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October 27, 2009
Last Week's Biggest Sales

1. MILL BASIN $2,850,000
2235 East 66th Street GMAP (left)
According to a listing, this house is 12,096 (!) square feet and was asking $5 million. Entered into contract on 9/22/09; closed on 9/22/09; deed recorded on 10/21/09.
2. PARK SLOPE $2,400,000
178 8th Avenue GMAP (right)
When this single-family was a House of the Day in May, it was listed for $2,995,000. The reader widget guesstimate for its selling price, $2,382,103, was pretty close to the mark. Entered into contract on 8/11/09; closed on 10/14/09; deed recorded on 10/21/09.
3. PARK SLOPE $1,975,000
458 2nd Street GMAP
This 4-story townhouse was listed for $2,235,000 in April, according to StreetEasy. Entered into contract on 9/15/09; closed on 10/6/09; deed recorded on 10/19/09.
4. MANHATTAN BEACH $1,700,000
118 Hastings Street GMAP
A 3,908-sf, 2-family, according to Property Shark. Entered into contract on 12/22/08; closed on 8/11/09; deed recorded on 10/23/09.
5. PROSPECT PARK SOUTH $1,600,000
1306 Albemarle Road GMAP
This sprawling Victorian Flatbush beauty was on the market for a long time. The 15-room manse was a House of the Day in September '07, when it was listed for $2,595,000. By the time it was an Open House Pick this May, the price was down to $1,895,000. While the house sold for quite a bit less than it was initially asking, this still has to be one of the biggest sales ever in Prospect Park South. Entered into contract on 7/10/09; closed on 10/15/09; deed recorded on 10/23/09.
8th Avenue photo from Property Shark; Mill Basin photo from Realtor.com.
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Comments
I think that Mill Basin picture is of a B2-Spirit bomber. In which case it was cheap at 2.85M
Posted by: dittoburg at October 27, 2009 11:33 AM
Ditto;
I think it is the Mother of All Fedder Homes, complete with Brooklyn's Largest Curb Cut. Mr. B's worst nightmare come true!!!
Posted by: benson at October 27, 2009 11:35 AM
That's funny, ditto. I was just thinking that Mill Basin house really does NOT look like a house. Love that Victorian in Prospect Park South. And I can't believe the widget was actually right for once with the 8th Avenue house.
Posted by: CGar at October 27, 2009 11:36 AM
Ha! From the HOTD for Albemarle in '07: "The asking price of $2,595,000 is up there but seems perfectly achievable to us given the infrequency that something like this becomes available. Agree?"
Droolworthy indeed, Mr. B.
Glad someone finally got it. What a beauty.
Posted by: Frederick Law Homestead at October 27, 2009 11:36 AM
Are there 2 driveways and 4 garages on that Mill Basin house?
Posted by: CGar at October 27, 2009 11:40 AM
The widget prediced $1.9 million for 460 2nd Street -- right next door to 458 and generally pretty similar. Either readers are getting more optimistic, or the market is moving closer to the readers' mark...
Posted by: aishling at October 27, 2009 11:41 AM
Wow... it's amazing how many square feet they could wrap up in such an ugly house! The Mill Basin house is like an ugly ranch from an old (1960s) suburb, but it's scale is all messed up... about 10,000 additional sq ft!
Posted by: tybur6 at October 27, 2009 11:45 AM
The Albemarle house was used as a location in the Angelina Jolie movie "Wanted," which should lend it some added cachet:
http://crazystable.squarespace.com/journal/2008/3/12/a-hollywood-jolie-christmas.html
The owner should register with a location scout or agency if he or she needs some extra help with that $1.6M pricetag; these manses are used for film shoots with such regularity that we locals now merely yawn and say "What, Angelina again?" (The house across the street was used for Uma Thurman's "My Super Ex-Girlfriend"...damn stars, we simply trip over them on our way to the garbage...)
Posted by: Brenda from Flatbush at October 27, 2009 11:45 AM
his and her garages. but I don't think Fedders...probably central air.
