Last Week's Biggest Sales
1. PARK SLOPE $2,450,000 25 8th Avenue, Units 4 and 5 GMAP When this 4,000-sf, 3-bedroom, 3-bathroom loft with a 45-foot-long ballroom and terrace overlooking Grand Army Plaza was Condo of the Day back in February ’09, we thought it might be the coolest apartment in all of Brooklyn. According to StreetEasy, it was listed…
1. PARK SLOPE $2,450,000
25 8th Avenue, Units 4 and 5 GMAP
When this 4,000-sf, 3-bedroom, 3-bathroom loft with a 45-foot-long ballroom and terrace overlooking Grand Army Plaza was Condo of the Day back in February ’09, we thought it might be the coolest apartment in all of Brooklyn. According to StreetEasy, it was listed at $3,850,000 then, and the asking price dropped to $2,900,000 in July ’09. Check out more photos of the character-rich interior at 25 8th Ave. Entered into contract on 5/17/10; closed on 5/1/10; deed recorded on 8/25/10.
2. CARROLL GARDENS $2,189,237.50
192 President Street, Unit 1 GMAP
When this building was House of the Day in June ’08, we thought it could turn into something special if it fell into the right hands. According to StreetEasy, it was purchased in Jaunary ’09 for $1,928,000. It seems that the buyer was boutique development company light/house, which divided the building into two condos — “the classic” and “the modern” — and has photos of both on their website, 192 President Street. This unit appears to be the classic one. Entered into contract on 6/25/10; closed on 9/13/10; deed recorded on 9/27/10.
3. FORT GREENE $1,985,000
341 Adelphi Street GMAP
This 2-family house was one of our Biggest Sales in February ’08, when it sold for 1,705,000. Entered into contract on 7/16/10; closed on 9/1/10; deed recorded on 9/29/10.
4. PARK SLOPE $1,725,000
508 6th Avenue GMAP
According to its listing on StreetEasy, this 3-story building has 3 renovated 2-bedroom apartments, which are currently leasing for $2,300 each, and it also has 5 remote-controlled garages, presently being rented at $350/month per garage. Entered into contract on 6/24/10; closed on 9/15/10; deed recorded on 9/30/10.
5. PARK SLOPE $1,700,000
628 10th Street, Unit 4C GMAP
According to its listing on StreetEasy, this is a 1638-sf penthouse duplex has 2 large, private outdoor spaces and is located in the Iroquois. Entered into contract on 2/11/10; closed on 9/21/10; deed recorded on 9/29/10.
Photos from 25 8th Ave and PropertyShark.
BHO is EN FUEGO today.
BHO – THAT is exactly my point – you “predicted Dow 8000” – EXCEPT it was at or below 8000 for approximately 2 mo and then immediately went up 25% – was that your “great prediction”?? I dont think so –
Wow, what a genius, the dow hit your number for a few trading days – I go back to my broken clock analogy….
And please let us know are you predicting that Brownstones will be half off for a month, a season? a week??? inquiring minds want to know
Look you are a dipshit – its not that I dont agree with you about alot of your pessimism regarding housing and the economy, or that I am some perpetual bull – I’m not (in fact I was screaming about the bubble pretty loudly back in the ’05-07 period – look it up) BUT your arrogance and absolutism is just as DUMB, ANNOYING and misinformed as any bubble era RE shill.
You CANT predict the future (if you you’d have made a fortune shorting the dow all the way to 8K…right??????)
Did you predict that interest rates would be a 4.5% today – no you didnt; (think that is relevant to RE prices dont you???); did you predict the dot com boom in the late 90’s, did you predict 9/11, did you predict Oil at 150 a barrel (and then $40 soon after) – didnt think so, Swine Flu, Gulf Oil spill (then zero damage), Obama’s election,etc etc ,etc
You didnt predict any of the above and ALL of it one way or another effects the economy, the country and ultimately housing prices – and for the above, there are 10 bazillion other factors that you also dont have a fucking guess as to what will happen
Point is you have an opinion but you (like every other dipshit in the world) think it is a fact.
tic-toc asshole.
“Please print the quote where you predicted it would ‘touch 8,000’???”
Click my handle and recognize game! wasder will vouch.
“the market is now close to 11K and hasnt been NEAR 8,000 for some time”
Right after Barney Frank and the rest of Congress hijacked FASB and legalized accounting fraud for the bankrupt, insolvent TBTF banks. ‘member Enron? Well guess what, someday those rotten assets on the other banks’ books WILL get written down. FASB’s already rumored to be advocating a reversal in policy. You can fake the stock market but you CANNOT fake real economic growth. Besides, gotta rise to double dip.
Since the flash crash report was “pretty good”, care to enlighten us on what exactly happened?
***Bid half off peak comps***
“I dont know – and NEITHER DO YOU”
Yes I do, fsrq.
