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.
where in this thread is anyone completely denying that prices can possibly go down? no. some people are saying that they don’t think prices will **tank** not that they don’t think they may continue to “go down a bit.” and others are saying that buyers looking to time the market may miss out. both fairly debatable points. what’s your problem with that? you just hope everyone, especially sellers, give up and walk away?
“asking prices are not coming down much – it’s **closing prices** that are finally yielding to reality”
Um, did you see the #1 listing? That’s $125k OVER asking and that’s not the only bidding war being reported recently in PH.
I’m amazed how these thread always turn into a complete denial that prices can possibly go down. People, 15-20 years ago, prices were extremely frothy and then **tanked**. Yes, variables are very different now, but markets are cyclical, and why is it impossible that prices may go go down a bit? They are historically much higher than ever by most measures – Case/Schiller, rent/own ratio, salary/housing costs, etc. Wall Street is suffering, the economy is weak, there’s a lot of uncertainty, and buyers are increasingly skeptical.
Actually, I know plenty of people who are still moving OUT Of the city since prices are so much more attractive there, and there are plenty of great commuter public transportation options in NYC metropolitan area.
Re: market being “bad” – the problem is, sellers/brokers are still pricing things as if the market is a continuation of the last 5 years – so in other words, asking prices are not coming down much – it’s **closing prices** that are finally yielding to reality. We are not the dreaded “bitter renters” since we owned until a few months ago, and we are actively looking right now, but my point is that we are not going to buy something overpriced when we see many price cuts. If a seller is flexible/negotiable with the still-unrealistic asking prices, we will buy. Until then, we will keep renting. So we’re not “waiting” for market to “bottom out” but there is a reality that prices are often unrealistic these days, and we have no problem waiting for a more realistic price since we see more properties taking a long time to sell and or finally selling at a much lower price than ask.
11:49: If prices are going down, wouldn’t that make this a BETTER market to buy in? What exactly are renters “waiting out”? Are they waiting until prices go back up before buying? Yeah that makes sense.
This is the problem with renters’ arguments. “oh the market is bad, I’m not buying now” and then it shifts to “Oh prices are way too high, I’m going to wait for them to come down before I buy”
I think that most of you who claim to be waiting for “bottom” will miss it and before you blink the market will have recuperated, you won’t know what hit you and you’ll be renting till you’re on your deathbed. These things have a way of sneaking up on you, and there is no possible way to know that if a year from now prices will be down another 8% (although I don’t think that number is accurate in Manhattan or Bstone Brooklyn) prices could be flat, or they could be up 4%. You don’t know. Since everyone I talk to who lives outside a city right now is thinking seriously about moving closer to one with the heating and gas bills, I would not be suprised if NYC continues to fare well in all of this. People are terrified of having to spend the rest of their lives with 5$ and up gas.
Brownstoner,
What happened to the morning after posting discussing Sunday’s open houses? That feature should happen every monday.
Saw on the news last night that prices are down more than 8% in the NY metropolitan area.
No, but prices could tank to 2005 levels – I think sellers are wise to sell while the getting’s good.