Last Week's Biggest Sales
1. PROSPECT HEIGHTS $1,900,000 1 Grand Army Plaza, #9E GMAP Earlier this month we noted the first penthouse sale at OPP, with another penthouse unit in contract. Although this particular unit isn’t a penthouse (it’s a three bedroom) it still topped out our biggest sales list! Original ask was $2.5M way back in 2006. Entered…
1. PROSPECT HEIGHTS $1,900,000
1 Grand Army Plaza, #9E GMAP
Earlier this month we noted the first penthouse sale at OPP, with another penthouse unit in contract. Although this particular unit isn’t a penthouse (it’s a three bedroom) it still topped out our biggest sales list! Original ask was $2.5M way back in 2006. Entered into contract on 2/7/10; closed on 1/25/11; deed recorded on 2/23/2011.
2. COBBLE HILL $1,750,000
101 Warren, #A2B GMAP
Looks like one of the most expensive units to come out of 101 Warren, aka the Arches at Cobble Hill, has sold. This is a 2,372-square-foot duplex condo with a patio. It went to market in October ’10 for $1,850,000… didn’t go for too much less. Entered into contract on 12/1/10; closed on 2/8/2011; deed recorded on 2/24/11.
3. CLINTON HILL $1,700,000
17 Lefferts Place GMAP
17 Lefferts Place debuted as our HOTD in September 2010. We really dug the original details left intact coupled with the redone kitchen. And while we conceded that the ask of $1,775,000 was a bit high for the location, it didn’t sell for much less than that. Entered into contract on 10/14/2010; closed on 2/1/2011; deed recorded on 2/22/11.
4. WILLIAMSBURG $1,550,000
440 Kent Avenue, #PH3B GMAP
This penthouse unit is from Williamaburg’s Schaefer Landing, which sold in 2006 and came back to the market in October 2010. The listing boasts 2,000 square feet, two bedrooms, a roof terrace and a swimming pool (!!!) on the 25th floor. Can’t beat that view. Ask was $1,650,000. Entered into contract on 12/20/2010; closed on 2/7/11; deed recorded on 2/24/11.
5. DOWNTOWN $1,405,185
150 Myrtle Avenue, #3601 GMAP
Last week belonged to condos when it came to big sales numbers. This Toren three-bed, three-bath closes out the list. Looks like the apartment is just under 2,000 square feet, but we don’t have many details beyond that. It hit the market asking $1,495,000. Entered into contract on 12/13/2010; closed on 1/31/11; deed recorded on 12/23/11.
Photos via PropertyShark.
“It doesn’t pay to overprice. If Corcoran couldn’t sell 121 for $1.42M, what makes BHS think someone will buy 17 Lefferts place for $1.775M?” – By Maly on September 30, 2010 1:50 PM
Don’t underestimate the crack pipe, Maly.
***Bid half off peak comps***
Maly is right on point regardless of what sellers paid for etc, these closing prices are huge #s.
bkrv, I hear you on trend, but the example was just evidence that market is still not “rational” for most folks. I’m quite surprised/happy for sellers.
“if these prices and activity, and sales close enough to ask don’t show people what is going on, they blind
(11217 of COURSE it was less than 2006, so what, what isn’t)”
bk realestate veteran, I think everyone can see quite clearly what is going on in terms of pricing and sales activity. The OPP listing sold at a 25% discount to original ask (2006) and the Williamsburg unit moved for just under a 20% discount relative to the price back in 2006. This suggests pricing is down 20-25% from peak. The sale prices of the other three units were within $100,000 of original ask, which indicates buyers and sellers view of value is starting to come more in line, a potential sign of a bottom. What no one can see is whether condo prices will return to the euphoria of 2006-2007.
true, and of course the very act of plucking the top 5 sales of the week is likely to have a bullish slant. All the same, though, strong prices.
i hear you all on sales prices but anecdotal evidence means little with thousands of transactions taking place and in any case trend is the story today not single deals
“Maybe Williamsburg is fun and trendy, but judging from this apartment sale, it doesn’t seem to be holding value particularly well. ”
dude – do you know where schaeffer landing IS?
I know only anecdotely, but an owner in my small bldg who brought a 1 bedroom with den and outdoor space for 450K in 2006 just sold for 550K in clinton hill.
I don’t think the Schaefer Landing sale is reflective of the overall Williamsburg market. This has been a troubled building from day one with a wierd,out of the way location that is not near transportation. I suspect that the initial buyer overpaid and the current sale reflects the fact that much better located units have been built since this building was constructed.