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.
I pick cereal very quickly thank you very much. Just don’t want to pay a crazy price when I am literally seeing price cuts in the hundreds of thousands for some properties we’ve looked at (but rejected for other criteria). There is basically unanimity that prices will go down in 2009, and possibly through to 2010 and beyond. We only sold a few months ago, and the meltdown happened, so we’re just actively looking, but not rushing. We have a list of flexible criteria for the property we’re seeking, of which price is just one element – but since price impacts so many other parts of our lives – esp time spent with our kids! (big mortgage = more hours working to pay the bills), price is a major criteria, esp in an environment when prices are headed down.
“I disagree” – why would the seller want to renegotiate in these instances?
MM-the reason the last NYC downturn took so long to recover was that there was a huge amount of supply. 1 bedrooms and studios no one wanted. No one wanted to move here either.Not so this time.Less than a 1 yr.supply. And if you are going to stay in your place for life why the hell do you care what the market is going to do in the next few years, seems like you should find a place you like and can afford and buy it already. Do you have a hard time picking out cereal at the store?
once again: buyers and sellers can and do renegotiate contracts if they wish or walk away if they no longer like the deal they struck. see, e.g., http://www.nytimes.com/2008/12/14/realestate/14deal2.html?_r=1&ref=realestate
therefore, just like longer periods from contract to closing and deals that fall apart, current closing prices certainly do reflect the current state of the market.
Wrong, Biff. I’ve said many times we’re not trying to time the market bottom. I am very aware that we may buy while prices are still going down but if we find the place we love, at a reasonable price we can afford, we will buy even if the market has further down to go. It may take many years for this market to bottom out (last NYC downturn lasted many years too). I won’t worry about that too much since we intend to stay in next place for life – but at the same time, no way will I pay today’s ridiculous prices when it’s so clear that cuts are coming in the future.
“The current market will only start to be reflected in 2009 closings – anything that went into contract Oct 08 onwards…Declines are just starting!”
It’s going to be so obvious when Miss Muffett (finally) buys a home. From that day forward, she will immediately start telling us each day how she’s certain home prices are about to skyrocket.
we dont know they dont want to flip these.
who wants to buy something for 1.8 million that goes down in value?
Old news, indeed. The current market will only start to be reflected in 2009 closings – anything that went into contract Oct 08 onwards…Declines are just starting!
Oh well, they were all bought for living in and not for flipping, so I don’t suppose it matters too much.