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October 22, 2009

Brooklyn Sales: Under a Million

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Some of the sales recorded last week that went for $1 million or less:

$250K or under: BAY RIDGE
7423 Ridge Boulevard, #1H; Price= $125,000 GMAP
This studio was listed for $135,000 in April, according to StreetEasy. Maintenance=$369/month. Closed on 10/9/09; deed recorded on 10/16/09.

$250-$500K Range: PARK SLOPE
943 President Street, #2R; Price=$460,000 GMAP
This 2-bedroom co-op was first listed for $549,000 last September. Its price was cut a couple times, and it was last listed for $475,000 in May. Maintenance=$659/month. Closed on 10/6/09; deed recorded on 10/14/09.

$500-$750K Range: KENSINGTON
246 East 5th Street; Price=$729,000 GMAP
This 1,772-sf house was flipped by a seller who bought it for $375,000 in an estate sale earlier this year, according to Property Shark. The sellers renovated, according to the house's listing, and were initially asking exactly what the property sold for. Entered into contract on 7/30/09; closed on 10/7/09; deed recorded on 10/16/09.

$750K-$1 Million Range: WINDSOR TERRACE
8 Fuller Place; Price=$900,000 GMAP
This 1,452-sf, single-family was listed for $1,275,000. Entered into contract on 6/29/09; closed on 10/7/09; deed recorded on 10/16/09.

Photos from Property Shark.

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Comments

Way to go Kensington seller! Grossed almost double the purchase!

Relative? Elder?

***Bill Thompson for Mayor***

Posted by: Brownstones Half Off at October 22, 2009 11:23 AM

(This 1,772-sf house was flipped by a seller who bought it for $375,000 in an estate sale earlier this year)

That has to be the best purchase of the year. How does someone find out about these types of sales?

Posted by: Tara in the Slope at October 22, 2009 11:27 AM

"How does someone find out about these types of sales?"

After they close. Deals like this are for insiders only.

***Bill Thompson for Mayor***

Posted by: Brownstones Half Off at October 22, 2009 11:34 AM

One of the ugliest post war buildings in Bay Ridge. 1st Fl. studio- sounds about right....

Posted by: Crescent Hill at October 22, 2009 11:46 AM

Tara, I saw the Kensington house pre-renovation - basically nothing was touched for 100+ years. Ever. It was like a time capsule. And the house looked like it was falling apart.

I am surprised they got that much, though.

Posted by: kensingtonka at October 22, 2009 12:02 PM

Thanks Kensingtonka.
I wonder how much $ they put in for the renovation.
It's a very cute house. Is that sale price ($729K) comparable in the neighborhood?
I'll have to check out the area. I'm not familiar with it. Actually I don't really know where it is.

Posted by: Tara in the Slope at October 22, 2009 12:11 PM

WT house is interesting. We saw a house this summer on that block priced about the same as that initial ask (high 1.2) and the broker was adamant that "this is what houses here now cost". I remember thinking 900K was more like it, but didn't bother to bid since I was turned off by the broker. The gap between asks and sells (which is pretty big in many cases) is re-setting the comps - granted a bit more slowly than I had thought when the crash hit last year, but the direction is still undeniable and I'm convinced we have further down to go.

Posted by: Miss Muffett at October 22, 2009 12:16 PM

Perhaps the ugliest building in Park Slope?

Posted by: Minard Lafever at October 22, 2009 12:20 PM

BHO -- so you think the flipper underpaid? Market price was higher than actual sale price for the unrenovated kensington house?

MM -- Do you have higher comps for the renovated Kensington house from a year ago?

Posted by: slopefarm at October 22, 2009 12:22 PM

I have to agree - that WT house is right at about 900K

Posted by: gemini10 at October 22, 2009 12:26 PM

MM- are you pulling our legs? 900k for that house is more per sq ft than a 1.4 house in prime ps that you are waiting for. circle doesn't square.

Posted by: antidope at October 22, 2009 12:37 PM

Tara, can't comment on the renovation, except that from outside it looks like they were just patching things up. I haven't seen inside post-reno. As to what it could cost - this is a question for an engineer. The house was in a bad shape, as I said, everything was original and it did not look well cared for. In cases like this you never know what kind of structural problems there may be.

Don't know re: comparables. I know that houses that need TLC have been selling for 500s-600s, but there is a whole spectrum between "old but functioning kitchen/baths" and "uninhabitable". This one, however, is (IMHO) in a very good location.

