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December 29, 2009
Last Week's Biggest Sales
1. CARROLL GARDENS $2,100,000
235 President Street GMAP (left)
This 4-family brownstone was listed for $1,995,000 in October and sold very quickly, according to StreetEasy. Entered into contract on 10/30/09; closed on 12/17/09; deed recorded on 12/24/09.
2. BROOKLYN HEIGHTS $1,650,000
75 Livingston Street, #11D GMAP (right)
Appears that the listing trail/stats on this co-op are MIA. (If anyone can find 'em, please let us know in the comments.) The history of the building was recently the subject of a Streetscapes column. Closed on 12/15/09; deed recorded on 12/23/09.
3. DUMBO $1,525,000
100 Jay Street #28H GMAP
Second big sale in as many weeks in the J Condo. This 1,592-sf, 2-bedroom was listed for what it sold for in October, per StreetEasy. Its seller purchased the unit for $1,370,000 in '07. Entered into contract on 11/12/09; closed on 12/7/09; deed recorded on 12/23/09.
4. PARK SLOPE $1,522,283
392 3rd Street #1 GMAP
This is the Slope building where a fire broke out a couple weeks ago, leaving two people injured. It was recently converted from a rental into a condo, and this 2,700-sf duplex was initially listed for $1,695,000 in March. Entered into contract on 7/1/09; closed on 10/30/09; deed recorded on 12/23/09.
5. BOERUM HILL $1,100,000
33 St. Marks Place GMAP
This is a 3,600-sf, 3-family, according to Property Shark. Entered into contract on 9/29/09; closed on 12/1/09; deed recorded on 12/22/09.
Photos from Property Shark.
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Comments
team bull is rocking...
Posted by: denton at December 29, 2009 11:34 AM
Let's see here:
Carroll Gardens sold for 100k OVER asking in the first month it was listed.
Park Slope is a 1.5 million dollar duplex.
Dumbo (once again) sold for almost 200K over what it was bought for in 2007.
Sorry BHO, Miss Muffet...I'm not seeing the crash you guys were hoping for in Brooklyn.
Posted by: 11217 at December 29, 2009 11:35 AM
***
"U.S. home prices improved for the ninth straight month in October, according to Standard & Poor's data from the S&P/Case-Shiller Home Price Indices released this morning"
"In the last three months, prices in San Francisco increased at an annual rate of 25 percent while Minneapolis was up 17 percent and Los Angeles rose 11 percent. Phoenix, long a laggard, rose 13 percent.
But New York, Portland and Boston were up less than 2 percent.
Las Vegas, the epicenter of the housing crash, shows no signs of recovery. Prices have fallen there for 38 months, and are now barely above the level at which they began the decade."
WAIT...what? Prices in NY were UP 2%? But that's impossible!!! BHO told me they were down!!
See how those other cities which crashed before NYC are up a ton? Those kind of numbers might not reach NYC for another year or two, but it will happen again. It's a cycle, which BHO doesn't seem to realize yet.
Posted by: 11217 at December 29, 2009 11:45 AM
2.1 million for a house divided into four units in Carroll Gardens? There is a story there.
I'm happy to see units are selling for big bucks at 75 Livingston Street. The co-op has spent a lot of time and money restoring the beautiful Art-Deco masonry.
Although this is a tiny sampling, it suggests that in the prime areas sales are happening.
Posted by: Minard Lafever at December 29, 2009 11:46 AM
Consumer Confidence numbers came out today and are UP for the 2nd month in a row as well.
Posted by: 11217 at December 29, 2009 11:50 AM
Strong sales prices all around. One note: J-condo units went on sale in 2005. Not sure when this one, or the one last week went into contract. Impressive prices for both, nonetheless.
Posted by: Brokedeveloper at December 29, 2009 11:50 AM
too bad there is no realtor website on President st.
Looks to be very large bldg. wide and 54' deep.
So we have no idea condition, renovations or layouts
(even though CofO says 4 family...doesn't mean is used as 4 family). To me not necessarily a high price based on sq footage.
Posted by: Petebklyn at December 29, 2009 11:53 AM
This is not the Christmas present that Miss Muffet was hoping for.....
Really tragic what happened with that 3rd St condo (which is up the street from me). Hope the two injured folks pull through.
Posted by: benson at December 29, 2009 11:53 AM
NYC also especially has to take those Case Shiller numbers with a grain of salt, because they do not include condos or co-ops.
If you include those, the numbers would most likely be even rosier.
Posted by: 11217 at December 29, 2009 11:55 AM
Brooklyn real estate is the new gold...
