Last Week's Biggest Sales
1. COBBLE HILL $5,400,000 155 Warren Street GMAP (left) As covered last week, this 7,000-sf, 25-foot-wide Greek Revival house hit the market in October ’07 with an $8.75 million asking price. The price was reduced several times, ending up at $5.9 million in late September, according to StreetEasy. Entered into contract on 11/14/08; closed on…
1. COBBLE HILL $5,400,000
155 Warren Street GMAP (left)
As covered last week, this 7,000-sf, 25-foot-wide Greek Revival house hit the market in October ’07 with an $8.75 million asking price. The price was reduced several times, ending up at $5.9 million in late September, according to StreetEasy. Entered into contract on 11/14/08; closed on 12/16/08; deed recorded on 1/13/09.
2. HOMECREST $3,015,000
1840 East 8th Street GMAP (right)
3,330-sf, detached 1-family house, according to Property Shark. Entered into contract on 12/28/07; closed on 12/30/08; deed recorded on 1/13/09.
3. BROOKLYN HEIGHTS $1,945,000
One Brooklyn Bridge Park, Unit 940 GMAP
1,709-sf, 3-bedroom, 2 1/2 bath unit. Entered into contract on 3/24/08; closed on 12/3/08; deed recorded on 1/15/09.
4. GRAVESEND $1,800,000
1963 East 2nd Street GMAP
2,686-sf, brick two-family house, according to StreetEasy. Entered into contract on 10/31/06; closed on 1/7/09; deed recorded on 1/16/09.
5. MANHATTAN BEACH $1,500,000
215 West End Avenue GMAP
1,705-sf, 1-family house, according to Property Shark. Entered into contract on 11/1/08; closed on 12/18/08; deed recorded on 1/16/09.
Photos from Property Shark.
cw…cornerbodega’s fear of hearing from people who have lived elsewhere notwithstanding, Brooklyn prices are still much cheaper than manhattan prices and, as I’ve said so many times before, you can sell in Manhattan, buy in Brooklyn, improve your lifestyle & square footage and still have money left over!!!!!!
I love Brooklyn and am never moving back to Manhattan, but I still agree that it should be cheaper than Manhattan.
The prices in Brooklyn are still pretty outrageous, and I don’t think it’s entirely a supply/demand thing. Rampant speculation drove them way up in the past eight years, on a level much faster than the rest of the country, and it’s going to take a while for them to even out.
It’s insane that in 2000 you could buy something for $150k that now goes for $600k. House prices just aren’t supposed to increase by 400% in eight years, no matter how “gentrified” an area gets.
basically, what you’re saying is what 99% of the population knows, BK is the second fiddle, financially driven alternative to Manhattan. Don’t try to complicate things… Oh and please no responses from paupers who moved from the UES fdr drive area/hells kitchen areas.
As ENY said, Brooklyn is a bedroom community–which makes is a burb, not a city. Like many, I too prefer it to Manhattan–but it should always be cheaper because it is simply not at the center of things.
“brooklyn is a gigantic small townish type suburb, not a city proper with sky scrapers and stuff.”
Completely disagree.
By your definition, Paris is less of a city than Atlanta or Houston.
“brooklyn is a gigantic small townish type suburb, not a city proper with sky scrapers and stuff.”
Brooklyn is (compared with Manhattan) quieter and filled (as we all know) with great residential architecture and tree-lined streets. That said, the brownstones and beautiful blocks are finitie resources, making them more valuiable. Furthermore, Brooklyn has extensive subway links to Manhattan and is closer to that borough that the suburbs of Long Island and northern New York. Combined, these factors make Brooklyn an ideal bedroom community for people who work and have livelihoods in Manhattan, thus the competitve pricing. It’s not about a strict comparison with Manhattan, it’s about Brooklyn’s desireability as a bedroom community for people who work in Manhattan.
I’m sorry I got into this because this is the same stupidity which justified prices in the bubble. “8 million for a brownstone is nothing since that would cost 80 million in Dubai” is just as pointless and as “2 million for a brownstone in Cobble Hill is nothing because that would cost 4 million in Park Slope.” It is a meaningless way to justfiy unjustifiable prices and most buyers are now beginning to realize how silly and flawed that approach is.
> “You can, however find a lovely 2 bedroom apartment in Kensington or Ditmas for 200K.”
Actually, you can buy a 1 bedroom fixer-upper in Kensington or Ditmas Park for $200k.
Folks;
Let me clarify further. The hones shown in both eastern Gravesend and Homecrest are really a “closed” market. These particular areas are popular with the mostly well-to-do Sephardic community. They want homes in these areas, so that they can walk to their place of worship,as their faith requires.
The prices for these areas are not indicative of the real estate market in Brooklyn in general. For example, the western part of Gravesend is not home to the Sephardic community,and hence the pricing there is much more reasonable. My mother-in-law’s single family home there is approximately 2200 square feet, and will go for about $500K. Needs some work, though.