147 South Oxford #3C Sells for 7 Percent Under Ask
This is an interesting gauge of the market: A beautifully presented prewar two-bedroom at 147 South Oxford Street in Fort Greene hit the market in October with a price tag of $525,000. We called the asking price “reasonable” at the time, so we weren’t surprised that it sold relatively quickly. The sale price of $487,000…
This is an interesting gauge of the market: A beautifully presented prewar two-bedroom at 147 South Oxford Street in Fort Greene hit the market in October with a price tag of $525,000. We called the asking price “reasonable” at the time, so we weren’t surprised that it sold relatively quickly. The sale price of $487,000 was a couple of bucks short of what we thought, but we happen to know that the owner was eager to get a deal done so she probably didn’t want to dawdle over ten grand, which is a wise move in this market. Take the money and run.
Co-op of the Day: 147 South Oxford Street, #3C [Brownstoner] GMAP P*Shark
I think prices will drop slightly in the blue-chip neighborhoods (the real boundaries of said neighborhoods)but they will get hammered in the dicier areas, no matter how cool and trendy last year.
Miss Muffet!!
I AGREE with you!!! The top of the market here did in fact seem to be late 2007/early 2008. Definitely NOT 2006.
Totally agree.
I think actually (at least in Park Slope) prices seem to be hovering around 2006 levels right now in fact, probably to drop to around 2003/4 by the time all is said and done.
Meant to say obstinate sellers and optimistic buyers helped support prices through this past fall.
I’m supposed to be officially “retired” from posting (self-imposed, need to focus on other things) but I can’t let the comment stand that 2006 was top of market in NYC. We were seriously considering selling our apartment from 2005-2008 (when we finally did sell) and we had the place priced by brokers at different moments during that time. The value steadily climbed up, reaching an absolute peak in late 2007. We finally sold in early 2008, pricing it below the 2007 value but generating enough interest that we got a bidding war above ask (and above the 2007 price estimate). In my view, late 07/early 08 was the peak. Bear Sterns was the beginning of the end, though things held value up until Lehman, when at last things really started to drop off a cliff, though obstinate sellers (and some optimistic buyers) still have been buying even through the fall. Now that the bonuses will at last dry up, and a culture of restraint will be imposed on many others (even those who don’t make bonuses), things will really start to change.
Bedrooms in this one were pretty small. And no outdoor space?
I take back my comment. You’re right, I was thinking of the discount off ask, which is meaningless.
So the price is flat compared to last year? Actually, then, this price is still pretty good. I mean, the apt is still holding its value surprisingly well considering the top of the market was 2006 even in New York City.
I saw a couple of apts like this in Fort Greene in 2004 for about $300,000 and I thought they sucked (and so I moved to Jackson Heights). Then again, maybe this one was nicer than those.
No matter your viewpoint, how can you say that something that goes for under ask is bullish? Especially if the price tag was considered “reasonable” at the time?
A small score for the bears I would think. Or a score for small bears. Go Team Panda Bear.
It’s a nice apartment, but small. I think this is a 2007/2008 selling price, not a 2009 one. Whoever bought it will be gnashing his/her teeth six months from now.