The Biggest Sales of '08, So Far
These are the priciest residential sales in Brooklyn so far this year, per public records. The Heights dominated the first six months of the year, but the record-breaking One Main condo sale and the Connelly mansion closing will mean the Slope and Dumbo are near the top of the charts by the time we bid…
These are the priciest residential sales in Brooklyn so far this year, per public records. The Heights dominated the first six months of the year, but the record-breaking One Main condo sale and the Connelly mansion closing will mean the Slope and Dumbo are near the top of the charts by the time we bid 2008 goodbye.
1. BROOKLYN HEIGHTS $6,300,000
82 State Street GMAP (left)
Listed at $6,950,000, according to StreetEasy. 26-foot wide townhouse built circa 1850. Five stories with roof deck.
2. BROOKLYN HEIGHTS $4,500,000
42 Garden Place GMAP (right)
Four-story, two-family, 3,420-sf brownstone. StreetEasy shows the pricing history was thus: Listed for $4,950,000 in September; price reduced to $4,600,000 in December; went into contract in February. Deed recorded 4/29.
3. BROOKLYN HEIGHTS $4,400,000
152 Hicks Street GMAP
4,480-sf landmark townhouse; last sold in ’06 for $3.7 mil. Deal recorded on 2/1.
4. DUMBO $3,995,000
One Main Street, 9D GMAP
According to PropShark, this bad boy clocks in at 2,477 square feet. Deed recorded 6/5.
5. PARK SLOPE $3,600,000
536 1st Street GMAP
Originally listed at $3.2 million; 4,720-sf 1-fam. Deed recorded 2/19.
Photos from Property Shark.
An interesting sidenote to the three Heights sales is that they represent 75% of the houses sold in the neighborhood during the period. The number of houses sold in 2007 was down from the prior five-year average and it looks like the downward trend is going to be even more significant in 2008.
People the writing is in the (f)ing blog.
save your math.
Prime Brooklyn RE is on fire.
House price declines during the Great Depression were 30%, not 50%.
“Do you really think that NYC real estate prices are going to drop by 50%? Be serious. In order for that to happen, nobody would want to live here any more.”
I’ll be serious. People still wanted to live here during the Great Depression. Prices dropped more than 50%. It doesn’t matter where you want to live if you have no cash or cannot remain solvent.
“And when prices drop, they don’t drop across the board, but in spots.”
Did they go up in spots?
“Anyone who believes in some massive dislocation in Manhattan/Brooklyn real estate prices is living in fantasyland.”
The same thing would have been said in the 90’s (an era of RE fear) if one predicted 200% Manhattan/Brooklyn price increases accross the board. But it happened (an era of RE greed). Fantasyland is the place for those who think the process can’t reverse itself. Unprecedented boom, unprecedented bust.
If nobody liked to live in the New York City, the price decline would be more than 50 %… However, you, cgguy, seem to miss the point of this ‘bubble’ burst agenda. Even people still like to live in this city, the price of the current housing cannot be sustained by our income level. What people want and what people can pay off are completely different domains.
Now, our credit system is facing a serious crisis. Years of easy lending and speculation among people in real estate have created the real estate bubble we are seeing. We were having parties and this upward feeling was leading people to consume more. However, this drive of economy is now completely diminishing. Please look at DOW and NASDAQ. And eventually many people in Wall Street are losing and will lose a job. Or those luckily keeping a job will have significantly less bonus…
With tightening a lending practice and possible rate hikes due to ongoing inflation, I don’t know whether I am living in fantasyland where the housing price goes up forever no matter what is going on with economy.
Do you really think that NYC real estate prices are going to drop by 50%? Be serious. In order for that to happen, nobody would want to live here any more. I don’t see that happening, do you? And when prices drop, they don’t drop across the board, but in spots. Anyone who believes in some massive dislocation in Manhattan/Brooklyn real estate prices is living in fantasyland.
Cgguy, why do you think that a 50% drop in NYC real estate prices — which would only bring purchase costs in line with current rental costs — would be bad for the city’s vibrancy?
On the contrary, it is probably essential to return to the life that used to characterize this place before inequality and the excessive wealth spread its homogenized spread over all.
What, the bbqs were in full effect.
Quit being counter-productive
To The What
You answered my question, thank you
The What= Troll(s) seeking cyber noteriety
or basically, you are a jackass
Thank you for the clarification