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? ”
your initial arguement against Zs statement.
dumb
just admit it.
“So buying for 750k in 2006 and selling for 450K more in 2009 is not evidence of still being able to make money in the bust years?”
correct, it is not. the market was still rising in 2006 and 2007. also, you said your colleague did “significant renovations” on this property, which likely account for much of that increase (and which significantly reduce the $450k gain you cite).
look, setting aside the merits of your examples, i don’t dispute your general point that some people will find ways to make big money in a down market, through luck, smarts, stubornness, whatever. but don’t you think it’s fair to say that most people will not, at least for a while?
DH – which end of Van Brunt? The stroll to Carroll St might be closer. Plus, leaving Red Hook, the b61 is very regular and on time in the morning. Gets you to the 4,5,A,R,F (ARF!) in no time. Though now that they’ve shut down the meth clinic it’s a lot less interesting….
The blog has become a total shitshow.
One can’t discuss real estate without starting a war, and the OT has become romper room for people with zero social skills or those who are jobless “looking for work”
You are SO cool DH for spending all day every day sitting in the OT talking about the ever so interesting topics you talk about in there.
Ever heard of AOL instant messenger?
“The woman is not a friend…she’s a “colleague” ”
Oooooooo deep burn…!
z:
So buying for 750k in 2006 and selling for 450K more in 2009 is not evidence of still being able to make money in the bust years?
Hmmmm
I never said it was common, or preferred I was simply giving an example.
P.S. For some bstoner readers (Rob) 800K would indeed be “retirement level money” At the rate he’s going, maybe 80K.
“Personally, I don’t think people buying their home should EVER buy with the intention of making a big equity score, financing their retirement, timing the market, etc. But if you’re going to do it, that’s when to do it. ”
I agree – and that’s why the housing market in america is so fucked – people started treating property like securities rather then a place to live.
But when someone makes a statement saying returns on an investment will be lower due to certain obvious economic conditions, and someone points to past performance as some sort of rebuttal – i find that pretty stupid.
11217, you’re responding to straw man arguments. i never said that no one ever made a lot of money selling an apartment. i said that for the foreseeable future, no one should expect to make big money on a modest apartment, and it’s irresponsible to suggest that someone can essentially retire on selling such a property. your response to those points is to cite a friend who made some good money (but not retirement-level money) in the boom years, which is not relevant to the discussion.
also, you said, “You people want to argue about anything and everything.” if that’s not the pot calling the kettle black, i don’t know what is!
DH:
You and Rob both need to learn how to read. The woman is not a friend…she’s a “colleague” We don’t hang out, and I have very few “rich” friends.
Go back to the OT where you are more useful.