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.
revelation (the count was full!)
relevation
once again, nobody here seriously disputes that house prices are coming down. the discussion, to the extent there is rational discussion, involves disagreement about the relevance of recent sales or activity in listings as an indicator of present or future direction of the market. miss muffett always and uniformly posts that asking prices and sales of the homes discussed are irrelevant for one reason (contract made pre-crisis!) or another (delusional seller!) or no reason at all (writing while trying to get work done!), and that prices are going down by 50%. most of the rest of us have a more nuanced view and a far less tourettes-like way of expressing it.
The fact that dropping prices is the most interesting aspect of real estate to you, says it all I think.
Especially when so many people in this country are losing everything due to said prices falling.
Glad it’s happening as it needs to, but you seem to take a special pride in it all and I find it sick.
this house on 8th street is nice and on a not so great block. So the sale price seems great to me. Even after a discount during the sky is falling economic meltdown. I really do not give a crap what the case shiller index says or how the housing market in surburban Atlanta is doing or some crap condos in Vegas. Park Slope is a local real estate market if there ever was one. And I only see brownstones being more desirable, sure the prices will drop some. But if the great depression 2 is avoided, which it will be, then there will be a small correction in the market, but no way is it going to be 40% off prices now. And if this happens I will eat crow. The supply is too limited. And the old timers like me (HA) are not going to sell in a down market, cause I don’t have to. My mortgage is 1/4 your rent. Suckers.
11217 – I’ve got kids and a full time job, so limit my posts to the aspect of real estate that is currently most interesting to me – prices. Perhaps if I get a deal and can work a bit less I’ll have time to post on retail/restaurants (though, frugal person that I am, I don’t eat out much nor shop a lot). Contrary to what you say, I do post about home layout, politics, etc. and have posted quite a bit about schools.
You obviously don’t read well, Inigo. I just said (as I have many times) that I don’t care about home prices. There is a lot more to worry about in the world, then how much my house (on paper) costs since I have ZERO intention of leaving.
If you knew me or read any of my posts, you would know how much I love Park Slope. I have no plans to leave anytime soon. This is my home.
Despite what you think, I actually WELCOME price declines, especially in my neighborhood where too many younger and more creative people have been priced out. I would LOVE to have more neighbors like myself instead of more and more people who can afford 2 million dollars and up. I welcome price declines so that some of my friends who want to buy a place, can.
As for me being repetitive, at least I post on other topics, oftentimes actually contribute (or try to) on the actual houses, and speak about a variety of different subjects and posts.
You on the other hand Ms. Muffet speak about one thing and one thing only. You don’t post about the retail, the restaurants…you only post your diatribe about how prices are falling and you managed to escape it.
It’s silly.
“Prices wont bottom at the point you describe, they will have certainly reached a bottom BY this point, and QOQ and MOM graphs will have shown it for some time.”
Didn’t say AT, said APPROACHES. “some time” = 9 months max (see below). Not bad for a top/bottom (peak/trough) call in RE.
