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.
“$1.4m is roughly equivalent to $8000 monthly rent. Why does this make sense?”
Because you don’t have to pay that rent forever. Once the mortgage is gone you’ll be living rent free so to speak.
This is the Atlantic Yards effect. This is what happens when everyone finds out AY won’t happen the way it was initially planned to. Now all the houses in PH are worth more than they were in the fall while everywhere else they’re worth less.
11:23 — how much gas do you need to burn to cover the cost difference between Park Slope and West Orange?
The number of people who can afford 1.4 million is about 5 times the number who can afford 2 million. How likely is it that these buyers will be able to sell for a profit?
$1.4m is roughly equivalent to $8000 monthly rent. Why does this make sense?
http://www.nytimes.com/2008/06/25/business/25exurbs.html?hp
GREAT article.
Two 3 bedrooms selling for 1.4 million shows you what?
It shows me that the market is a lot healthier here than most people on this blog claim it is.
You do realize that it doesn’t matter if the brokers/sellers asked 4 million for those apartments, but that 1.4 million for a 3 bedroom is still a VERY healthy price for a place in Park Slope. I’m shocked at those prices, when that’s about double what I paid for my entire North Slope brownstone about 12 years ago.
Yet another PH home that has sold, in this case for well above the asking price and approaching the 2M figure.
Where are all of the DDDB people who love to crow about the Atlantic Yards effect?
No, the typical 3br in PS does NOT go for 1.4 million and up. There are certainly small 3BR’s which command far less. Size matters so consider price per square foot, along with things like outdoor space, level of renovation, monthly charges etc. If anything, these numbers show me that brokers/sellers have been overreaching with their prices since both 3BRs went for significantly less than originally asked for.
The Boerum Hill house is very big, so that price does not seem very high. As for PH, well, this hit Open House picks just before Bear Sterns imploded – market has definitely gotten gloomier/more cautious since. Brownstoner keep featuring this, it is interesting to track the steady erosion of prices. Now over as is definitely a rare exception, not the rule (a big shift from years past), and closing prices are often well under 10% below initial ask, and growing.