Last Week's Biggest Sales
Pretty brisk business in the brownstone neighborhoods and a head-scratcher in Manhattan Beach. 1. COBBLE HILL $3,950,000 13 Tompkins Place GMAP (left) This 4,100-sf townhouse was originally listed for $4.5 million in February, according to StreetEasy. Asking dropped by a quarter mil about 5 months ago. House has two units, one of which is a…
Pretty brisk business in the brownstone neighborhoods and a head-scratcher in Manhattan Beach.
1. COBBLE HILL $3,950,000
13 Tompkins Place GMAP (left)
This 4,100-sf townhouse was originally listed for $4.5 million in February, according to StreetEasy. Asking dropped by a quarter mil about 5 months ago. House has two units, one of which is a 5-bedroom triplex. Deed recorded 9/02.
2. MANHATTAN BEACH $3,050,000
150 Hastings Street GMAP (right)
3,532-sf house on a 6,000-sf lot half a block from Manhattan Beach Park. Property Shark records show it last traded for $800,000 in 2005—quite the meteoric appreciation.
3. BOERUM HILL $2,700,000
253 Dean Street Street GMAP
20 ft x 42 ft townhouse with an owner’s triplex and rental unit. The property sold quickly: It was listed for $2.495 million in late May. The Los Angeles-based person who signed as a trustee for the purchase has the same name as someone who’s reportedly dating a star of the TV show “Grey’s Anatomy.” Coincidence? Deed recorded 9/03.
4. CLINTON HILL $1,895,000
298 Lafayette Avenue GMAP
3,496-ft, 2-family house priced at $1.995 million when it was an Open House Pick this May. Deed recorded 9/03.
5. CARROLL GARDENS $1,830,000
16 4th Place, Unit 1 GMAP
Triplex condo in a 19th century townhouse. Listed in April for a hair above the closing price, according to StreetEasy. Deed recorded 9/02.
Photos from Property Shark.
11233–Yes conversation that is reasonable and attempts to look at both sides of the story is quite necessary. Despite Twat’s attempts to disrupt this process it generally works pretty well here. What I don’t understand about TWAT’s thought process is this–even if all the banks go under, the people who have bought the houses they have bought are not going anywhere. Clinton Hill, for better or for worse, is now occupied by a new generation of home owners who will be here whether he likes it or not. Especially if prices collapse and folks can’t get what they want for their houses–all the more reason for people to hunker down for the long haul.
So, TWAT, in your mind what is going to happen to people like me when the banks all collapse? I have a mortgage I can afford and a house that I like. Why am I going anywhere?
Wasder: I think the days of flipping are over. We are back to a more normal maket – albeit with some credit restrictions. This is a major brake on how things used to work in the past few years, so I think it feels like it is worse than it really is. I am not denying that things are bad and some more people will suffer, but I think a lot of people got used to the go-go market of the 00’s (naughties, I call them) that the real world of house buying and selling seems really weird to them. (Asking price is not the sale price people!) Expectations will need to be adjusted for all involved in the market – from banks to buyers to sellers to agents. That process is not done yet and other factors, like the absorbtion of write offs at the banks, foreclosures and a softening overall economy are blurring the issue for now.
I hope we can keep this kind of conversation going on this site. I think it is needed. I can do without the inane comments of a certain you-know-who.
“I never ever attack anyone for the first time unless I’m attacked first and I’m sincerely appreciative of many of the other posters here I’ve come to consider cyber pals, like you.”
AAAWWWW is it that nice. Biff let Underwasder go first.
No problems guys. Hey could someone tell me about Lehmen today?
The What (Your lord and Master)
Someday this war is gonna end..
No worries Biff. And check out the Twat’s new “doomsday” marker in the the Weds links thread (you are mentioned).
