Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: $250K or under: CROWN HEIGHTS 345 Montgomery Street, #1F; Price=$190,000 GMAP This 2-bedroom was first listed for $279,000 in December ’07, according to StreetEasy, and by the time it was a Co-op of the Day in July ’08, it was asking…
Some of the sales recorded last week that went for $1 million or less:
$250K or under: CROWN HEIGHTS
345 Montgomery Street, #1F; Price=$190,000 GMAP
This 2-bedroom was first listed for $279,000 in December ’07, according to StreetEasy, and by the time it was a Co-op of the Day in July ’08, it was asking $249,000. The price was later reduced to $229,000. Maintenance=$751/month. Closed on 10/21/09; deed recorded on 11/20/09.
$250-$500K Range: PROSPECT HEIGHTS
175 Eastern Parkway, #6N; Price=$330,000 GMAP
This 570-sf, 1-bedroom co-op was first listed for $425,000 last summer, according to StreetEasy. When it was a Co-op of the Day this April, the price had dropped to $379,000 and was ultimately cut to $349,000 before it sold. Maintenance=$679/month. Closed on 11/2/09; deed recorded on 11/18/09.
$500-$750K Range: SUNSET PARK
571 46th Street; Price=$750,000 GMAP
This 2,832-sf, 2-family house was listed for $799,000 in July, says StreetEasy. Entered into contract on 8/4/09; closed on 9/24/09; deed recorded on 11/17/09.
$750K-$1 Million Range: CLINTON HILL
52A Lefferts Place; Price=$950,000 GMAP
This 2,880-sf house was listed for $999,000 when it was an Open House Pick this July. Entered into contract on 11/9/09; closed on 11/9/09; deed recorded on 11/20/09.
Photos from Property Shark aside from 175 Eastern Parkway, which is by logan.
“It’s pretty obivious that we are through the fire and things are about settled.”
This is your brain on Koolaid.
Sorry kid, you don’t get a bottom in housing with double-digit unemployment, a deficit laced fugazi recovery, a broke FDIC, an extended zombi FHA/8k credit program, rising preforeclosures, state IOU’s, a collapse in tax revenue with accompanying budget gaps and impending CIVIL SERVICE layoffs, triple digit P/E ratios with only 2% dividend yields, a collapsing dollar with skyrocketing gold, a dangerous carry trade, way out of whack rental and income home price fundamentalss which are moving targets anyway because both are falling, mounting bank failures, a commercial RE market on the verge of collapse, hidden balance sheet losses, etc etc etc. Study Japan and the Great Depression.
Even brownie is questioning the fugazi recovery (you saw that thread!). So they throw you a few bones here and there – a few unsuspecting buyers fall for the headfake (is it anything like 2003-2007?). By definition, you simply cannot have a bottom in housing until Case-Shiller YOY approaches zero. After a few consecutive months of headfakes, it has now turned back towards the abyss where half off awaits.
Pass the Koolaid.
Oh please oh please oh please…just gimme just one more swig…
(Never personal, always business)
***Bid half off peak comps***
BHO- I don’t normaly get involved in your discussions but I have to agree with DIBS here. It’s pretty obivious that we are through the fire and things are about settled. Most MI companies have lifted the declining market restrictions in BK and I honestly don’t see things getting much worse than this.
Buyers of these properties are not getting FHA loans, most FHA 2-4 unit properties are falling in the 400k-650k purchase price categories (at least what I’m seeing.) I’ve had quite a few purchases these past few months on these types of properties ranging from the 800-1.5 million and the vast majority (about 90%) have been putting down 20%-30%.
I don’t claim to be an expert on home values, I’m just telling you what I see from a lending perspective.
Nothing personal but I’m pretty certain that you will not get half off on brownstones.
can wait to see some pricier ppties start showing up here in this section
wrt HOTD, median widget is 11% off actual.
don’t follow data on the COTD.
hard to measure sentiment, for sure.
you can measure widget prediction vis-a-vis asking price on a monthly basis: AUG/SEP/OCT predictions are 17% off ask versus APR/MAY/JU prediction of 20% off ask. of course ‘stoners could be steady and sellers adjusting to new reality so not really definitive. but possibly interesting.
Score a B for the widget: 330K vs 315K on the Eastern Parkway coop, only 5% off. Are Brownstoners getting more bullish, or is the market coming down to the general bearish sentiment?
Still look like purty strong sales to me.
On the subject of the 2 Clinton Hill prices: the one on St James was fully renovated as a – family, with a fairly easy conversion to a 2-family house. It does have an extension as well.
Speaking for myself, the fact that it is part of the landmarked area, and was designed by one of the star architect of its times, would justify the difference by itself. That said, I love Lefferts Place. I would be worried about massive developments ( because of the huge lots) potentially changing the quiet and residential character of these 2 blocks.
if you think 500,000 is conservative for a 4 story reno you have been hosed Minard! Maybe just insane! no offense but you need a realty check
pete, I think $500,000 is a pretty conservative figure for the renovation of a 4-story brownstone. Of course one could live in the house as is, but spending a million dollars and then living like a bum does not make a lot of sense. You can live like a bum in Brooklyn for far less.