Posted by: 7182713 at December 29, 2009 12:00 PM
I don't know what to have for lunch today. I can see that from these sales here, some people are eating crow.
Posted by: daveinbedstuy at December 29, 2009 12:06 PM
here are some crow recipes:
http://www.thecrowroost.com/RECIPES.htm
Posted by: joeingowanus at December 29, 2009 12:08 PM
I'll eat crow today, if the bulls promise to eat crow when the picture isn't as rosy. Say, when the 6 Months Later post goes up?
Posted by: DitmasSnark at December 29, 2009 12:11 PM
I don't see how one can compare the 6 months later thread to the largest sales thread.
That's like saying...who cares how much Walmart sold this quarter...there's all that crap still left on the shelves!
Posted by: 11217 at December 29, 2009 12:19 PM
I don't see how one can compare the 6 months later thread to the largest sales thread.
----
Plenty of nice houses left unsold from open houses 6 months later threads.
Posted by: joeingowanus at December 29, 2009 12:20 PM
The homeowner cheerleaders are online today in full force.
Where are the home-seekers to counteract all the hooting and hollering and to talk about the 1.1M brownstone sale?
Posted by: Pigeon at December 29, 2009 12:23 PM
Sure, Joe. Some are nice. But they are also most likely overpriced, were taken off the market or have issues.
Most houses in our area which are priced correctly, do in fact sell.
Posted by: 11217 at December 29, 2009 12:24 PM
Looks like the Market is on fire. Carroll gardens and Cobble hill are hot areas right now.
Posted by: sebb at December 29, 2009 12:28 PM
The duplex at 392 must be for sale again or maybe it is the one on the other side of the building? It has been listed about two weeks or so. Anyway, it is listed at 1.75. I thought I remembered seeing the listing this summer for much less. The photos are the same.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1916924
Posted by: myplace at December 29, 2009 12:29 PM
So, is ~$500/sq. ft. a good deal for the buyer or seller on that Carroll Gardens place?
Would rental on those 4 units be over 10k/mo?
Posted by: northsloperenter at December 29, 2009 12:29 PM
> I don't see how one can compare the 6 months later thread to
> the largest sales thread.
Which is precisely why your cheerleading is as easily dismissed as BHO's commentary from the other extreme.
Posted by: DitmasSnark at December 29, 2009 12:31 PM
Pigeon,
For all you know, that 1.1 million dollar brownstone was a shell. We have no idea.
And the home seekers don't seem to be on this one, because the overwhelming evidence on this particular thread and the general real estate news in general these days is that the BEST time to buy was the first 6 months of 2009 when the market crashed in NYC about 20-30% in the span of a couple months after Lehman collapsed. Since then, prices really haven't slipped much more.
I'm all for the home seekers refuting with actual facts, but their typical rants aren't really going to convince me when two weeks in a row we have j condos selling for OVER their 2007 prices and a home here or there now getting bids over asking and selling almost as soon as they hit the market.
I'm certainly never correct, but in this thread, it certainly is the home seekers who don't have much to go on this time around. All is not rosy and there will be other busts, but the simple fact that armageddon never came to Brooklyn means the "cheerleaders" won on this one.
Anyone else notice that murders in NYC are on track for a historic low?
How is that possible when the What told me that crime rises in a recession.
I'm glad he was wrong.
Posted by: 11217 at December 29, 2009 12:32 PM
Good numbers for team bull. Congratulations.
Posted by: DeadCatBounce at December 29, 2009 12:33 PM
"Which is precisely why your cheerleading is as easily dismissed as BHO's commentary from the other extreme."
Nope.
My cheerleeding is usually based on facts.
Yours and BHO's are based on the fact that you wish prices were lower so you could afford to buy a home.
And somehow you think that doesn't cloud your commentary, which is pretty amusing.
Posted by: 11217 at December 29, 2009 12:34 PM
> My cheerleeding is usually based on facts.
Carefully cherry-picked facts.
> And somehow you think that doesn't cloud your commentary
Oh, I do indeed know my opinions and desires color my commentary. Somehow you know that I don't? Your mind reading skills are formidable.
Posted by: DitmasSnark at December 29, 2009 12:40 PM
I love how on brownstoner, being optimistic is a bad thing.
Keep up the good work, Frownstoners!
Posted by: 11217 at December 29, 2009 12:44 PM
Bull vs. Bear, Doomsdayers vs. Cheerleaders...so tedious.
When did Boerum Hill get extended to include St Marks? I like it...usually realtors tend to shrink it (IT HAS PROJECTS, YA KNOW), or call it Carroll Gardens/Cobble Hill/Downtown.