Posted by: kensingtonka at October 22, 2009 12:42 PM

I think 729K renovated cost may be right - there's another one for sale now on east 3rd for about 629K that needs TLC in the old but functioning category. 100K doesn't go that far, and you'll need a lot of excedrin.

Posted by: Deda at October 22, 2009 1:00 PM

Do people really decide not to submit a bid on a house that they like and plan to live in for years because of a bad moment with a broker?

Seems kind of silly and petty.

Posted by: MR at October 22, 2009 1:25 PM

I'm with MR. Serious buyers would probably be careful not to waste time and money unless they thought a deal would close (and shady brokers are part of the calculation), but to not even consider an offer...

Posted by: antidope at October 22, 2009 1:32 PM

I dunno.. If a broker were so adament I wouldn't waste my time because would sound like would recommend to seller to refuse. A too high asking price will discourage people.

Posted by: Petebklyn at October 22, 2009 1:45 PM

adament broker = moving onto next ppty.

Posted by: more4less at October 22, 2009 1:49 PM

i would think bottom fishers like you guys would love a stupid broker that overprices a property and scares off the competition. broker would have a duty to deliver your offer, which by the way costs you ZERO to make. if broker fails then you've discovered a fraud at ZERO cost. but what if broker actually dissuades other bottom fishers and delivers your offer and there are no others and the seller experiences an event or already feels s/he must sell?

if you're trolling around at the bottom of the sea, things have to line up and break your way. they're not gonna fall in your lap through a solid, above board, full commission brokerage house.

Posted by: antidope at October 22, 2009 1:57 PM

Sounds like you guys want to punish an asinine broker by denying yourself a shot at a home you like.

When I was in the market I bid on a few houses with brokers I didn't like. I just assume they are all shady so I won't be surprised later on.

Posted by: MR at October 22, 2009 1:58 PM

Park Slope apt definitely one of worst layouts in Brooklyn, but the price reflects that.

Re estate sales, Tara, they go on the market like anything else. The buildings I have seen in person going for very low prices (200s and 300s) have not necessarily been estate sales, but they have been uninhabitable, which means they require an all-cash or 203K buyer (and the willingness and ability to do extensive renovations). That's why they are so cheap.

Posted by: mopar at October 22, 2009 2:06 PM

for someone who appears to be renting, not looking to buy, have not bid on something, etc to lecture someone who has proven track record of buying ppties at great deals is like a newborn offering to teach parents how to walk & talk.

unless there's no other comparables in mkt to bid on, it's better use of time & effort on ppties where both brokers & sellers appear to be more willing to try to work out a deal. Dumb brokers are great for buyers. But DUMB adament brokers with pipe dream FIRM prices are a waste of time for everyone and especially when other more amenable options are abound.

Posted by: more4less at October 22, 2009 2:16 PM

hey man, you're failing the "fun little experiment in anger management." ha ha ha.

one further free suggestion, stay away from high stakes poker. you can thank me later.

adios from acapulco.

Posted by: antidope at October 22, 2009 2:40 PM

you are right about making low offer if see the prop has been sitting around for awhile.. But I doubt at open house or shortly after would likely happen.

Posted by: Petebklyn at October 22, 2009 2:46 PM

Meant to respond sooner - busy day at work. Re: not putting in an offer on other WT house - my earlier post put too much emphasis on broker as reason we did not bid. Of couse, if we loved the house, we would have done so, regardless of the broker. But we did not love it, so maybe even if we had liked the broker we would not have bid. That said, we have come to realize that we will have to make compromises when we finally buy, but we weigh those compromises carefully. The WT house I saw had lots of compromises, and would only have been worth it to us at a much lower price. The broker indicated to us point blank she would not consider low offers, so we did not want to waste our time. Maybe if she had indicated some flexibility, we would have at least had a longer discussion about whether to put in a bid - or maybe we would have still decided it wasn't worth it.

Also, antidope - thanks for the correction. I did not notice how small this WT house was. The WT house we saw was bigger. Last I looked, the broker finally cut the price but since we really aren't interested in that house, I stopped tracking it.

Posted by: Miss Muffett at October 22, 2009 3:21 PM

antidope, I know a weaker counterparty when I see one. play poker with you anytime my man. go bid on something before you pretend to be an expert. in the meantime, stick to your sideline commentator role and leave the action on the field to the real professionals

Posted by: more4less at October 22, 2009 3:23 PM

"someone who appears to be renting"

is that supposed to be a smear? that is so 2007. despite your declaration that i'm a bull, i can think of ten good reasons to be a renter in 2009.

