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.
I don’t think the President Street would have fetched much more than 3 million at the top of the market. Perhaps 3.2 at the very most and that’s an uneducated guess since I don’t know if it needed any work.
The best of the best townhouses in North Slope have never sold for more than the low 3’s. And they were in perfect condition.
So the notion that a market collapse has occurred (in the PS brownstone market, anyway) is just plain false.
1.75M, Boerum Hill. Your very example actually went for under ask. Asks are generally falling and these are last week’s biggest. That’s bearish. The bulls are shitting.
That President Street listing is…gasp!…an outlier. Immaculate, prime and close to park/trains.
I’m not seeing a bottom, DIBS. Just an abyss. Nice snapshot (say “cheese”, market), like the beginning frames of LZ 4! You’re missing the biggest cash-out you’ll ever see if you still have equity. Yes, I’ve dodged some falling knives over the years and will continue to do so. Case-Shiller and brownstone Brooklyn will soon break -25% and the reGOVery will start wearing off. From there, fugeddaboutit! I’ll be calling half off for three more years (even if I buy for more) until the bottom gets in.
***Bid half off peak comps***
“The listing price was sharp, not trying to reach for the sky, and the owners were rewarded with a fast sale.”
Maly, I agree with you in general (I don’t know the particular house). I’m finding that with decent to nice properties, when they are priced well, they sell fast, and owners are often rewarded not only with a fast sale, but often they receive over ask, even these days. I think these sellers are much smarter — and often rewarded — than those who price “in the sky” and then suffer death by a thousand cuts.
Hey 11217, where ya been? Vacay?
Agree with 11217 and Dave — inventory is very low, and I’m seeing very little I want to see right now. Doesn’t help that it’s also the Summer season when selling traditionally slows down until Labor Day.
I agree, 11217. The house on president street was really special, with the sort of details and wood work you can not replicate. The listing price was sharp, not trying to reach for the sky, and the owners were rewarded with a fast sale.
BHO, I don’t see how these sales are evidence of a market collapse. This is not to say the real estate prices overall are going down, and may do so for years to come, but this post contains no evidence of Armageddon.
I admit didn’t see the inside of bldg. but by pics duplex looks good condition (although perhaps not most tasteful).
A rental is a rental – and would easily get $4000 together.
11217, I was on corcoran this morning and definitely noticed that inventory is very low.
I’m sure BHO will have a come-back of factually based information to refute this.
1st street went on sale February 19th and went to contract March 15th. Clearly they got what they were looking for on price.
That President Street house is gorgeous. Not surprised it went over ask.
Walked by Brown Harris Stevens on 7th and Union yesterday and practically every listing on the window says “in contract.”
Inventory is very very low in Park Slope.
I’m not seeing anything even close to “Half Off Peak Comps” in any nabe.
What am I misssing, BHO??? Or is it you that’s missed everything for the last 3 years!!!!!?????