Last Week's Biggest Sales
Strongest high-end sales week in awhile. 1. PARK SLOPE $4,000,000 631 Third Street GMAP (left) When we had this as a HOTD back in May, the 4,150-square-foot limestone townhouse was asking $4,195,000. No price chops for what the listing called “the finest townhouse in Park Slope,” according to StreetEasy. Deed recorded 11/24. 2. BROOKLYN HEIGHTS…
Strongest high-end sales week in awhile.
1. PARK SLOPE $4,000,000
631 Third Street GMAP (left)
When we had this as a HOTD back in May, the 4,150-square-foot limestone townhouse was asking $4,195,000. No price chops for what the listing called “the finest townhouse in Park Slope,” according to StreetEasy. Deed recorded 11/24.
2. BROOKLYN HEIGHTS $3,125,000 (& $2,011,890)
One Brooklyn Bridge Park, Unit 1015 (& 1014) GMAP (right)
The same buyers paid $3,125,000 and $2,011,890 for two adjoining units at One Brooklyn Bridge Park. Unit 1015 is 2,361 square feet, with 4 bedrooms and 3 1/2 baths, while the 2-bed, 2-bath 1014 weighs in at 1,585 square feet, according to Stribling’s Bruce Ehrmann. The sale of unit 1014 also included a parking space. Deeds recorded 11/26.
3. PARK SLOPE $2,388,000
511 Third Street GMAP
A HOTD in early September, when the two-fam was asking $2,400,000. It’s nearly the same size as this week’s top dog, 631 Third, and only about an avenue away. Deed recorded 11/24.
4. BRIGHTON BEACH $2,275,000
120 Oceana Drive West, PH6 GMAP
1,776-square-foot unit in a Brighton condo. Deed recorded 11/24.
5. PARK SLOPE $2,150,000
52 Berkeley Place GMAP
This three-family house was on and off the market over the past year+, with an original listing price of $2.6 million, says StreetEasy. Deed recorded 11/24.
631 Third Street photo from Property Shark.
An example just popped into my head when thinking about Ms. Muffet’s posts…I used to go into stores and see one pair of slacks I really wanted, but there were too expensive for what I wanted to pay. They only had one of my size but I really wanted them.
Do I wait and see if it goes on sale and hope they still have that one pair, or do I pay a little more now to ensure I get what I what and the correct size.
Ok, analogy, right?
No, 11233 it’s not all me – believe me, there are lots of first-time buyers who are relieved that things are calming down. 11217, I know it’s not just about dollars and cents – if it were, we’d have a bought another place by now but have criteria about the features we want – we loved the last place we owned too so know all about that feeling of being happy with a purchase. The hoopla I was referring to was the frenzy of the last few years which encouraged many buyers to pay more than they could afford, banking on rising home values. That’s what’s gone away – not the desire to buy a home. The difference is that now, people are more cautious with how they spend their money since income is more vulnerable, and home values on the downturn, at least for a while.
I disagree:
We’ll see who is right soon enough, like I said. Maybe Brownstoner should set up an off shore gambling outfit so we can all place bets on these predictions. That seems right up your alley.
PS: I’d love to know what “vitriolic and counterfactual” assumptions I have made.
poley, my argument that recent sales are relevant makes sense. and i disagree with you because your argument makes no sense and, as is now clear, is based on a bunch of weird vitriolic and counterfactual assumptions. as for protesting too much, check your word count.
“it’s not just about me”
– Miss Muff it
Actually, it is all about you. All the time.
Who said any of this is “hoopla” Ms. Muffet??
I think some people just want to buy a home.
You talk only in dollars and cents, but some people may want to purchase a home now because they like it, and don’t come across what they like every day.
I’m not sorry I bought for a number of reasons. The number one reason is that I love my place, and think it’s special. I feel as though it was totally worth what I paid, because it is a great place for me.
Not everyone think of life only in dollar signs, like you appear to.
I wonder if the One Brooklyn combo sale was the Stribling sale everyone has talked so much about.
11233 – you may not care 11233 but some buyers do – it’s not just about me, but about anyone in a good position to buy right now. This is not a moment one has to rush to buy – the hoopla of the last few years has faded, replaced by the recognition that one will probably be rewarded by patience.
I Disagree:
I am not saying the market is tanking, only that these sales are not particularly relevant to discussing the market TODAY.
My point is that “buyers, especially those rich enough to be paying $2 or $4 million in cash” are exceptionally rare and almost all of them either make (or made) their money through usurious activities, i.e. hedge funds, or are tied to industries that feed upon that wealth, such as 11217’s model example above.
People with that much cash did not make it through industry, producing necessary goods or services in demand by the people. They gained their money through what amounted to economic rent. That system is over.
I too know quite a few very wealthy people and it was not until September 15th that they actually began to realize that the gravy train was coming to an end.
Me thinks you protest a bit too much. When new sales come into play with relevant contract dates, we shall see who is right.
11217: I’m working on a condo project in a prime part of Manhattan that is being foreclosed upon. There are of course no actual recorded contracts for any comparable buildings in the area since September 15th, of which there are many. In searching for unrecorded contracts, I can assure you all the brokers with whom I have spoken are full of it. They all give me different data about these “contracts”. I do believe it is just a lull, but brokers right now are hardly being honest. I wouldn’t trust Streeteasy or any broker unless you know them personally.
A lot of very big activity has happened in the past month. The biggest is certainly the liquidity the Fed has pumped into the system. The amount just in November is 600% greater than the entire previous year combined. This is an astronomical number. For the past 40 years, it’s been a 25% change, plus or minus, year over year. While banks that do not participate in the Federal Reserve System are fine, these are typically smaller community banks that do not create the multimillionaires like Jon Brownstoner who typically buy $4MM townhouses.
Banking as we know it is over and something terrible is just around the corner.
For the record, my business is doing well and I am making more money than I did last year. I don’t think Park Slope is going to become a slum. I’m simply saying that that the typical buyer of these homes at these prices DID in fact make their money by being stupid and believing that the reckless system of money lending we have had for the past 50 years would last forever. They were fools, and with their fall will go their money that bolstered these prices.