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.
I don’t have a mortgage! I sold my Manhattan 2 bedroom and bought a HOUSE in Park Slope!!!
See ya suckers!
2:52pm is what I like to call “the other side of the trade.” This guy keeps waiting & waiting for NY to “revert to the mean.” PLEASE, this is NY, buddy! Ain’t happening.
The bull market in real estate ended 4th Q of 2005. We’re now in the 3rd Q 2008 and prices in Brownstone Brooklyn are, at best, 5-10% negotiable from the peak ask. Housing busts typically last 3 years to trough & that begins next Quarter. NYC only softened. Plus we have a National trend toward reurbanization due to high energy costs & municipality failures resulting in high suburban property taxes. Demand is mad strong right now & those buyers sitting on the sideling the past 2 years are starting to make a move back in as the bright ones see that Brownstone Brooklyn ain’t falling. 421A abatement is over. Any oversuppply by developers turns rental. Community boards won’t allow high rises in Brownstone Brooklyn. Supply is limited. Whatcha thinks gonna happen to prices 1 year from now. God, what an idiot. 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!
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.
“That’s what’s happening now in LA and SF”
No it’s not. Prices in Los Angeles have dropped less than 20% and they have dropped around 9% in San Francisco.
“But a 10% drop is wildly optimistic. To return to trend and normal ratios of purchase cost to rental value and replacement costs, prices need to drop closer to 50% than 10%.”
Translation:
“I have been outbid three times and I’m pissed. How much longer can this stuff keep selling at these prices?! I have a nice down payment but can’t get anything closed. Waaaaah, it’s not fair. Guess I’ll keep renting for a year and try again later.”
“The folks at 209 Dean are a bit optimistic in this market, don’cha think?
Posted by: johnife at February 8, 2008 1:28 PM”
Nope.
Well, obviously some houses are still selling at bubble prices — not many though.
Potential buyers need to seriously consider the financial affect of even moderate price drops. If Ft Greene drops 10% in the next year, someone who puts down 20% will have lost half their equity, and someone who rented for the year will have picked up an extra 200k — nothing to sneeze at and more than enough to cover 2 or 3 years of very high rent in the Washington Park triplex rental.
But a 10% drop is wildly optimistic. To return to trend and normal ratios of purchase cost to rental value and replacement costs, prices need to drop closer to 50% than 10%.
That’s what’s happening now in LA and SF. We’re just about a year behind them. 2003 is on its way all over the country; it’ll arrive here too.
“There’s no such thing as “prime” Clinton Hill.”
There’s no such thing as “prime” rib.
FG is hot. Used to be that if any Manhattan yuppy (transplants AND born and bred Manhattanites) had heard of ANY Bklyn nabes, it was only Bklyn Heights, and maybe PS. Now, a lot of them seem to know all about FG too. I guess Spike Lee’s movies started some public recognition of the area back when and BAM has heavily invested in its profile since the 90’s. Those aren’t the only mechanisms behind it, of course.
We saw the house on Lafayette. It was okay but needed some work, probably somewhere approaching 75-100K (fixing some structural issues, windows, kitchen and bath redos)so the ownership price is really 2M. I’m not shocked though. The location is majorly prime. Minutes from nearly every subway in NYC, the LIRR (walk to the train and you’re off to Shelter Island!), BAM, restaurants, some very decent food shopping, a block from the park and the Saturday green market, and, yes, just a couple blocks from the Flea. I wish the new owners years of enjoyment.
Wish we had nabbed that house.
The house on Adelphi was very, very, very nice but I am wowed at the sale price for a non-South Portland/Washington Park house. Geez Louise!
PS despite the rain yesterday later on, the Flea was terrific. Kudos and congrats!