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.
RE: NYC
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…
We are still expected to increase our population significantly over the next 10 years. Even if it’s half of the projected million people, we have limited space here in a world which is very quickly going to become even more urbanized.
We negotiated a slightly reduced price on our Greenpoint new-construction condo yesterday (of all days to even THINK about buying!). We had to fight extremely hard, and we barely got any price reduction at all. The Sponsor did not seem to care about recent economic developments. But we love the space (duplex with exclusive garden), and knew there would be other buyers who love it as much as we do, and that was the determining factor. I am nearly certain that we overpaid, however, I am not looking to turn a profit on this “investment”, I simply hope that it won’t decline in value too much by the time we decide to sell (which could be 5 years or so).
11217 – we actually agree. I too think prices in NYC will go down but of course don’t know the % (no one does!) – but 40% does not seem inconceivable. And I too said we won’t see this next week, it will take a while. I also agree that NYC has been and remains different from rest of country – just that given the current crisis, we at last will feel it here. If I seem to have a one track mind, it’s because we are on the hunt in a big way for a home – but I assure you I certainly do think of many other things (the election for one!) and am not irrational (i.e. not waiting for total crash before buying…)
12:21…I’ve heard more people talking about “trying to get in on the market if there’s a crash” in the last week than I’ve heard in a while.
People know that if they buy low and hold on tight, they stand to make money in the long run.
Or you can sit on the sidelines AGAIN and watch everyone around you get rich in 20 years and cry that your rent is too high on an anonymous real estate blog.
(my old landlord bought in 1993 for $400,000 and sold in 2008 for 7 million).
Actually, bklynNY4sale, many would say the opposite – buy low, sell high. It’s exactly when the market is seeming to crash (stocks) that it could be the best time to buy, and when the market is really high (NYC real estate) that’s a good time to sell. Hence, if I were a proprty seller right now (I was a few months ago), I would sell now while the getting’s good. Low inventory will help sellers find buyers, but that could change. Buyers, like me, are only getting pickier, and waiting by the sidelines for prices to go down and there is universal consensus that our economy is heading for a rough patch, including in (indeed, possibly especially in) NYC…
Of course I think prices will go down, and potentially in a big way.
Your comment that it’s a slow process is the reason for my statement above. We aren’t going to see next week’s recent sales tumble by anything noticeable. That’s silly when buying a house is oftentimes a 3 month process…
I believe according to most of the bear-ish people on this blog, prices should be down about 40% from last year. And it’s more like 4%.
You do realize that the National housing market has tumbled about 16% in the last year, with the huge majority of that decrease centered in places like Los Angeles, Phoenix, Las Vegas and South Florida, where prices have tumbled 30% or more. Those places take a huge chunk of that 16% number.
New York is still a city with very little land, and even fewer properties being built.
My sister bought her condo in Washington DC for $425,000 in 2006 and sold it last week for $535,000. So yes, people are still selling their homes and not taking a loss.
Seems like you have a one track mind, Miss Muffet. Just because some places are doing badly, does not mean the entire country is feeling those affects equally.
pulling money out of crashing stocks and investing in real estate equals rising property values, not too difficult of a concept.
11217 – do you really think prices will not go down now? Why would NYC remain totally immune? And if you are so bull-ish, are you predicting prices will actually go up in the near future (1-2 years)? If so, what’s your argument? My own observations (from following market like a hawk, since we’re actively looking to buy) are that prices have begun coming down and that the trend will only accelerate. So it’s not really a broken record – people have been right, it’s just a pretty slow process…
#1 better have something special on the inside.