Last Week's Biggest Sales
1. PARK SLOPE $2,750,000 205 6th Avenue GMAP When this 4-story, 21-foot wide, 2-family brownstone was House of the Day in June, we wondered if it would get its asking price of $2,725,000. Looks like it raked in an extra $25K — could we call this a bullish sign for the area? Average Reader Appraisal…
1. PARK SLOPE $2,750,000
205 6th Avenue GMAP
When this 4-story, 21-foot wide, 2-family brownstone was House of the Day in June, we wondered if it would get its asking price of $2,725,000. Looks like it raked in an extra $25K — could we call this a bullish sign for the area? Average Reader Appraisal was $2,339,097. Entered into contract on 7/21/10; closed on 8/31/10; deed recorded on 9/14/10.
2. CARROLL GARDENS $2,700,000
87 1st Place GMAP
This ginormous 8,950-sf brownstone was House of the Day back in January, when it’s asking price — which was originally $3,500,000 — got chopped down to $2,975,000. Average Reader Appraisal was $2,389,208. Entered into contract on 4/1/10; closed on 9/2/10; deed recorded on 9/15/10.
3. CARROLL GARDENS $2,238,500
343 Smith Street GMAP
This is the www.gallerythe.org building, a 1-3 family with commercial space on the first floor. According to its ad on StreetEasy, it comes with a 2-car garage and “2 high-end rentals.” Entered into contract on 4/30/10; closed on 8/3/10; deed recorded on 9/13/10.
4. MANHATTAN BEACH $1,807,500
182 Hastings Street GMAP
This, 2.5-story, 2,588-sf building is on a 6,000-sf lot, according to PropertyShark. Entered into contract on 5/24/10; closed on 9/13/10; deed recorded on 9/17/10.
5. PARK SLOPE $1,700,000
628 10th Street, #1B GMAP
This 2,528-sf condo is located in the Iroquois. “This distinctive townhouse-style triplex includes three bedrooms, two full baths and two half baths, a separate entrance, private garden and deck,” says its listing on StreetEasy. Entered into contract on 6/29/10; closed on 8/31/10; deed recorded on 9/14/10.
Photos from PropertyShark.
ha ha ha.
same old same old.
life marches on.
good to see everyone stays in character.
the widget would work if there were only people who had seen the property and done a fair amount of research putting down the numbers.
having down several rounds of buying and selling, if you haven’t seen the property, then you don’t much about it. i’ve seen more dumps that looked reasonable on paper.
shopping for the first building/brownstone i bought – i looked at 69 properties. it was the only one that I really actually liked.
this time looking for a condo, again, after searching for almost 2 years (did look at some buildings in the beginning too), it was the only we liked.
judging from pictures is pretty tough.
bk — you would have to believe that every sale was at an irrational price to believe the widget was an accurate barometer of value. Widget was very consistently 10-15% low. Some have said the bias was due to the fact taht people were putting down what they themselves would pay not what they thought it would go for (and since every house only has one wining bid, this skewed it down). But even before the widget, and even during the boom years of bidding wars and spiraling prices, commenters have always been talking down asking prices on this site. Wasder is right — it would be fun to see how individual regulars fared over time in predicting sales prices.
NYGuy — I don’t think that anyone was trying to drive the price up or down (and I don’t think you could).
And the one thing that was never exactly clear was whether it was supposed to reflect the best guess of the price for which it would sell, or whether it was poster assessment of the FMV?
Imho it isn’t that the widget is useless or that people are stupid, it’s that people have a natural tendency to extrapolate the future out of the recent past rather than really looking ahead. Since the future is unknowable it makes betting on the outcome more interesting.
In the case of some of these houses, you have to have a reasonable guess of where the money will come in, and the source of that money.
“Did the widget underprice or are there people out there who pay irrational prices for real estate? Experience over the last decade would suggest the latter…”
It underpriced. There were no comps to support a price of 2.3 million dollars for a gorgeous renovated Park Slope house like the 6th Avenue one.
2.3 was wishful thinking and not based in reality.
Did the widget underprice or are there people out there who pay irrational prices for real estate? Experience over the last decade would suggest the latter…
Most people who posted on the widget just tried to drive the prices lower. Only a tiny portion actually tried to make an accurate guess.
I’m with wasder. Widget was fun because it said as much about us as it said about the market. Parlor game is exactly right. Widget x 1.19 this week.