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.
Ah.
Thanks Rookie, that helps to explain the price tag. I couldn’t imagine 3 mill for that sized home in the south slope in today’s market. But if it was reno-ed and jazzed up to within an inch of its life, then a buyer can fall in love. And one obviously did.
I wish people would stop thinking about real estate like it is a stock.
The 8th Street House was sold by Two Trees. It belonged to the guy who owns the “Ricky’s” chain. The place was featurd in the Times last year – definitely a stunning, high-end reno.
These prices show that the market is not what is used to be, but still it’s not crashing. I think the Windsor Terrace place is a good example. I think it could have gotten the asking last year but it sat on the market a while and ultimately sold a reasonable amount below asking. I think what we are going to see is that the market in Brooklyn will continue to slow, but not crash. Afterall, we know that Brooklyn and NYC in general is an incredibly attractive place to live. What will happen though is the mortgages will become increasingly more difficult to get and there will simply be fewer qualified buyers because of the loss of jobs. Places will sit longer on the market and owners who need to sell will have to take less (and maybe a lot less than they hoped for) in order to move their places. That’s my two cents.
How long before either prices drop, or lending requirements lessen that 30k as a downpayment could get me any sort of space in a desireable neighborhood?
Something tells me I should keep saving!!
Congratulations Paul C. Sounds like you will love the place, and to “over pay” is usually subjective. If you’d lost it, you’d have found yourself wishing you’d paid period.
I have to say I’m stunned by the 8th street sale. For 2,500 sq. feet in the south slope, that is a mighty nice pile o’ dough. Haven’t seen anything like it for almost a couple of years. Unbelievable, particularly given the current “slipped down the rabbit hole” state of affairs in all things economic and political. Sigh.
“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.
11217, I’m usually in agreement with you and I’ve been as bullish as anyone here, if not more, when it came to Brooklyn RE. But right now I just don’t see prices going anywhere but down for the next couple of years. If I was looking to buy, I would be throwing out extreme lowball offers right now and be content waiting on the sidelines. I think once we see the first of the decreased selling prices in prime brownstone Brooklyn, other sellers will start settling for less and less and a rapid decline will follow.
MISS MUFFETT COMMENT-BOT ACTIVATED
Prices will go down!
Sellers will be fine if they sold more than 2 years ago!
I sold my home at just the right time!
I can’t wait for a bargain on a house!
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REPEAT PROGRAM
SETTING: INFINITE LOOP
11217 – again, yes, long-term demographic trends point the way for all cities to probably increase in value over the long term (although, alternative energy and other unknown changes in the suburbs could perhaps make suburban living more appealing too, who knows). But what we are talking about is the short to mid-term, which looks rather grim and the gains in NYC real estate of the last 10 years reek of bubble-dom that seem very likely to soften if not pop. Really, no one can predict the long-term future so the best we can do is make informed decisions about the shorter time horizon before us (i.e whether to buy or sell).