Posted by: Petebklyn at October 27, 2009 11:45 AM
Hi, im a crackhead with too much money to burn. I just bought a fugly house in bumblef*ck brooklyn for 3 million bux!
*rob*
Posted by: Butterfly at October 27, 2009 11:46 AM
Don't forget this classic Mill Basin house (http://www.brownharrisstevens.com/detail.aspx?id=893651), only a couple blocks away from today's monstrosity.
Posted by: aishling at October 27, 2009 11:47 AM
Wow, aishling, that is one horrible looking house!
Posted by: CGar at October 27, 2009 11:57 AM
Ditto, my first thought was "hmm, this Midwood house appears ready for take-off", and my second thought was pure envy for the new owner of the mansion on Albemarle. I hope they have the money to give this beauty a proper restoration.
Posted by: Maly at October 27, 2009 11:57 AM
> The asking price of $2,595,000 is up there
> but seems perfectly achievable to us...
Give or take $995,000.
I think this is karmic payback for the unseemly gloating of the headline "20 Clifton Place Sells, Kicks Widget's Ass."
Posted by: DitmasSnark at October 27, 2009 12:00 PM
So they finally managed to push Albemarle over the finish line. Shame....I was all ready to offer $500k cash.
Posted by: the chicken at October 27, 2009 12:07 PM
178 8th avenue and 458 2nd street sold for $514/sq feet and 587/sq feet respectively. Both are in good conditions and renovated and are in the PS 321 zone. Say what you want, but house prices in the prime park slope areas have come down A LOT!
Posted by: stevieb at October 27, 2009 12:17 PM
http://www.nytimes.com/2009/10/28/business/economy/28home.html?_r=1&hp
U.S. Home Prices Continue to Stabilize
By DAVID STREITFELD
Published: October 27, 2009
Home prices continued to increase in August, according to data released Tuesday.
The Standard & Poor’s/Case-Shiller home price index, a widely watched measure of 20 metropolitan areas, rose a seasonally adjusted 1 percent in August from the previous month.
“So far, so good,” said Maureen Maitland, vice president for index services at Standard & Poor’s. “There’s nothing negative in these numbers.”
Posted by: 11217 at October 27, 2009 12:23 PM
From MarketWatch: "The figures are not seasonally adjusted. Prices typically rise in the summer months when demand is stronger."
Posted by: DitmasSnark at October 27, 2009 12:26 PM
Oh yes, and this other nugget from MarketWatch: "Many economists expect further declines once temporary government support for the housing market is removed."
Posted by: DitmasSnark at October 27, 2009 12:27 PM
i think one would either have to be a complete moron or just have unlimited amounts of money to buy any of these properties.
*rob*
Posted by: Butterfly at October 27, 2009 12:28 PM
How does the addition on the left not match the rest of the house?! Is it that hard to match the bricks on your F'in 4 (!) garages! Talk about building from the inside out. I defend South B to the death but this house is just too hard to defend. This gets my Staten Island ethnic-ghetto fabulous award for the week!
Posted by: Joe from Brooklyn at October 27, 2009 12:29 PM
11217, nation-wide home prices were bolstered by the $8,000 tax credit extended to "first-time" home buyers. If there is by implication a correlation to home prices in nyc or park slope, there isn't and shouldn't because the $8,000 in credit is not meaningfully large compared to homes worth millions.
Posted by: stevieb at October 27, 2009 12:32 PM
> $8,000 in credit is not meaningfully large compared to homes worth millions.
Nor would you likely be eligible because of the income restrictions on the tax credit.
Posted by: DitmasSnark at October 27, 2009 12:34 PM
DitmasSnark, good point!
I love it when perma bulls selectively trot out these statistics to try to make a weak point. LOL!
Posted by: stevieb at October 27, 2009 12:36 PM
"How does the addition on the left not match the rest of the house?!"
Joe, I was thinking the same thing. It also doesn't appear to be quite symmetrical with its counterpart on the right side of the half - it seems just a bit bigger.
Posted by: CGar at October 27, 2009 12:38 PM
Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
Posted by: 11217 at October 27, 2009 12:46 PM
Thanks, Aishling. At least that house has some style, if an aesthetically unappetizing one.
