Last Week's Biggest Sales
1. PARK SLOPE $8,450,000 17 Prospect Park West GMAP (left) As covered last week, the 5,200-square-foot mansion owned by Jennifer Connelly and Paul Bettany sold for a hair below its asking price, $8.5 mil. It hit the market in late January. Entered into contract on 6/1/08; closed on 11/17/08; deed recorded on 12/10/08. 2. PARK…
1. PARK SLOPE $8,450,000
17 Prospect Park West GMAP (left)
As covered last week, the 5,200-square-foot mansion owned by Jennifer Connelly and Paul Bettany sold for a hair below its asking price, $8.5 mil. It hit the market in late January. Entered into contract on 6/1/08; closed on 11/17/08; deed recorded on 12/10/08.
2. PARK SLOPE $1,800,000
547 9th Street GMAP (right)
Also old news: This three-story limestone house went for $200,000 more than its original asking price. Entered into contract on 5/8/08; closed on 8/11/08; deed recorded on 12/8/08.
3. WINDSOR TERRACE $1,800,000 $1,490,000
272 Windsor Place GMAP
When it was an Open House Pick in late February, the two-family house’s sellers were looking for $1,595,000. Entered into contract on 6/11/08; closed on 11/26/08; deed recorded on 12/9/08.
4. MIDWOOD $1,362,500
2401 Avenue O GMAP
Detached, 2,971-sf single-family house on a 4,500-sf lot, according to Property Shark. Entered into contract on 6/23/08; closed on 11/25/08; deed recorded on 12/12/08.
5. BATH BEACH $1,310,000
115 Bay 29th Street GMAP
DOB records indicate that this is a new construction, three-family house. Entered into contract on 9/19/08; closed on 11/24/08; deed recorded on 12/12/08.
miss muffett– i think that one thing that has changed dramatically from 10 years ago is that made it possible for many to buy brownstones or limestones or brick townhouses, etc.. (including myself) was that you were able to buy a fixer upper in cobble hill, carroll gardens, park slope for $500K and a decent renovated one for between $650-$750, and even in 1996, those areas were certainly gentrified, or italian enough to very safe and had good schools to boot.
now, these homes have tripled or quadrupled (way past average gains in incomes), and the areas that still offer homes at the lower prices are in “less desirable” areas that may not be safe and may have bad or very bad schools.
i’m not sure what your target price is or where you want to live, but for me, I personally would prefer to have the square footage in my chosen area over a historic home in an area that i consider to be a safety or gentrification risk, ie: that it will not gentrify to a place that suits my lifestyle needs.
what is your criteria, out of curiosity?
Rates may be going negative –that’s what saved the Japan property market…not. To those of you celebrating the fed as your cavalry, what’s happened is the fed is now out of bullets, and has yet to stave off deflation. Literally, nothing is left to bail out over-leveraged homeowners, short of a direct purchase of your collapsing asset at an artificial price by the government. I’m sure you’ll be begging for that next.
yes, i’m serious with that article. you say it’s not going to happen, and i’m saying it’s happening. you say “most people don’t” with no evidence, and i’ve showed that some people, in fact, already did. you suggest that these people were somehow more rational with their money because it’s a second home, and i’m saying that anyone buying a $1m-$2m house in brooklyn whether for living or for investment isn’t going to so cavalierly ignore what’s going on in the markets such that we should entirely discount these closing prices. you honestly think that if the buyer thought the market was going to tank by 50% that he would go through with it? that’s not just overpaying – that’s a million dollars.
Rates are going to 3.5% why because the Fed will do what ever it has to do
billyboomer: you are 100% correct. The mortgage rate is going to 3.5% eat your heart out Muffett
if rates hit 5%, the new york real estate market stabilizes.
if rates hit 4.5%, the market climbs back to 2007-08 prices.
if rates hit 4%, the market jumps to new highs.
if jim cramer is right and it hits 3.5%, watch out!
I’ve never really understood the rationale on here that somehow Brownstone Brooklyn real estate is immune from everything that is going on right now. Anyone care to explain this to me? (seriously, i’m not trying to be snarky)
MM – What do you think is a reasonable $/SF cost for a pslope house/brownstone? You say prices are too high still, so you must have a target range in mind. Just curious.
As much as I abhor MM’s constant endless repetition of the same old story, anyone who buys now – or actually anyone who bought anytime after August, 2007 when the first subprime news started really coming out – is either independently wealthy or woefully clueless.