Last Week's Biggest Sales
A couple strong showings out of Williamsburg this past week. 1. DUMBO $2,575,000 31 Washington Street GMAP (left) Sale was of unit 11/12 at this Dumbo condo. Deed recored 4/24. 2. PARK SLOPE $2,140,000 423 1st Street GMAP (right) 3,200-sf house between 6th and 7th avenues. 3-family built cica 1901, according to Property Shark. Deed…
A couple strong showings out of Williamsburg this past week.
1. DUMBO $2,575,000
31 Washington Street GMAP (left)
Sale was of unit 11/12 at this Dumbo condo. Deed recored 4/24.
2. PARK SLOPE $2,140,000
423 1st Street GMAP (right)
3,200-sf house between 6th and 7th avenues. 3-family built cica 1901, according to Property Shark. Deed recorded 4/25.
3. WILLIAMSBURG $2,000,000
85 North 3rd Street/The Mill Building GMAP
As previously reported, a buyer purchased this pad on the 6th floor of the Mill Building. Deed recorded 4/23.
4. WILLIAMSBURG $1,900,000
440 Kent Avenue GMAP
Purchase was of a penthouse at the Schaefer Landing condo on South 9th Street and Kent Avenue. Deed recorded 4/25.
Tied for fifth place:
PARK SLOPE $1,725,000
285 1st Street GMAP
3-family house in the Slope. (We’re a little confused by this one: ACRIS has it as a house, while Property Shark says it’s a co-op. Can someone clarify?) Deed recorded 4/25.
CLINTON HILL $1,725,000
472 Washington Avenue GMAP
Former House of the Day was asking $1,875,000. Deed recorded 4/24.
Photo of 31 Washington from DumboNYC ; photo of 423 1st Street from Property Shark.
I would like to point out to everyone that we are not in a recession yet.
See this article: http://www.nytimes.com/2008/04/30/business/30econ-web.html?hp.
The economy is still growing! Hooray!!! I know only slightly but it still grew! Let’s hope the stimulus package and a new president (thank God) will kick things back into high gear. My point is energy breeds energy people…stay positive!
There are way too many doom and gloomers on this site focusing on the negative.
From the New York Times.
“American homes are losing their value at the fastest rate in two decades, according to a closely watched report released on Tuesday.
In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent.
The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.
As foreclosures rise and mortgage lenders tighten their standards, the market is expected to continue to suffer under the pressure of sagging inventories and a dearth of qualified buyers, economists said.”
You guys have some pretty idiotic brokers then.
MY broker husband said that the sales volume this past month in Park Slope, Ft. Greene and Brooklyn Heights has been one of the best he’s seen.
So clearly not EVERYONE is waiting to buy.
Wait all you want though…I see almost nothing on the market…and when something nice does come (see 11th street) it’s gone in about 2 weeks.
Even the condos at the Vermeil are selling now that the building is completed. And they are NOT cheap.
Heard that 4 more apts in On Prospect Park went into contract as well. Things are moving…not as fast as they might have 3 years ago, but people still have money they’d like to spend on a home…
12:38 Finally someone who makes sense here – since we are in the same position. It is tiresome that in this posting it seems that if you think prices may stabilize or go down you are an idiot who cant afford the market, otherwise you have to cacept that the market will NEVER crash in NY, although it did in the early 90s, but who remembers that.
Also looking for a house and waiting for the right property at the right price, ready approved and with cash in hand. Interesting our broker mentioned the other dy that the number of people in our position seems to be growing, less people willing to put an offer for a property and willing to wait. Then again, as always, if the right property comes around we will make our move now.
11:12 – The last time the market crashed was in the early to mid 90’s. I would hardly say the city was going to hell – I lived here then and it was a far cry from the 70s, when the city really went to hell. But still in the early 90s, prices of some places went down by nearly 40-50%. The variables for why are complex, but Wall Street troubles (which started in 1987 but took a few more years to reverberate to housing market) factored in and echo problems today. I don’t know where prices are headed since truly there are so many variables, but to say that it’s absurd for prices to dip 30-40% does not seem historically accurate. My gut tells me that they won’t dip that far, but I do think they could easily dip by some amount…
11:47 – the thing is, prices are not low now. That’s the whole problem. Prices remain very high still, propped up by low inventory and what many say is irrational exuberance. That said, houses I’ve been visiting (we sold our place recently, for a high price, as we need more space and are trading up) have brokers saying that the owners are more negotiable. A few houses we’ve looked at are lingering and even having price cuts. But I think the full effect of the poor economy and tightening credit will take a while to ripple through the NYC housing market. So now is actually not a great time to buy, but it may be soon. If we find the right property, we will buy anyway – the next place we buy we plan to stay in for the rest of our lives, so it’s not an “investment” we plan to sell or flip. But, we also plan to take our time in looking since it really does not seem like prices are going up any more any time soon – even our broker advised us, basically, to cash out now, after experiencing the biggest run-up in such a short time we may experience in our lifetimes (pretty much everyone agrees that the increases of the last 5-10 years have been unprecedented). Many other brokers I’ve spoken to have said the same. We’re not “waiting by the sidelines” for prices to plummet, since we’re actively looking for a house – but we’re also in no rush since we have a decent and inexpensive rental to tide us over while we look, and the comfort of knowing that we will have great leverage in this market to negotiate a purchase with lots of cash (and no stress to have to sell our place if the market does indeed head south). And, if we’re lucky, and the many predictions we’ve heard turn out to be true, we may even spend less than we’ve budgeted if indeed prices go down…We bought before, and profited handsomely from it, but don’t expect to profit again like that, and we are not bitter renters. In fact, if we wanted to today, with our cash, we could buy any number of properties, but we’d rather wait for the right one and exploit the upper hand that we now seem to have as very well-qualified buyers.
you people are so funny.
if you say prices are low, this is actually the time to buy.
every heard the phrase buy low, sell high?
uhhh, yeah.
didn’t think so. you’d rather wait another couple years, right? till the prices are higher.
meanwhile i’ll have two less years left to pay on my mortgage.
can’t wait to see the place paid off when i turn 60 and you’re renting that studio in coney island for $10,000 a month.
sounds like a loverly retirement you are planning.
anybody who has ever taken Econ 101 knows not to buy know. this is a bagholder year. the smart people are selling, what are you doing?
even in the worst housing crash only saw declines of 30-40%.
and that was when the city went to total hell.
why would you think now that the city is disneyland with such low crime and a starbucks on every corner with kids frolicking in every city park, would the price declines be even worse?
makes no sense.