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.
The reality is, more and more potential buyers are seeing this as a moment when renting makes more sense than buying, since they are waiting out the market. Not only is renting cheaper right now, but the risk in losing equity if you overpay is a growing concern when market signs point to better deals in the next year or so. We are in this camp. We sold a few months ago, just before the real estate news got decidedly gloomier. Sale motivated by school, as well as timing – we always knew we’d sell eventually and trade up, and time seemed right. Almost every single broker I’ve spoken to concurs and admits that coop/condo market is starting to suffer. Now, we see listing after listing lowering its price, or lingering on the market. Not that there aren’t the occasional bidding wars for well-priced properties but it’s getting rarer and rarer. I think we’re in a moment of stalemate between buyers and sellers, but some sellers will not be able to wait it out – divorce, death, relocation continue and people need to sell. We on the other hand, have a lovely, economical rental in prime Bklyn where we can happily wait it out while we wait for the right place at the right price — and we are seeing more of these starting to come on the market, and seeing more sellers forced to be flexible. And they should complain – prices are still SO much higher than what anyone paid 5-6 years ago, and I doubt will tank to those levels.
1.4 mil with 295 maint which includes parking.
about a million dollars outside of anything I will ever be able to afford but seems pretty awesome.
Well considering I rent with my family one of the 3 bedrooms at 70 8th Avenue and we pay $6400 a month, I’m really not so sure it’s better to rent than to buy. Even now. We only rented because we moved from out of state and weren’t sure we would love it, but it turns out that we are absolutely IN LOVE with Park Slope so we’ve started to look around a little bit. We are finding prices to be firmly holding steady, if not increasing slightly in the areas of Park Slope where we are looking (North, nothing south of 3rd Street and mainly between 6th Ave and Prospect Park).
Nice little dance, 11:34. In the past, you all used the arena as the main argument that PH would become a hellhole of parking lots, traffic, rising asthma rates, garbage, chain stores, and loud, puking sports fans. Last time I checked, the arena remained the center of AY, yet property values in PH continue to hold steady or rise.
11.36 – No you won’t mate. You’ll be paying property taxes and property insurance.
11:36 – but 1.4 million doesn’t make sense if you can wait a year and get the same place for 1.3. This is what is happening to a lot of apts – check Streeteasy. These listings are a case in point.
Brownstoner – why you don’t feature 3BR’s that are more typical, in the 1100-1200 sf range? These are both 1800 sf +. The smaller ones have much lower prices than these, believe me, and much more typical of PS. These 3BR’s are an anomaly, and went for well below initial ask anyway. So yes, market is still healthy in that sellers are still making out just fine, but they have to see the new reality which is that they can’t ask for the sky and get it. Prices are calming down.
“11:23 — how much gas do you need to burn to cover the cost difference between Park Slope and West Orange? ”
About 1000 gallons per year.
And your soul.
11:23 – that article has been posted about 3 times. These 3 Bedrooms are very large, almost as big as some of the smaller houses in the area (i.e. the 16 x 40 variety). So I don’t think these are in any way typical of 3 BRs – they are more like house alternatives. Also, one had parking! For every healthy sale that Brownstoner posts, there are plenty of others going way under ask, or lingering. Brownstoner depends on realtors to advertise and fuel his site, so there is a built in bias towards the perspective the realtors may like. Not to say the market is tanking or that there aren’t occasionally higher prices paid, but the direction of the overall market right now is down. That said, the market got SOOOO high in the last few years that yes, prices are still plenty high so owners should not fear selling. It’s just that one cannot necessarily expect automatically get double the price one paid a few years ago, which is what a lot of brokers/sellers are aiming for. Price appreciation has basically stopped, and if anything, is ticking downwards for the next year or so, gas crisis or no…