Last Week's Biggest Sales
Fort Greene, South Slope dominating. 1. BOERUM HILL $3,175,000 209 Dean Street GMAP (left) This house last sold for $1,840,000 in mid-2005 and was asking $3,250,000 when we had it as an open house pick in February. 3-story, 1-family, 3,584 square feet in all. Deed recorded 6/23. 2. FORT GREENE $3,055,500 275 Adelphi Street GMAP…

Fort Greene, South Slope dominating.
1. BOERUM HILL $3,175,000
209 Dean Street GMAP (left)
This house last sold for $1,840,000 in mid-2005 and was asking $3,250,000 when we had it as an open house pick in February. 3-story, 1-family, 3,584 square feet in all. Deed recorded 6/23.
2. FORT GREENE $3,055,500
275 Adelphi Street GMAP (right)
Asking $2,995,000 when we had it as a House of the Day in January. It’s a five-story, three-family house that was purchased for $1,300,000 in 2003. Deed recorded 6/23.
3. SOUTH SLOPE $2,000,000
419 13th Street GMAP
This baby was asking $2,100,000 when it was listed in March, according to StreetEasy, and it went into contract in May. 3,000-square-foot single-family. Deed recorded 6/27.
4. SOUTH SLOPE $1,950,000
444 12th Street, Loft A GMAP
Deal here was for a loft condo plus parking space in the Ansonia Clock Works building. This unit is 2,035 square feet, according to Property Shark. Deed recorded 6/23.
5. FORT GREENE $1,900,000
136 Lafayette Avenue GMAP
Three-family, 3,528-square-foot house was originally listed for $2,350,000 last fall, according to StreetEasy. Deed recorded 6/24.
Photos from Property Shark.
um…I hate to break this to you, 6:15, but comparing the vast, sprawling, unlimited desert of the Los Angeles basin to the island of Manhattan (and prime parts of the boroughs) is completely and totally ignorant.
You have a lot to learn about supply and demand.
I’ve heard zero predictions for prices to halve in LA or San Francisco. The worst prediction I’ve heard is on the order of 35% in places like Las Vegas, Miami and Phoenix and lesser amounts around the country. Notice where the worst is happening…in places where huge speculation and enormous supply have outstripped demand.
Now tell me how that correlates to NYC where we pack them in by the millions, live on top of one another and most building has, is or will be coming to a halt. I know of no other city in the country expecting 1 million new residents in the next 20 years.
“New York has never had a purhcase/rent ratio like the rest of the country.”
I don’t know. Go to corcoran’s neighborhood profile area and compare median/average incomes to what prices used to be (-67%). Incomes haven’t changed (virtually). Debt has.
“The bull market ended in 2005” but prices have gone up 20% since then. Doesn’t sound like much of a peak to me. But “PLEASE, this is NY, buddy! Ain’t happening.”
In NY, the laws of supply and demand have been repealed. Just because demand is heading down — the professionals have been priced out of Park Slope, the Wall Streeters are getting fired, super-jumbo mortgages are virtually dead, Europeans have less cash (and less willingness to risk it on a depreciating dollar). And supply is up: the color-bar has (partly)lifted so that gentrifiers are now willing to spread out into 10x as much area as a decade ago, renovations and new construction have close to doubled the elite housing stock in the older areas, and condos are on the march. None of that matters. PLEASE, this is NY, buddy! Ain’t happening.
Here in NY, we have an infinite supply of people with $3m cash who want to live in PS (or Boerum Hill) and don’t care if prices drop because they aren’t ever moving again (unlike those flitty actresses, Wall Street tycoons never change jobs and they love the hassles of homeownership).
And why not — the bars are awesome. I mean, 15 years ago, there were 2 decent neighborhood places; now there are, what, almost as many in all of Brownstone Brooklyn as on one block of the UWS. Clearly, that’s why prices are up. Fantasies of permanent profit and instant wealth have nothing to do with it.
?Whoever keeps talking about the purchase cost to rent ratios is an idiot.
New York has never had a purhcase/rent ratio like the rest of the country.
NEVER. To suggest so, shows your utter ignorance.”
This comment is weird. Or maybe just badly written. Of course NY had a purchase/rent ratio. How could it not?
On the other hand, it is true that until the last few years NYC’s ratio was different from the ratio elsewhere: we have a better selection of rentals, so the premium for buying was LOWER than elsewhere. In the rest of the country, people often have to pay a premium to buy because there are no comparable rentals. Here, you may have to look a bit, but you can rent in every neighborhood and at every quality level.
When the rest of the country was paying 15 times annual rent to buy, New Yorkers were paying 10. When I bought, at the peak of the last cycle, I paid 11 times annual rent, and it was historically high, both before and after.
So when you read the articles suggesting that LA and SF are heading for real corrections on the order of 1/3 or 1/2, figure we have the potential for worse.
Don’t worry 4:45, teh war is over on January 21, 2009 per the What. After that he and his cut and paste skills will disappear.
Useless drivel from the What again.
Oh no…studios are renting for $2800 and 1 bedrooms for $3500!!!
The wold as we know it is OVER!!!
Posted by: guest at June 30, 2008 3:49 PM
“Good luck earning interest of 2% on your down payment in your HSBC money market & keep mailing me your rent check & my mortgage which I’ll deduct from my income. Love renters!”
Hey Asshat, I don’t think you will have a “income” much longer. I don’t know if you git the memo but, it’s very bad out there!
The Jumbo Mortgage is history! Just ask all of the Dumbasses who are in contract. The crackhead Mortgage products are history.
Lookie here Asshats! I told the sheeple that some Manhattan rents are cheaper than Brooklyn’s. When the Asshats find this out I think everybody is moving back to the city. I wonder thatss going to happen to “Asshat Hill”.
Luring Affluent Renters in Manhattan
http://www.nytimes.com/2008/06/29/realestate/29cov.html?_r=1&oref=slogin
Get a load of this..
Market-rate rents have continued to rise, but the rate of growth is nowhere near the double-digit increases that landlords got in recent years. Brokers and building owners say that the troubled financial markets and layoffs on Wall Street probably led to the slow start of the rental season in April. Volume had increased by late May, but professionals in leasing offices say that the incentives being offered in the prime summer rental season are a clear sign of a weaker rental market.
Huh huh… Yep, keep fingering you prostates!
The What
Someday this war is gonna end…
Get out your rubbers boys…it’s gunna be a LOOOOOOOOONNNNG NIGHT!!!
– The Late and Great Anna Nicole Smith
… and I have a HUGE schlong!!
-4:07