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.
No, we won’t see a 300% drop, but we may likely see 15-25%. I’m actively looking to trade up (sold already) but carefully so. Got lots of cash in the bank, but ain’t gonna blow it on an overpriced mediocre property. Sellers meanshile can still make 250% profit if they are like you so go ahead and sell!
Also – both 3BRs on this list are listed on street easy as 1800 sf + so definitely do not reflect median prices for 3BRs.
Guest 2:51.
You’re paying $3,900 for your rental today. If your rent goes up 5% a year, you’ll be paying $6,350 in 10 years. If your rent goes up 10% a year, you’ll be paying $10,100 in ten years. If your landlord wants your apartment for his newphew, he tells you to move when your lease is up. In 10 years, the guy who owns will still be paying close to $5,000 and will have paid down a chunk of his mortgage.
not a 300% drop, mean reversion. study the difference between real dollars and nominal dollars. staying flat to slightly down for many years is still a big drop.
but good for you. i hope you’re ok with saying the same thing 10 years from now, only 300% won’t sound like a lot then.
the biggest run-up sets the stage for the biggest decline
Well I was fortunate to be a part of the run-up, but since I’ve seen 300% appreciation since I bought my place, I have a funny feeling that we’re not going to see a 300% drop.
3:14 = biff’s taint
So much for productive dialogue. Why don’t you just insult each others’ mothers, call each other fags and be done with it?
3:12 = biff = so transparent
My rental needs 100k renovation to be comparable to ones I’m looking to buy — but they cost double, after tax.
If only I were stabilized, I’d renovate the landlord’s apt for it and we’d both be better off.
the biggest run-up sets the stage for the biggest decline. the fear is PALPABLE.
btw, i have no envy. my landlord doesn’t raise my rent ($2500 2br in prime north slope). i can afford to buy (now) but didn’t earn/save that money by being stupid about it.
if you are an owner who is not underwater (bought before 2004), my comment wouldn’t have irked you so much. so you are either a recent buyer or a desperate broker. so transparent.