Last Week's Biggest Sales
A couple interesting sales of large condos in historic brownstones this week. 1. BROOKLYN HEIGHTS $4,500,000 42 Garden Place GMAP (left) Four-story, two-family, 3,420-sf brownstone in the Brooklyn Heights Historic District. StreetEasy shows the pricing history was thus: Listed for $4,950,000 in September; price reduced to $4,600,000 in December; went into contract in February. Deed…
A couple interesting sales of large condos in historic brownstones this week.
1. BROOKLYN HEIGHTS $4,500,000
42 Garden Place GMAP (left)
Four-story, two-family, 3,420-sf brownstone in the Brooklyn Heights Historic District. StreetEasy shows the pricing history was thus: Listed for $4,950,000 in September; price reduced to $4,600,000 in December; went into contract in February. Deed recorded 4/29.
2. DUMBO $2,240,000
100 Jay Street/J Condo GMAP (right)
Another big closing at J Condo, which has made it into the top sales roundup a couple of times in the past few months. Sale was of unit 31A. Deed recorded 5/2.
3. COBBLE HILL $2,050,000
249 Degraw Street GMAP
This 4-bed, 3.5-bath, 2,780-sf condo was marketed as a four-level loft. Per StreetEasy, the property went on the market in October and was listed at $2,450,000; it went into contract in January. Deed recorded 5/2.
4. COBBLE HILL $2,000,000
37 Tompkins Place GMAP
It appears that someone wanted this two-floor, 4-bed, 2-bath, 1850-sf condo pretty badly: StreetEasy shows it being listed at $1,750,000 in late February and going into contract within a few weeks. Deed recorded 5/2.
5. CLINTON HILL $1,725,000
282 DeKalb Avenue GMAP
This Romanesque Revival house was asking $2,200,000 when featured as a House of the Day in November. A commenter on the thread last fall more or less hit the nail on the head: “I would fear that this place is extremely dark inside because there is a building right next to it. I could see $1.75 at max.” Deed recorded 4/29.
Photo of 42 Garden from Property Shark; photo of J Condo by the real janelle.
The Garden Place listing said the house “needs some work” and it still got $4.5M…amazing
12:06, the point isn’t that the market is suffering. The point is that the market is significantly weaker than it was a year and a half ago, when sales prices were routinely above asking. Now, they’re almost always well below asking. That’s a major shift, and it’s the first step in cooling down the speculative fervor that’s been driving real-estate prices higher in Brooklyn. As people start to realize that they’re not going to be able to sell their homes for significantly more three years down the road — or, even more important, not going to be able to pull hundreds of thousands in equity out via home-equity loans (because their equity isn’t going to be increasing meaningfully over time) — the prices they’ll be willing to pay will fall further. NY is never going to see the kind of crash we’re witnessing in Miami and Las Vegas, but there’s no doubt the end to the speculative bubble is going to keep home prices flat or down for years to come.
That’s obviously not a problem if you bought your brownstone before 2006 — your gains are already so big that a few down years won’t matter. But if you bought in the last couple of years, particularly with lots of leverage, it means that you’re going to be looking at losses (relative to other investments) for a long while yet.
Holy crap. The Clinton Hill place still got almost $800 a square foot. Insanity.
Daveinbedstuy,
one thing I’ve never understood about your ceaseless invocations of the sales of “2-bedroom condos in Manhattan” is: who is going to keep buying those condos? Do you just assume there’s an infinite supply of money flowing into Manhattan real estate, even with job cuts on Wall Street, a slowing national economy, etc., etc.? All of your posts assume there’s a kind of real-estate fairy creating billions that can be used to buy Manhattan condos, and then in turn to buy Brooklyn brownstones? In what economic model does this make sense?
11:51 – This was just the ask. If other comp SALES were higher and this sold for less, then you can argue that the market is falling. Do you have sales figures to compare this to? If not, stop assuming the market is suffering because of unrealistic asking prices are not being met by buyers.
@11:36am 475k below asking.
yea this market is really soaring
eh almost 500k under ask
11:34, please explain to this non-grifter mind
250K over ask.
Yeah, this market is REALLY tanking….