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.
Sorry but anyone who uses their life savings on a home purchase without leaving money for a rainy day (we are having one right now…and I don’t mean the weather) are completely and totally stupid.
If Americans had money saved, there would be no significant ramifications when a recession rolls around. But instead, most Americans use credit to pay for everything.
This is why we don’t hear about recessions in Europe…they are able to weather them much easier because people there didn’t spend “their life savings” on a place to live.
And you don’t think Europe is expensive also? Zurich, London, even now some of the B level cities are starting to rival NYC prices.
You people really should get out more.
2:45 – whoa, that’s a pretty extreme reaction. I don’t think people necessarily buy to “show off to their friends” – in fact, I think that’s absurd. People buy because they want to live somewhere for many complex reasons. In NYC, many many people have the bulk of their wealth/income tied up in housing, since housing is so expensive, but I would not then blame such a person for being the reason America’s economy is tanking. What a simplistic, mean thing to say. And does not add to this thread in a helpful, meaningful way. Dictating to someone what neighborhood they should live in is silly – and also, this person is NOT blaming others for anything, nor are they complaining per se about tying up lots of their money in housing. Simply admitting that your life saving have been spent on housing does not mean that you are treating your home as an investment – it can simply be a commentary on the high cost of housing in NYC, or the choice one has made in terms of neighborhood, etc. I wish this list did not get so nasty!
“Lots of people – myself included – have their life savings tied up in their house”
And YOU are the reason why the economy is tanking. YOU are the stupid people who as you say invested your life savings in something most smart people know should not be used as an investment.
YOU are the person to blame for not buying in Midwood, Jackson Heights, Brighton Beach, Kensington or any other one of the millions of affordable NYC neighborhoods because you wanted to show off your place in Park Slope to your friends so they know how hot you are.
YOU are the reson that America sucks.
And now YOU are blaming it on everyone but yourself.
Typical.
2:31: Get off your ass you lazy loser. Get a 2nd job and stop asking other people for handouts.
GO WORK FOR WHAT YOU WANT!
I think the people who bought their homes way back when it was very cheap don’t get the point of this kind of thread. Of course, if you bought your home for a tiny fraction of what it’s worth today you can afford for prices to come down – it doesn’t really matter for people in that situation. The real question is for people in the market NOW, for whom the question of whether a drop is immminent, and how much of a drop, matters a lot. While I agree that in general, if you find the house of your dreams and it’s within your budget, you probably will do OK in the long run – the problem is that often, a house is not the house of your dreams, there is some compromise involved and in today’s market, the prices are so high that often you have to stretch a bit beyond your budget. And that’s where the question of the market is important. Should I, as someone who is trading up, stretch to a very high budget which will put me at a bit of a financial burden to pay my monthly mortgage, or is it in fact smarter to sell my place now (when prices are indeed high), rent for a while, and watch the market for a year or two to see if I can get a better deal? For me, and many people like me, who are not super rich, the answer to that question is the difference between having some financial freedom vs. having a bigger mortgage than we’d like. My gut is that prime areas may not tank, but I’ve been observing softening and most people I speak, yes even brokers, concede that prices are probably not going to rise for the next year or so (beyond that it’s hard to predict) but the fabulous gains of the last few years have run their course and the best possible scenario (for brokers/sellers that is), is that prices will stabilize at their current very high levels for a while. Another, equally plausible scenario, is that the credit crunch will eventually have a domino effect on the market and will cause prices, even in prime markets to soften, and possibly even come down somewhat. Will they tank? Probably not, but a 10-20% decline seems reasonable, especially given the shockingly rapid highs they have climbed to in such a relatively short time. As others have said, if they go down by 10-20%, the world will not end, but many buyers (like me) will at least be able to get some better deals!
“I deserve it as much as you do, you smug bragging jackass with your lucky-ass $400K purchase.”
Wait…you deserve it for what??
Did you buy in my neighborhood when NO ONE else wanted to live there, when crime was rampant and I had to take the train to get a slice of bread? Do you deserve it for getting on the PTA and improving your area school to now be one of the best in the city? Do you deserve it for going to the Park on Saturday morning to pick up used condoms and needles and planting flowers and trees?
I’m sorry…tell me exactly what you did to deserve this million dollars of MINE.
Who’s buying that stuff in Williamsburg? True, this is the question I ask myself every time I walk around my neighborhood… but I mean, seriously, $2MM to live at Schaeffer Landing? Or to live in between several construction zones right next to a low-level radioactive storage facility? Seriously, who are these people?
2:08 – lucky for you. Lots of people – myself included – have their life savings tied up in their house thanks to the insane prices during the last few years – rents for a 2 or 3 bedroom in a decent neighborhood being astronomical and prices that just went up and up made many people finally jump in and buy. It is a big deal when prices go down because you just never know when you have to sell. just look at how screwed our economy is right now because of the falling prices in the rest of the country. To poo poo the issue is simply ignorant. That being said, besides the fact that I bought at the peak of the market, I am actually waiting eagerly for prices to fall so people I know who might otherwise have to leave brooklyn will again be able to afford to buy.
2:08 pm:
Give me a million dollars.
I deserve it as much as you do, you smug bragging jackass with your lucky-ass $400K purchase.
Someday soon people are going to wake up to the injustice and disparity in this city and then some rough shit is going to hit the streets.
Until then, I’ll take my million bucks, please.