Dude, your hubris is annoying in its stupidity – if you were such a fucking prognosticator, you’d be so filthy rich you’d be too busy counting your money to sit here and post all day about what a genius you are and how dumb everyone else is (which is sad no matter how poor you actually are).
Face facts – you dont really KNOW shit, you got an opinion – thats all.
An interesting and timely article out today on this very topic:
http://money.cnn.com/2010/10/01/pf/college/Americas_brainiest_cities/index.htm
If you notice the top 10 most educated cities have withstood the housing crash FAR better than the bottom 10 listed.
“Last week’s 5 biggest sales alone were 10 million dollars worth of property exchanging hands.”
Wow, an impressive, albeit absolute, number just sitting out there in space! THREE Park Slope properties but yet NOTHING even close to 3 mil with the highest still 18% under that figure.
“housing $2M or below (vast majority of Brooklyn and NYC housing) you are talking at about people generally earning 500K or below as a family – and this is more like the top 2-3%…”
3x 500K = $1.5 mil or another -25% further down before overshoot to half off. Broken clock, working calculator.
The top 2-3% are now looking in Manhattan and having lunch with Jennifer Connolly. Park Slope and elsewhere will suffer a void of upper echelon buyers. Everybody will get a neighborhood “upgrade” or two. [Sing it, Beyonce!]
***Bid half off peak comps***
“I’ve been giving a thoughtful analysis ever since I predicted the DJIA to touch 8,000 ”
Please print the quote where you predicted it would “touch 8,000”??? – cause the market is now close to 11K and hasnt been NEAR 8,000 for some time.
Wonder why they still “haven’t” drawn a definitive conclusion about the “flash crash”?
– not sure who “they” is – but everyone knows what happened and the SEC actually put out a pretty good report.
“I dont know – and NEITHER DO YOU”
Yes I do, fsrq. Half off is a no brainer. You cannot beat mean reversion. 3x median household income, 10x annual rent. Actually, you can. The market could and probably will overshoot to subvalue as all crashes eventually do. We’ll reach bottom when buying, factoring in depreciation after typical purchase/resale cycle, gets cheaper than renting.
“NYC, Brooklyn, SF, etc (liberal urban settings) will continue to outperform the rest of the country”
You don’t get it. They were ALREADY outperforming the rest of the country and didn’t appreciate nearly as much as Las Vegas and Miami. The disparity in price between these “liberal urban settings” and elsewhere was ALREADY BUILT INTO PRICES before hot potato mortgage racketeering. Elsewhere is already half off in some cases and the crisis is far from over. Mark-to-market accounting is still suspended for if it wasn’t, the too-big-to-fail banks would be instantly bankrupt. Where are the losses going to go? They are out there. Nothing was fixed. Only time bought.
“You maybe correct in the end…but that is really a broken clock analogy rather than any thoughtful analysis.”
I’ve been giving a thoughtful analysis ever since I predicted the DJIA to touch 8,000 and I have just given you one above. As during the 20’s/30’s, fraud in our banking system giveth and taketh away paper wealth. There’s a basis for what I’m writing, not some broken clock. All Ponzi schemes collapse. It’s a mathematical certainty. Japan thought otherwise.
“Were comps in that area over $2m at that time?”
Sure they were, slopefarm, you kiddin’ me?
“So you are going on a lot of unsupported and apparently faulty assumptions, as usual.”
Yeah yeah. What are you going on besides LWBS?
“something else is going on”
M&A and high frequency, bid rigged trading and on Wall St (or Market St in San Fran) using TARP funds and quantitative easing. Maximum Overdrive. Only a matter of time before it all falls apart. Wonder why they still “haven’t” drawn a definitive conclusion about the “flash crash”?
We aint producin’ shit but risky financial bets against all odds. Bailed out and papered over with more and more borrowed money from the bond market with the prospect that the real economy will miracously grow out of a mountain of debt. Im-fucking-possible!
***Bid half off peak comps***
southbrooklyn – The top .1% (or CEOs) arent buying housing in Brooklyn, and very few of the top 1% are either, which is what this discussion is about- if you want to debate the disparity of the top .1% then maybe tax policies etc are relevant – but that isnt relevant to this discussion (or frankly the bigger issues in the economy)
If you are talking about housing $2M or below (vast majority of Brooklyn and NYC housing) you are talking at about people generally earning 500K or below as a family – and this is more like the top 2-3%…
Now lets look at your points ->
1. “Americans as a whole are much more educated today than 30-40 years ago.” – I dont know if thats actually true – but even if so – SO WHAT – 30-40 years ago, many middle class manufacturing jobs you didnt need to necessarily be a proficient reader – today these jobs are in China and pay almost nothing.
2.Over a third [Americans] have college degrees – Actually according to the US census 24% of the adult population has a bachelors degree and only 9% have an advanced degree.
So how does this not explain a huge percentage of the income disparities – 75% of the population has ONLY a HS diploma.