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.
and let me say that I think that CG house was still outrageously priced given location.
I am on Benson’s team as well. 20% down from peak sounds about right to me. And I agree a “back to the city” movement will be to Brooklyn’s benefit. But I am optimistic by nature, I will admit that.
benson, I think you’ve been elevated to Assistant Captain. DIBS is definitely on your squad, given his recent comment on the Joralemon house sale.
Biff;
You’re right! Why would we want to spoil the very essence of Brownstoner commentary??? It’s more fun to throw the BS around and be opinionated! 😉
Miss Muffet;
Since the teams have been instructed to stake out their position and refrain from further comment henceforth, let me have my last word on the matter (if Captain Sebb will allow me to do so).
Remember, I said average selling price. A 20% decline in ASP is a big drop, and represents alot of wealth evaporation. I am picking 20% or less for the following reasons:
-during the last big RE crash in NYC (early 90’s), that was the decline, and, from what I see so far, that crash was alot worse than this one (I’m talking about NYC).
-there is not a huge oversupply 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.
-I believe that there is a “back to the city” movement underway, to Brooklyn’s benefit.
OK, that’s my final words on the matter – gotta go to the huddle.
Fair enough Benson – I actually think that indeed puts you in the bulls camp, since that’s a pretty shallow decline given the run-up.
“Point, whiners.”
SnarkSlope, that and the 3 years in Atlanta comeback the other day were hilarious.
benson, you and Aussie have a point. But I’m too lazy to come up with the system and track all of this. Can’t we just throw out the facts and base everything on warped perception and faulty newspaper reporting, like we usually do here?
Miss Muffet;
What I am predicting is that the magnitude of the decline in the ASP (average selling price) in Brownstone Brooklyn) will be 20% or less from the peak.
Miss Muffet breaks the rules at 2:43pm
Benson, are you saying you think prices can go down as much as 20?