Posted by: Brooklyn Chicken at October 27, 2009 12:59 PM
>> Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010,
Again, not a meaningful sum for park slope houses even if extended. Besides, there is going to be a gradual phase out of the tax credit through the year. To get the max deduction of $8,000, you needed to close by April 2010.
Posted by: stevieb at October 27, 2009 1:01 PM
ditmas--isn't that 7 consecutive months of lessening declines though?
Posted by: wasder at October 27, 2009 1:01 PM
I don't think the point of any of this is that we are out of woods, or that home prices are about to shoot back up anytime soon, but the bottom is not falling out any longer and home prices (as we can see above) did not collapse and the world continues on in relative harmony. :)
Posted by: 11217 at October 27, 2009 1:05 PM
wasder, less bad is not the "new good"; it is still bad. Housing prices in parts of Florida and Michigan have declined to a fraction of the cost of construction. There is a natural floor of zero so the decline has to slow down at some point.
Posted by: stevieb at October 27, 2009 1:06 PM
>I don't think the point of any of this is that we are out of woods
11217, I dont think it is possible for houses in some parts of the country to fall any more. Houses auctioned off in detroit are not able to find bids for just $500. Condos in Miami are selling for much less than $250/sq feet, which is the cost of construction. I have heard sales for as little as $100/sq feet.
So no, I dont think it is possible to get any worse in those parts of the country but less bad is still bad and may get worse.
***Bill Thompson for Mayor***
Posted by: stevieb at October 27, 2009 1:11 PM
same results with seasonally adjusted data.
we have six months of steady numbers.
at this rate, by feb/mar BHO's metric will require him to call the market bottom. or change his metric.
when you give $/sq ft on homes has come down 'A LOT' pls define 'A LOT' and provide relevant comps. pls don't provide a condo/coop comp. not relevant.
thanks.
Posted by: antidope at October 27, 2009 1:11 PM
So I guess we just figured out that Steveb is BHO.
Posted by: 11217 at October 27, 2009 1:13 PM
>when you give $/sq ft on homes has come down 'A LOT' pls define 'A LOT'
renovated brownstones in a good school district sold for north of $6-900/sq feet in 2008.
(montgomery place 1st street and 3rd street, for example)
Posted by: stevieb at October 27, 2009 1:18 PM
>So I guess we just figured out that Steveb is BHO.
??
i support Bill Thompson because he is the better person for the hard-working families in new york who have recently gotten stiffed by the administration.
** Bill Thompson for Mayor **
Posted by: stevieb at October 27, 2009 1:26 PM
> ditmas--isn't that 7 consecutive months of lessening declines though?
True, but continuing job losses and another big round of foreclosures as mortgages reset could very well lead to further declines.
This is a slow process. I suspect we won't see the bottom for at least another couple of years.
Posted by: DitmasSnark at October 27, 2009 1:29 PM
wasder, less bad is not the "new good"; it is still bad.
True but isn't the definition of bottom when the numbers start rising over a long period of time. Don't know if seven months is enough to say that but it would seem that at this rate that we may approach zero YOY in the not distant future.
Posted by: wasder at October 27, 2009 1:30 PM
once again, am impressed by the large amount of $$$ changing hands on houses - regardless if transaction was x% below peak, ask,....
Posted by: more4less at October 27, 2009 1:33 PM
>once again, am impressed by the large amount of $$$ changing hands on houses - regardless if transaction was x% below peak, ask,....
yeah, wall street firms are paying out a lot of bonuses after receiving and keeping tax payers money.
**Bill Thompson for Mayor**
Posted by: stevieb at October 27, 2009 1:49 PM
Give it a rest, Stevieb/dandel/BHO or whoever you are.
Posted by: 11217 at October 27, 2009 1:56 PM
quote:
hard-working families in new york
there's very few of those in nyc. people are either living off the government or totally wealthy and are just as lazy as people on welfare.
*rob*
Posted by: Butterfly at October 27, 2009 1:56 PM
How about "none of the above for mayor?" At least if voters had a "no-confidence" vote which if it won would result in some sort of power-sharing situation until better candidates could be found we could have something resembling the true will of the people.