Posted by: BoerumHill at December 29, 2009 12:47 PM
"I love how on brownstoner, being optimistic is a bad thing."
Why is "prices going up" optimistic?
If I said "oil will go to $120/barrel" this year and someone else said "no way, it's going to $40/barrel".
Is one of us optimistic and one of us pessimistic?
Or do we each just pick a side and call the other side names?
Posted by: northsloperenter at December 29, 2009 12:53 PM
Okay, that settles it. Would anyone like to acquire a prime location Fort Greene rowhouse...as is? Between this COLD winter, arctic air, and the fact that sales seem to be moving along...
Happy New Year!
Posted by: BrooklynGreene at December 29, 2009 12:59 PM
Uh-oh, now he's played the Frownstoner card. I would wave the white flag now, but it's so gray and threadbare from wiping all these half-empty glasses...
Posted by: DitmasSnark at December 29, 2009 12:59 PM
Not to stoke any more flames, but did anyone notice that 31 Joralemon Street closed a couple weeks ago for 1.075? curious to hear thoughts.....
Posted by: digdug at December 29, 2009 1:06 PM
NSL:
I'm not talking about the prices...I'm really speaking of the general attitude of many of the people on this blog, finding fault with everything and anything...even a thread here about a few homes which sold for good prices.
As I've said before...I really don't care about home prices all that much, but I do care about Brooklyn and hope that it continues to prosper.
Sorry I don't nitpick and say every new restaurant is going to fail, or that when a home sells for a huge price that it's an aberration (even though we see them every week).
I will not apologize for wishing Brooklyn prices did not halve...because then we'd be dealing with the same suffering that Las Vegas, Florida, parts of CA and Arizona are dealing with. While it would be nice if a few more working class folks could afford a home in Brooklyn Heights, it was built as a wealthy area and will continue to, no matter what the frownstoners think.
Personally I think they need to get a 2nd job, instead of complaining that they can't afford the 4000 sf dream house of their choice.
Posted by: 11217 at December 29, 2009 1:10 PM
"Or do we each just pick a side and call the other side names?"
Excellent point NSR. On this site, for some reason, those who feel prices have bottomed or are going up have hope for the future whereas anyone who thinks prices are going down further (whether catastrophe or not....there is really only one doomsday poster left here for God's sake) are evil pessimists.
The largest sales and the 6 months later threads are interesting, but both paint a very different and incomplete picture. They are both interesting to comment on and make snarky comments, but neither are worth cheerleading over. Also, not sure how a flat Case-Schiller with huge government real estate backstop really tells us much one way or the other.
Posted by: Brokedeveloper at December 29, 2009 1:14 PM
Personally I think they need to get a 2nd job, instead of complaining that they can't afford the 4000 sf dream house of their choice.
Posted by: 11217 at December 29, 2009 1:10 PM
http://www.youtube.com/watch?v=U1E2uh2MBBk
Posted by: daveinbedstuy at December 29, 2009 1:19 PM
"Personally I think they need to get a 2nd job"
lol.
Posted by: northsloperenter at December 29, 2009 1:21 PM
Personally I think they need to get a 2nd job, instead of complaining that they can't afford the 4000 sf dream house of their choice.
--------
i have a second job AND enough money for a downpayment. i just prefer to not overpay. before the expansion of credit, many of these places were selling for less than half of what they go for now. i think they will continue to come down. and i'm happy about that. so, not sure where the frown comes in...
Posted by: joeingowanus at December 29, 2009 1:35 PM
re: the St Mark house. it is between 3rd and 4th avenue and for those who don't know the neighborhood really well...this block has large houses (this one is 60' deep) but few or almost none are single or 2 family. It seems a dark and dreary block but may have picked up in recent years. Certainly has potential but far behind surrounding area in renovations and 'gentrification' and buildings have always seemed a bargain to nearby blocks of ParkSlope and BoerumHill.
Posted by: Petebklyn at December 29, 2009 1:54 PM
quote:
Personally I think they need to get a 2nd job, instead of complaining that they can't afford the 4000 sf dream house of their choice.
you are such a catty biotch
*rob*
Posted by: Butterfly at December 29, 2009 2:00 PM
rob, it's spelled "biatch" or "beoch."
Posted by: daveinbedstuy at December 29, 2009 2:12 PM
trying to make sense of this whole thing and need help. 31 joralemon (in brooklyn heights) closed on 12/7 accdg to property shark for 1.075 (372/sq ft). It needed a full reno but that's a long way from st. marks....
Posted by: digdug at December 29, 2009 2:20 PM
"Uh-oh, now he's played the Frownstoner card. I would wave the white flag now, but it's so gray and threadbare from wiping all these half-empty glasses..."
