Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $2,975,000 36 Joralemon Street GMAP Originally listed at $3,800,000, this 3,560-sf, brick one-family had its price reduced to $3,450,000 when it was our House of the Day in January. (The previous owners bought the place for $2,325,000 in 2005.) Its listing on on StreetEasy says, “This turn-key home is graced with a…
1. BROOKLYN HEIGHTS $2,975,000
36 Joralemon Street GMAP
Originally listed at $3,800,000, this 3,560-sf, brick one-family had its price reduced to $3,450,000 when it was our House of the Day in January. (The previous owners bought the place for $2,325,000 in 2005.) Its listing on on StreetEasy says, “This turn-key home is graced with a sun-filled open living room with wood burning fireplace, separate dining area and a fabulous chef’s kitchen with custom oak cabinets, CaesarStone counter tops and Viking appliances… For outside entertaining there is a spectacular roof top terrace with gas grill, built-in teak benches, an irrigation/lighting system and breathtaking harbor and Manhattan views.” Average Reader Appraisal was $2,797,171. Entered into contract on 3/8/10; closed on 4/15/10; deed recorded on 4/27/10.
2. PARK SLOPE $2,710,000
615 Second Street GMAP
This 20-foot wide, one-family limestone home hit the market in July ’08 priced at $3,495,000. In November ’09, the price was knocked down to $2,950,000. According to its listing on StreetEasy, “The huge front parlor is graced with a lovely center staircase, parquet floors and a sense of openness and light that is rarely available in the townhouses of the last century. Pocket French doors lead to the large formal dining room and half-bath. The kitchen, large and renovated, is in the extension.” Entered into contract on 1/29/10; closed on 4/20/10; deed recorded on 4/27/10.
3. BROOKLYN HEIGHTS $2,250,00
40 Joralemon Street GMAP
This one-family, 2,380-sf home was originally listed at $2,790,000 last spring, according to StreetEasy, but was marked down to $2,300,000 when it was our House of the Day back in September ’09. Average Reader Appraisal was $1,892,273. Entered into contract on 1/25/10; closed on 4/20/10; deed recorded on 4/26/10.
4. PROSPECT HEIGHTS $1,900,000
1 Grand Army Plaza, #14B GMAP
This condo is located in the Richard Meier on Prospect Park, but it doesn’t much information listed on StreetEasy. Entered into contract on 10/7/09; closed on 3/31/10; deed recorded on 4/29/10.
5. PROSPECT HEIGHTS $1,800,000
282 Park Place GMAP
A House of the Day back in January, this brownstone has lots of details and is configured into an upper triplex with garden rental. Hit the market at $1,799,000 and Average Reader Appraisal was $1,627,625. Entered into contract on 1/15/10; closed on 4/16/10; deed recorded on 4/28/10.
Photos from Property Shark and StreetEasy.
Prospect Heights is on fire and you people are still going back and forth… “It’s rabbit season no it’s duck season” LMAO!!!
Your Team got Bounced.
a. heat is turned off
b. nuggets are dust
c. knicks nets are praying
d. market is not half off.
beg NOT EQUAL comp, chef.
My Team’s Bear…My Team’s hood…
4/5 significantly sub-beg.
***Bid half off peak comps***
so
if the widget is what slopefarm describes, then there is a bear bias on the website.
if the widget is what bkh or boerumresident describes, then there is a bear bias on the website.
oops i almost forgot, the actual data points of bonafide sale > widget means that there are an endless amount of idiot buyers.
or the market is full of savvy sellers and stupid buyers.
That is not how I use the widget BoerumRes. I try to guess what I think it will sell for not what I think its “worth” in my own eyes.
The widget is not to predict what the house will sell for, but rather for what the reader thinks it should sell for. It’s prescriptive, not predictive.
For the statistically challenged: As long as you measure consistently, the data counts. For example: Ask price to sales price. Even though “asked price” could be anything a seller dreams up, as long as the data is consistent across time, then the information is valid. Draw whatever conclusions you want, but don’t ask for data other than what is being measured in order to back up your market view.
My subjective opinion: Good price achieved by seller for Prospect Heights brownstone. Park Slope and Brooklyn Heights didn’t do so well. I call this a draw.
DIBS, that is exactly the point. The seller takes the most optimistic appraisal of what his pool of bidders thinks the home is worth. But by taking the average appraisal, we are not taking the most optimistic view of what the pool of bidders on brownstoner thinks the home is worth. Am I really the only one who can see a disconnect there?
I get what you are saying – the widget appraisals are designed to predict what the house will sell for and so in theory should incorporate an assumption that a seller will get a wide range of bids and they are trying to target the highest expected price. But this does not make it factually correct to compare the average appraisers view of what the highest price will be with the winning bidder’s view of what the highest price will be. You still can’t take an average of a group’s assumed max price and compare it with the most optimistic buyer’s view of the max price.
I won’t beat this horse any more (don’t want to take on a reputation!), but I guess we will just need to agree to disagree.
“There are probably a bunch of bidders who came in lower than the actual sale price, all of whom thought they were bidding market as well.”
But they weren’t “bidding market”. The sale price IS the market price for the property.
The widget, for those that don’t just try to throw out extremely high or low prices on it, is there for people to try to predict what they think the market price will be (i.e. what it will actually sell for).