Last Week's Biggest Sales
1. PARK SLOPE $3,700,000 946 President Street GMAP 946 President Street was a popular HOTD in February that we said was “dripping, absolutely dripping, in period details.” This beauty was built in 1886, designed by Charles T. Mott, and got a new kitchen, modern HVAC and updated bathrooms. We thought 946 President may get close…
1. PARK SLOPE $3,700,000
946 President Street GMAP
946 President Street was a popular HOTD in February that we said was “dripping, absolutely dripping, in period details.” This beauty was built in 1886, designed by Charles T. Mott, and got a new kitchen, modern HVAC and updated bathrooms. We thought 946 President may get close to $3,795,000, average reader appraisal landed at $3,446,336. This home hardly sold below ask. Entered into contract on 10/12/10; closed on 11/12/10; deed recorded on 11/23/2010.
2. PARK SLOPE $2,800,000
100 6th Avenue GMAP
Here’s another HOTD, only from October of this year. The owners triplex is boasting five bedrooms, lotsa fireplaces, and a nice garden apartment to boot. To nab its asking price of $2,950,000 we said this home better be pretty close to perfect. Guess the buyer thought so! Entered into contract on 10/28/10; closed on 11/15/2010; deed recorded on 11/22/10.
3. WILLIAMSBURG $2,240,150
22 North 6th Street, #PH1-C GMAP
This purchase got lots of ink last week, as it was Williamsburg’s most expensive condo sale this year. LED Artist Teddy Lo purchased this three-bedroom, three-bathroom, private terrace penthouse in The Edge’s taller tower. And don’t forget those Manhattan views! Entered into contract on 3/4/2010; closed on 11/4/2010; deed recorded on 11/22/10.
4. BOERUM HILL $1,925,000
112 Butler Street GMAP
112 Butler Street is the modernly-designed home in Boerum Hill, built in 2007, and our HOTD in August. The two-family home, at 3,150-square-feet, hit the market with a price tag of $2,250,000. We thought that was a little high, and in the end the final price did get cut… but not a whole lot. Entered into contract on 11/8/2010; closed on 11/22/2010; deed recorded on 11/26/10.
5. PROSPECT HEIGHTS $1,691,500
411 Sterling Place GMAP
This is a three-family house that was first on the market more than two years ago with an ask of $2,700,000, according to StreetEasy. From then on this property was on and off the market, taking price drops each time. It was listed in April for $1,799,000 before it finally sold. Entered into contract on 11/4/2010; closed on 11/4/10; deed recorded on 11/24/10.
Photos via PropertyShark and StreetEasy.
A “modernly-designed home…” Huh?
BHO — right or wrong — is starting to sound like a black-helicopter head. Step away from the Internet for a while, please.
Back to reality, remember that the market for move-in condition, dripping with details brownstones in prime Park Slope is a tiny one. I’d guess that no more than 8-10 properties a year fit that description, especially with the market flat or declining. So if you’re a buyer and can afford $2-3 million, you aren’t going to want to lose your dream house for 10-15 percent off ask.
thefed, how about a specific prediction of how big and when the collapse will be? BHO got his 50% off
people are usually anchored in the present regarding prices–that’s the reason for bubbles etc. yet the fundamentals say that sooner or later there will be a return to historical averages.
Certain prime brooklyn nabes have followed corresponding nabes in manhattan. However noone will be spared incl manhattan. A good discount to peak can be found in suburbs, harlem, and non prime brooklyn right now. but even those have a long way to go. Noone will be spared.
Dave, on the contrary, I think if you own it is probably harder to be objective about the value of your property than if you do not. Can’t see what other special insight you would get by owning.
Havelc, couple data points: in 1996 I was living in the East Village renting a place for $2000/mo with nearly identical places selling for around $300K. A friend of mine a couple years later bought 1br in Cobble Hill for 90K (arrgh) that he rented out for around $1K/mo I think.
So much knowledge coming from those who don’t actually own and most likely never have!!!!!
BHO– when in the history of New York City have the 10x annual rent & 3x median income ever been true?
if one is going to move to NJ for the better prices, schools,… suck it up and move deeper in – such as basking ridge, whippany, madison,…
It is remarkable what you can get in Montclair or Maplewood for the same price as a 1 or 2 br place in brownstone Brooklyn. Wasn’t like this at all prior to the crash. In fact, even in the last 6 months the change has been dramatic.
You can point to the high property taxes in NJ, but $1/sqft maintenance combined with city income taxes more than offsets those, not to mention the schools.
Especially given that the market is in large part driven by families, I can see how a lot of people on the margin start to drift (reluctantly) back to the suburbs. Hope that isn’t me.