Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $4,575,000 259 Henry Street GMAP All five of this week’s biggest sales are located in Brooklyn Heights, and this five-story, one-family 1833 townhouse tops the list. Its listing on StreetEasy promises “dark stained hard wood floors, intricate moldings, sophisticated oak stained cabinets and black marble hearth surrounds… roomy and well proportioned double…
1. BROOKLYN HEIGHTS $4,575,000
259 Henry Street GMAP
All five of this week’s biggest sales are located in Brooklyn Heights, and this five-story, one-family 1833 townhouse tops the list. Its listing on StreetEasy promises “dark stained hard wood floors, intricate moldings, sophisticated oak stained cabinets and black marble hearth surrounds… roomy and well proportioned double parlors, a stately dining room with Juliet balconies, smoking balcony, dumbwaiter and vault.” It was listed at $5,250,000 in March, and when it was our House of the Day, the Average Reader Appraisal was $4,315,716. Entered into contract on 3/8/10; closed on 4/15/10; deed recorded on 4/23/10.
2. BROOKLYN HEIGHTS $2,963,107
360 Furman Street, #1125 + parking spot GMAP
The first of three One Brooklyn Bridge Park condos to make this week’s biggest sales, the mysterious #1125 doesn’t have any info listed on StreetEasy or PropertyShark. Entered into contract on 2/16/10; closed on 4/14/10; deed recorded on 4/21/10.
3. BROOKLYN HEIGHTS $2,736,546
360 Furman Street, #919 + parking spot GMAP
This 2,295-sf condo with 4 bedrooms and 3 bathrooms is another sale at One Brooklyn Bridge Park. Its listing on StreetEasy says it hit the market at $3,075,000. Entered into contract on 1/29/10; closed on 4/13/10; deed recorded on 4/23/10.
4. BROOKLYN HEIGHTS $2,682,500
182 Clinton Street GMAP
This 3,360-sf one-family townhouse hit the market in November 2007 priced at $4,200,000. After the asking price was reduced twelve times and settled at $2,995,000, it was our House of the Day in August 2009. Our Average Reader Appraisal was $2,598,424. Entered into contract on 1/29/10; closed on 4/6/10; deed recorded on 4/21/10.
5. BROOKLYN HEIGHTS $2,235,058
360 Furman Street, #619 GMAP
Yet another 2,295-sf condo with 4 bedrooms and 3 bathrooms at One Brooklyn Bridge Park. According to its listing on StreetEasy, it was priced at $2,825,000. Entered into contract on 3/8/10; closed on 4/12/10; deed recorded on 4/19/10.
Photos from Property Shark.
Clinton St. cheap compared to Henry St. And I don’t get that being on Clinton is a negative. Yes, can find streets with less traffic – but is still just a one lane – one way street and I don’t think Henry st any real difference.
BHO, sure, happy to quote you. True, in the quote below you do note your preference for NY Metro, but your interpretation of CS 20 as a bullish, leading indicator for NY is pretty clear too:
>> “I’ll be bullish when NY Case-Shiller YOY turns green (20-city composite too but NY Metro lags the rest of the nation).
***Bid half off peak comps***” (this was from 4/1)
Now of course it has to “STAY IN THE GREEN. You know, sustain itself.” Unfortunately _you’re_ the one who was previously saying you’d turn bullish as soon as the index flashed green (see quote above), not me. So your new argument about sustainability only serves to undercut your own previous (very simplistic and naive) argument that you’d be a bull at the first flash of NY/CS 20 “green”…
To the actual question you posed, though, if it flashes green and then descends to half off then I’m not sure you lose, but you certainly shouldn’t be annointed a genius. As I’ve said to you before, even a blind squirrel finds a nut every now and again. Simply being right about a prediction to which you’ve committed no capital doesn’t mean much. Talk is cheap.
My five year outlook: moderatly higher NYC housing prices and higher interest rates. Unlike you, I have capital committed to both views and, also unlike you, should the data begin to indicate my view is (or may be) wrong, I will adapt…
subtle and nuanced arguments always gets an i-beam over the bulls-head from bho.
now that his original metric has turned — as some here have been saying was inevitable given the sharp hit last Q1 (thankyou thankyou) — the only option is to go from blunt instrument to parsing his own words.
nevertheless it is far from certain that we don’t flash red again even if it’s looking sunnier at the moment.
BHO, not that I care, but you have said in the past that once CS goes positive, you’ll be bullish. Now its only if NYMetro CAS numbers are positive, and only if sustained for some period of time. That’s reasonable, yes, but not what you said before, if I recall correctly (and no I don’t feel like trying to do a search for your quotes).
And why focus on NYMetro area? That is a different beast than NYC proper, or brownstone Brooklyn, or gentrified brownstone Brooklyn. I know none of those areas have their own CS Index rating, but that’s my point. RE is local. CS is a national average. As you note, it has not been shown to be a sustained “green” number. But even if it is, or is not, that does not necessarily correlate 100% to the local market (except when it is going down, according to your logic).
Sorry, I’m not particularly bullish, but sometimes arguments get pretty silly here and lack any data to back them up.
Care to quote me, be rude? I tend to refer to the NY Metro index (is that number in the green, MOM or YOY?). But while we’re at it…
What if NY Metro YOY does flash green for a month or two, due to the lag in the peeling Obama/FED bandaid (MBS buys, default stockpiling, FASB hijack, etc) but then descends through the March lows to half off peak in NY Metro, be rude? Would I still lose?
It think it’s generally understood that it has to STAY IN THE GREEN. You know, sustain itself.
What’s your five year outlook?
***Bid half off peak comps***
At least ten user appraisals in both HOTDs $300-400k above the actual sale price – disappointing real world results given our expectations as a collective.
Wait, BHO, I thought when the nationwide CS 20-city turned “green” you’d become bullish (At least that was your tune a few weeks ago…).
Take a look at today’s #s.
You mean you have to put up with taxis too in Brooklyn Heights? Its just one thing after another.
Agreed, CGar…very isolated from the rest of the community down there.