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May 26, 2009
Finding Historical Price Per Sq?
Anyone have an idea where you can find numbers on the avg price per square foot paid for residential property by year in booklyn? Even anecdotal evidence would be great.
Trying to get my broker to pull historical comps from 2002 to now to better determine intrinsic value and she says Prop Shark only goes back 3 yrs...
Would love to just know what people paid per SF in 2002, 2003 before everyone lost their minds...
Comments
For one building (coop) actual prices approx. $350, $350, $450, $600, $700, $700, $800 -- 2003-2008.
Posted by: BH76 at May 26, 2009 1:05 PM
That will be tough. Co-ops prices only recently started getting recorded for public use......and back then there weren't many condos, so your only numbers may be from houses.
Posted by: PHfamily at May 26, 2009 1:16 PM
I hammered seller and paid 190 / sq ft in '02
Posted by: more4less at May 26, 2009 1:43 PM
where in bk? anywhere? we paid $130-$140/per sq foot in bed stuy. good blocks, no work needed.
i think it's hard to use pp/sq ft in brownstone brooklyn b/c so much depends on the condition of the property, the renovations, high end verses low end etc...
Posted by: bkny at May 26, 2009 2:06 PM
It's all relative.
What neighborhood? What type of home? Single family? Condo? Townhouse?
I got my 4 family at just over $400 a foot. Around the corner they closed a month before me at over $600. Another a month before that got about $540 for a 3 family.
Posted by: christopher at May 26, 2009 2:44 PM
We paid about $350/sq.ft in Park Slope, 2001.
Posted by: WTbound at May 26, 2009 2:53 PM
Forgot to mention, and I think it is pertinent to your question, I bought in Carroll Gardens in Feb 09, so the prices I quoted are from 12/08, 1/09, and 2/09.
Posted by: christopher at May 26, 2009 3:05 PM
Try the property listings in the New York Times archives
Posted by: earthandfire at May 26, 2009 3:51 PM
Availability unknown. Easily spreadsheeted from PShark (goes back well before three years - fire your broker) and/or this blog.
Simple brownstone district method. Standard brownstone is 20' x 40' x 4 Stories (cellar excluded) on 20x100 lot, for example. Condition ranges from total gut to total restoration (w/ modern twist). Only record standard dimension houses with known price and condition information per block/section/hood. Divide the two price/condition limits by the standard square footage. Voila! PSF. Extrapolate for everything in between (condition/size-wise).
***Bid half off peak comps***
Posted by: Brownstones Half Off at May 26, 2009 5:14 PM
Works for Brownstones, but not apartments.....
Posted by: PHfamily at May 26, 2009 6:50 PM
Thanks All--for more details:
We're looking at brownstones primarily in the key areas: Park Slope, Boerum, Cobble, Carroll, then Fort Green and Clinton Hill secondarily.
If townhouses don;t get reasonable anytime soon, we will purchase a large condo...
Posted by: MoneyForNothing at May 27, 2009 9:19 AM
BH76: can you cite the source for your numbers? Any online evidence?
Posted by: MoneyForNothing at May 27, 2009 9:20 AM
Here are a few Carroll Gardens prices per foot from PropertyShark (all bought in the lat year 1-4 family)
$ per sqf
$444 4,500
$634 3,507
$538 2,880
$505 5,144
$572 2,500
$503 2,700
$495 2,624
$588 4,500
$592 2,109
Posted by: christopher at May 27, 2009 1:16 PM
As a guide, look at Miller Samuel reports for Manhattan. Includes co-op and condo transaction data back to 1999. About four years ago housing units in certain parts of Brooklyn were trading at about a 15% discount to average Manhattan deals.
Manhattan
1999 $400 avg psf
2002 $575 avg psf
2008 $1,200 avg psf
http://www.millersamuel.com/reports/pdf-reports/MMR08.pdf
Posted by: ITM at May 27, 2009 4:10 PM
Thanks for the PDF ITM, that's fantastic.
Christopher, are those prices 2003?
Posted by: MoneyForNothing at June 4, 2009 12:59 PM
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