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.
“We’ve already lost more than 30,000 jobs and the bad times have barely begun.”
Oh well.
Life goes on.
We’ve already lost more than 30,000 jobs and the bad times have barely begun.
2.01 – you seem a bit confused. renters don’t get “screwed”, they just don’t renew a lease if the rent goes up too much. Renters only pay for what they can afford.
In the 84-87 crash, 800,000 jobs were lost in NYC.
If we lose 30,000 jobs this time around and then some peripherally because of those, I think we’ll be just fine.
Life always goes on. Nothing you can do about it, unless you’d like to hire them.
2:01,
I think it would be interesting to get factual evidence comparing the number of million plus bonsues in the 1984-87 market with the 2002-2007 market. Then you’d want to compare the number of million plus homes, apartments in NYC. Then you’d want to know, how many all cash purchases of these homes have their been. Otherwise we’re just talking anecdotal evidence.
Even if the bonuses were much higher in the recent boom, the number the 30,000 NYC plus layoffs in the financial industry, the lower bonuses going forward to those still with jobs, and the considerably smaller number of new hires will certainly hit the NYC real estate market. Law firms are hurting and laying off people too. The real estate market is still fairly strong in the prime neighborhoods because the bonuses were still very high in January 2008 but don’t expect that again for a while. The people recently laidoff don’t need to sell immediately but may eventually even if they did buy outright if they want to move out of the city, etc. etc. It’s still very early in the game and I think the unwinding of the credit bubble will take another few years to work itself through.
I don’t think I need to worry.
Having bought my brownstone for 400K, and it would now be worth nearly 3 million (LOTS of people in my position) I could stand to lose some value on my home and still be quite fine.
Hell, even if it dropped a million bucks, I would be fine. Life goes on. It’s not in our power to stop it. It will do what it wants to do.
To those who keep calling for the end of the world, you are the real losers in life who think that the value of your home directly correlates with the value of your life.
Just go enjoy your neighborhood and your house and stop thinking and talking about it so much. It’s completely asinine.
Keep clapping, Bubbleheads! This time it will be different!
1:24 – ask ANY ONE in finance and they will tell you prices are going to come way down. Most people in brooklyn work in a non-finance related field and truly have no clue. It’s really extraordinary.
Well we could look at many threads here where people say that no one on Wall Street would want to set foot anywhere in Brooklyn besides Brooklyn Heights, so looks like we’re safe Brooklynnative.
While I think they were being ridiculous, I do think that many of these Wall Streeters bought their 2-3 million dollar properties nearly outright, so I don’t think there will be as much of a backlash as in the past. I think they’ve at least somewhat prepared for this, from my own experience.
In 1991, they weren’t giving out 2 million dollar bonuses like lollipops like they have been over the past 5 years.
The couple people I know who work on Wall Street paid all cash for their home. It will take a couple consulting jobs to cover the maintenance and taxes on said apts.
Or they’ll just raise the rent on their income producing units. Sorry again renters. You always get screwed.