Last Week's Biggest Sales
1. PARK SLOPE $2,200,000 449 Sixth Street GMAP This 20-ft wide, four-story brownstone is divided into 2 duplexes. It was a House of the Day back in February, when the asking price was $2,300,000. Average Reader Appraisal was $1,894,589. Entered into contract on 3/9/10; closed on 6/30/10; deed recorded on 7/16/10. 2. PARK SLOPE $2,198,500…
1. PARK SLOPE $2,200,000
449 Sixth Street GMAP
This 20-ft wide, four-story brownstone is divided into 2 duplexes. It was a House of the Day back in February, when the asking price was $2,300,000. Average Reader Appraisal was $1,894,589. Entered into contract on 3/9/10; closed on 6/30/10; deed recorded on 7/16/10.
2. PARK SLOPE $2,198,500
62 Prospect Place GMAP
When this gorgeous four-story Queen Anne was House of the Day in April, we thought the asking price of $2,150,000 was pretty spot-on. Average Reader Appraisal was $1,932,609. Entered into contract on 4/1/10; closed on 7/1/10; deed recorded on 7/15/10.
3. CARROLL GARDENS $2,125,000
72 Second Place GMAP
This 5-story brownstone was House of the Day in December, after its price tag was inexplicably raised from $2,350,000 to $2,499,000. Average Reader Appraisal was $1,894,919. Entered into contract on 2/18/10; closed on 6/30/10; deed recorded on 7/14/10.
4. BROOKLYN HEIGHTS $1,850,000.00
71 Pierrepont Street, Unit #1 GMAP
According to its listing, this 2,499-sf “duplex condo offers 3-4 bedrooms and 3.5 renovated baths.” Asking price was $1,900,000. Entered into contract on 5/26/10; closed on 6/24/10; deed recorded on 7/14/10.
5. COBBLE HILL $1,725,000
46 Cheever Place GMAP
This brick home, configured as a duplex plus two floor-throughs, was House of the Day in February, after its price was lowered from $1,975,000 to $1,800,000. Entered into contract on 4/15/10; closed on 6/25/10; deed recorded on 7/12/10.
Photos from PropertyShark.
Minette gets sh*t done!
Your gonna go 20 blocks for your comp? 8th Street much closer to park, in district 15, and on a nice block. A lot of adjustments to make to put that house and Prospect Pl on apples to apples basis.
Our main disagreement, and I’ll leave it at that, is that you can claim all the “macro data” you want, but when faced with seemingly contrary micro data — i.e., a specific house sold at a specific price — you don’t confront it directly, but either hide behind your “macro data” or use slippery reasoning with unsupported assumptions like this ask business. Whether you end up right or wrong about the longer-term direction of the market, you look slippery and evasive.
409 smells very fishy to me.
i’d venture a guess that deutsche bank is kicking itself over this property. would love to see the appraisal that supported the 2.4 mio loan.
this is off market. i don’t see this getting over 2.0 at peak even with a stellar reno.
bought in 2006 for 1.375 mio, flipped for $3.0 in 2008.
nice return!
i suspect there would be fraud or a recording mistake involved here.
6th Street house is a real dump, or at least way overpriced compared to some other recent sales. Way to go, Minette.
“allows you to declare any sale below ask as evidence of a bear market”
No. You can have below ask in a bull market. But if asks are falling with comps, it’s a bear market and that is what I believe we have here.
You mean west of 6th, right? That’s all we can do – dare say. You nor I have data (I’m sure peak comps here went for 2.2/0.80 = 2.75M). But I have macro data and that’s all I need.
How ’bout 409 8th St, 3 mil, 9/24/2008? That’s gotta be typical. Right near NYM, not even an ideal location.
***Bid half off peak comps***
thought antidope is from Seattle or am I thinking of Tybur6?
perhaps!
Antidope, do we know each other?
So let me get this straight. You start with an assumption, based on an impression, that asks are below peak comps. that allows you to declare any sale below ask as evidence of a bear market, and to grudgingly concede to the bulls only those sales that go above ask. How convenient? I know you have a viewpoint as to other metrics that ought to point to a bearish market, but in terms of evaluating an individual house sale as a potential indicator, this is what you are doing? I dare say, you won’t find many North Slope comps or asks above $2.2m for properties west of 6th Ave.
I have no problem with you being too busy/lazy to dig up actual comps. None of us are getting paid here for our time (besides Mr. B and staff, of course). But you make bolder assertions about the meaning of specific sale prices than you have any business making if you are making those assertions on the basis you describe.