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.
Re: 8th Street, Park Slope:
i_disagree!, great detective work. This should be a wake-up call for all those that think they can do an extensive renovation “on the cheap.” Yes, this couple added a floor, did a total gut, etc. but they spent almost a MILLION bucks on a ~2,900sf house … and some people are still questioning the quality. Of course someone will now post that they can do an extensive reno of a townhouse for $75,000 per floor but that is simply BS if plumbing and electric need to be replaced and you want halfway decent fixtures. $150k to $200k seems to be more realistic even in this market (where GC’s are hungrier).
P.S. Am I the only one annoyed by virtually all of Miss Muffet’s posts? They always seem to have a slightly bitchy tone. No offense.
There might be a month or two more of these crazy [sucker] prices because most likely these buyers/sellers went into contract 2 or 3 months ago. Manhattan prices as well as prime Park Slope & Brooklyn Heights WILL follow national trends [20% to 30% price reductions] especially with Wall Street laying off over 100 thousand jobs. NYC real estate is going to be hit hard by next spring.
Outlook Grows More Dire for Housing Market
http://www.nytimes.com/2008/11/26/business/economy/26housing.html?ref=business
Case-Shiller report … Los Angeles, Miami, San Diego and San Francisco all had annual declines of more than 26 percent. Prices in New York have fallen 7.3 percent since September 2007.
[NYC]Inventory Rises, if Not Sales
http://www.nytimes.com/2008/11/23/realestate/23deal2.html?ref=realestate
The number of apartments that went into contract or had accepted offers in October plunged by 20 percent compared with September, and by 62 percent compared with October 2007, according to figures provided by the Corcoran Group, a residential real estate firm.
Miss Muffet,
There you go being positive again!
🙂
I saw 8th Street back in 2006 and again this past year. In 2006 it was a tiny wreck (just like the house next door to it, which was also put on the market this spring). The buyers basically treated it as a piece of land and a shell of an exterior, and totally re-did everything including adding an extension and a full floor (and thus lots of extra sf). Because the owners were pros at doing this kind of thing, they did the renovation pretty economically so I think they did still make out with a profit, albeit a slimmer one than they had hoped. The renovated house itself looked like it could be featured in a Dwell magazine photo shoot, but I was not convinced re: the quality of the work – plus, it was the kind of house where you had to really like the aesthetic choices, which were very specific. This must have gone into contract pre-meltdown, as did PPW house (owner seemed to be getting progressively more desperate this summer) – just a taste of what’s to come, to all those who say that “prime” areas won’t suffer big price cuts.
great work i_disagree! very interesting.
The 8th Street house DID have a 4th story–the owners had done a gut renovation and had added a 4th floor. A lot of dough was spent on that renovation.
PPW house sold for almost $1 million less than the original listing price–what a disconnect! It was a very cute house.
i am nosy and was intrigued, so i looked into 8th street. it looks like the sellers barely broke even, but don’t feel bad, because they previously made “hundreds of thousands” in profits renovating three prior places in brooklyn:
http://www.boston.com/realestate/news/articles/2008/10/26/trapped/?page=5
also, per street easy, it looks like they added a floor to the top.
For that matter, how in earth did they pay $835K for that place in 2006. Even if it was a shell it would have gone for more in 2006.