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.
There’s nothing wrong with being agnostic at a turning point, but turning points don’t last two years.
———————–
After 30 year bull markets they do.
I’ve never heard that investment strategy beore. I’ll have to write that one down.
———————
You’ve never heard of someone remaining on the sidelines in cash?
There are many ways to make money in the market. I just happen to take a very conservative approach. And, I have done better than most I know during that time-frame. Here’s a 2 yr chart of the dow, fyi:
http://finance.yahoo.com/echarts?s=^DJI#chart1:symbol=^dji;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
I haven’t done that bad, I’d say. Especially since housing in NYC is down roughly 20% since then.
Joe, you just made the very same point. “great respect for the markets at volatile turning points” = agnostic.
There’s nothing wrong with being agnostic at a turning point, but turning points don’t last two years.
Feral — actually I think this block of Wyckoff is a nicer block than Kane, but that’s primarily because I like the variety of house styles and the narrower feel of the street plus the old school building versus the church/synogogue building and the interruption of the block by Tompkins.
But they are both attactive blocks.
Kane St looks like it has a brand new 2-story extension (and if it’s not new, it’s heavily renovated) so judging by that and the photos overall, I don’t see why the owners couldn’t have spent $5-600k on this house since buying it in ’07. Unusual but very functional layout for a one-family. I’m not suprised by the price, given the location and apparently turn-key condition.
” I’m betting that the growth in the economy will be lackluster and the rise in rates will mean lower prices nominally. ”
If the growth in the economy is lackluster you will not get rising rates..at least through the 5-30 end which dictates where mortgage rates are.
“No, cash = great respect for the markets at volatile turning points.”
I’ve never heard that investment strategy beore. I’ll have to write that one down.
More money is lost through indecision than by a wrong decision.
A free drink to anyone who knows who said that.
Smudge makes good points about Last Week’s Biggest Sales.
Cash = agnostic, not bear.
———
No, cash = great respect for the markets at volatile turning points.
As a caveat, i’m much more bearish on housing than I am on the overall economy. Even when the economy starts to improve, interest rates will have to go up putting downward pressure on housing prices. I’m betting that the growth in the economy will be lackluster and the rise in rates will mean lower prices nominally.
>> . Of course the biggest sales are outliers on a curve of sale prices of homes that closed in Brooklyn last week. That does not mean they are outliers with respect to comps.
Sure, every property that sells becomes a comp. My point is that Last Week’s Biggest Sales tends to be a small subset of most desirable properties. The doesn’t tell you as much about the overall market as, for instance, Open House Picks: Six Months Later. Popping up regularly to post an “Aha! Take that, bears!” comment in Last Week’s Biggest Sales, while ignoring better metrics, is just goofy.