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.
“the only people who would like prices to stay high and deny it otherwise are those who bought high in the bubble.”
yeah, i’m sure people who bought low are dying for their home values to crash. speaking of low IQ…
many of these closed rather fast relative to their ‘entered contract’ dates. one closed on the date it supposedly went into contract. whats the deal with that?
pretty strong vintage btw!!
BHO, wasn’t your original position that you would call bottom when CS showed Y-O-Y increase?
By Petebklyn on November 30, 2010 12:31 PM
so even with all this talk that prices have declined 10% or 20% the butler sells at very close to 2008 price.
…
Good point, Pete.
It seems like the consistent theme in threads like Biggest Sales and OHSML is good properties in good locations do well (i.e., the two largest sales last week). IME Brooklyn Heights/Cobble Hill/Park Slope and prime areas of Boerum Hill/Carroll Gardens are essentially flat since the global catastrophic crash of 2008.
I can’t speak to anything that happens in Billyburg RE, but the other two started out too high (one absurdly so), and didn’t get the deal done until they had several price chops.
I don’t think thefed or BHO or anyone else has the ability to call the bottom. That’s a fools game. But I do agree we continue to live in uncertain times, and while prices in good nabes remain steady or down less than other parts of the country, its hard to see things heating up anytime soon.
the only people who would like prices to stay high and deny it otherwise are those who bought high in the bubble.
haha maybe hundreds of thousands of loss (taking in to account all fees associated with buying and selling, mortgage, tax etc plus clean loss from buying price) in less than two years means nothing to you. that’s what I mean by low (financial) iq.
It’s my understanding that the only people who prices to stay high and deny it otherwise are those who bought high.
you guys can sing to yourselves all you want about imminent crashes etcetera etcetera.
112 Butler is a great comp to measure where we are from peak in actual price terms, rather than off ask/hope/beg prices.
112 Butler was a new home, so there has been zero significant improvements. It traded at the peak of the market in 2008.
2+ years into the Mother of All Crashes, this home has dipped what 2.5%? Sure the owner is not getting all his equity back, but s/he is not losing their shirt.
let’s just say, it’s still a loooooooong way to 50% off.
are we at least agreed on that much?
so even with all this talk that prices have declined 10% or 20% the butler sells at very close to 2008 price. (if they put a fresh coat of finish on the exterior would have looked lot fresher and maybe gotten the same 2008 price)
here we go again–double dip
it seems to me that someone who’s buying in Brooklyn right now must of low (financial) IQ. The moment they sign they are underwater.
I am glad prices are heading where they supposed to be. Taking into account higher maintenance, higher taxes, and threat of unemployment the wise thing to do is stay in the sidelines until prices get into pre-bubble territory.
Good luck to everyone!
I generally agree with Boerum Hill, but I’d note that it is an extremely strong showing for a 3 story house (although 22′ wide) literally steps from Gowanus Houses. I thought the 2008 price ($1.975M) was crazy then, but wrote it off as (pre-Lehman) someone who was really really in need of a “modernist” house. In today’s market, this is either another one-off or a showing that the market for houses that are move-in is extremely robust.
Also, that’s a crazy rent for that apartment.