First Closings Recorded at the Satori
Last week the first three closings at the 34-unit Satori, the condo on Bond and Carroll streets, were recorded in public records. Here’s what went: Unit A3E, which, according to the building’s condo declaration, is 1,000 square feet, closed for $733,140, with the sale including a parking space; unit B2A, a 661-sf apartment, sold for…
Last week the first three closings at the 34-unit Satori, the condo on Bond and Carroll streets, were recorded in public records. Here’s what went: Unit A3E, which, according to the building’s condo declaration, is 1,000 square feet, closed for $733,140, with the sale including a parking space; unit B2A, a 661-sf apartment, sold for $481,650; and unit A3A, a 1,100-sf unit, fetched $789,000. StreetEasy shows 12 active listings in the building, with prices going from $299,000 for a 500-sf unit to $749,000 for a 1,550-square-footer. The condo got its final certificate of occupancy in May.
340 Bond Street [StreetEasy] GMAP
More Price Cuts at The Satori [Brownstoner]
First off, 11217, Pete and Winelover seem to be the only people that actually know anything about the neighborhood.
Also as Gowanusgod mentioned, the neighborhood actually WANTS the canal to be a superfund site so it can be cleaned up because god know the city doesn’t so they can rezone the entire area for residential and build condos right on the actual canal without any clean up.
There is no smell over there. This isn’t Staten Island. And if ever walked over there you’d know that the houses go all the way to Bond street and west up to Hoyt. It’s completely residential all the way to to Bond st. And even then, Bond st. still has a lot houses on it itself.
You may not like the building, fine. But no one in that part of Carroll Gardens is selling their houses or trying to get out because of it’s proximity to the canal It’s still an expensive neighborhood to live in.
The amount of hate that just goes on here is tedious at this point.
King Smart Ass-
I like your style, but as usual your pen got ahead of your brain.
The comps are priced to current asks. Brownstoner did not count the mezzanine level in sq ft calcs. I’m fine with that, however, the Streeteasy listings are counting the mezz as part of the total area.
You know, something about comparing apples and oranges.
Voila. Price did not collapse $200 sq ft overnight.
QED
Auntie Dee,
You *think* Mr B got his numbers wrong? Based on the sizes of other apartments? That’s not much of an argument.
The evidence on Streeteasy, messy as it may be, appears to indicate that remaining units started life at $700+/psf and are now down to around $500psf.
But yes, you are right, those were strong sales.
Just not – IMHO – very smart purchases.
Oh Deity-
methinks your faith in brownstoner accuracy may be the issue. i think he got his square footage numbers wrong.
streeteasy is messed up, but there seem to be two categories of apts. one in the 750-900 sq ft range and another set in the 1300-1400 sq ft range. this would explain the $/sqft issue.
of course you can still argue the buyers are idiots.
and i can still argue that these are strong sales.
I welcome these new buyers into our club. There will be whole armies of bitter bubble buyers marching through brooklyn. We shall start the march at Grand Army and March through to Williamsburgh. They shall now our name
Streeteasy is pretty messy on this building. Consider this one:
346 Bond Street #4A
“FINAL PHASE – NEW PRICING – CLOSING SOON.”
04/03/2009 – Listed in StreetEasy by Corcoran at $739,000.
04/03/2009 – Currently Listed in StreetEasy by Corcoran at $530,000.
04/08/2009 – Price decreased by 28% to $530,000.
04/29/2009 – Price decreased by 6% to $499,000.
06/11/2009 – Price decreased by 6% to $469,000.
07/10/2009 – Price decreased by 2% to $459,000.
07/23/2009 – Listing entered contract.
Although it is also still listed as for sale. Go figure.
Or this one:
346 Bond Street #1B
04/01/2009 – Previously Listed in StreetEasy by Corcoran at $529,000.
04/03/2009 – Listed in StreetEasy by Corcoran at $399,000.
04/03/2009 – Also Listed in StreetEasy by Corcoran at $399,000.
04/29/2009 – Price decreased by 10% to $359,000.
05/15/2009 – Price decreased by 11% to $319,000.
05/15/2009 – Corcoran Listing entered contract.
06/11/2009 – Price decreased by 6% to $299,000.
> how did these banks survive the global financial crisis?
10 trillion dollars in government bailouts?
i get it Deity. these are 3 idiots who have somehow accumulated enough cash in their life (lotto?) that they can afford to buy these (overpriced) apartments. chalk that up to dumb luck. could happen to anyone.
also there are three really dumb banks lending to three idiots at 80% ltvs (measured by their closing price not your market price). in your calculation the buyer is immediately flushed and the ltvs at closing are 110%. how did these banks survive the global financial crisis?
but they are really really dumb because these buying idiots didn’t notice that they could walk away from their 10% deposits rather than put up another 10% to close into a negative equity situation.
so either they are the dumbest doorknobs on the planet or it is possible the satori is not 30% off one day to the next.
you’ve never seen buildings price diff apts at different price points? see 1125a.
with idiots like these running roughshod in the market, we should have another bubble in no time 😉
There are quite a few homeowners that are quite happy living next to the canal. If there was a real fear of a drop in property values because the canal might be listed as a superfund site I would think that the naysayers would be listing their houses and fleeing the neighborhood but that doesn’t seem to be happening. Quite the contrary, most of the homeowners I know welcome the EPA’s involvement.