Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: $250K or under: CLINTON HILL 195 Willoughby Avenue, #109; Price=$165,000 GMAP The listing for this co-op said it’s a 450-sf, 1st floor studio. It was asking $199,000. Maintenance=$335/month. Closed on 10/27/09; deed recorded on 10/29/09. $250-$500K Range: COBBLE HILL 200 Congress…
Some of the sales recorded last week that went for $1 million or less:
$250K or under: CLINTON HILL
195 Willoughby Avenue, #109; Price=$165,000 GMAP
The listing for this co-op said it’s a 450-sf, 1st floor studio. It was asking $199,000. Maintenance=$335/month. Closed on 10/27/09; deed recorded on 10/29/09.
$250-$500K Range: COBBLE HILL
200 Congress Street, #5C; Price=$475,000 GMAP
This 725-sf, 1-bedroom co-op was listed for $499,000 in June. Maintenance=$678/month. Closed on 10/14/09; deed recorded on 10/29/09.
$500-$750K Range: SOUTH SLOPE
421 17th Street; Price=$700,000 GMAP
This 972-sf house was listed for $799,000 in late May, according to StreetEasy. Property Shark says it last sold for $450,000 in ’04. Entered into contract on 8/13/09; closed on 9/1/09; deed recorded on 10/30/09.
$750K-$1 Million Range: SUNSET PARK
551 57th Street; Price=$780,000 GMAP
This is a 3,072-sf, 2-family, according to Property Shark. Entered into contract on 7/24/09; closed on 10/9/09; deed recorded on 10/26/09.
Photos from Property Shark.
Tybur – i think the developers are doing the exact opposite nowadays.
instead of building utilitarian and solid they are building faux flashy and on the cheap. Not every building can look like The Dakota
Prices on the other hand – That’s the market, not the developers fault (CH Co-op was a resale)
I’ll take a post-war building any day. While pre-war-o-philes may ooh and aah over a built-in shelf, an arched entryway or a bit of crown molding, I’m luxuriating in a large and airy space with a 20 foot expanse of windows and a gazillion closets. And the walls and floors and solid and thick, keeping noise from neighbors to a minimum
Is it bland looking on the exterior? Sure. Do I care? Not, not a whole heckuva lot.
And I guess my point is really… It’s a shame these ugly ass buildings were built in the first place AND being able to sell a unit for $1/2 million basically sends the message to developers that this is perfectly acceptable. Build as utilitarian and ugly of a building as possible, but don’t worry because they will sell.
I’ve been in many public housing complexes and apartments, including some belonging to relatives, and what DH says is true. The apartments tend to be large and some even have spectacular views due to their height. Most of the walls and floors are stone, so as DH says they’re also built quite well in many respects.
There are also some (relatively) well-maintained and -run housing project complexes. The Linden Houses in Brooklyn and the Harlem River Houses are good examples.
Or, Brenda, (d) one of the last FHA/$8K credit grabs.
***Bid half off peak comps***
Minard — I don’t have a particular disdain for public housing. Just the buildings. You are right *SOME* are architecturally distinguished buildings. However, most look like this Cobble Hill building… which looks like the Gowanus Houses down the road a bit. Just crap.
And if it wasn’t clear… my above comment should read:
“The projects areN’T “crap” in the sense of low quality… the fact that they stand the test of time”
tybur, I wasn’t referring to the aesthetics of the building’s exterior facade – the brick is indeed nothing special – but if I’m looking to buy an apartment, I’m not planning to hang off the side of the building; I’m far more interested with location and space. Were I to buy another Brownstone, I’d care far more about the facade. When I said it’s a “really nice” building, I was referring to the complete package – apartments with decent layouts and finishes, nice neighbors (I’ve met a lot of people who live there), great location, well-maintained, nice grounds. And, yes, there is a lawn surrounding the building, which, along with the landscaping, is meticulously maintained. (I don’t live there, btw, but walk my dog past the building multiple times a day en route to Cobble Hill Park.)
You nailed it, Brenda (the rhetorical point, not the crooked lintel). Funny how the people who keep saying the brownstone Brooklyn housing market is in free fall also keep expressing shock at how much everyone keeps paying for houses. Opinion seems to matter so much more than data points. 2+2 =??
“there you go again, bho.
can’t find the data to support your thesis, so insult the stupid buyers.
brilliant, unassailable logic.”
I found that Case-Shiller and all other broker market reports have brownstones hovering around -20% from peak. That supports the early to mid stages of my thesis. Gotta pass through -20% to get to -50%. Keep snappin’ pictures, ‘dope. Say “cheese”, market!
***Bid half off peak comps***