Last Week's Biggest Sales
1. FORT GREENE $2,295,000 11A South Elliott Place GMAP This 3,400-sf, 5-bedroom, 3.5-bathroom brownstone sold for its asking price. Its listing describes it as “the perfect fusion of contemporary minimalist design and perfectly preserved historic details! The dramatic parlor floor has been opened up to… create a loft-like living space complete with fully restored details…
1. FORT GREENE $2,295,000
11A South Elliott Place GMAP
This 3,400-sf, 5-bedroom, 3.5-bathroom brownstone sold for its asking price. Its listing describes it as “the perfect fusion of contemporary minimalist design and perfectly preserved historic details! The dramatic parlor floor has been opened up to… create a loft-like living space complete with fully restored details throughout including an ornate Mahogany balustrade, fully restored wainscoting, floor-to-ceiling windows, original plaster medallions, and Carrara marble fireplace.” It’s a legal 2-family, currently used as a 1-family. Entered into contract on 3/18/10; closed on 5/5/10; deed recorded on 6/4/10.
2. PARK SLOPE $1,662,500
545 9th Street GMAP
This three-story limestone house was House of the Day in February, and we thought the asking price of $1,695,000 sounded pretty good, considering it’s only a half-block from Prospect Park and has plenty of historic charm. “It is currently used as a lower garden duplex with a top floor rental unit, and can be delivered vacant. The duplex has 7 rooms and 1.5 baths; the top floor simplex is a spacious two-bedroom,” says its listing on StreetEasy. Average Reader Appraisal was $1,452,213. Entered into contract on 4/12/10; closed on 5/27/10; deed recorded on 6/4/10
3. BOERUM HILL $1,600,000
186 Dean Street GMAP
Another February House of the Day, this 3-story, 1-family brick building sold for its asking price. According to its listing on StreetEasy, “The proportions are perfect and the spaces are flooded with light that illuminates the elegant crown moldings and other period details. The verdant South facing garden has been carefully tended for many years by a devoted gardener.” Average Reader Appraisal was $1,428,948. Entered into contract on 3/19/10; closed on 5/24/10; deed recorded on 6/4/10
4. BROOKLYN HEIGHTS $1,512,101.25
360 Furman Street, #529 GMAP
According to its listing on StreetEasy, this 1,725-sf condo in One Brooklyn Bridge Park has 3 bedrooms and 2.5 bathrooms. Entered into contract on 2/16/10; closed on 5/20/10; deed recorded on 6/3/10.
5. BROOKLYN HEIGHTS $1,375,000
360 Furman Street, #740 GMAP
We couldn’t find much info on this particular condo in One Brooklyn Bridge Park, but it’s probably safe to assume that it’s similar to unit #640, a 3-bedroom, 2-bathroom, 1,709-sf condo that was listed at $1,375,000 and sold last week for $1,390,000, according to StreetEasy. Entered into contract on 2/16/10; closed on 5/20/10; deed recorded on 6/3/10.
Photos from PropertyShark.
Even in undesirable areas there are not that many houses for sale – that are not complete wrecks. Very few in move-in condition, even fewer in move-in condition with original details.
Interesting pricing points. As an aside friends of ours have recently sold their co-op on Prospect park west. On the market for two weeks and offer within 5% of ask. Admittedly it had private parking space so perhaps a component of supply there.
FOur Friends want to upgrade to a house in Park Slope and they are finding very limited supply in their price range. 1.5m to 2m. DIBS has pointed to this often but in desirable areas there is just not that many houses for sale out there right now and thats going to protect the price floor on properties that are in good condition. These examples and prior weeks support that.
slopefarm, either way it is the same result.
Unfortunately, the average widget appraisal will never come in higher than the closing sales price, likely because some people are wishfully pricing down the market and also because some people’s view of what a successful bid price will be is lower than the final highest bid.
You could argue that in the real world those who submit unsuccessful bids are wishfully thinking that their bid will be the highest bid when the reality is that someone else has come in with a higher bid.
I agree with your point – there are certainly people who price well below any semblance of the market based on current comps, etc.
I don’t participate in widget. I don’t get much use out of it.
***Bid half off peak comps***
bk — your point may have gotten mixed up with that of people who say that, because widget reflects average bidders, it is a somehow more accurate reflection of the market than actual sales prices, and that sales prices are, by definition, market outliers. It leads to teh absurd conclusion taht all sales are outliers.
I tend to disagree with you, though, bk, because it seems obvious that we are being asked to guess what we think the house will go for (i.e. what we think the winning bid will be), not what we would bid. It is an appraisal we are asked to make, not an offer. So the low appraisals are not the result of the equivalent of an unsuccessful bid, but of appraisals tainted by wishful thinking. Thre’s a difference.
“They incorrectly project their anticipation of future lower prices into their assessment of current market value.” Yes.
Only now aren’t prices in areas such as Park Slope going back up?
(I’m not cheerleading either way, I’m just talking about what is.)
Mopar and slopefarm, exactly the same argument I was making a while back about why it is incorrect to compare avg widget appraisal to sale price and think that it is a valid comparison. The people who price down using the widget on brownstoner (and drive the down the average widget appraisal) are the equivalent of those that put in bids at significantly below ask and never end up closing on a sale because the seller always takes the highest bid. I was told that my argument was nonsense by the way.
That’s my point about the widget, mopar. There are a number of readers who always think everything is overpriced, and they vote on the widget, driving widget below market. Doesn’t mean they are right or wrong about the direction of home values over time in the future, but they incorrectly project (actually retroject) their anticipation of future lower prices into their assessment of current market value.
I think it’s interesting 9th St. sold for ask, when Miss Muffet and others predicted it would go for significantly less.