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.
1:13…too bad there aren’t more people posting on brownstoner that can think things out like you have. They’d all be much better off and less bitter.
1:06:
1300 a month is a loan amount of about 220K at 6% interest.
The rest I put down in cash.
You do realize you can get a nice studio in the Slope for about 300-325K, right?
I paid less than that, but already two on my block have sold this year for 80K over what I paid for mine in 2006.
Start out small. This is great for a single guy like me. I love my place. And I have money left to go out whenever I want and take vacations and even SAVE.
I couldn’t be happier.
1:06…LEARN HOW TO READ
1:01 1980s boom???? I think not compared to today. Two diffrent worlds.
How on earth can you have a 1300 mortgage on a studio in Park Slope. Is it a cardboard box studio?
There is also a currency issue. As the dollar strengthens, a foreign owner makes more money in his own currency. We played that move back in 1997-2000 in Thailand… The Baht weakened from 25 to 50!!!!! Bought property and the double effect of the strengthening currency and the strengthening economy over that time period made a lot of money for a foreign USD based investor. The Baht is now 31. Some day the dollar will be back at 1.35 or lower on the EUR and thtat’s how you make money.
Dave: I paid 10 x rents for a prime Ft Greene 3 fam at the peak of the 1980s boom — highest priee around for 5 years in either direction. That’s not a market bottom.
Easy for Europeans to buy Manhattan vacation homes while the market is going up — they’re free. How many people are going to buy them when (a) Ireland, Spain, London are in the middle of their own crashes; (b) dollar declines threaten to eat up any gains; (c) possible declines in US RE prices mean losses, not gains.
8-10 times annual rents is not a bad market. That’s only a 10-12.5% return on gross rents — hardly enough to cover expenses and vacancies in a recession, let alone leave something to compensate for the owner’s management time and the risk that the market will go down further still. Warren Buffett won’t be buying at those prices.