Last Week's Biggest Sales
First few post-September meltdown contracts and closings we’ve seen. 1. PROSPECT HEIGHTS $3,140,000 1 Grand Army Plaza/On Prospect Park, Unit 5F GMAP (left) 3,199-square-foot, 4-bedroom, 3-bath unit in the Richard Meier-designed condo, according to its listing. Current listings in the building are running from $885,000 for a 1,000-sf 1-bed to $3.1 million for a 4-bedroom,…
First few post-September meltdown contracts and closings we’ve seen.
1. PROSPECT HEIGHTS $3,140,000
1 Grand Army Plaza/On Prospect Park, Unit 5F GMAP (left)
3,199-square-foot, 4-bedroom, 3-bath unit in the Richard Meier-designed condo, according to its listing. Current listings in the building are running from $885,000 for a 1,000-sf 1-bed to $3.1 million for a 4-bedroom, says StreetEasy. Entered into contract on 5/22/08; closed on 12/23/08; deed recorded on 1/02/09.
2. CLINTON HILL $1,930,000
147 St. James Place GMAP (right)
This former SRO was asking $1,950,000 when it was a House of the Day in late September. Last owners purchased the 2,688-sf, 3-family for $995,000 in January ’07 and gut renovated. Entered into contract on 11/3/08; closed on 12/15/08; deed recorded on 12/29/08.
3. PARK SLOPE $1,580,000
838 President Street, Unit 1 GMAP
1,840-sf, 4-bed, 2-bath condo, according to its listing. StreetEasy says it hit the market in mid-September and went into contract within a few weeks. Entered into contract on 10/7/08; closed on 12/19/08; deed recorded on 12/29/08.
4. PROSPECT HEIGHTS $1,510,000
265 Prospect Place GMAP
5,240-sf, 4-family, according to Property Shark. Entered into contract on 9/27/08; closed on 11/28/08; deed recorded on 12/31/08.
5. MIDWOOD $1,400,500
1348 East 8th Street GMAP
2,658-sf, 2-family house, according to Property Shark. Entered into contract on 8/18/08; closed on 11/17/08; deed recorded on 12/30/08.
Photo of 147 St. James Place from StreetEasy.
“So are you activly looking?”
Yes Mam. I think this is gonna be my year.
***Bid half off peak comps***
bk14:
I hear ya. I brought my inspector in before hand. I was willing to pay up front for such a huge investment. I feel it is better to pay a few hundred dollars and know what I am getting into before I waste my time going through the entire process only to find problems that could scuttle the deal for me. (Take note, Miss Muffet. That is how you save time.) It was worth it for the piece of mind. I then had my lawyer get me credit for the money already spent. Pretty easy actually.
Miss Muffet:
You are making a big stink repeatedly, over months, on this site about the market, your search and the fact that your buyers weren’t screwed. If you are so confident in your approach, you wouldn’t go on and on about it for months. I don’t think you beleive what you are saying. Repeating it constantly is not going to make it true.
And I am glad you see this as an attack and not someone trying to give you an obvious hint to move on. The more YOU harp, the more I am confident that my opinion of you is dead on.
Miss Chiff – Many people bring in contractors/architects at a later stage in the process and many people also put in offers at first and then, especially in a market like this, as they learn more they decide it’s not worth it. Of course we had a rough idea of the renovation costs before we put in our bid, so we bid accordingly to see if we were even in the ballpark for the seller. As it turned out, at first he said no way, but then rather quickly changed his tune – but this was very early on. It would be one thing if we were going to contract but we were far from that – we were simply at the stage where the seller was willing to accept our low offer and my point with this anecdote is to demonstrate just how much the market has changed. You are making a big stink out of nothing. Your comments are a reminder that often, those who insult reveal more about themselves than those they ostensibly attack.
And Miss Chiff, people usually pay for home inspections once their offer is accepted, not before. That is standard.
Sorry about the all-cash mistake. I didn’t see any mortgages recorded in the public record.
The animosity between property owners and potential buyers on this blog is pretty crazy. We’re obviously in a buyers’ market, and it’s going to go even more in favor of buyers very soon. For years we were stuck in a sellers’ market, where buyers were forced to bid way over asking and enter bidding wars, even waiving inspections, in order to secure a property they liked. Well, that’s over. The bubble has burst.
I am not going to repeat myself. Re-read my posts and that of all the other people who comment on your posts. You contradict yourself constantly.
Here is a sample –
“And to suggest that we were somehow recklessly stringing along the seller of the recent house we looked at is absurd. Believe me, we are very aware of the need for due diligence, but it’s a bit chicken and egg. That is, we are not going to waste our time nor that of our architect doing extensive research on a house if we know off the bat that the price we have in mind is totally out of the question for the seller.”
But you did make an offer! You strung that seller along.
There is no chicken or egg here. You have every right to ask to see a house more than once and bring contractors, architects and inspectors with you so you can get quotes and opinions from them BEFORE you make an offer. I know because I did it when I bought my house. You obviously went through that process – eventually – because you admit that the quote from the architect made the bid YOU ALREADY PLACED not worth it. By your own admission this process got very far along. What wre you waiting for? If you were interested in the house, do your work. Don’t play games by making bids then getting your act together later. That is irresponsible for someone who claims to not be in this for a great bargain and has experience buying and selling properties in Brooklyn.
And that is just one example.
If you can’t understand how your story just doesn’t wash for someone who is well versed in buying real estate, you truly are clueless. Painfully, painfully clueless.
And I am not passing over your comments. Beleive it or not, people do learn things from this site. But one thing they shouldn’t learn is how to behave like you do when making an offer on a house.
What doesn’t make sense about my story Miss Chiff?
And if you don’t like my blathering, skip my posts.
You doth protest too much, Miss Muffet.
You either knew what you were getting into from the beginning or you didn’t. Since you have owned before, I have to assume you knew exactly what you were doing from the start. Your story – told repeatedly over months – just doesn’t make sense for someone with the experience in house buying that you have claimed you have.
I am not angry. I am just really tired of your constant blabbering. Change the topic to something like interior design of THL’s Mill Basin mansion and I am sure we will all have a much better time.
No. I own and am not looking.
Although it is hard to hear that prices are declining (who doesn’t want an investment to increase in value?!), I respect that you are being up front about your approach. Hey, I bargained – in good faith – when I was looking 4.5 years ago and I paid less than ask. And we know that was when the market was very strong. Not sure if it was frothy, but it was a seller’s market then.
So are you activly looking?
BTW: GO GIANTS!!!!!! We will make Dave wear those blue panties next Monday.