Last Week's Biggest Sales
No listings readily available for the Slope sales—anyone know how much they were asking, or how long they were on the market? 1. PARK SLOPE $3,000,000 409 8th Street GMAP (left) 2,511-sf, single-family townhouse. Last sold for $1,375,000 in February 2006, according to Property Shark. Deed recorded 9/24. 2. PARK SLOPE $1,865,000 481 4th Street…
No listings readily available for the Slope sales—anyone know how much they were asking, or how long they were on the market?
1. PARK SLOPE $3,000,000
409 8th Street GMAP (left)
2,511-sf, single-family townhouse. Last sold for $1,375,000 in February 2006, according to Property Shark. Deed recorded 9/24.
2. PARK SLOPE $1,865,000
481 4th Street GMAP (right)
An LLC purchased this 2,748-sf, four-family (all rental, perhaps?) property. Deed recorded 9/26.
3. BAY RIDGE $1,435,000
234 80th Street GMAP
4,632-sf, two-family house built circa 1925; has a garage. Deed recorded 9/24.
4. WINDSOR TERRACE $1,330,000
1670 10th Avenue GMAP
This one was an Open House Pick in late May, when it was listed at $1,425,000. According to its listing, the 55-foot-deep house was configured with an owners’ lower duplex and a top-floor rental. Deed recorded 9/24.
5. WILLIAMSBURG $1,320,990
North 8 condo, Unit 6G GMAP
Original asking for this 1,224-ft unit in the Toll Brothers’ development was $1,195,990; the higher sale price likely reflects the fact that a parking space was included. StreetEasy records show that it went into contract about a year ago. Deed recorded 9/24.
Photos from Property Shark.
Bloomberg is going to announce on Thursday, he wishes to extend his run to a third term.
I don’t know about you guys, but that makes me less nervous about the state of NYC moving forward in these difficult times. I think he’s the man for the job at this point and knows that not basic services and keeping crime low will prevent NYC from slipping into another dark time like in the 70’s.
I bet what’s left of Wall Street will be a firm supporter of his bid for a 3rd term as well.
Miss Muffet:
A couple from Berlin just bought an apartment in the building next to mine…they closed 2 weeks ago. They are one of about 8 couples/families from Europe (just on my block!) who have bought in the last 2 years that I can think of. 7th Avenue is FILLED with Europeans these days…I heard French, German and Italian just on my 4 block walk to Key Food last night.
Don’t say it isn’t happening. It IS happening. It might (and probably is) slowing down dramatically, but NYC is still a bargain when compared to other great cities. 22nd most expensive city in the world.
Don’t forget also…as happened in Japan in the 1990’s…when the financial sector crashes, it is usually followed but a cultural revival.
Studio 54 opened in one of the darkest times in NYC history don’t forget. The club scene and visual and performing arts flourished during this time.
We may be in for a rough patch economically, but we could all be in for a major resurgence in culture in this city…something I think which has been severely on the downturn during this period of Wall Street excess.
Try to look at the positives.
30% will be ok for most. Anyone who’s had their property for more than 5 years would still come out ahead. You are forgetting that many people in these Brownstone neighborhoods have owned their homes for 20 plus years and bought them for a song (my neighbor who paid 60K for a brownstone for example…he bought 2).
There are still a lot of those people around. They’ve seen this happen before and still seem quite happy in their homes from what I can tell. They don’t even think about how much their home is worth every single day, if you can imagine!
😉
Just to chime in on the let’s-pray-the-europeans-keep-us-afloat thread. We have good friends in Europe, and believe me, people are getting nervous there. The world is increasingly interconnected so a recession here will probably mean a recession in Europe. And, the euro is actually a lot weaker now than it was at its peak – and, like everything else, is experiencing a vair amount of volatility. So, euros will not prop up prices.
I like Ricky’s crib–thanks for the links. I’m going to assume that those kitchen cabinets look better in person than they do online.
As for the future of Brooklyn RE, we can all hope for the best but anything can happen at this point. I think there’s a miniscule chance that the crisis can be contained to some degree but it’s not looking good.
I don’t buy the argument that NYC will get hit harder just because it’s held up better so far. There’s just less speculation here than there was in Vegas or the Florida exurbs. But I would be surprised if we didn’t get at least a 10-15% correction in the next 2 years, even in the good nabes. Let’s just hope it’s only 10-15% and not 30%.
NY Case-Shiller index is getting worse (new figure released today) and it has a two-month lag. Fuggettaboutit!!!
Whoops. Didn’t see all the responses to my tossed off post above. Yeah, I get it that it will probably take some time to see the effects of the crash in real dollar terms. I obviously am not rooting for this to happen as some people are but am fairly certain that it will happen (major price declines). I encourage Brownstoner to be more consistent with the “6 months later” feature as that gives a much more nuanced picture of how the market is working and how prices are holding up.
@wishinone – yep that’s the place.
@Nokilissa – It’s definitely that type of place. If this is your thing, it was a “money is no (or little) object” decision.
Here’s the Times piece on it
http://www.nytimes.com/2007/10/18/garden/18rickys.html?_r=1&scp=1&sq=ricky%20park%20slope%20townhouse&st=cse&oref=slogin
FYI – the twin row-house to the left of it sold recently as well.
” “The tighter the lending standards, the fewer developments which will be built, which will eventually lead to tighter inventory, which will then lead to higher demand and prices…”
There may be higher demand, but as lending standards tighten, less people will be approved for mortgages. There is a credit freeze, so while people may want to buy, the demand will likely not increase because they can’t buy. There is a credit freeze.”
Pardon me for sounding schoolmarmish, but…
1.) tighter inventory does not lead to higher demand. It leads to less supply.
2.) higher demand for housing is usually spurred by rising incomes and household formation. Whose income will be rising for the next few years? How many people will be moving here, given the imminent recession?
This is not a scenario supporting being bullish on prices over the next 5 years or so. Longer-run is another story.