Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $3,445,000 17 Garden Place GMAP As we mentioned last week, ex-Jet John Dockery was asking for $3.7 million for this 3,500-sf, 4-bedroom, 4.5-bathroom single-family townhouse. It was House of the Day back in March, and the Average Reader Appraisal was $3,259,886. Entered into contract on 4/28/10; closed on 6/24/10; deed recorded on…
1. BROOKLYN HEIGHTS $3,445,000
17 Garden Place GMAP
As we mentioned last week, ex-Jet John Dockery was asking for $3.7 million for this 3,500-sf, 4-bedroom, 4.5-bathroom single-family townhouse. It was House of the Day back in March, and the Average Reader Appraisal was $3,259,886. Entered into contract on 4/28/10; closed on 6/24/10; deed recorded on 7/8/10.
2. PARK SLOPE $2,733,000
854 President Street GMAP
According to the listing for this 4-story, 20′ wide two-family brownstone (converted from a single-family), “Museum-quality period detail abounds: exquisitely carved woodwork, inlaid mother-of-pearl detailing, brilliant stained glass, functioning pocket doors & shutters, original mahogany dressing rooms with working sinks.” Entered into contract on 4/16/10; closed on 6/21/10; deed recorded on 7/9/10.
3. GRAVESEND $2,000,000
370 Avenue T GMAP
This two-family, 1,952-sf house has a garage and is located on a 3,400-sf lot, according to PropertyShark. Entered into contract on 8/25/09; closed on 2/17/10; deed recorded on 7/9/10.
4. PARK SLOPE $1,940,000
344 1st Street GMAP
According to its listing, this single-family “modern masterpiece in a classic brownstone” has “custom built-in floor-to-ceiling cabinetry” in several rooms, a finished basement, central air, 3 bedrooms, and 3 bathrooms. Asking price was $2,150,000. Entered into contract on 3/15/10; closed on 6/17/10; deed recorded on 7/6/10.
5. BOERUM HILL $1,750,000
117 Wyckoff Street GMAP
“This rare 25′ x 50′ 3 family, 4 story townhouse offers a soaring upper duplex plus two rentals and a large basement used as woodworking studio w/ tons of storage,” says its listing. According to StreetEasy, it was listed at $1,789,000. Entered into contract on 4/6/10; closed on 6/29/10; deed recorded on 7/8/10.
Photos from PropertyShark.
“Read the fucking report for the 4th time numb nuts.” – invisible @ 2:06 am (2 am???!!! – WTF?)
Second stage of truth per Arthur Schopenhauer, “it is violently opposed” [and causes insomnia!]
The truth IS that S&P’s reported NYC metro shadow inventory figure skyrocketed almost +200% from 20 months worth in Apr 07 (right after the subprime stock sell-off) to 100 months worth by Feb 08 (the year Lehman collapsed). See Chart 3.
http://tinyurl.com/22wu2uw
Again, this is reported shadow inventory. It does not include cases where banks send no default notices at all nor strategic cases where the “owner” is current with payments but doesn’t like marine life.
And I was generous about 18 month delinquencies. I see in Table 2 that average months of delinquency is actually 27.2 by the time homes are foreclosed on! The distressed can live “rent-free” for well over 2 years!
Obviously all this inventory will get dumped back on the market until we get back to 20 months worth, the historic mean before Ponzi credit was handed out to everyone from responsible borrowers to the homeless and illegal.
This aint 1996. This is “the greatest crisis since the Great Depression”. They’ll probably revise that to “…since the decline of the Roman Empire”.
I am absolutely CORRECT about shadow inventory. You will see.
***Bid half off peak comps***
1) BHO is absolutely incorrect about shadow inventory. What is this, week 4 or the same argument? 90 day delinquencies are below current foreclosure rate. S&P specifically notes this and that nyc has potentially bottomed. Less in = less out in future. Any delinquencies >0 will pervert their shadow numbers because nothing ever comes out of that damn process. “Days to clear” is always some ridiculously high number even in a huge bull market and no one got a good foreclosure in 1996. Read the fucking report for the 4th time numb nuts.
2)This vintage was uniquely priced modestly and asks are now much higher after such bidding wars.
3) Even this market seems much different than 6 months ago. But NYC is alive and well last time i checked.
I think the trend is starting to dissipate, Pete. People do not necessarily want or need to be in NYC (etc) now to be famous or creative or authentic. Example: You do not have to live in NYC and go to Gawker parties to publish.
not being snarky, mopar…but that same kind of line with a few changes has been repeated for at least last 35 years….yet the big urban centers like nyc, sf, l.a., dc, boston have become more desirable and bigger magnet for the whatever term you want to use – such as ‘creative’ , ‘intelligensia’, whatever
Places like Portland, ME, and Carrboro, NC, are a lot more appealing than they used to be, partly because the food is good. The Internet has made being in NYC, SF, LA, etc not as important as it used to be for publishing, tech startups, retail, etc. It’s a major shift.
If your metric is comps, then the relevant data is comps. So whenever you claim a specific sale is evidence of bearish market, I am absolutely within my rights to ask for a comp that backs you up, and within my rights to say you are blowing smoke when you can’t come up with one. Doesn’t mean market is or isn’t bearish. Just means you haven’t backed up your claim with relevant data. Is it laziness or lack of supportive data that keeps you from backing up your position?
President would not have sold for 3.4 million at the height of the market. Only house in North Slope that sold for anything close to that (other than Connelly Mansion and 276 Berkeley which sold recently) was a house on Berkeley near Plaza Street West which got 3.3 something and it was incredible. Perfectly restored with top of the line everything inside.
President would have scored possibly 3. Mayyyybe 3.1 or 3.2 at the height of the market.
-20%, inline with Case-Shiller. Peep the PDE reports.
***Bid half off peak comps***
And yet week in and week out, Brooklyn brownstones sell at what are typically no more than 10-15% OFF OF PEAK COMPS!!!!