Last Week's Biggest Sales
Quite a chasm between 31 PPW’s original listing price and what it eventually sold for. 1. PARK SLOPE $2,375,000 31 Prospect Park West GMAP (left) As chronicled in a HOTD post in late July, this 2,800-square-foot one-family was first listed for $3,250,000 in April. There were several price cuts in the months that followed ($2.6…
Quite a chasm between 31 PPW’s original listing price and what it eventually sold for.
1. PARK SLOPE $2,375,000
31 Prospect Park West GMAP (left)
As chronicled in a HOTD post in late July, this 2,800-square-foot one-family was first listed for $3,250,000 in April. There were several price cuts in the months that followed ($2.6 million was its lowest asking), and it went into contract in September. Deed recorded 11/21.
2. PARK SLOPE $1,802,500
239 8th Street GMAP (right)
Per StreetEasy, this 2,920-square-foot, two-family was originally listed at $1,995,000 in late May. There were smallish price cuts in June, July, and this month, before it closed. It last sold for $835,000, in September 2006. Deed recorded 11/19.
3. MANHATTAN BEACH $1,500,000
270 Dover Street GMAP
1,895-sf, one-family built circa 1915, according to Property Shark. Deed recorded 11/21.
4. FORT GREENE $1,406,250
137 South Oxford Street GMAP
3,520, three-family, according to Property Shark. We’re curious about the lack of a listings trail on this one. Anyone know what the story was? Deed recorded 11/19.
5. BROOKLYN HEIGHTS $1,331,670
One Brooklyn Bridge Park, Unit 1008 GMAP
Sale included a parking spot. Deed recorded 11/19.
239 8th Street photo from Property Shark.
muffy! i certainly don’t hate you, i just disagree with your reasoning. happy thanksgiving!
Stop picking on Miss Muffet, who is nothing if not polite, well reasoned, and entitled to her opinion.
My opinion: I have to disagree with her belief that current prices are “unnatural” and “untenable” because they are so far out of whack with the average or median income. Fact is that parts of Brooklyn are now locations for the elite just like Manhattan, San Francisco, Boston, Paris, Palo Alto, etc. And other parts are very poor. Just because prices are falling drastically in Modesto and Bushwick does not mean the same thing will happen in Palo Alto and Park Slope.
Prices did not fall far or long in the Bay Area during the 1989 downturn. They didn’t fall AT ALL after the dot-come downturn. Several hundred thousand people moved out of San Francisco after the crash in 2001, and yet rental prices did not fall from their insane doubling in two years, and sale prices increased. All the millionaires just stayed put in their pads even though they didn’t have jobs for three years. (I am close to dozens of such people and acquainted with perhaps hundreds, this is not conjecture.) Now they are off by 10 to 15 percent.
I do think decreases will continue for two years, but it’s going to take real calamity for prices to drop 50 percent.
We might be close to real calamity. All the worst-case scenerios that could happen so far have. Citibank has failed, so could the rest of the banking system, and the overwhelming size of the debt and worldwide economic troubles could perhaps mean the US will be unable to borrow more and the government would be bankrupt. (Plus the ripple effects of the mortgage bubble has the potential to cause an amazing numbers of layoffs and bankruptcies, and this is all happening at the same time as the Internet is making old jobs redundant.) I certainly hope it doesn’t happen.
I also recently sold and would buy a house tomorrow if I could find one with original details. I love where I live.
I disagree – you can’t hate me that much if you call me “muffy” 😉
I’ve conceded some sellers will get hurt and who the hell knows how I’ll do in the future – hell, we are all vulnerable. Can we agree that we all love Brooklyn and call a truce?
Kids,
I call a time-out!!!
i disagree – you’re twisting my words – i’m not saying that. OK, back to work, probably have to give this a rest for a while since I have too many other things to do. Peace out!
muffy’s verbatim repetition of the obvious is merely annoying. it’s a straw man to say that she’s right because prices are going down. we all know that prices are going down. that doesn’t make her right – it makes her not a total idiot. no, the truly grating part about muffy’s posts, and the reason why i will continue to argue with her, is that she insists (often without any facts to support her argument) that every sale or listing that does not support an immediate decline of 50% is irrelevant to assessing the market and is merely the product of greed, deceit and/or ignorance. then, the nails-on-the-chalkboard part comes when she tops it off with her bizarre assurances that each individual seller will probably do just fine and reminders that she herself did just great.
Muffett is right. Prices are going down and will not bottom for a while. The road is leading to a pretty obvious place. You either see it or you don’t. Frederick doesn’t see it, which is fine. He shouldn’t make price-based decisions if he doesn’t have the foresight and confidence to do so.
There is nothing wrong with repeating the obvious if that’s what it takes to get the slow to understand.
I think I’d prefer that we just not comment on each other’s comments, Ms. Muffet.
I really think there’s something wrong with you.
11217 – remember – there’s 2 sides to every coin. Dropping prices are bad for some people, good for others (not just me). Again, I’m writing from work right now, a bit off the cuff, but to suggest that an interest in prices makes someone a sicko, when lower prices help many people (by your own admission) who were otherwise priced out – well, sorry but I find that kind of accusation bizarre. Say what you will of me, but I’ve never flung names at you or my other detractors, precisely because I believe there are more important things in life, like being respectful to people of all stripes, even if you disagree.