Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $3,200,000 32 College Place GMAP (left) A 2,820-square-foot, single-family house, according to Property Shark. Entered into contract on 12/9/08; closed on 2/11/09; deed recorded on 3/20/09. 2. COBBLE HILL $2,300,000 17 Cheever Place GMAP (right) This 2,488-sf two-family hit the market in June, listed at $2,750,000; the price was subsequently decreased to…
1. BROOKLYN HEIGHTS $3,200,000
32 College Place GMAP (left)
A 2,820-square-foot, single-family house, according to Property Shark. Entered into contract on 12/9/08; closed on 2/11/09; deed recorded on 3/20/09.
2. COBBLE HILL $2,300,000
17 Cheever Place GMAP (right)
This 2,488-sf two-family hit the market in June, listed at $2,750,000; the price was subsequently decreased to $2,575,000. The house had been “meticulously gut-renovated to perfection,” according to its listing; the sellers bought it for $1,130,000 in early ’06. Entered into contract on 11/10/08; closed on 3/6/09; deed recorded on 3/16/09.
3. PROSPECT HEIGHTS $2,000,000
210 Prospect Place GMAP
This 3,633-sf, single-family townhouse was first listed for $2,495,000 last summer; the price was dropped to $2,250,000 in October. As noted in a House of the Day post, its owners gave it an extreme makeover. Entered into contract on 2/5/09; closed on 3/10/09; deed recorded on 3/19/09.
4. PARK SLOPE $1,620,824
520 8th Street GMAP
This 3,000-sf, three-family last sold for $999,999 in late 2007, according to Property Shark. Entered into contract on 3/6/09; closed on 3/6/09; deed recorded on 3/18/09.
5. CARROLL GARDENS $1,575,000
356 President Street GMAP
This 4,500-square-foot house was listed for $1,820,000 when it got House of the Day treatment last November. Entered into contract on 1/19/09; closed on 3/10/09; deed recorded on 3/18/09.
Photos from Property Shark.
HELLO!!!! Prices in NYC have already dropped 40 percent and are dropping further. What are you guys talking about? I just cannot believe how well prices are holding up in….Prospect Heights? This makes no sense.
I don’t know what’s going on with prices but the job market is extremely grim, monster inflation seems around the corner (see today’s news about China championing another currency), and the US government may soon be bankrupt and unable to borrow.
Bull = modest drops followed by some kind of recovery. Bear = “half off peak comps” and implosion of all relevant markets
I think these definitions are where much of the tension comes from. What is modest? 5%, 10%? If you are talking 20% (which I have heard mentioned before), then there really isn’t a huge difference between these two. Rational people expecting a 50% drop would think themselves pretty on target with a 40% final tally and those expecting 20% would be pretty satisifed with their guess if the final number is 25%.
Folks we’re in a multi-year bear housing market! Housing is not like the stock market, which took less than two years to drop 50%. Look at any past housing bubble markets. Plus price drops will be interrupted by brief, smaller increases.
Regarding any headlines on “uptick in sales,” look at the more accurate prior-year basis. Of course, Jan/Feb sales are greater than Dec.
1) As I’ve said before, things don’t fall off a cliff in RE on a dime, esp in NYC where much cash (witness, bonuses last winter) was still in system following Fall 08 crash.
2) Cash will dry up more and more in 2009, hence real declines will show themselves as time goes on
3) These properties suffered price cuts, and then further declines in final cost relative to ask.
4) “Biggest sales” are just that – somewhat of a statistical blip.
Bulls are desperate for good news, but lechacal is right that a glimmer here and there does not reverse the inevitable course of prices moving further downward.
I also thought the Prospect Heights house was originally priced way too high. I also think 2M for Prospect Heights is a great price.
The price on that Prospect Heights place is surprising. It seems to suggest prices are still rising in the area.
516 8th St. just listed with BHS for $1.995 million: http://www.bhsbrooklyn.com/detail.asp?id=1002646 (no floor plan yet and turgid copy — “make your day-tooday living sensible and joyous”).
Owners paid $1.425 million in 2004 per PShark.
The Prospect Heights house is an interesting test case for market forces. While its actual sale price was a 20% reduction from ask, I think the original asking price was ridiculous in the first place. 2 million for a Prospect Heights house is a very high price no matter how you slice it. This is why it is so hard to figure out what percentage price drops we are looking at these days. I said as much back in the original thread about this house, that the price was unrealistic back in July. What are other people’s opinions about the sale price of this particular house?
lechacal,
Great to meet you last week. You are still fairly new, here, so, to review: In the crazy world of debate on this site, your outlook puts you in the middle, if not on team bull. Forget normal definitions of bull and bear — it’s been recalibrated here. Bull = modest drops followed by some kind of recovery. Bear = “half off peak comps” and implosion of all relevant markets.