Posted by: Joe from Brooklyn at October 27, 2009 1:58 PM
dandel = stevieb = bho ???
d'mas- job losses appear to be slowing; mortgage resets won't be an issue unless rates rise.
th comps: more specific pls. still not convinced. th always trade for a wide range on the $$$/sq ft metric bc there are many variables that it does not capture: unused FAR, full height/usable basement, backyard/deck, for instance.
is it just me or do the larger th offer more bang for sqft buck?
Posted by: antidope at October 27, 2009 1:58 PM
Antidope:
A couple townhouses on my block sold for around 2.7 million or so in 2006 and 2007. They were around 5000 sf which works out to $540 psf.
The biggest sale on my block in years was a house which sold at the peak for 3.2 million and was 4800sf.
That's 666 psf.
The notion that townhouses were selling for closer to $900 psf is not true.
If that's the case then a 4000 sf townhouse would have sold for 3.6 million which almost never happened (at least in Park Slope) at the height of the market. I think maybe one or two of the very nicest houses on Montgomery or 3rd Street may have gotten close, but that was CERTAINLY not the norm.
3 million was about as high as prices went on a PS townhouse and those were truly special. Now those same homes seem to be trading closer to 2.5 million or a little under.
Posted by: 11217 at October 27, 2009 2:05 PM
> mortgage resets won't be an issue unless rates rise.
Not true.
- http://www.nytimes.com/2009/09/09/business/09loans.html
"Edward and Maria Moller are worried about losing their house — not now, but in 2013.
That is when the suburban San Diego schoolteachers will see their mortgage payments jump, most likely beyond their ability to pay.
Like millions of buyers during the boom, the Mollers leveraged their way into a house they could not otherwise afford by taking out a loan that required them to make only interest payments at first, putting off payments on the principal for several years."
Posted by: DitmasSnark at October 27, 2009 2:12 PM
> there's very few of those in nyc. people are either living off the government or totally wealthy and are just as lazy as people on welfare.
Or on corporate welfare i.e. welfare for the wealthy bankers who got bailed out by tax payers.
**Bill Thompson for Mayor**
Posted by: stevieb at October 27, 2009 2:16 PM
> The notion that townhouses were selling for closer to $900 psf is not true.
Not true as well. 52 montgomery place and 551 3rd street both sold for north of $900/sq feet in 2008. Go check it out yourself.
Posted by: stevieb at October 27, 2009 2:20 PM
Stevieb,
1. How interesting that you just joined today on brownstoner.
2. I JUST SAID (if you would read other people's posts) that and I quote "I think maybe one or two of the very nicest houses on Montgomery or 3rd Street may have gotten close, but that was CERTAINLY not the norm."
ONE property does not comps make. Do you understand that?
You MUST be dandel. If not, you two are sharing a brain. Or a half of one.
Posted by: 11217 at October 27, 2009 2:30 PM
>once again, am impressed by the large amount of $$$ changing hands on houses - regardless if transaction was x% below peak, ask,....
yeah, wall street firms are paying out a lot of bonuses after receiving and keeping tax payers money.
**Bill Thompson for Mayor**
Posted by: stevieb at October 27, 2009 1:49 PM
regardless of where/how that money came about, am still impressed by these large transactions. Even if I won the lottery, I would be hesitant buying something $2M+ given the terrible econ we're in and that these houses aren't huge bargains (ie 50% off peak,....)
Posted by: more4less at October 27, 2009 2:33 PM
11217, you should give it a rest too, from serving your banker overlords. You musician types depend on the morsels of food that fall off the table of rich overfed bankers and i can see why you continue to defend them. I had been a season ticket holder to the new york philharmonic for many years and I am going to cancel because of you. I hope you are proud that you made a difference to your fellow musicians.
Posted by: stevieb at October 27, 2009 2:35 PM
"I had been a season ticket holder to the new york philharmonic for many years and I am going to cancel because of you."
And you win the award for either the least mature or most insane poster of the week!!!
