Last Week's Biggest Sales
Pretty strong week in the brownstone belt. 1. BROOKLYN HEIGHTS $2,450,000 150 Henry Street GMAP (left) This one didn’t take long to sell: According to StreetEasy, the 4,312-sf house was listed for $2.5 million in early May and went into contract a few weeks later. Its listing noted, “Beautiful detail and great proportions but in…
Pretty strong week in the brownstone belt.
1. BROOKLYN HEIGHTS $2,450,000
150 Henry Street GMAP (left)
This one didn’t take long to sell: According to StreetEasy, the 4,312-sf house was listed for $2.5 million in early May and went into contract a few weeks later. Its listing noted, “Beautiful detail and great proportions but in estate condition, needing everything. Legally a two family plus professional space, the possibilities abound. Great for a developer or an end user, but not for the faint of heart. Will be delivered vacant.” Deed recorded 10/29.
2. BOERUM HILL $2,350,000
440 Pacific Street GMAP (right)
This townhouse, on the other hand, stayed on the market for quite a bit longer than 150 Henry. StreetEasy shows the listing first appearing in October ’07, with an asking price of $2,450,000. The 3,360-sf, two-family property went into contract this September. Listing verbiage: “Owner’s spacious triplex features a gorgeous double parlor with a dramatic living room and a WBFP, floor to ceiling windows, 12′ high ceiling and wide plank oak floors. An open chef’s kitchen with an island is facing a garden and a large tiled deck…High income large floor-thru apartment on the garden level has a separate entrance.” Deed recorded 10/29.
3. COBBLE HILL $2,300,000
211 Congress Street GMAP
3,732, 2-family house was listed for $2,500,000 in mid-June and went into contract in early September. Deed recorded 10/28.
4. PARK SLOPE $2,175,000
865 Union Street GMAP
Asking $2,550,000 when we had it as an Open House Pick in late March. 4,024-sf, two-family, turn-of-the-century house, by Property Shark’s reckoning. Deed recorded 10/27.
5. SOUTH SLOPE $1,995,000
237 14th Street GMAP
Listed for what it went for, $1,995,000, when it was an Open House Pick in July. 2,893-sf, three-family, wood-frame house. Deed recorded 10/30.
Photos from Property Shark.
11217 – first of all, predicting brownstones will for 2-2.5 mill is silly when many of them already go for much less – so much depends on specific size, condition, block, etc. If you mean only Park Slope 4-story 20 footers, that’s one thing, but otherwise, your comment is meaningless. Also, I know for a fact people who stretched to buy properties that cost way more than 300-800K. Plenty of people stretched to buy brownstones in the under 2 mil range, and a few of them are starting to feel the pinch. I personally know of people who now, sadly, are suffering job losses, unexpected personal issues (i.e. divorce) and find they have to sell and are getting nervous to do so. I am frankly shocked that the 14th St house sold for ask, but it was a unique property due to the outbuilding, and I suspect that was a huge selling point. It’s also possible that buyers who went into contract before the meltdown suddenly had some misgivings but given the 10% tied up in deposit, had no choice but to suck up the high cost and hope they could swing it in the long run. Of course, I’ve also seen some places that went into contract negotiate some break post-meltdown, but those negotiations are limited by definition. Deals that go into contract post-meltdown, however, are a whole other story. I agree that prime Brooklyn will hold up better than the fringes, but we all seem to agree prices will go down everywhere so the real question is just how big a decline will it be, and how long will it last.
DOWS&P –
“-25 to -50 percent price drops from their recent peaks”
Is this a Brooklyn wide estimate or are you talking about specific local markets?
Also, just to clarify, you think condos and coops that reside in buildings that are in landmark districts will do worse than the 1 to 3 family homes (bldg types used in IBO study) they share the same street/location with?
I really and truly believe that most of the people who stretched to afford their homes were buying in the 300-800K range or so.
I really don’t think all that many people who can afford 2 or 3 million dollars homes stretched all that much. You do realize what it takes to afford such an amount, right?
brownie – Just because people bought their brownstones planning to live in them for years, doesn’t mean they will be able to do so if we have a deep recession. I think many young families in brooklyn brownstones are vulnerable because they stretched to afford their homes. in any case, we shall see.
Brownie: Are Crown Heights and Bed Stuy landmarked? The brownstones there are beautiful. But short sales, at least in Bed Stuy, are causing prices to drop dramatically in the last few weeks. You may not know it looking at a real estate agency’s Web site. But if you are a buyer in the market, they let you know the owners are considering substantial price cuts. The comps are dropping. The houses won’t appraise now for what they would have appraised for before Oct. And the buyers can’t get mortgages if the houses don’t appraise.
“Any reason you feel this will not be the case going forward?” – ITM @ 3:44.
No, not at all. Overall, historic home values will outperform all others because they’re like antiques. However, that outperformance does not mean they will escape -25 to -50 percent price drops from their recent peaks. Condos, coops and new homes will do worse.
This is a once in a life time boom and bust. You will be shell shocked.
brownie77 – I side with you.
DOWS&P – From my post yesterday re OBBP:
A 2003 study by the NYC Independent Budget Office concluded that although prices for historic properties have at times increased less rapidly than for similar properties outside historic districts, overall price appreciation from 1975 through 2002 was greater for houses inside historical districts.
Significant finacial turmoil over the period noted above. Any reason you feel this will not be the case going forward?
GKW – clearly you don’t get it. You talk about business news on TV or in the papers when I am talking about brownstones in prime Brooklyn neighborhoods. The brownstone market in landmark districts is very different from the stock market or the commodity market. 1BR or 2BR in a high rise brand new building might be more subject to fluctuation but my point is that the $2-3mil+ brownstones in prime Brooklyn Heights, Cobble Hill or Park Slope are being bought by people who will actually live there and most of the time raise families there for many many years to come.
look at the comment by “idisagree” (which made quote of the day by the way). When it’s about life in a neighborhood, it’s rock solid. As I said, 1 or 2BR in high rise are flooding the market and therefore will go down more.
Once again, in life, you really get what you pay for.
sam – also, given the proximity of that house to cobble hill, fort greene and park slope as well as a gazillion subways, many people would consider it a better location than bkln heights. bkln heights has a very specific appeal – many people would never consider living there.