Last Week's Biggest Sales
Sweet premium on the Prospect Heights house. Aside from that, however, it was a pretty sluggish week, with no sales over $2 mil. 1. PROSPECT HEIGHTS $1,820,000 401 Park Place GMAP (left) Asking $1,695,000 when we had it as an open house pick in early March. 2,495-sf, 1-fam house. Deed recorded 6/19. 2. BOERUM HILL…
Sweet premium on the Prospect Heights house. Aside from that, however, it was a pretty sluggish week, with no sales over $2 mil.
1. PROSPECT HEIGHTS $1,820,000
401 Park Place GMAP (left)
Asking $1,695,000 when we had it as an open house pick in early March. 2,495-sf, 1-fam house. Deed recorded 6/19.
2. BOERUM HILL $1,725,000
233 Dean Street GMAP (right)
House originally listed in January for $1,750,000, according to Street Easy, and went into contract in mid-May. 3,780-sf, 4-fam. Deed recorded 6/18.
3. PARK SLOPE $1,485,000
172 Sterling Place, Unit 7 GMAP
3-bed, 3-bath last sold for $1,485,000 almost exactly a year ago, according to Street Easy. Deed recorded 6/17.
4. PARK SLOPE $1,400,000
70 8th Avenue, Unit 1 GMAP
3-bed, 2.5 bath originally listed for $1,595,000 last September, according to Street Easy. Deed recorded 6/20.
5. BOROUGH PARK $1,325,000
1552 55th Street GMAP
2,640-sf, 2-fam house. Deed recorded 6/20.
Photos from Property Shark.
I just held an open house last week for my 1 bedroom in the North Slope. In the end, we received 3 offers within 24 hours, one of which was above ask, one was exactly ask, and another was a couple thousand less than as.
We sold for 13k above ask and over 100K more than we bought it for 2 years ago.
Can someone please tell me how this admitted anecdote represents a bottoming market in Park Slope?
The problem with renting in Brooklyn is that many types of rentals just don’t exist. If you look for rentals over $5000 in Park Slope you won’t find much at all. People who want to spend $1.8M on a place are looking for 2000+ sq ft. There just aren’t a lot of nice condition rentals of that size around.
To return to normal NY price:rent ratios, prices should drop about 1/2.
Please tell me how that is true, when people are saying they are renting 3 bedrooms for 6400 a month?
Did you see yesterday that Stuy Town 1 bedrooms START at 3K a month and 2 bedrooms for 4200 a month?
You all need to refamiliarize yourselves with these 2008 rents.
For 3K a month, I can buy a 500K 1 bedroom in a few nice areas of Brooklyn, so I fail to see how the rent ratios are that out of whack.
I think they are out of whack if you take into account your rent stabilized place you’ve been living in for 40 years, but that is not market rate.
11:49am you are full of yourself and are a genius…OMG you sold at the top and are waiting for the bottom…You should be a trader at Goldman its amazing how simple selling at the top is and buying at the bottom is…LOL
Please do us all a favor and shut it…
You are fogetting one very impotant point genius: rates are not coming down anytime soon so when you get your Jumbo at 9.5% it will all equal out… Rates are still low so that means its a good time to buy and the fact that prices are so flexible and negotiable its an even better time…
So get out of the studio with your 3 kids in prime brooklyn or what is really BedStuy and beat it…
Yes, I agree that PS 3BRs in the 1200 range can go in the range of 900K, with outdoor space, possibly more. Depends on lots of factors. The 3BRs Brownstoner is listing are MUCH bigger than what is typical size, so they do not make sense as “comps” for all 3BRs. If you look at PSF, they come out in the mid $700’s psf. That is not unhealthy, but it’s not astronomical in the way that some properties are (i.e. trying to get 1000 psf).
To return to trend, which includes urbanization, prices should drop about 1/3.
To return to normal NY price:rent ratios, prices should drop about 1/2.
To return to trend price:income, prices maybe should go up, depending on whose income counts. If our market is tied to those below it, then median income:median price governs, and prices should drop by 1/2. If our market is tied to those above it (Manhattan), then prices may have room to rise a bit more.
To reach equilibrium, in which prices = construction costs, prices need to drop about 1/3.
Is that “tanking”?
12:15 – Um, did you see listing #4, which closed almost 200K UNDER ask? This is becoming more common…
11:40 –
I just sold my small 3 BR (1200 sq. ft) for just under 900K, FSBO. There are a few of these smaller 3 BR on the market in the 850-920K range (this is in Park Slope, around the name streets). I found that this market was strong for young families wanting to be in certain school zones and wanting 3 BR and some outdoor space, but not able to pay the super high prices or buy a brownstone. We had a bidding war and it went for over asking.
Bidding wars are exception not the rule. Not denying they cannot happen, but increasingly rare. Sellers don’t have to give up and walk away just decide whether to accept a lower offer – we’ve had numerous brokers tell us to throw out offers that are below ask, and said sellers are getting increasingly flexible. Again, PH house went on market in early March – things have gotten more pessimistic since. We’re not looking to time the market – we’re very actively looking but what we see is more flexibility is becoming the rule, and people who need to sell fast have to be especially negotiable. They still will do just fine, given how high prices ran up in last 5 years. As long as they bought more than 3-4 years ago, chances are they’ll make healthy profit. I challenge anyone to show that prices are continuing to go UP now overall – things are holding steady at best, softening is most likely, significant decreases possible.