NYC Metro Case-Shiller Index
MONTH YEAR, READING, MOM, YOY
January 1987 74.42 Trough
February 1987 75.43 1.36%
March 1987 76.25 2.46%
April 1987 77.34 3.92%
May 1987 79.16 6.37%
June 1987 80.84 8.63%
July 1987 82.22 10.48%
August 1987 83.01 11.54%
September 1987 83.44 12.12%
October 1987 83.88 12.71%
November 1987 84.02 12.90%
December 1987 84.41 13.42%
January 1988 84.12 13.03% 13.03%
February 1988 83.92 12.77% 11.26%
March 1988 83.48 12.17% 9.48%
April 1988 83.71 12.48% 8.24%
May 1988 84.23 13.18% 6.40%
June 1988 84.59 13.67% 4.64%
July 1988 85.02 14.24% 3.41%
August 1988 85.33 14.66% 2.79%
September 1988 85.54 Peak 14.94% 2.52%
October 1988 85.14 -0.47% 1.50%
November 1988 84.82 -0.84% 0.95%
December 1988 84.33 -1.41% -0.09%
January 1989 84.32 -1.43% 0.24%
February 1989 83.77 -2.07% -0.18%
March 1989 83.27 -2.65% -0.25%
April 1989 82.94 -3.04% -0.92%
May 1989 82.97 -3.00% -1.50%
June 1989 82.95 -3.03% -1.94%
July 1989 82.67 -3.36% -2.76%
August 1989 82.63 -3.40% -3.16%
September 1989 82.38 -3.69% -3.69%
October 1989 82.36 -3.72% -3.27%
November 1989 81.85 -4.31% -3.50%
December 1989 81.32 -4.93% -3.57%
January 1990 80.89 -5.44% -4.07%
February 1990 80.53 -5.86% -3.87%
March 1990 79.99 -6.49% -3.94%
April 1990 79.34 -7.25% -4.34%
May 1990 79.05 -7.59% -4.72%
June 1990 78.96 -7.69% -4.81%
July 1990 78.78 -7.90% -4.71%
August 1990 78.21 -8.57% -5.35%
September 1990 77.41 -9.50% -6.03%
October 1990 76.80 -10.22% -6.75%
November 1990 76.14 -10.99% -6.98%
December 1990 75.60 -11.62% -7.03%
January 1991 74.59 -12.80% -7.79%
February 1991 73.69 -13.85% -8.49%
March 1991 72.87 -14.81% -8.90%
April 1991 72.29 Trough -15.49% -8.89%
May 1991 72.63 0.47% -8.12%
June 1991 73.50 1.67% -6.91%
July 1991 74.39 2.90% -5.57%
August 1991 74.90 3.61% -4.23%
September 1991 75.06 3.83% -3.04%
October 1991 75.01 3.76% -2.33%
November 1991 74.84 3.53% -1.71%
December 1991 74.74 3.39% -1.14%
January 1992 74.59 3.18% 0.00%
February 1992 74.38 2.89% 0.94%
March 1992 74.27 2.74% 1.92%
April 1992 74.40 2.92% 2.92%
May 1992 74.69 3.32% 2.84%
June 1992 75.14 3.94% 2.23%
July 1992 75.47 4.40% 1.45%
August 1992 75.79 4.84% 1.19%
September 1992 75.74 4.77% 0.91%
October 1992 75.48 4.41% 0.63%
November 1992 75.38 4.27% 0.72%
December 1992 75.35 4.23% 0.82%
January 1993 75.54 4.50% 1.27%
February 1993 75.42 4.33% 1.40%
March 1993 75.32 4.19% 1.41%
April 1993 75.34 4.22% 1.26%
May 1993 75.71 4.73% 1.37%
June 1993 76.44 5.74% 1.73%
July 1993 76.84 6.29% 1.82%
August 1993 76.99 6.50% 1.58%
September 1993 76.99 6.50% 1.65%
October 1993 76.92 6.40% 1.91%
November 1993 76.88 6.35% 1.99%
December 1993 76.71 6.11% 1.80%
January 1994 76.61 5.98% 1.42%
February 1994 76.43 5.73% 1.34%
March 1994 76.60 5.96% 1.70%
April 1994 76.88 6.35% 2.04%
May 1994 77.55 7.28% 2.43%
June 1994 78.20 8.18% 2.30%
July 1994 78.78 8.98% 2.52%
August 1994 79.08 9.39% 2.71%
September 1994 79.08 9.39% 2.71%
October 1994 78.87 9.10% 2.54%
November 1994 78.50 8.59% 2.11%
December 1994 78.36 8.40% 2.15%
January 1995 78.28 8.29% 2.18%
February 1995 78.29 8.30% 2.43%
March 1995 77.95 7.83% 1.76%
