Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: Under $250K: PARK SLOPE 195 Garfield Place, Apt. 4H; Price=$230,000 GMAP This 400-sf studio co-op was originally listed for $299,000 last November, according to StreetEasy. The price was reduced to $280,000 in January. Maintenance=$423. Entered into contract on 2/27/09; closed on…
Some of the sales recorded last week that went for $1 million or less:
Under $250K: PARK SLOPE
195 Garfield Place, Apt. 4H; Price=$230,000 GMAP
This 400-sf studio co-op was originally listed for $299,000 last November, according to StreetEasy. The price was reduced to $280,000 in January. Maintenance=$423. Entered into contract on 2/27/09; closed on 4/14/09; deed recorded on 4/21/09.
$300-$500K Range: CROWN HEIGHTS
1368 Park Place; Price=$495,000 GMAP
This is a 2,952-square-foot, 2-family, according to Property Shark. Entered into contract on 12/3/08; closed on 3/23/09; deed recorded on 4/21/09.
$500-$750K Range: BUSHWICK
1305 Bushwick Avenue; Price=$605,000 GMAP
A 3,000-square-foot, 2-family house, according to Property Shark. The listing history on StreetEasy says it hit the market last April for $624,000 and its price was reduced several times, until it was asking $545,000 in September. Perplexing that it sold for more than the last ask after being on the market for awhile. Entered into contract on 1/5/09; closed on 4/17/09; deed recorded on 4/24/09.
$750K-$1 Million Range: RED HOOK
52 Dikeman Street; Price=$980,000 GMAP
Last November, when this 2,620-sf, two-family was an Open House Pick, it was listed for $975,000. It got the Times treatment that month and did not linger on the market. Entered into contract on 1/21/09; closed on 4/9/09; deed recorded on 4/21/09.
Photos from Property Shark.
A work colleague of mine bought her 1 bedroom in Murray Hill in 1998 for 130K and sold it in 2006 for 629K. You don’t think a 500K profit in 8 years is good?
good for who? i recall hearing about this bubble…and how it sorta messed up the global capital markets.
Z:
A work colleague of mine bought her 1 bedroom in Murray Hill in 1998 for 130K and sold it in 2006 for 629K. You don’t think a 500K profit in 8 years is good?
Maybe not enough to retire on entirely, but certainly not bad either.
“Given the timing, you just might be able to buy a nice place on the upswing of the market, then sell it for a profit, and you’ll be set financially for life after that.”
yes! buying a one-bedroom apartment is a ticket to early retirement. if you own it for a few years, you might be able to net $25k at resale. you’ll never need to work again!
DH, just worry / focus on your part (keep da job, save up, dont f up the credit score) and the mkt will help you with the rest (ie tank prices).
sigh kens. and i’m sure your sis’ co-op is worth at least 600k now. real estate and rents have skyrocketed and salaries not so much!
maybe i’ll move to ohio to try and offset all the fratboys and hipsters who have come here!
Rob, maybe try to save $6,000 over five years. You just don’t know what opportunities might come along. I know it’s nearly impossible. I have a friend (that good friend of mine in SF) who is in SUCH a similar situation as you in so many ways, too many to go into on a blog. Anyway — now she might be able to buy a whole house in Oakland for almost nothing…we shall see. I guess the only ways to do it are (1) raise income or (2) reduce rent. If you could find a way to save $100 a month, you’ll have it. It’s worth it, it really is, really, really. Oh — but there’s the additional wrinkle of you have to clean up your credit too or no one will lend to you.
Given the timing, you just might be able to buy a nice place on the upswing of the market, then sell it for a profit, and you’ll be set financially for life after that.
Oh wow, that Bushwick place finally sold. I never saw the inside, as back in the day we weren’t looking in that area — ah, how times have changed! — but $605 K is a very high comp for that area. I would be very unlikely to pay more than $520,000 for a brick or stone two-family in excellent condition with original details in a more central location.
The original ad said it was a “true” brownstone, by which I assume it was originally a one family and dripping with details, but I thought I recalled the ad said it needed work (maybe I’m wrong about that). Maybe they bumped the price up because the owner gave them cash back or closing costs or fixed some things? Damn, now I’m wishing we saw it. Oh well, too late.
“unfortunately when everyone was buying cheap condos on the UWS and making millions of dollars in equity – i was in elementary school.”
Amen to that DH. When I was in high school and my sis just graduated college in 1997, she went to look at a 1 bedroom co-op in Gramercy park for 100K and back then, that was expensive. Of course in those days, NO ONE wanted to live in willyburg. That was just a bunch of commercial warehouses and dumps there back then.
“Parental help is almost the norm these days…what indebted college grad is going to ever be able to afford a downpayment on anything before the age of 50?”
Amen – and that is the problem with NYC
unfortunately when everyone was buying cheap condos on the UWS and making millions of dollars in equity – i was in elementary school.