Last Week's Biggest Sales
1. PARK SLOPE $2,400,000 108 Berkeley Place GMAP (left) When it was an Open House Pick this summer, the three-family brownstone was asking $2,650,000. The price on the 4,000-sf house was reduced to $2,499,000 later that month, according to StreetEasy. Entered into contract on 9/2/08; closed on 12/4/08; deed recorded on 12/15/08. 2. DOWNTOWN BROOKLYN…
1. PARK SLOPE $2,400,000
108 Berkeley Place GMAP (left)
When it was an Open House Pick this summer, the three-family brownstone was asking $2,650,000. The price on the 4,000-sf house was reduced to $2,499,000 later that month, according to StreetEasy. Entered into contract on 9/2/08; closed on 12/4/08; deed recorded on 12/15/08.
2. DOWNTOWN BROOKLYN $1,712,000
101 Willoughby St./BellTel Lofts, Unit 17A GMAP (right)
A 1,847-sf, 3-bed, 2-bath unit in the BellTel Lofts. Entered into contract on 6/27/07; closed on 7/22/08; deed recorded on 12/17/08.
3. MILL BASIN $1,300,000
68 Bell Point Drive
This home appears to be part of a planned community called the Bay Front Estates at Mill Basin. Interestingly, Google Maps does not recognize the address on this one. According to StreetEasy, it’s a 4,313-sf, 4-bed house. Entered into contract on 11/3/08; closed on 12/15/08; deed recorded on 12/18/08.
4. BERGEN BEACH $1,250,000
2241 East 66th Street GMAP
2,235-sf, 1-family house. Entered into contract on 4/26/08; closed on 10/28/08; deed recorded on 12/16/08.
5. CARROLL GARDENS $1,250,000
148 Degraw Street GMAP
This four-family townhouse was an Open House Pick back in November ’07, when it was asking $1,649,000. StreetEasy recorded six price chops before it finally went into contract. The last asking was $1,275,000. Entered into contract on 9/4/08; closed on 12/9/08; deed recorded on 12/19/08.
108 Berkeley photo from PropertyShark.
wow brownstoner, you left wall street for this? sweet. looks like you are hosting a sounding board for the socially bereft…
Can I join a team? I feel like the fat kid that gets picked last for dodgeball…..ah memories….
benson: Completion Keep the drive alive.
Miss Muffet;
OK, stepping in here in my new role as Sebb’s QB.
Let me offer you some advice, and this is coming from someone who is in sales (for industrial products, not real estate): the asking price is meaningless. A seller can ask whatever they darn please. The asking price is wholly the creation of one person: the seller and as such, is not a metric of the marketplace.
What really matters is the selling price: the price at which the buyer and the seller agreed to meet. Again I go to my point in the thread above: please let’s track the decline in the average selling price!! I ask you to buy any market research report (as I do) and you will see that this is how the market is tracked.
So, providing us with anecdotal information that some delusional seller has finally woken up and come to realize that the sky is not the limit, and that his asking price had to be lowered, is somewhat informative, but not of use in tracking the market.
PS: Sebb – how did I do in my first play?
Well, inventory may grow. Look at 1st Street. I’m also already experiencing brokers practically begging us to buy at nearly 20% below ask and this before the really painful year – 2009 – has begun. I wish I could come up a zingy sports metaphor for this but alas my tastes run more towards cultural stuff instead of sports. Sebb – I really don’t see how I will “take it in the dumper”. You yourself conceded this week that 400K off overinflated asks can be expected!
Glad everyone divided up appropriately….but where does this leave us agnostics searching for facts…? As referees?
I guess i’m on sebb’s team. Tight end or wide receiver???
benson :-there is not a huge over supply in Brooklyn, compared to markets that have crashed like Miami and Phoenix. We can thank NYC’s cumbersome regulatory process for this “gift”. The number of units coming on-line is not that big, in comparison to the total number of units in NYC.
The above sentence says everything one needs to know about buying Real Estate right now in this environment.
With Coop Boards stringent it looks to me like Miss Muffett will have to take it in the dumper.
benson you can be my Quarterback.
Anyone else want to join the team?
%20 from peak is what I think. Which team am I a part of? Oh well, I’ll be a double agent then…