to show what Hancock would have gone for at peak?
Posted by: slopefarm at October 15, 2009 11:54 AM
thanks slopefarm.
i listed a pile of rocks on craigslist for 100 obo. it sold for 10. does that mean the market for rocks is off 90%?
Posted by: antidope at October 15, 2009 12:15 PM
no presents for you.
Posted by: Santa at October 15, 2009 12:39 PM
even if that bed stuy house needs tons of work, it's still a good price. I love these types brick houses - much more than brownstones
Posted by: more4less at October 15, 2009 12:48 PM
I'm with you m4l, I find red brick more pleasing to the eye than dingy brownstone. Limestones are my all-time fave.
Am I banned?
Posted by: dittoburg at October 15, 2009 1:08 PM
Williamsburg condo looks like a solid deal. Great location and low taxes. great place for a FTHB and or couple with no kids.
Posted by: Adam Dahill at October 15, 2009 1:47 PM
what is a FTHB? full time house brat?
Posted by: Petebklyn at October 15, 2009 1:51 PM
full time home business?
?
well, apt sold for about $750 psf, so that's good.
Posted by: wine lover at October 15, 2009 3:18 PM
isnt the hancock house an SRO?
Posted by: B3 at October 15, 2009 3:27 PM
I am stunned at the price of the Hancock house. That's daylight robbery! The buyers must have been wearing masks at the closing.
Posted by: BedStuyGal at October 19, 2009 5:35 PM

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