712 Degraw Sells for $1,150,000
sold Six months and one price cut after it hit the market, the three-story house at 712 Degraw Street in the Lower Slope closed for $1,150,000. The listing said that the interior was in “great shape” and had “lots of detail,” in which case it sounds like a decent deal. Most interesting of all, the…
sold
Six months and one price cut after it hit the market, the three-story house at 712 Degraw Street in the Lower Slope closed for $1,150,000. The listing said that the interior was in “great shape” and had “lots of detail,” in which case it sounds like a decent deal. Most interesting of all, the deal was struck “post-Lehman,” on November 6, 2008 to be exact.
House of the Day: 712 Degraw Street [Brownstoner] GMAP P*Shark
712 Degraw Street Listing [Leslie J. Garfield]
Kris – Wall St is 1/3 NYC economy and bonuses were reported to have dropped 50%. That’s a crash through the floor and proportional to home prices and rents. We’ll see come February.
If you didn’t get that crash, get the NYS unemployment server crash. It did. Manhattan incomes, as in all other parts of this city and state, are falling/have fallen off a cliff.
***Bid half off peak comps***
Ummmm, re: Manhattan income dropping – Is this a serious question? You can’t be real…
Cornerbodega, What makes you think incomes in Manhattan are going to precipitously drop? Your quote does include the word “if” — as in, “if” incomes drastically drop. Personally, I don’t see that happening. Sure, the Wall Street fiasco will dip the average for probably 2 or 3 years, but I don’t see it just crashing through the floor. I’m sure you hold a different opinion and will no doubt call me names for not sharing your beliefs.
As for your second quote, I’m not even going to bother. Re-read my earlier posts.
CGFan…I can’t disagree with you on that.
Jonathon ASS Miller has never been to Brooklyn. Give me a brownstone in Park Slope anyday over some 2 bedroom near NYU. Sorry your co/op will drop faster than my 100 year old brownstone. Dick.
Miss Muffet: You don’t know how to buy a house. Yes, I brought in an inspector before I had to (as well as a contractor), but I did it for my piece of mind and to ensure that teh bid I eventually made woudl be one I could stand behind.
You placed a bid on a house before you brought in an architect and then recinded your offer after you finally found out how much it would cost to fix up the house you wanted. That is unprofessional. You did not bargain in good faith. You do not know how to buy a house.
I think you are ill today. Mentally ill.
We bought a brownstone more than a few years ago and at the time, I thought we were buying at close to the peak of the market. On the other hand, even putting only 10% down, the rental income (at a time when rents were declining) still subsidized a huge percentage of our mortgage and meant our monthly payments were far lower than buying a very small co-op or condo or even renting an equivalent apartment. But I look at the market now and it seems out of whack. It only makes sense if you have sold a Manhattan apartment and have a mortgage that’s only 50% of the purchase price. Otherwise, even after rental income is figured in, the remaining mortgage payment is often far more than renting a larger apartment with none of the hassles or risks of being a landlord. If I were looking now, I’d save my down payment money and rent instead of taking on a huge monthly mortgage that we might be able to afford, but not if we had any kind of financial setback. So, Dave in Bed Stuy, if your mortgage is affordable even if you lose your job and have to take a lower paying one, and you plan on staying for the long run, I do agree with you that buying a home is a wonderful thing. But lately, prices of Brooklyn brownstones have been so high that the monthly payments would be a stretch for everyone but the richest NYers.
Kris, re: nyc price/income ignorance on your part:
“From 1969 to 1986, Manhattan per-capita income averaged 2 times the national average, with no clear trend. Over the next two decades, however, it grew to 3 times the national average. If incomes fell back to the pre-1986 level of 2 times the national average—and if national per capita income remained unchanged—prices would need to fall as much as 58% to return to the 1995-1999 price/income ratio.” gs
Check this out, the income portion of this equation is decreasing as we speak. SCARY STUFF And THIS IS MANHATTAN. Well you say we’re talking about brooklyn. Here you go,
“Prices are declining citywide as the protracted U.S. housing slump belatedly reached New York following upheaval in the financial sector. Cheaper, outlying sections of the city like BROOKLYN ARE AT RELATIVELY MORE RISK than is the commercial and cultural center of Manhattan during such times, said Jonathan Miller, CEO of appraisal firm Miller Samuel, who wrote the report with real estate brokerage firm Prudential Douglas Elliman.”
One more thing, looking at the real estate market day-by-day doesn’t prove anyone’s point, bear or bull. It’s looking at the trees instead of the forest.