And I would care, because??
You're just pissed I showed you up on this thread and now you are acting like a 5 year old to retaliate. And again, why would I care you are no longer going to the New York Philharmonic?
Posted by: 11217 at October 27, 2009 2:40 PM
bho/dandel/sb: and what do you think those specific properties would sell for today? more than 10-20% off?
d'mas: io loans are certainly an issue; arms, not so much. on the other hand, for a crisis to develop you have to believe things don't improve on the bank front in the meantime. certainly possible but looking increasingly unlikely, even if the profits are all on the back of taxpayer capital/money. there i spilled my secret anti-capitalism mojo/bitterness.
Posted by: antidope at October 27, 2009 2:43 PM
>there i spilled my secret anti-capitalism mojo/bitterness.
good job, antidope! does it all feel better now?
**Bill Thompson for Mayor**
Posted by: stevieb at October 27, 2009 2:45 PM
Stevieb: Looks like you've been PWNED again. Time for ANOTHER new screen name it looks like.
Posted by: 11217 at October 27, 2009 2:49 PM
dandel/bho/sb: i still don't see 50% off. i see 10-20% off peak.
also; that beauty in the heights is 900/sqft. was that 1500-1700/sqft two years ago?
Posted by: antidope at October 27, 2009 2:51 PM
uhh,
so does that giant house come with or without the twin Escalades?
**Biff Champion for Mayor**
Posted by: Legion at October 27, 2009 2:58 PM
Sounds like today's motto is
**Brains half Off**
Posted by: daveinbedstuy at October 27, 2009 3:00 PM
11217--I am giving up my membership to the NRA because of you, as well as my membership to the Y, and I am renouncing my religion. Hope you are happy.
Posted by: wasder at October 27, 2009 3:00 PM
My husband and I purchased the Prospect Park South home and feel very thankful to Brownstoner and the community for all the wisdom and points of view on the comment boards and on the forum during our year-plus search for a home. As first-time homeowners, we'll soon begin a daunting restoration and renovation. In the months ahead the Brownstoner forum will be littered with my photos asking "what is this?" and "where do I find this?" Thanks in advance and stay tuned!
Posted by: pop at October 27, 2009 3:00 PM
OMG, I am in love with the Albermarle house!
Did the buyer score a bargain with that price? Or is that about right for houses in the area?
Posted by: Tara in the Slope at October 27, 2009 3:02 PM
Actually the addition on the left is totally in context with the rest of the house. it's the whole place that is unfortunate.
Posted by: daveinbedstuy at October 27, 2009 3:02 PM
Pop--congratulations! What an amazing home. You should consider doing a reno blog on here. Mr B?
Posted by: wasder at October 27, 2009 3:03 PM
Pop -- good luck and welcome to the neighborhood.
Posted by: Back40 at October 27, 2009 3:08 PM
WOW, POP....you got a beauty. when are you going to host a brownstoner party on that porch????
Congratulations.
Posted by: daveinbedstuy at October 27, 2009 3:10 PM
Great idea, DIBS, that porch is about the only surface that doesn't need work! As for blogging, it would be another first for me, but if people would be interested, I'm game.
Posted by: pop at October 27, 2009 3:22 PM
"we'll soon begin a daunting restoration and renovation."
How much work does it need? From the photos in HOTD, it looks perfect.
Please keep us updated, POP.
Congratulations! Your home is truly spectacular.
Posted by: Tara in the Slope at October 27, 2009 3:24 PM
Congrats Pop. You truly have landed one of the most beautiful homes I've ever seen here on Brownstoner. And that's saying A LOT!
Enjoy it.
Posted by: 11217 at October 27, 2009 3:27 PM
Ditto what DIBS and Tara said. That's an amazing looking house.
Posted by: DitmasSnark at October 27, 2009 3:29 PM
Yes, Pop - beautiful home.
I'm looking forward to hearing about and seeing the progress of the renovations.
