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November 25, 2009

Brooklyn Sales: Under a Million

sales%20under%20a%20mil%2011-24-09.jpg
Some of the sales recorded last week that went for $1 million or less:

$250K or under: CROWN HEIGHTS
345 Montgomery Street, #1F; Price=$190,000 GMAP
This 2-bedroom was first listed for $279,000 in December '07, according to StreetEasy, and by the time it was a Co-op of the Day in July '08, it was asking $249,000. The price was later reduced to $229,000. Maintenance=$751/month. Closed on 10/21/09; deed recorded on 11/20/09.

$250-$500K Range: PROSPECT HEIGHTS
175 Eastern Parkway, #6N; Price=$330,000 GMAP
This 570-sf, 1-bedroom co-op was first listed for $425,000 last summer, according to StreetEasy. When it was a Co-op of the Day this April, the price had dropped to $379,000 and was ultimately cut to $349,000 before it sold. Maintenance=$679/month. Closed on 11/2/09; deed recorded on 11/18/09.

$500-$750K Range: SUNSET PARK
571 46th Street; Price=$750,000 GMAP
This 2,832-sf, 2-family house was listed for $799,000 in July, says StreetEasy. Entered into contract on 8/4/09; closed on 9/24/09; deed recorded on 11/17/09.

$750K-$1 Million Range: CLINTON HILL
52A Lefferts Place; Price=$950,000 GMAP
This 2,880-sf house was listed for $999,000 when it was an Open House Pick this July. Entered into contract on 11/9/09; closed on 11/9/09; deed recorded on 11/20/09.

Photos from Property Shark aside from 175 Eastern Parkway, which is by logan.

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Comments

how could that house in Clinton H from yesterday sell for 1.55 and this Clinton h house sell for 950????

Posted by: bitter_bubble_buyer at November 25, 2009 11:07 AM

2 bedroom for under $200k. Another quite affordable apt. Don't need to be rich to live here.

Posted by: Petebklyn at November 25, 2009 11:08 AM

BBB, it is called extraordinary renovation, on a better block on the "right" side of Fulton Street.

Posted by: witchdoctor at November 25, 2009 11:12 AM

diff in one Clinton Hill house to the other...more expensive is larger, renovated, better block and holy street.

Posted by: Petebklyn at November 25, 2009 11:14 AM

I know the location is better but its still only 3 blocks. the size looks almost the same to me. the reno was awesome but still that is a huge spread

Posted by: bitter_bubble_buyer at November 25, 2009 11:27 AM

"the reno was awesome but still that is a huge spread"

-If the house is a disater, you would be looking at half a million in renovations and a year of construction so the spread is not really that huge. There is also the possiblity, often overlooked here, that there is a long-time tenant rattling around in there with lifetime use of his or her room or rooms. That's a biggie.

Posted by: Minard Lafever at November 25, 2009 11:32 AM

"still only 3 blocks"

3 blocks is a world of difference. Still grossly overvalued on a fundamental basis though. Comps on Lefferts will bottom between 0.5 and 0.75 mil. Fundamentals always win in the end. How long can FHA hold on?

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 25, 2009 11:33 AM

"Still grossly overvalued on a fundamental basis though."

This schtick is getting old, BHO. And all the buyers of such places continue to prove you wrong. Time to throw in the towel.

Posted by: daveinbedstuy at November 25, 2009 11:39 AM

quote:
2 bedroom for under $200k. Another quite affordable apt. Don't need to be rich to live here.

yes you do. most people i know dont have 20K laying around for a deposit!

*rob*

Posted by: Butterfly at November 25, 2009 11:48 AM

I'm going nowhere, DIBS. I will continue to call out this MAB, and all the tricks to prop it up, for what it really is and for what it really will become, rubble of intrinsic value.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 25, 2009 11:49 AM

not as much diff in size as I thought. Lefferts is 18+ wide whereas St James is narrower..must have an extension if propshark says 3200 sq ft and not including garden floor in sq footage for lefferts.
Although to me 500k renovation is grossly exagerated...unless pretty much gut rehab with artisan restoration of orig. details in much larger house with 100k kitch and baths.
So yes, is quite a difference... Lot of people find Lefferts somewhat less inviting...although I think is grander just not as 'gentrified' as other side of Fulton.