11233–I was in the exact same boat and argued with my wife about buying in Bed Stuy before we settled on the house we did in Clinton Hill. For me knowing I will have no problems making my monthly payments was the first and foremost consideration. Buying a 600 or 700K house looked pretty appealing, especially when it was only a mile or so from Clinton Hill where I wanted to live. In the end being walking distance to the things that we as a family frequent was my wife’s line in the sand and I don’t blame her. I am lucky to have a professional circumstance that allows me to use a chunk of the house as my office and therefore the affordability aspect of the equation is taken care of. But interesting to hear someone else’s deliberations on the same circumstance.
I completely agree with you about the personal nature of house sales that are outside of the speculator/flipper world and responded similarly to the chicken above. It is too simple to broad economic pressures as the sole determinant in house prices go. Life always goes on and many people will always want to own their own home.
wasder, thanks for you comments. I think I’m usually pretty civilized. I was perhaps having a bit too much fun with DOWhat above, but c’est la vie. And I admit that I like to post some off topic comments when I feel like it, but I don’t see a problem with trying to lighten things up occasionally with a one-liner here or there.
I never ever attack anyone for the first time unless I’m attacked first and I’m sincerely appreciative of many of the other posters here I’ve come to consider cyber pals, like you.
“Prices aren’t going to go from $2m to $1m in one step – there are going to be transaction marks all the way down.”
Without a reason for this decline, other than your wish for cheaper housing, I don’t understand why you think prices will decline by 50%. What economic/financial factors do you think are playing into this? Some price to earnings ratio? (Earnings = personal earnings, not ROI) I don’t see that happening, as the prices above would attest. Yes, these sales are looking at the past and not the future, but I see more of a very slow – almost stagnant market at the high-end. Flippers and people who view real estate as purely an investment have been out of the market for some time IMHO. What we are left with is the normal course of buying and selling among people/families due to personal circumstance. This goes to your point about supply and demand. Unlike stocks, housing turns more slowly. Houses coming on the market now are due to personal reasons, move/death/divorce/kids. This will limit the supply more than the demand. I believe the demand for high-end housing is greater than supply. If buyers can’t get a cheaper house in Park Slope (for example), they will start to look elsewhere within the boro.
“I agree but as house prices went up, the relative difference between the good and less-good areas also went up. The difference in price between a Park Slope brownstone and a PLG brownstone is not just big, it’s f-ing enormous. The $1m+ difference for what is essentially the same house is the same as an extra person in the house making $250k/year and maxxed out – that’s just not normal. We only think it is because we’ve got used to it these past few years.”
I totally agree. However, I see the high-end market being stable (or weakening a bit) and the less affluent markets catching up slowly. I think the rise will come from people who are looking to move up to a house but are still priced out of Park Slope (for example). Other neighborhoods will improve in price and quality of life/services as the demand from these new buyers enters the market, slowly, over time.
Personal note, I chose Bed-Stuy over Clinton Hill (which I really like) because 1. I couldn’t afford CH and 2. Bed-Stuy had the same housing stock and (I think) greater potential in the long-term for less than half the price. Although my purchase was not solely determined on potential for future appreciation, it played a big part. There is little reason, in my mind, for the price differential between the two neighborhoods. I can easily afford my house, make improvements and not be house poor. THat is an ideal situation, I think. I know that BS has a way to go to be CH, but I truly beleive it will get there.
I think I addressed your comment on half off.
As for your choice of a neighborhood, I think you have chosen a great area to look. If you get a wrap around porch, I will gladly share a drink with you on it. I’ll bring the drinks.
I have to back up Biff here. He and Dave can be found all over this site using it in the manner that it is intended for: discussing Brooklyn real estate in a civilized manner. There is only one person (and his associated sockpuppets) who is causing the dischord here. You won’t find anybody else needlessly insulting everyone and else.
Also, Biff is correct in saying that he has never called for the Twat to be banned.
A Guest:
1) I don’t want DOWhat banned.
2) What exactly did you just add, or ever add, for that matter?