Last Week's Biggest Sales
1. PARK SLOPE $2,000,000 460 2nd Street GMAP When this this two family brownstone—owner’s triplex over garden rental— was House of the Day last July, we thought the asking price of $2,380,000 was on the high side, considering that it’s only 18 feet wide. Average Reader Appraisal was $1,903,021. Entered into contract on 6/11/10; closed…
1. PARK SLOPE $2,000,000
460 2nd Street GMAP
When this this two family brownstone—owner’s triplex over garden rental— was House of the Day last July, we thought the asking price of $2,380,000 was on the high side, considering that it’s only 18 feet wide. Average Reader Appraisal was $1,903,021. Entered into contract on 6/11/10; closed on 8/10/10; deed recorded on 8/24/10.
2. CARROLL GARDENS $1,675,000
600 Henry Street GMAP
This four-family, 22-ft wide, 46-ft deep brownstone between Woodhull Street and Rapelye Street has been owned by the same family since 1970, according to PropertyShark. Entered into contract on 1/25/10; closed on 8/4/10; deed recorded on 8/24/10.
3. MIDWOOD $1,460,000
862 East 10th Street GMAP
This one-story, two-family home sold for $1,390,000 in 2007, says StreetEasy. Entered into contract on 3/11/10; closed on 8/12/10; deed recorded on 8/23/10.
4. PARK SLOPE $1,412,500
444 12th Street, 4B GMAP
This condo in the South Slope’s Ansonia was priced at $1,495,000. According to its listing on StreetEasy, it has “over 1700 square feet and features 3 full bedrooms, 2 full baths (one ensuite), soaring ceilings, oversized closets, enormous windows on three exposures, a cook’s kitchen, laundry in the unit and a coveted terrace with Manhattan skyline views.” Entered into contract on 7/1/10; closed on 8/11/10; deed recorded on 8/25/10.
5. CLINTON HILL $1,330,000
83 Downing Street GMAP
When this 2-family brick home was House of the Day in March ’06, we thought it was aggressively priced at $1.55 million. According to StreetEasy, it sold for $1,295,000 in August ’06. This time around, the asking price was a more reasonable $1,325,000. Entered into contract on 4/27/10; closed on 8/10/10; deed recorded on 8/26/10.
Photos from PropertyShark.
Euphoric aftershocks? I am more inclined to think of the situation here in my neighborhood as a very orderly realignment of prices with the rest of Clinton Hill due, as I mentioned, to fairly radical improvements to the streetscape and retail base. Pretty simple stuff really. I know you believe that the market moves in lockstep and I am inclined to agree with your assessment that the overall direction of prices will be downward in the near term. But around here prices are definitely going up to match the rest of Clinton Hill.
“BHO, why not live happily in your house and pay off the mortgage instead?” – mopar
Live happily? Nope. Not for the next decade. Not after a 50% or more decline from peak. Especially when you were warned but arrogantly missed out on cashing in on some paper equity if you had any.
Pay off mortgage? Maybe (how many free and clear owners have actually lived in their home for 30 years or more? Clue: The same fractional amount inferred from brownie’s HOTD threads where he claims “owned by the same family for years blah blah blah” – i.e. not many). Divorce, relocation and/or job loss can be bitches.
Enjoy the euphoric aftershocks while they last, wasder.
***Bid half off peak comps***
Thank you, Wasder, for that illuminating explanation.
Clinton Hill, and particularly the southeastern corner of CLinton Hill where the Downing Street house is located is definitely experiencing price increases. I would put this down to the very positive changes along the Fulton corridor that are regularly being discussed on these pages. I have often spoken of micro-local markets reacting differently than the larger market as a whole and my little corner of Clinton Hill definitely fits this bill. It was “undervalued” (if there is such a thing in NYC real estate) because of lack of services and persistent street crime etc. Now that some of these issues are being resolved the prices are falling into line with more established neighborhoods.
Although the 8k credit did not apply to these properties, the 8k credit influenced the overall housing market, and thus the 8k credit surely did affect the selling prices of these homes.
The degree of this affect, however, is debatable.
your a real man, bho.
Y’all talk as if BHO is the only person forecasting a real threat of estate gloom ahead.
I know that y’all know that the finance world is also forecasting a threat of real estate doom, although not with BHO’s certainty and exuberence.
BHO, why not live happily in your house and pay off the mortgage instead?
Some outliers indeed in this one.
Yes, ‘dope, YOY now > 0. I’ll eat that one. You know and I know the market has far from bottomed.
Sell the bounce or get slaughtered in the next dip!
***Bid half off peak comps***