Last Week's Biggest Sales
Most of these properties saw price cuts before they moved, but all the prices seem fairly healthy. We wonder whether the Tara 104 Buckingham sale is a record for Prospect Park South. 1. BROOKLYN HEIGHTS $2,900,000 81 State Street GMAP (left) 4-family townhouse with two market-rate rental units. Listed at $3.1 million; deed recorded 2/25….
Most of these properties saw price cuts before they moved, but all the prices seem fairly healthy. We wonder whether the Tara 104 Buckingham sale is a record for Prospect Park South.
1. BROOKLYN HEIGHTS $2,900,000
81 State Street GMAP (left)
4-family townhouse with two market-rate rental units. Listed at $3.1 million; deed recorded 2/25.
2. PROSPECT PARK SOUTH $1,850,000
104 Buckingham Road GMAP (right)
16 room, 7-bedroom house. Originally listed at $2.295 million, then lowered to $1.95 million. Deed recorded 2/28.
3. FORT GREENE $1,775,000
299 Clermont Avenue GMAP
Four-story brownstone with four rental units; former House of the Day. Deed recorded 2/25.
4. WILLIAMSBURG $1,388,990
Unit at North8 Condo GMAP
Condo Unit 3A plus parking space at newish Toll Brothers development. Deed recorded 2/26.
5. BOERUM HILL $1,350,000
416 Pacific Street GMAP
Former Foreclosure of the Day; 3,600-square-foot two-family house; deed recorded 2/25.
Photos from Property Shark.
Well so far anyway seems like The What has overstated the depression in the local RE market.
– the more interesting information would be what % of these prices were financed and at what rate.
12:27, you don’t know what you’re talking about. If over time housing has appreciated about 4-5% a year, but over the last five years (since 2002), it’s appreciated at 20%+, then housing prices have to either fall by 30% or so immediately, or stay flat for 5-6 years for housing prices to stay within historical norms. You don’t get massive run-ups like we’ve seen in the last five years, and then just go back to normal appreciation. That’s why the stock market, after the bubble of the late 1990s burst, fell more than 40%.
12:24 = liar.
12:04 = idiot.
over time housing has appreciated about 4-5% a year. that is probably what it will continue to do in this NORMAL market.
I am a bubble head who bought at the top of the market (june 2007) and am feeling depressed about it. I comfort myself with the fact that it was a fixer upper brownstone in a NOT fringe area, so didn’t pay top dollar and can stay there indefinitely. Nonetheless, feeling grim about the absence of future equity with which to do major renovations (i.e., add a floor).
boo hoo.
I hope whoever bought the Brooklyn Heights house plane to restore it. It needs it. Every year two or three of these old fleabag rental buildings in the Heights undergo the transformation back to respectable family homes. Amazing how many of these low-rent dumps existed in the Heights. There are still a lot but many fewer than ten years ago. The rent-control laws keep them frozen in time.
“It’s a little early to judge how much of a bargain the Boerum Hill house is — decent renovations could easily push the total price above $2 million.”
Where do people get these absurd numbers for construction costs? If you think you would “easily” spend $650k to renovate this place, you need help for you addiction to gold floors.
These selling prices don’t look “extremely healthy” — they look fine, but compared to the massive price jumps we saw between 2003-mid 2007, they look like evidence of a market that’s cooled down. $1.7 million for a four-story brownstone in Fort Greene hardly seems like a booming market — what does it suggest about all those owners who are, as we’ve seen on this site in recent weeks, trying to sell their Clinton Hill properties for closer to $2 million?
All the homeowners here who keep nattering on about how strong the market is seem to assume that because there are a few sales at reasonably high prices, there’s nothing to worry about. But how much do you think that Prospect Park home will be worth three years from now? I’d guess just about $1.85 million.
Looks like 11:44 doesn’t know that even if these homes were ASKING 50 million dollars each, the SELLING prices are extremely healthy…one possibly a record.
Moron.
Looks like 11:38 is a bitter top-of-the-market-buying bubblehead.