Last Week's Biggest Sales
1. COBBLE HILL $3,050,000 227 Kane Street GMAP This 4-bedroom, 3 1/2-bathroom landmarked brownstone sold for $2,429,000 back in 2007. The listing says the building has a “huge country kitchen,” central air, 2 working fireplaces, and 3 decorative fireplaces: “The just-renovated townhome has everything today’s home buyer could want, enveloped in the beautiful flooring, plaster…
1. COBBLE HILL $3,050,000
227 Kane Street GMAP
This 4-bedroom, 3 1/2-bathroom landmarked brownstone sold for $2,429,000 back in 2007. The listing says the building has a “huge country kitchen,” central air, 2 working fireplaces, and 3 decorative fireplaces: “The just-renovated townhome has everything today’s home buyer could want, enveloped in the beautiful flooring, plaster and crown moldings, columns, marble mantles, and extensive details that denote the traditional luxury of an historic brownstone.” Entered into contract on 10/30/09; closed on 2/4/10; deed recorded on 2/23/10.
2. BENSONHURST $1,525,000
7819 Bay Parkway GMAP
Built in 1930, this 1-family with a garage has 2,046-sf residential space and 1,934-sf commercial space, says Property Shark. It appears that the former owner used the commercial space as an ophthalmologist office. Entered into contract on 10/1/09; closed on 2/23/10; deed recorded on 2/16/10.
3. WINDSOR TERRACE $1,300,000.00
536 17th Street GMAP
This brick row house was an Open House Pick early last month, when the asking price was $1,295K. But the listing offers it at $999K and describes it as a 2-family used as a 1-family with “4+ Bedrooms, 2 Baths… Exposed Beam & Brick, Tin Ceilings Red Oak 3″ Plank Floors.” Entered into contract on 12/10/09; closed on 2/11/10; deed recorded on 2/24/10.
4. DITMAS PARK $1,298,000.00
1600 Dorchester Road GMAP
This gorgeous Victorian with a very tasteful pool was a House of the Day back in June, when the asking price was $1,525,000. Entered into contract on 12/3/09; closed on 1/22/10; deed recorded on 2/24/10.
5. MANHATTAN BEACH $1,200,000
64 Amherst Street GMAP
According to PropertyShark, this 1,944-sf 2-family home was built around 1920 and has a garage. Entered into contract on 10/12/09; closed on 2/1/10; deed recorded on 2/24/10.
Photos from Property Shark.
Joe, if you really don’t think things will be better in 5 years than you have the ability to make a ton of money on the short side!!! You must be shorting more and more of the market every month it goes up!! Good luck.
As a Jewish friend of mine says “Averaging down has killed more Jews than Hitler.”
The listing for the current sale of the Kane Street house does say “impeccably renovated” (people should click through to see the photos — kudos to Corcoran for leaving their listings up after sale), while one anonymous commenter on the 2007 “just sold” notice stated that the house then was “not a new renovation. starnge layout too.”
This just supports my supposition that the 2007 price was not a market comp, but DIBS is right to the extent that $3 million is the market for a beautifully renovated 1 family house in Cobble Hill (at least east of Henry). Where the market is for so-so houses is altogether different, as the 6 month later posts detail.
did they know that 227 Kane is within the 3000′ to the superfund canal?
joe–you are likely right that the current buyers are not going to see much appreciation in this house for some time. How much higher can a 17′ wide house in Cobble Hill go for? Hopefully for their sake they have the means to have bought this kind of house and are planning to live in it and not treat it as an investment.
Kane St is 17′ wide I think.
But still – $3m for 17′ wide. Just goes to show that some people don’t want to shovel snow on those 25’ers.
You really think they spent $600,000 on the Cobble Hill renovation??? I HIGHLY doubt it.
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I don’t know what they spent on the reno, but with those costs, carrying costs, transaction costs, etc., their profit is a lot less than it seems.
Now, what happens in 5 years when the buyer here wants to sell and there has been no appreciation or even a depreciation in values.
We’re running into a wall here.
That staircase in bensonhurst must be a real pleasure when it snows.
Kane street house looks really nice. Surprised it wasn’t featured here…they might have spent 600 on reno Dave. Looks pretty thorough. But I am not an expert on what that kind of reno costs. Either way its an impressive sales price.
You really think they spent $600,000 on the Cobble Hill renovation??? I HIGHLY doubt it.