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.
yes, BH, maybe the asteroid.
I’ve been losing money on my Treasury shorts as the world looks towards the safe haven, once again known as the USD and US treasuries!!!
10 Year treasuries have gone from 4.0% to 3.6% in one month.
This is one of the few times I’ve looked back at my HOTD comments and they seem to be spot on.
Re: credit – could get a lot more ‘spensive if 30 yr auctions start to wobble or the Fan/Fred prop up gets to much for the guvment to handle. So far seems to be holding up.
By daveinbedstuy on May 4, 2010 1:15 PM
“Regardless, credit will be drying up and will put a big crimp on the RE market.”
Why is credit getting worse than it has recently been???
…
I believe we’ve been told many, many times dibs.
Second wave of foreclosures, shadow inventory will flood market, 2012 asteroid…pick any or all as applicable.
bkh- it takes a real good contortionist to convince someone that 3/3 actual sale price > appraisal means the appraisals are too optimistic. otoh, if this *community* wants to believe you, then i would suggest a career in elected politics.
cjmorris post looks like a cut and paste from fear and loathing circa march 2009. today, banks have been saved and credit is loosening.
cjmorris, the thing with reader’s appraisals is that a large percentage of those who participate either live in an alternate universe or input a price just to annoy the opposite camp. If you chart it you’ll see that many readers are betting on sales 25% off ask (as if we were back during the week when AIG and Lehman collapsed) or 25% over ask, which is even nuttier. Not many people play the game with a straight face.
“Regardless, credit will be drying up and will put a big crimp on the RE market.”
Why is credit getting worse than it has recently been???
I’m pretty impressed by the $1.8m for 282 Park Place. Solid house, great location, but in need of major updating. You could spend $250k in there without even trying. Encouraging news for Prospect Heights owners.
“You talking about the one day correction today??? LOL”
LOL indeed. Last time I checked the S&P is still down 20% plus from the top and the market is flat looking back 10 years.
Regardless, credit will be drying up and will put a big crimp on the RE market.
40 Joralemon is really the only house that came in at the top end of the readers’ appraisals with only a few appraisers predicting a higher price. In the other HOTD cases, at least 25% or a third of appraisers had the house going for well in excess of the actual sale price.
Prices achieved may be solid or even encouraging (let the debate continue that has already begun), but the community of appraisers actually yields too optimistic an outcome in most cases.