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.
Every family I know who moved to the burbs from Manhattan or Brooklyn wishes now that they didn’t. Every single one. I could literally name off 15 people easy. And NJ…forget about it. I don’t think any of them had any idea that in exchange for their cheaper house, they’d be paying 20K a year in taxes to fund a now bankrupt state. That combined with a 20% drop in housing prices, and let’s just say, they aren’t that thrilled with life right now.
But Westchester sucks.
Bigtime. I know. I was raised there. Even going for a weekend makes me want to die.
Comparing suburbs to city life is apples and oranges.
how can the “rich” not pay their share of social secuirty when paying more social security than anyone else? If you remove the cap, they will just move politically to opt out of social security period, like SERPS in the UK. Private accounts, no more paying for others. Its people eanring low amounts who don’t pay a fair share – they end up paying virtually nothing yet drawing continually.
Hey 3:03, did you miss the part in Ec where they talked about the price mechanism? When prices go up people buy less. Gas and houses.
Anyone who moves to NYC because of gas prices must be living in a really nasty apartment. If gas prices double twice more, they still won’t be more than rounding error for a commuter with two kids and a decent place to live in BK or Westchester.
“2:04 won’t catch Warren Buffett buying condos that are priced at twice fundamental value. He sells at those prices.”
Ummmm….and you DEFINITELY won’t catch Warren Buffet renting his primary residence for his entire life!
“And the question was, and is, where is the infinite supply of buyers for $2 million Manhattan condos coming from?”
The current ownership rate in the United States is roughly 70%. In NYC, roughly 35%.
That leaves a LARGE portion of 8.25 million people who still might want to buy a home.
Dave: So taxes is something you understand as well as economics? The mortgage deduction subsidizes homeownership at the expense of everything else. In normal markets — i.e., most of the US most of the time, including NYC until about 1998 — the benefit of the subsidy goes to buyers. Under those circumstances, it doesn’t affect prices much.
Today, sellers get the subsidy: it is fully incorporated into the selling price (and then some).
In any event, tax subsidies can only explain a gap in valuation, not a growing gap. Especially since it is capped and therefore worth proportionately less on more expensive homes.
“2:43 is happy to give his savings away because he calls it “equity” and thinks it is going to grow.”
He thinks that because over the long term this has proven true, 100%. In every market in the United States, in fact. In NYC, even moreso.
3:07 if you think you’re going to continue renting anywhere near NYC when you are on Social Security you’re really smoking something. People with assets and income who have worked for them and have saved shouldn’t actually receive social security…there I said my left winged liberal statement of the year!!!
Social security should only be for the truly destitute.
My affluence is because I put myself through college and business school and I earned it. I may have earned a lot of it in the property market over the past 25 years but I never lost any money on any property….
You’d better take a page from 2:43 and learn before its too late. If you’re going to rely on your social security then you’re going to lead a tough later life!!!