April 1995 77.77 7.58% 1.16%
May 1995 78.03 7.94% 0.62%
June 1995 78.58 8.70% 0.49%
July 1995 78.99 9.27% 0.27%
August 1995 79.17 9.52% 0.11%
September 1995 79.17 9.52% 0.11%
October 1995 79.11 9.43% 0.30%
November 1995 78.85 9.07% 0.45%
December 1995 78.70 8.87% 0.43%
January 1996 78.63 8.77% 0.45%
February 1996 78.73 8.91% 0.56%
March 1996 78.90 9.14% 1.22%
April 1996 78.94 9.20% 1.50%
May 1996 79.36 9.78% 1.70%
June 1996 79.52 10.00% 1.20%
July 1996 79.97 10.62% 1.24%
August 1996 80.31 11.09% 1.44%
September 1996 80.45 11.29% 1.62%
October 1996 80.35 11.15% 1.57%
November 1996 80.02 10.69% 1.48%
December 1996 80.03 10.71% 1.69%
January 1997 80.08 10.78% 1.84%
February 1997 80.08 10.78% 1.71%
March 1997 79.97 10.62% 1.36%
April 1997 80.03 10.71% 1.38%
May 1997 80.53 11.40% 1.47%
June 1997 81.53 12.78% 2.53%
July 1997 82.32 13.87% 2.94%
August 1997 82.72 14.43% 3.00%
September 1997 82.80 14.54% 2.92%
October 1997 82.84 14.59% 3.10%
November 1997 82.94 14.73% 3.65%
December 1997 83.11 14.97% 3.85%
January 1998 83.36 15.31% 4.10%
February 1998 83.85 15.99% 4.71%
March 1998 84.28 16.59% 5.39%
April 1998 84.76 17.25% 5.91%
May 1998 85.52 18.30% 6.20%
June 1998 86.58 19.77% 6.19%
July 1998 87.70 21.32% 6.54%
August 1998 88.48 22.40% 6.96%
September 1998 89.04 23.17% 7.54%
October 1998 89.31 23.54% 7.81%
November 1998 89.41 23.68% 7.80%
December 1998 89.43 23.71% 7.60%
January 1999 89.49 23.79% 7.35%
February 1999 89.89 24.35% 7.20%
March 1999 90.56 25.27% 7.45%
April 1999 91.59 26.70% 8.06%
May 1999 92.49 27.94% 8.15%
June 1999 94.07 30.13% 8.65%
July 1999 95.47 32.07% 8.86%
August 1999 96.88 34.02% 9.49%
September 1999 97.67 35.11% 9.69%
October 1999 98.24 35.90% 10.00%
November 1999 98.59 36.38% 10.27%
December 1999 99.28 37.34% 11.01%
January 2000 100.00 38.33% 11.74%
February 2000 100.54 39.08% 11.85%
March 2000 101.27 40.09% 11.83%
April 2000 102.41 41.67% 11.81%
May 2000 104.35 44.35% 12.82%
June 2000 106.00 46.63% 12.68%
July 2000 107.52 48.73% 12.62%
August 2000 108.90 50.64% 12.41%
September 2000 109.76 51.83% 12.38%
October 2000 110.51 52.87% 12.49%
November 2000 110.89 53.40% 12.48%
December 2000 111.87 54.75% 12.68%
January 2001 112.66 55.84% 12.66%
February 2001 113.51 57.02% 12.90%
March 2001 114.48 58.36% 13.04%
April 2001 115.60 59.91% 12.88%
May 2001 116.38 60.99% 11.53%
June 2001 117.90 63.09% 11.23%
July 2001 119.66 65.53% 11.29%
August 2001 121.41 67.95% 11.49%
September 2001 122.91 70.02% 11.98%
October 2001 123.86 71.34% 12.08%
November 2001 124.74 72.55% 12.49%
December 2001 124.72 72.53% 11.49%
January 2002 125.19 73.18% 11.12%
February 2002 125.40 73.47% 10.47%
March 2002 126.50 74.99% 10.50%
April 2002 127.93 76.97% 10.67%
May 2002 129.89 79.68% 11.61%
June 2002 132.20 82.87% 12.13%
July 2002 135.18 87.00% 12.97%
August 2002 137.74 90.54% 13.45%
September 2002 139.69 93.24% 13.65%
October 2002 141.58 95.85% 14.31%
November 2002 143.29 98.22% 14.87%
December 2002 145.20 100.86% 16.42%
January 2003 146.55 102.73% 17.06%
February 2003 147.30 103.76% 17.46%
March 2003 148.38 105.26% 17.30%
April 2003 149.53 106.85% 16.88%
