Last Week's Biggest Sales
An interesting week in that three of the top five residential sales recorded in city records were for condos. 1. PARK SLOPE $2,200,000 82 Sterling Place GMAP (left) Asking $2,200,000 when featured as a House of the Day in October. Four-story, four-family brownstone in prime North Slope. The property was being marketed to developers. Deed…
An interesting week in that three of the top five residential sales recorded in city records were for condos.
1. PARK SLOPE $2,200,000
82 Sterling Place GMAP (left)
Asking $2,200,000 when featured as a House of the Day in October. Four-story, four-family brownstone in prime North Slope. The property was being marketed to developers. Deed recorded 4/2.
2. PARK SLOPE $1,634,500
133 Sterling Place/The Vermeil, Unit 4C GMAP (right)
Once again a closing at the Vermeil is one of the biggest sales of the week. This deal was for Unit 4C and a parking spot. Deed recorded 4/2.
3. BRIGHTON BEACH $1,375,000
130 Oceana Drive West GMAP
Sale was of unit 6I at this pricey Brighton Beach condo. Deed recorded 4/2.
4. CLINTON HILL $1,320,000
185 St. James Place GMAP
According to a few commenters, this 2-family home was already in contract when we put it up as a House of the Day in February. Listed at $1,200,000. Deed recorded 4/1.
5. WILLIAMSBURG $1,055,990
49 North 8th Street/North 8 Condo GMAP
Sale of Unit 5F at the North 8 condo. Deed recorded 4/4.
Using just the Brownstone neighborhoods, I see 91 sales over $2m in 2007 on ACRIS, 98 current listings on Streeteasy and 76 on NYT. Neighborhoods are probably not precisely comparable.
ACRIS for 2007 over $1.25m 1-3 family, condos and coop shows 651 closings in 2007. I couldn’t get the last 12 mos spread sheet to work to get more up to date figures, but obviously they will be lower.
StreetEast currently shows 443 condo, coops and houses for sale in that price range.
Condos: 159 sold v. 234 for sale
Coops: 31 sold v. 34 for sale
Houses (all over Brooklyn): 461 1-3 fam sold v. 175 houses&townhouses for sale.
What proportion of listings does StreetEast catch?
So 12:03 is wack.
But StreetEasy only shows 167 listings over $2m, so if you assume that the last few weeks are anomalous and sometimes Gabby can find 2 or 3 listings over $2m, and the delay in closings reflects a worse market than the current market, and if StreetEasy has all the listings, maybe the overhang is only a year.
Or maybe those assumptions are wrong, and the market is in trouble.
StreetEasy shows 506 listings over $1.25m. Gabby rarely has more than 5 sales over $1.25m in a week. That’s only 2 years overhang.
Actually has to do with above: There’s usually a lag between when sales happen and when the city records them, so there were to many props that hadn’t sold. Would have no prob documenting lack of sales, but the info brokers were giving me re: stuff being in contract, price-chopped, what have you wasn’t always kosher. Would rather rely on hard numbers than brokers. Don’t worry, though: We’ll bring the feature back, but probably looking at sales from a 9-month perspective. (Haven’t started running that yet because we already covered stuff from 9 months ago with the old 6-months later feature.)
Gabby why did you abandon the 6mths later follow up on HOTD?
They’re the biggest residential sales in Brooklyn recorded in ACRIS each week. I put all the ACRIS sales in a spreadsheet and list the top 5 above. These probably actually sold a couple months ago and were only just recorded last week, though, as there’s always a gap between when sales go through and when they show up in city records. The only thing that gets iffy with these is judging commercial vs. residential sales. For example, you could argue that the top sale this week was a commercial sale.
So are these now the biggest sales in Brooklyn every week or not? Are they selected by Gabby out of all the biggest sales?
Even if you assume every listing appears twice it would still be 70 weeks of inventory.
Note this weeks batch lowest price was 1.05mill – there 900 listing over 1mill and 700listing overs 1.2mill.
Maybe when BBP, OnePrespectPark closes the biggest sales numbers will increase.
I find it difficult to believe that with 1.2mill sales price there is a good chance being the top five sales.
11:44 = Most Uninformed, Glib analysis.
NYT has listings up for months – Many of them are already sold or in contract, the broker either does not take them down for more referrals or people leave them up even if in contract because they paid for an 8 week or more ad.
Brownstoner is not accumulating all of the biggest sales, just 4 or 5. There are many more sales going on than you are aware of.