Posted by: Pigeon at October 27, 2009 3:49 PM
Thanks, all. As for the work -- just to give you an idea: The original kitchen was cut up into exam rooms by a dermatologist two owners ago. He eliminated the back staircase and plunked a serviceable but wonky kitchen in it's place. The owners who bought from him in 1995 kept it as is, using the exam rooms as home offices. We want to restore the back staircase and the original kitchen layout. Additionally, the detrius of at least 5 outdated alarm systems from the doctor's days remains in a Rube Goldberg tangle of ancient bells, wires and switches that adorn the walls, baseboards, cracks and crevices of every room -- so every surface needs care. The electrics need upgraded wiring . . . the list goes on and on. But we are so grateful how structurally sound the house is, for all the beautiful architectural detail that remains and that the woodwork has been so well maintained. We just walked through with our architect over the better part of two days and gave every space a good dressing down. We have a lot of hope, and more than a little anxiety!
Posted by: pop at October 27, 2009 4:10 PM
Pop - Glad to hear of your aesthetically admirable intentions. It sounds like you're in for a fun and interesting ride!
Posted by: Pigeon at October 27, 2009 4:14 PM
"Great idea, DIBS, that porch is about the only surface that doesn't need work! As for blogging, it would be another first for me, but if people would be interested, I'm game."
pop, Congratulations! Love your new house. Post away with your questions, and I agree that a reno blog is a great idea.
Posted by: CGar at October 27, 2009 4:38 PM
Mazel Tov P.o.P. and family!!!
With that kind of house, you can really do up an early 1900's garden!
Then, if you really want to go historical/hysterical, you could get a real icebox and ice deliveries! :-)
Good luck on all the work you have planned! Looking forward to seeing your progress!
Posted by: BrooklynGreene at October 27, 2009 6:44 PM
We had the same false glimmer of hope in Case-Shiller during the same May-June-July-August period last year, only to be rudely awakened in September (really November - 2 mo lag). Enjoy! Again!
***Bill Thompson for Mayor***
Posted by: Brownstones Half Off at October 27, 2009 6:59 PM
Wow, Pop. Can't imagine how excited you must be. You certainly have one magnificent old house on your hands! By all means, as you go through the paces of restoring, updating the infrastucture, etc. you must let us look over your shoulder and eavesdrop by way of a reno blog --especially since it looks you have a gift for writing. Welcome to these boards as new old house homeowners and lots of congratulations to you!
Posted by: Brooklynista at October 27, 2009 8:10 PM
Bill Thompson kicked ass in the debate that was on earlier tonight!
***Bill Thompson for Mayor***
Posted by: dandel at October 27, 2009 8:25 PM
Congratulations on your new home Pop!
I presume that you also considered the Ebinger bakery house as well? (http://www.marykayg.com/html/0530.html). It's of a similar size, stature and price so what made you choose one over the other? Was it the better location, the lighter "feel" of Albemarle, or something else?
Posted by: the chicken at October 28, 2009 4:49 AM
Yes, we did see the Ebinger house, chicken. There was a lot to love there too. The owners have taken such great care of it. Location was a factor, and we love the corner lot of Albemarle. I guess we also had that "feeling" that people talk about as we walked through the Albemarle house, that it was the one for us. Thanks to all for the congrats -- pics via blog or forum coming soon. Already have a lead on a tapestry expert thanks to vinca.
Posted by: pop at October 28, 2009 7:51 AM
Congratulations, Pop! That is a beautiful house, great location. Like so many of these houses, a lot of work is frequently needed behind the walls. It is a labor of love, though, and as you not, cosmetically your home as a lot plus points! There is a tapestry expert in the nabe, if you need any more help on that front.
Posted by: Architerrorist at October 28, 2009 9:34 AM
pop-
+1 on the congrats. Welcome to the neighborhood & good luck w/ reno / resto. You'll have to update your bstoner profile now that you're no longer a bitter Boerum Hill renter.
Posted by: Bklnite at October 28, 2009 9:55 AM
Architerrorist -- would love the info on the neighborhood tapestry expert. Bklnite, I updated my profile today, and actually changed my user name to albemarle! A new chapter begins!
Posted by: albemarle at October 28, 2009 7:49 PM

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