Ooo, clever quip within clever quip. High level quipping here.
Posted by: Nomi at December 29, 2009 2:31 PM
One house that just missed the list was 31 Joralemon in Brooklyn Heights. $1.075M for a townhouse. It was a quickie estate sale, the listing suggested it needs a gut renovation (seconded by a brownstoner user a couple of months ago), 1/2 block from the BQE overpass and relatively small (20x30 over 4 floors + garden/parlor extension for 2700sf total), but nevertheless the price is pretty interesting - back to 2003/4 pricing for this type of condition. A shell (literally) on Willow Place around the corner sold for more just a few months ago.
So while I'm still a believer that "prime" areas haven't experienced much in price declines since the highs reached 1-2 years ago, it seems (as it has for a while) that there's a widening price disparity in prime areas between top-condition homes and their more-challenged neighbors.
Posted by: NorthHeights at December 29, 2009 3:04 PM
Looks like a bunch of smoke and mirrors to me. On one hand you have positive confidence numbers (and I use "positive" very loosely as it is still lower than the peak of 111 in 7/2007), case shiller index indicating a hiccup of positivity on housing prices and the DJIA is up over 10k. On the other hand, you have the unemployment rate still over 10% (NYC is 6.8% albeit down from 7.3% in Oct. '09), corporate defaults have spiked to the highest it has ever been and SBA lending is still in flux for small business owners (the local coffee store can't run its business if it can maintain its source of capital). And although there have been positive signs of liquidity coming back to the markets (yes, TARP has helped), banks are still failing, and if not, being very prudent on who they lend to. If the market bounces back as fast as team bull indicates, I question the sustainability of it. In 2007/2008 it was "back to the basics" for a majority of lenders and without proper regulations in place protecting both lenders and borrowers it will end up being back to the housing crisis circa 2007 except this time it will be worse. I certainly hope I'm wrong on this one. Hopefully the people buying these properties are cash rich, willing to put their skin in the game and have good credit.
Merry Christmas Team Bull. I see Santa was good to you.
Posted by: lossforwords at December 29, 2009 3:08 PM
"Sorry BHO, Miss Muffet...I'm not seeing the crash you guys were hoping for in Brooklyn."
Put on your binoculars, 11217. Dark clouds ahead (summer 2010 and beyond) The crash is a process, not an event.
"WAIT...what? Prices in NY were UP 2%? But that's impossible!!! BHO told me they were down!!"
They WERE down Aug/Sep. Now they're flat Sep/Oct (see standardandpoors.com), not "UP 2%" (your own source even says "up LESS than 2%"). Yes, I was wrong about an immediate monthly trend downwards. The long term (like the whole of 2010) remains to be seen but an uptick is fundamentally challenged and close to impossible as lending is deteriorating. Gov support is set to expire by summer.
"See how those other cities which crashed before NYC are up a ton?"
Don't be an idiot, 11217. That 25% San Fran rate is annualized (i.e. spun). You're running with it as if prices are actually up 25% from their cycle lows!
"NYC also especially has to take those Case Shiller numbers with a grain of salt, because they do not include condos or co-ops.
If you include those, the numbers would most likely be even rosier."
Again and again. Index up +200% from 90's, condos/coops/multifam brownstones ALSO up +200% from 90's. Relevant on the way up, relevant on the way down. How would they have been rosier when they mathced the index to a tee during the run-up?
"before the expansion of credit, many of these places were selling for less than half of what they go for now"
Posted by: joeingowanus at December 29, 2009 1:35 PM
Did you read that Team Bull? Credit is now contracting. Half off!
***Bid half off peak comps***
Posted by: Brownstones Half Off at December 29, 2009 3:39 PM
BHO, your case is never strengthened by the lengthy cut-and-pasting.
Posted by: daveinbedstuy at December 29, 2009 3:52 PM
31 Joralemon sold for 1.075???
Damn that is cheap!
It needed a gut reno, and you can hear the BQE loud and clear but, other that the BQE the location is super.
The asking price, BTW, was 1.5M.
Posted by: Pigeon at December 29, 2009 4:06 PM
Dave, do you really think that BHO's case is never strengthened by his cut-and-pasting?
Do you prefer his blank rants?
Posted by: Pigeon at December 29, 2009 4:09 PM
Lossforwords,
Well-put.
Posted by: Pigeon at December 29, 2009 4:11 PM
that is cheap ...could be structural issues and heirs just wanted to get money in hand. New owner has bldg permit listing $400k as costs of renovation.
Posted by: Petebklyn at December 29, 2009 4:18 PM
"BHO, your case is never strengthened by the lengthy cut-and-pasting."
