« What Could Have Been on Flatbush Condo of the Day: 55 Berry Street, #5D »

October 20, 2009

Last Week's Biggest Sales

lwbs%2010-16-09.jpg

1. PARK SLOPE $2,350,000
567 1st Street GMAP (left)
When this 5,352-sf brownstone was a House of the Day a year ago, it was listed for $2,989,000. (It was initially priced at $3,489,000 last summer.) By the time it was an Open House Pick in July, it was asking $2,595,000. The transaction was an estate sale. Entered into contract on 8/1/09; closed on 9/21/09; deed recorded on 10/13/09.

2. PARK SLOPE $1,700,000
383 1st Street GMAP (right)
This house hit the market in October '08 asking $1,995,000 and was pitched as follows: "Attention Investors-Perfect Condo Conversion Opportunity! Add your own special touch to this 4 story 4 Family Limestone in PRIME center Slope! An architect's dream- 19.75 X 60 on a 19.75 X 100 Lot." Entered into contract on 5/19/09; closed on 9/30/09; deed recorded on 10/16/09.

3. DUMBO $1,460,000
70 Washington Street, #4R GMAP
This 1,656-sf, 2-bedroom loft was first listed for $1,675,000 in May, according to StreetEasy. Entered into contract on 8/20/09; closed on 9/30/09; deed recorded on 10/15/09.

5. WILLIAMSBURG $1,200,000
72 Berry Street, #6B GMAP
A 1,621-sf unit in the Mason-Fisk condo building, according to StreetEasy. It was listed for $1,375,000. Entered into contract on 4/1/09; closed on 10/7/09; deed recorded on 10/16/09.

5. SHEEPSHEAD BAY $1,200,000
1029 Crawford Avenue GMAP
StreetEasy says this 1-family was listed for $1,650,000 in the spring. Entered into contract on 4/1/09; closed on 9/23/09; deed recorded on 10/16/09.

Photos from Property Shark.

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Comments

$2.350M ?! Come on Brooklyn! You gotta give me more than that!

Wow! Park Slope prices are getting decimated!

***Bill Thompson for Mayor***

Posted by: Brownstones Half Off at October 20, 2009 12:03 PM

$871 a sq ft for Washington st...
Preused figures on prophshark for other sales in bldg...most I saw was low 900's (but at same some closed 900+ others still closed in 700's.) Same line 'R' apts closed in 2006 in high 600's. Really don't see much change here.

Posted by: Petebklyn at October 20, 2009 12:07 PM

decimated? HA!

Same block one owner just wanted his slice with extra extra cheese.

Posted by: jack slade at October 20, 2009 12:13 PM

BHO, decimated := when regular joes can buy 'em. we're still miles above that level. at these prices, this regular joe is in window shopping mode only.

Posted by: more4less at October 20, 2009 12:23 PM

Yes, I too was a little taken aback by BHV's "deciminated". That's a little nutsy.

I'm not sure I would love all those apartment dwellers in the building to the right staring down on me in my garden...I'd rather have a building on both sides sharing party walls because heating a house exposed on one long side really adds up.

Posted by: BrooklynGreene at October 20, 2009 1:01 PM

PBK- i suspect that that 70 Wash price is not a true comp. looks like it might include a cabana (or parking?) since its price movement is totally out of line with the rest of the building sales. i see one other comp that traded at 1146/sqft but i am also suspicious that there's something weird there too. in general the building had a nice runup from closing in late 05 early 06 but seems to have given most everything back. i would also be cautious buying into a building with 18 units for sale, not even counting the looming "shadow" inventory.

oth, hardly approaching prices 10 yrs ago.

PS 4 family is first investment property / reno i have seen move in a while...

Posted by: antidope at October 20, 2009 1:14 PM

In the prime area of Park Slope, 567 1st street sold for $439/sq feet while 383 1st street sold for $357/sq feet. These are amazing price cuts on a per sq feet basis.

***BILL THOMPSON FOR MAYOR***

Posted by: dandel at October 20, 2009 1:22 PM

dandel aka bho: still too high according to your 10 time rent metric. assuming 0 reno costs, you'd need to charge 3500/mo for each of four apts. better wait some more.

but what do you think "architect's dream" means? to me it means substantially more than zero renovation costs. true sale price may approach 20 times rent, which would mean

A) seller got a pretty good price and
B) watch out for falling knives stupid buyer.

do people really use the $/sq ft metric on single family TH as opposed to condo/coop/rentals? maybe as a rough guide only but a large floorplan eats valuable garden space. i'd rather have a bigger garden and deck than dark gloomy / unused parlors.

Posted by: antidope at October 20, 2009 1:34 PM

More4Less, the cost psf in PS for these houses is why I was saying, in HOTD thread today, that 1.4 for a 3-story home in PS is too much. Many 3-story PS homes are on the smaller side i.e. 18 x 40 or 45 and thus 2100-2400 sf total. Even at $500 psf, that's 1.215mil for a house that's 18x45 (granted it may need some work), and even 500 psf is expensive when these houses above are going for lot less. And the PS houses in this "Biggest Sales" thread are truly prime slope: center slope, 321, etc. Further south or on an avenue, and potentially in District 13 (though a matter of debate since its schools vs. transportation access there) is just not as valuable.

Posted by: Miss Muffett at October 20, 2009 1:46 PM

I saw the 1st street house twice. It was a bargain on a per square foot basis, but not on any other basis. It had a very interesting 1st floor, but needed a complete and total renovation on every floor, all new systems. It had no yard to speak of, not very good light, and lots of weird things about it. Because it is such a large home, you would need to spend a pretty penny on it, bringing it up to more than you would have to pay for an already renovated house (albeit you would have a giant house at the end.) So, I am not surprised at the price, and don't think it is a good comp for those reasons.

Posted by: homey at October 20, 2009 1:52 PM

Muffet, the psf angle might support that but my eyes don't see it on the mkt. 3 story houses needed extensive renov in nice slope streets are 1.4M or higher. I'm holding out for better prices but currently 1.4M is what I'm seeing.

Posted by: more4less at October 20, 2009 1:55 PM

M4L - see HOTD thread for examples of houses less than what you're seeing. Maybe you just need to look harder, and beyond the ridiculous asking prices many sellers are still hoping for.

Posted by: Miss Muffett at October 20, 2009 2:05 PM

Homey,
I'm curious, there are two houses listed above on 1st Street. Which one are you referring to? Was it the brownstone that needed all the work or the 4-family house?

Posted by: BrooklynGreene at October 20, 2009 2:31 PM

Re: Williamsburg apt

Curbed took a bunch of shots inside the building - looks prettty awesome

http://bk.ly/PC

Posted by: dirty_hipster at October 20, 2009 5:34 PM

gee, at this rate Park Slope will soon be cheaper than Sheepshead bay. just like the olden days.

Posted by: Petebklyn at October 20, 2009 9:25 PM

I've been thinking: Miss Muffett & More4Less, you could probably get a great deal if you can pay all cash for a property that needs a lot of work and would normally go only to a flipper or someone with a 203K loan.

But I guess the big downside is you would have to oversee the construction project and live somewhere else while it's happening.

Posted by: mopar at October 21, 2009 1:31 PM

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October 20, 2009

Last Week's Biggest Sales

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