"leave the action on the field to the real professionals"

really? wow. wow. wow. if you say so.

Posted by: antidope at October 22, 2009 3:37 PM

antidope, I'm pro-renting now buy later. you can look up my post history to confirm it. nothing against renting. I'm even thinking hard of selling residence and rent to wait out price correction. Rather was pointing out that you're not even actively or recently involved in bidding, buying a place so for you to lecture some of us with experience getting good deals how to bid, etc. is indeed like a newborn trying to teach parents how to walk & talk.

Nothing wrong with being an uninvolved sideline commentator but when you over-reach with lecturing on something you're not an expert on, don't be surprised someone calls you out on it - ie no diff than when you jump on folks with comments you find outlandishly bearish

Posted by: more4less at October 22, 2009 4:15 PM

"The gap between asks and sells (which is pretty big in many cases) is re-setting the comps."

Can someone translate this statement into English?? Miss Muffet, you're a master of obfuscation.

Posted by: benson at October 22, 2009 4:27 PM

you continue to jump to (wrong) conclusions.

if you read carefully, you may understand that you sound defensive. how come even mm doesn't take it so rough? btw, the comment was pretty darn benign.

if i read carefully, i see you throwing out weak-ass and now redundant insults (216, 323, 415) at a cyber-name. geez. like you're struggling to fight yourself out of a paperbag.

Posted by: antidope at October 22, 2009 4:27 PM

MM is MM. I'm my own person.

you have your opinion and I have mine. just like you keep saying we aint serious buyers, bottom fishers, etc, I like to say you're an uninvolved sideline commentator who is not more of an expert than us actively participating in the mkt

Posted by: more4less at October 22, 2009 4:35 PM

i note the storm downgrade from

"leave the action on the field to the real professionals"

"us actively participating in the mkt"

never said i was more of an expert; my opinion is just about the opposite: the market today is the best indicator of price. not my opinion about where they are going and not your's or mm's.

no other renters on this site have offered an opinion about r.e. purchases? pls. what about happy long-time owners not currently shopping? again pls. and those kings that were owners but sold at peak and are now renting. ppuuuuhleeease.

PLS NOTE ALL THOSE THAT ARE NOT ACTIVELY HOUSE HUNTING ARE HEREBY REQUESTED TO CEASE AND DESIST (FROM BUGGING A CERTAIN M4L). or perhaps you were just aiming at me. ;)

Posted by: antidope at October 22, 2009 4:53 PM

only see you in my scope.

why you complaining? you like to solicit reactions with your frequent "you're not serious buyers", "bottom fishers", .... I gave you the reaction you're soliciting and now you're complaining. beyond having some conviction, be more decisive.

Posted by: more4less at October 22, 2009 4:58 PM

i've decided you're not a serious buyer. i've decided you're a talker. there, i'm being more decisive. thanks for the suggestion.

Posted by: antidope at October 22, 2009 5:04 PM

antidope, save some for tomorrow. we'll exchange some more blows then

Posted by: more4less at October 22, 2009 5:08 PM

Benson - I meant the gap between ask[ing prices] and sell[ing prices] is quite large in many cases these days. Is that clearer? I think many asking prices are based on comps that were during the bubble, and thus turn out to be much higher than what the properties sell for. That in turn, means that comps start to change over time. Example: Let's say a house, A, sold in 2008 for $2 mil. Then, house B which is similar (size, location, condition) to house A, goes on market in 2009 for $2mil also. But house B ends up selling say for 1.7. Then another house, C, which is similar to A and B, goes on market after B sells, so B is closest comp. So the correct ask for C might be, say 1.8 (anticipating some negotiation since very little, if anything, is going for ask these days). But in a deteriorating market, C may only wind up selling for 1.6. And so on. So, the comps get "re-set". I actually have lots of work today so hope this is clear enough for now - back to work!

Posted by: Miss Muffett at October 22, 2009 5:11 PM

[with conviction]

OK!

Posted by: antidope at October 22, 2009 5:15 PM

Park Slope apt: The co-op board rejected an all-cash buyer before the second price cut.

Posted by: glaring at October 26, 2009 7:21 PM

« Matt Damon Does Red Hook Kudos, Sorta, from The Village Voice »

October 22, 2009

Brooklyn Sales: Under a Million

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