Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: $250K or under: KENSINGTON 350 Ocean Parkway, Unit 3C; Price=$232,000 GMAP This is a 700-sf, 1-bedroom co-op, according to its FSBO listing. It went for $3,000 more than what it was asking. Maintenance= $591. Closed on 7/28/09; deed recorded on 8/5/09….
Some of the sales recorded last week that went for $1 million or less:
$250K or under: KENSINGTON
350 Ocean Parkway, Unit 3C; Price=$232,000 GMAP
This is a 700-sf, 1-bedroom co-op, according to its FSBO listing. It went for $3,000 more than what it was asking. Maintenance= $591. Closed on 7/28/09; deed recorded on 8/5/09.
$250-$500K Range: BUSHWICK
356 Suydam Street; Price=$460,000 GMAP
This 1,500-sf single family last sold for $430,000 in 2006, according to PropShark. Entered into contract on 4/7/09; closed on 7/28/09; deed recorded on 8/6/09.
$500-$750K Range: SUNSET PARK
448 53rd Street; Price=$530,000 GMAP
This small 4-bedroom house was originally listed for $599,000 last October, says StreetEasy. Entered into contract on 3/30/09; closed on 7/20/09; deed recorded on 8/5/09.
$750K-$1 Million Range: SOUTH SLOPE
222 14th Street; Price=$760,000 GMAP
This house was listed for $799,000 in April. Property Shark reckons it’s a 2,000-sf two-family. Entered into contract on 4/13/09; closed on 7/28/09; deed recorded on 8/5/09.
Photos from Property Shark
This was a long day. I am posting twice. Sorry.
Brooklynchimp,
Will be very difficult in most Kensington co-ops. Most that I know require at least 2 years for the owner to live in the apt. before even a chance to rent it out with board approval. I gather that that’s the rule in general for co-ops. Some do have lax rules though and allow rentals from day 1.
Brooklynchimp,
Would be very hard to rent them out. Have to live in one for 2 years (that’s the rule for most co-ops that I know of and from what I gather in general). After that, you can rent up to 2 years or sometimes more with board approval. Some co-ops charge fees for it. Co-ops in my area, in general, try to discourage rentals. Some pre-war buildings in Kensington and Midwood do have lax rental policies but you have to search for those.
Kensingtonian-
Any idea on the difficulties involved in renting out your apt in a local coop?
I assumed you were familiar with certain local boards and would know the sentiment on the issue.
thanks.
But Jeremy, it’s a single family house and 1500 sf. They could have bought it for $300,000. I think the buyers didn’t know the area.
The Bushwick price is simple — these houses are lived in by Bushwick’s middle class, they put a premium on living in the area near their extended family, and to them parking their quite luxurious cars IS worth a lot of money. On top of it, these houses do not have the problems old houses do and long-time locals don’t care at all about historic charm the way Brownstoners or newcomers buying houses in Bushwick normally would. To us, it’s boring and ugly and somewhat depressing — to them it has everything they want.
Slopefarm – i’m guessing all that is correct, and obviously the seller can choose any broker to go with, but if there is an inside deal for a developer purchaser to sell with the same broker (or some other inside deal with the selling broker) surely they would have to disclose to the original seller? It’s not like it was an all cash deal – there is still a 65% mortgage on the property.
My guess is that they have been around the local RE business in So Slo for a while. They work consistently with the same one or two realtors and perhaps they get some inside info to buy in exchange for the exclusive to sell. I think they also beat the bushes in the area and know almost everyone. They work in a tight geographic area and probably know all the old timers and easily learn who is looking to sell. They’ve probably made enough to swoop in with a lot of cash at this point. Got huge prices on the last two they sold.
Re: the buldings with pools in the neighborhood. I know of only one, the tall building on the east side of Ocean Parkway, between Cortelyou and Ditmas (I think). But it’s a rental, not a coop.
Re: the developers finding out about listings. A good RE agent knows who they are and may make some phone calls even before the property is officially on the market.