Posted by: Petebklyn at November 25, 2009 11:49 AM

pete, I think $500,000 is a pretty conservative figure for the renovation of a 4-story brownstone. Of course one could live in the house as is, but spending a million dollars and then living like a bum does not make a lot of sense. You can live like a bum in Brooklyn for far less.

Posted by: Minard Lafever at November 25, 2009 11:54 AM

if you think 500,000 is conservative for a 4 story reno you have been hosed Minard! Maybe just insane! no offense but you need a realty check

Posted by: bitter_bubble_buyer at November 25, 2009 12:14 PM

On the subject of the 2 Clinton Hill prices: the one on St James was fully renovated as a - family, with a fairly easy conversion to a 2-family house. It does have an extension as well.
Speaking for myself, the fact that it is part of the landmarked area, and was designed by one of the star architect of its times, would justify the difference by itself. That said, I love Lefferts Place. I would be worried about massive developments ( because of the huge lots) potentially changing the quiet and residential character of these 2 blocks.

Posted by: Maly at November 25, 2009 12:15 PM

Still look like purty strong sales to me.

Posted by: Kensingtonian at November 25, 2009 12:23 PM

Score a B for the widget: 330K vs 315K on the Eastern Parkway coop, only 5% off. Are Brownstoners getting more bullish, or is the market coming down to the general bearish sentiment?

Posted by: Maly at November 25, 2009 12:29 PM

wrt HOTD, median widget is 11% off actual.
don't follow data on the COTD.

hard to measure sentiment, for sure.

you can measure widget prediction vis-a-vis asking price on a monthly basis: AUG/SEP/OCT predictions are 17% off ask versus APR/MAY/JU prediction of 20% off ask. of course 'stoners could be steady and sellers adjusting to new reality so not really definitive. but possibly interesting.

Posted by: antidope at November 25, 2009 12:42 PM

can wait to see some pricier ppties start showing up here in this section

Posted by: more4less at November 25, 2009 1:50 PM

BHO- I don't normaly get involved in your discussions but I have to agree with DIBS here. It's pretty obivious that we are through the fire and things are about settled. Most MI companies have lifted the declining market restrictions in BK and I honestly don't see things getting much worse than this.
Buyers of these properties are not getting FHA loans, most FHA 2-4 unit properties are falling in the 400k-650k purchase price categories (at least what I'm seeing.) I've had quite a few purchases these past few months on these types of properties ranging from the 800-1.5 million and the vast majority (about 90%) have been putting down 20%-30%.

I don't claim to be an expert on home values, I'm just telling you what I see from a lending perspective.

Nothing personal but I'm pretty certain that you will not get half off on brownstones.

Posted by: Adam Dahill at November 25, 2009 4:38 PM

"It's pretty obivious that we are through the fire and things are about settled."

This is your brain on Koolaid.

Sorry kid, you don't get a bottom in housing with double-digit unemployment, a deficit laced fugazi recovery, a broke FDIC, an extended zombi FHA/8k credit program, rising preforeclosures, state IOU's, a collapse in tax revenue with accompanying budget gaps and impending CIVIL SERVICE layoffs, triple digit P/E ratios with only 2% dividend yields, a collapsing dollar with skyrocketing gold, a dangerous carry trade, way out of whack rental and income home price fundamentalss which are moving targets anyway because both are falling, mounting bank failures, a commercial RE market on the verge of collapse, hidden balance sheet losses, etc etc etc. Study Japan and the Great Depression.

Even brownie is questioning the fugazi recovery (you saw that thread!). So they throw you a few bones here and there - a few unsuspecting buyers fall for the headfake (is it anything like 2003-2007?). By definition, you simply cannot have a bottom in housing until Case-Shiller YOY approaches zero. After a few consecutive months of headfakes, it has now turned back towards the abyss where half off awaits.

Pass the Koolaid.

Oh please oh please oh please...just gimme just one more swig...

(Never personal, always business)

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 26, 2009 8:20 AM