Last Week's Biggest Sales: Slope Supreme
All about the Slope this week. 1. PARK SLOPE $2,855,000 590 2nd Street GMAP (left) House originally listed for $3,200,000 late last year and then reduced to $2,995,000 this spring. Two-family, four-story brownstone. Deed recorded 7/02. 2. BROOKLYN HEIGHTS $2,792,500 69 Joralemon Street GMAP (right) Can’t find a listings trail for this one. Property Shark…
All about the Slope this week.
1. PARK SLOPE $2,855,000
590 2nd Street GMAP (left)
House originally listed for $3,200,000 late last year and then reduced to $2,995,000 this spring. Two-family, four-story brownstone. Deed recorded 7/02.
2. BROOKLYN HEIGHTS $2,792,500
69 Joralemon Street GMAP (right)
Can’t find a listings trail for this one. Property Shark has it as a 3,040-sf two-family. Deed recorded 7/03.
3. PARK SLOPE $2,788,000
130 Lincoln Place GMAP
Asking $2,995,000 when we had it as a House of the Day in early March. Two-family brownstone. Deed recorded 6/30.
4. PARK SLOPE $2,400,000
22 POLHEMUS PLACE GMAP
3,240-sf, 1-fam townhouse. Listing MIA. Deed recorded 7/03.
5. PARK SLOPE $1,725,000
398 Bergen Street GMAP
Asking $1,750,000 when it was an Open House Pick in February. Last sold for $1,140,000 in May 2005. Three-fam, 2,400-sf. Deed recorded 7/02.
Photo of 69 Joralemon from Property Shark.
It’s true, there has been incredible appreciation the last few years so even a drop to 2005-6 prices would not hurt that many people – tons of people in Bklyn, including PS, bought much earlier so would still make a hefty profit. That said, many places are now selling well under ask – a sign that the market is indeed softening, but hopefully this will mean sellers will just price more realistically, which will increase overall transactions – demand is there, but buyers are just reluctant to pay too much…
2005 was the top of the national real estate market. That does not mean 2005 was the top of the NYC real estate market. There will be a lot of variation from city to city around the country. Although there were certain places in NYC in which there was a high percentage of subprime loans, that was certainly not the case in Manhattan, the Slope or the Heights. So NYC is operating under a different dynamic than the rest of the US.
What drove up real estate in prime NYC neighborhoods was the profits made by subprime lending – the securitization of loans on Wall Street. In other words, NYC real estate was the prime beneficiary of turning mortgages into bonds. Wall Street bankers and lawyers were paid big bucks for this and their firms benefitted handsomely. That market did not go bust until the Bear Stearns hedge funds blew up in March, 2007. That month, I’d bet, would mark the peak of NYC prime real estate. That was the date that people first started losing their jobs on the Street. That process is still in its infancy stages, Wall Street typically offers very generous buyouts when it lays people off.
Don’t worry as Chuck D. once said, “you’re gonna get yours.”
Some of you are really quite ignorant.
This is not about being a bull or a bear, but you judge price appreciation by the price of the house the last time it sold, NOT by the asking price.
Some of these homes show 600-700k appreciation since 2005. The year most people on this blog say was the top of the market.
That is clearly not the case, and while the rest of the country suffers from severe losses on properties bought in 2005, Park Slope (and other areas) are still seeing incredible appreciation.
Think about that. 600K in 3 years. For doing nothing. The numbers you need to be looking at are what these places sold for in 2004, 2005 and what they are selling for today.
As long as today’s numbers are higher (in many of these cases, SIGNIFICANTLY higher, all is fine.
Think about how much prices would have to drop for these brownstones to sell for less than what they were paid just a few short years ago.
I’m not sure I see them falling even back to 2005/6 levels. It’s possible, but so far, it doesn’t seem to be happening here.
These prices are INCREDIBLE!
THe house on 3rd street between 7th and 8th with the outrageously campy decor just sold for 3.75 mill.
The limestone on the park block of 1st street just sold this spring for 3.6 mill.
Whoever got this house on 2nd street got a pretty good deal in other words — but I haven’t seen any of the houses so I don’t know how they really compare.
Inventory is low compared to interested buyers. But these buyers must have lots of cash – the lending isn’t there. So wealthy people putting there money in smart places.
Also, pretty sure that the person who bought Polhemus and sold Bergen is a professional flipper, who, I’ve been told, does not do the best quality work. Will have to wait and see when Polhemus hits the market in a year or two.
The seller of 398 Bergen Street bought 22 Polhemus. I remember her from the open house I attended for 398 Bergen.
22 Polhemus was a Warren Lewis listing. The asking price was $2 million and it was an estate sale. The house was a 1-family and had not been touched since the 1890s. Amazing, truly amazing. Every detail was intact. I hope the new owner restores it instead of gutting it. I’m not too hopeful.
I am stunned that the Joralemon St house sold for that much. It was a wreck! And small. God, there IS a sucker born every minute!
whether the seller listed the house at 3.2 and sold for 2.8 or….listed for 2.6 leading to a bidding war reaching 2.8, the fact remains the same. the house sold for 2.8!
park slope prices seem to continue going up, although at a slower rate.