May 2003 150.88 108.71% 16.16%
June 2003 151.86 110.07% 14.87%
July 2003 153.50 112.34% 13.55%
August 2003 155.14 114.61% 12.63%
September 2003 157.10 117.32% 12.46%
October 2003 158.73 119.57% 12.11%
November 2003 160.59 122.15% 12.07%
December 2003 162.31 124.53% 11.78%
January 2004 163.63 126.35% 11.65%
February 2004 164.92 128.14% 11.96%
March 2004 166.61 130.47% 12.29%
April 2004 168.30 132.81% 12.55%
May 2004 170.52 135.88% 13.02%
June 2004 172.90 139.18% 13.85%
July 2004 175.74 143.10% 14.49%
August 2004 177.93 146.13% 14.69%
September 2004 179.79 148.71% 14.44%
October 2004 181.90 151.63% 14.60%
November 2004 183.69 154.10% 14.38%
December 2004 185.16 156.14% 14.08%
January 2005 187.19 158.94% 14.40%
February 2005 189.29 161.85% 14.78%
March 2005 192.17 165.83% 15.34%
April 2005 194.10 168.50% 15.33%
May 2005 195.96 171.07% 14.92%
June 2005 197.77 173.58% 14.38%
July 2005 199.86 176.47% 13.72%
August 2005 202.33 179.89% 13.71%
September 2005 204.83 183.34% 13.93%
October 2005 207.64 187.23% 14.15%
November 2005 210.30 190.91% 14.49%
December 2005 212.68 194.20% 14.86%
January 2006 213.50 195.34% 14.06%
February 2006 214.47 196.68% 13.30%
March 2006 214.33 196.49% 11.53%
April 2006 214.97 197.37% 10.75%
May 2006 215.57 198.20% 10.01%
June 2006 215.83 Peak 198.56% 9.13% -29.64%
July 2006 215.25 -0.27% 7.70%
August 2006 214.34 -0.69% 5.94%
September 2006 214.08 -0.81% 4.52%
October 2006 214.28 -0.72% 3.20%
November 2006 214.23 -0.74% 1.87%
December 2006 213.79 -0.95% 0.52%
January 2007 212.78 -1.41% -0.34%
February 2007 212.52 -1.53% -0.91%
March 2007 212.39 -1.59% -0.91%
April 2007 211.61 -1.96% -1.56%
May 2007 210.51 -2.46% -2.35%
June 2007 209.49 -2.94% -2.94%
July 2007 208.36 -3.46% -3.20%
August 2007 207.15 -4.02% -3.35%
September 2007 206.35 -4.39% -3.61%
October 2007 205.54 -4.77% -4.08%
November 2007 204.58 -5.21% -4.50%
December 2007 202.47 -6.19% -5.29%
January 2008 200.78 -6.97% -5.64%
February 2008 198.45 -8.05% -6.62%
March 2008 196.53 -8.94% -7.47%
April 2008 194.78 -9.75% -7.95%
May 2008 193.88 -10.17% -7.90%
June 2008 194.22 -10.01% -7.29%
July 2008 193.64 -10.28% -7.06%
August 2008 193.33 -10.42% -6.67%
September 2008 191.32 -11.36% -7.28%
Miss Muffet can’t move the market alone but that’s not what she’s trying to do. She’s aligning herself, advertently or not, with other bulls who can and will move the market en masse. You know and I know that booms andd busts are all about mass psychology. RE might not be stocks but it behaves very similarly in slow motion. Fraud, deceipt, euphoria and greed, followed by relevation, reality and fear. Boom! Crash!
Bulls peddle greed. Bears peddle fear. I see nothing wrong with Miss Muffets posts.
Much respect for you though, Aussie.
11217 has something goin’ on. Either he is a realtor facing the prospects of an extremely lean rest of his life, or he is trying to sell some dumpy walk-up and can’t. The desperation is obvious.
You just have to accept the fact that prices for houses are coming down. I think by a lot. Neither Muffet nor I nor a desperate realtor can stop it.