Never weakened either, DIBS. It's for convenience when responding so late to so many call-outs. If I just carry on with commentary, you'd drive yourself crazy trying to keep up. I'm not an instant brownmessenger like you. I gotta alternate this thing with work. To each his own with respect to style.
But I've just realized something - you're implying that I have a case at all. Which begs the question - which hypothetical economic forces do YOU see ahead that would cause the peak to fall in half? A little Devil's advocate please.
***Bid half off peak comps***
Posted by: Brownstones Half Off at December 29, 2009 4:19 PM
Thanks Pigeon. I think Buffett was onto something when he said just recently, “I’d rather be in the West than the East.”
Posted by: lossforwords at December 29, 2009 4:23 PM
Out of town with spotty internet connection. Here's a response to 11217's endless cheerleading:
http://www.nytimes.com/2009/12/30/business/economy/30econ.html?hp
Posted by: Miss Muffett at December 29, 2009 6:35 PM
Miss Muffett delivers long distance!!!
... and with a stinging blow!
Interesting link, MM.
Posted by: Pigeon at December 29, 2009 7:16 PM
1.075 does seem cheap for the Joralemon place. I wonder if they must have needed money fast, or a cash deal or something. It was gone in no time. I'm sort of impressed by the low ball offer. 1.5mm and they initially offered what? 900K? I wouldn't have had the guts!
I know the President building. Wide place, decent shape, 4 really large and bright units, not high rents but new owners intend on taking over the place -- that won't be cheap. People still have money I guess.
Posted by: Ringo at December 29, 2009 7:23 PM
I walked by the Joralemon place and I made an appointment with the realtor to see it, but she called me the day before and cancelled because they already had an offer and sub-offer.
I'm not sure if I'm just crying sour grapes, but the sound of the BQE was LOUD and would have, after a while, driven me nuts. Think of it... every time you open a window you hear traffic zooming by like a swarm of bees. Every time you exit your home you hear traffic zooming by like a swarm of bees. Every time you sit in your backyard you hear traffic zooming by like a swarm of bees. How long until you go nuts? How many bees can one man take?
But the daily walk to the subway would be beautiful.
Posted by: Pigeon at December 29, 2009 8:07 PM
I was surprised to the see the 31 Joralemon St price as well. I looked at it too. I was actually surprised at how little noise I actually heard from the BQE. I actually thought the location was a plus, cobble stone street near the new Brooklyn Bridge Park etc. What scared me off was that it needed a complete gut renovation. That said, had I known how "flexible" the sellers were...
Posted by: digdug at December 30, 2009 9:12 AM
Bulls win. You had the entire US government on your side, something DIBS still doesn't quite understand. But to understand it he'd have to ditch his warmed over CNBC libertarianism, and that's never happening.
Coupla comments: The bank bonuses are moving through the system, the Feds are backing mortgages, manipulating rates, and trying to work an orderly unwind, maybe even a long term dollar depreciation. Of course high end non-tradables are holding up (though not keeping pace with gold).
Let's be clear what you stakeholders are rooting for: massive government intervention in markets, mis-managed financial firms operating with implicit gov backstops, and the further gutting of the Brooklyn middle class. You're the very same ninnies who will come on a different thread and complain about the strollers and the 4 dollar coffee at Stumptown.
Finally, most of the federal interventions in the housing market are being phased out over the next six months. You unequivocally won the near term argument. But we'll see; even DIBS knows that the past is no guarantee of future performance. Best of luck.
Posted by: Whuh at December 30, 2009 9:29 AM
re: st. marks house, and Petebklyn's comment that "It seems a dark and dreary block but may have picked up in recent years."
I've lived on this block since 92. I guess the enormous trees (planted in 91) cast shadows, but otherwise I can't think what's dark and dreary about the block, unless Pete is using dark and dreary as a euphemism for something, I'm not sure what. In any case, the block has had a strong sense of community for as long as I've been here. It's a block where on a snowy morning, two or three good samaritans shovel the whole sidewalk, 3rd to 4th avenue, where block parties are community affairs, with rides for kids, as well as drinks for adults, where the whole neighborhood got together to get rid of drug dealers a few years back.
The house mentioned is a wreck, and so it's actually a surprisingly high price, considering it'll need a gut renovation to make it livable. I hope the people purchasing plan to live there, and that it's not a reno and flip investment.
Posted by: carfreenation at January 3, 2010 7:24 PM
Latest Restaurant Additions
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La Mancha
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Kimchee
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Villa Rustica
added March 12, 2010 12:00 PM in Park Slope -
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The Blue Stove
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Madina
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Cataldo's
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