Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: $250K or under: BAY RIDGE 145 72nd Street, #E15; Price=$220,000 GMAP This 1-bedroom co-op was originally listed for $259,000 in April, according to StreetEasy. Entered into contract on 7/7/09; closed on 9/2/09; deed recorded on 9/8/09. $250-$500K Range: BUSHWICK 100 Cornelia…
Some of the sales recorded last week that went for $1 million or less:
$250K or under: BAY RIDGE
145 72nd Street, #E15; Price=$220,000 GMAP
This 1-bedroom co-op was originally listed for $259,000 in April, according to StreetEasy. Entered into contract on 7/7/09; closed on 9/2/09; deed recorded on 9/8/09.
$250-$500K Range: BUSHWICK
100 Cornelia Street; Price=$333,333 GMAP
This 4,000-sf, 3-family house went back to the bank last year, according to Property Shark; its prior owners bought it for $650,000 in 2005. Entered into contract on 6/23/09; closed on 8/4/09; deed recorded on 9/8/09.
$500-$750K Range: KENSINGTON
428 East 2nd Street; Price=$565,000 GMAP
When this 1,629-sf house was an Open House Pick in February, it was listed for $615,000. Entered into contract on 6/10/09; closed on 8/13/09; deed recorded on 9/8/09.
$750K-$1 Million Range: PROSPECT-LEFFERTS GARDENS
216 Maple Street; Price=$920,000 GMAP
This 3,270-sf 1-family was listed for $985,000 when it was a House of the Day in late April. The widget guesstimate clocked in at $833,532. Entered into contract on 5/28/09; closed on 8/27/09; deed recorded on 9/11/09.
Photos from Property Shark.
Over the course of the last six months I’ve noticed that houses needing renovation aren’t moving nearly as well as the turnkey ones, regardless of the price. Most certainly this house was underpriced, but given current market conditions I think they did pretty well with a house that needs some money put in.
dt, I apologize for having been mean yesterday and joking that you are always saying PLG houses will sell for over ask. But…Back when the PLG place HOTD, you said:
“This house is under-priced at $985,000. A two story on Midwood just closed for slightly under 1mil. This house may need some freshening up, but it also has garages that could be rented out and useable, light filled garden level space that could be rented out as office space or lived in. It is on a great block and it has original detail.”
Now you think 920K was a lot for the place? Granted, I said it would sell for 895K, so I was under. But really…
$920,000 is quite good for the PLG house. This house needs renovation.
I think it is fair to say that if you bought in 2005 or 2006 in Bushwick, there’s a good chance you’d be in foreclosure a few years later. Could be because people had nasty ARMs that reset — I don’t know. I saw a lot of short sales last year, and most had been purchased in 2005/2006. At that time, prices were in the $600s. Some places are still going for that much, but foreclosures are in the 300s. They’re often wrecks that have been vandalized and need serious work.
So yeah, affordable housing in Bushwick. For sure.
If one looks carefully at the Bay Ridge pic they will see that this pedestrian mid-century box rests on a sloping plot of land. It is near Ridge Blvd. , and was built on the one of the highest elevations of the actual “ridge” of Bay Ridge. With that said , if Apt. E15 is on an upper floor, the views can be desirable. If the unit has windows on the side of the structure which faces the Shore Road, which is blocks away, it will have a distant but expansive water view due to it’s elevation. Lower floors will usually be lower priced.
Bushwick, now that’s affordable housing!
Ouch – Bushwick owners took a bath.
Mopar – think this was one of those renovate/flip things that went terribly wrong?