Last Week's Biggest Sales
1. CARROLL GARDENS $1,675,000 32 1st Place GMAP This 20’x55′ 4-family brownstone hit the market in October, priced at $1,890,000. According to its listing on StreetEasy, it “needs renovation” but has a lot of original touches intact: “The garden level has original tin ceilings. The Parlor Floor has a huge front parlor and rear parlor…
1. CARROLL GARDENS $1,675,000
32 1st Place GMAP
This 20’x55′ 4-family brownstone hit the market in October, priced at $1,890,000. According to its listing on StreetEasy, it “needs renovation” but has a lot of original touches intact: “The garden level has original tin ceilings. The Parlor Floor has a huge front parlor and rear parlor with pocket doors, pier mirrors, marble mantels and gorgeous original detail. The third and fourth floors have tin ceilings and marble mantels. In addition there is a fifth floor, but it is not full ceiling height.” Entered into contract on 1/14/10; closed on 3/12/10; deed recorded on 3/22/10.
2. CARROLL GARDENS $1,475,000
348 Sackett Street #2 GMAP
Located in the 5-story elevator building at 348 Sackett Street, this 3-bedroom, 2-bathroom, 1,839-sf condo has white oak hardwood floors and an open kitchen, says its listing on Streeteasy. Entered into contract on 11/4/09; closed on 3/18/10; deed recorded on 3/26/10.
3. CARROLL GARDENS $1,475,000
348 Sackett Street #3 GMAP
Just like the 348 Sackett Street condo above, this one’s got 3 bedrooms, 2 bathrooms, and 1,839 sf. Entered into contract on 8/9/09; closed on 3/17/10; deed recorded on 3/26/10.
4. DUMBO $1,425,000
100 Jay Street, #23H GMAP
This 1,592-sf condo has 3 bedrooms, 2 bathrooms, and 1 half bath. According to StreetEasy, it was listed at $1,575,000 in February ’09, and in June ’09, the price decreased by 5% to $1,499,000. Entered into contract on 2/16/10; closed on 3/12/10; deed recorded on 3/23/10.
5. MANHATTAN BEACH $1,200,000
177 Kensington Street GMAP
According to PropertyShark, this 2-story, 2,378-sf, 1-family home with a garage is located on a 6,000-sf lot near Manhattan Beach Park. Entered into contract on 10/14/09; closed on 3/18/10; deed recorded on 3/25/10.
Photos from Property Shark and Development Watch.
C’mon BHO, you’re bringing some weak comparisons. How is +25% in a few months comparable to +75% in over a year?
I can tell you how it’s not. For starters, the fact that the stock market has gone up, in fairly steady fashion, for over a year suggests there is belief in this recovery. A 25% jump in a few months, well that can be a bit of irrational exuberance. In other words, if you made this ’29-’30 comparision last summer, that would be more reasonable. Now, however, your comparision is invalid. (I’m not saying there won’t be a small correction in the stock market in the near term, just nothing like you suggest is likely…)
Oh, and economists — and the Fed in particular — knew much less about how to deal with crises back in the 1920s/1930s, and in fact did many things completely backwards and deepened the crisis, hence the +25% spike being an anomoly before the Fed completely effed things up. Thankfully we’ve learned from the Depression (Bernanke was an academic expert on the Great Depression…), and the Fed isn’t effing this one up.
quiz, what’s 180% of a very small absolute number?
c/s numbers are bottoming at 170-175 in ny region.
some asset / nabes will do better some worse.
but it looks like the twelve month numbers are stable, post lehman 20% correction.
but of course have to watch out i) the inevitable repetition of history repeating itself itself, ii) the lifting of govt life support (tax credit and mbs purchase program), iii) the bogeyman and iv) your own shadow.
Lis pendens and foreclosures only affect like inventory— i.e. inventory competing for the same buyers.
If all of East New York went into foreclosure, it wouldn’t affect Park Slope real estate prices.
You’d have huge social and economic problems in the borough, but that’s a different story.
Do you think BHO ever gets tired of using micro data points and weaving them into macro trends solely on the basis of gusto, exclamation points and asterisked doomsayings?
Correction: 4Q08 and 4Q09
Dang…and I was hooked by the whole clairvoyant thingy.
Correction: 4Q08 and 4Q09
By 4Q10, that number should clear to bonafide foreclosures. But Obama/FED will probably “buy” more time with our fiscal future.
***Bid half off peak comps***
Oh and DIBS, how do you think the +180% increase in NYC lis pendens between 4Q09 and 4Q10 will affect your bottom call? We can’t seem to get any threads or commentary going about preforeclosures and shadow inventory. Taboo topic. Tick tick tick on FHA and MBS dam patches.
***Bid half off peak comps***
“Note: Due to technical difficulties, today’s S&P/Case-Shiller Home Price Indices release is temporarily unavailable. We thank you for your patience as we address the problem.” – standardandpoors.com
What’s the NY number, DIBS?
“BHO can’t see a bottom forming”
Pass the koolaid so I can!
“Meanwhile the stock market began discounting a turnaround in March 2009 and is up 75%!!!!!”
Yeah, just like it was up +25% in April 1930 from the November “low” in 1929. The bigger the boom, the bigger the bust. Greater Depression on the horizon.
***Bid half off peak comps***
Yes, i know, i know, these are “large” — but I get a serious pain (maybe originating at the genetic level) when i see an APARTMENT sell for $1.5 MILLION. And there are THREE of them listed above. This is just crazy!!!!!!
(I don’t think 6 exclamation points are enough, but I’ll stick with 6.)
The CG house sale on the cheap side – since pretty good sized…55′ deep and some more sq. footage on top.
But maybe not as central a location as Sackett st. condos.