Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $5,309,390 One Brooklyn Bridge Park, Unit 1220 GMAP (left) 3-bedroom, 3-bath condo has 3,456 square feet of indoor space and 1,903 square feet of terrace space. Sale included a parking spot. Entered into contract on 6/15/07; closed on 3/25/09; deed recorded on 4/1/09. 2. PROSPECT HEIGHTS $2,200,000 132 St. Marks Avenue GMAP…
1. BROOKLYN HEIGHTS $5,309,390
One Brooklyn Bridge Park, Unit 1220 GMAP (left)
3-bedroom, 3-bath condo has 3,456 square feet of indoor space and 1,903 square feet of terrace space. Sale included a parking spot. Entered into contract on 6/15/07; closed on 3/25/09; deed recorded on 4/1/09.
2. PROSPECT HEIGHTS $2,200,000
132 St. Marks Avenue GMAP (right)
This 3,440-sf, 5-bedroom brownstone was listed for $2,485,000 when it was a House of the Day in mid-October. The price was reduced to $2,350,000 later that month, according to StreetEasy. Entered into contract on 1/20/09; closed on 3/31/09; deed recorded on 4/3/09.
3. BROOKLYN HEIGHTS $2,070,000
One Brooklyn Bridge Park, Unit 224 GMAP
2,277-square-foot, 3-bedroom, 3.5-bath condo. Entered into contract on 5/22/08; closed on 3/19/09; deed recorded on 3/31/09.
4. COBBLE HILL $1,900,000
271 Degraw Street GMAP
This 3,016-square-foot, single-family house was originally listed for $2,495,000 last July, according to StreetEasy, and the price was reduced a couple of times until it was asking $1,987,000. Entered into contract on 2/12/09; closed on 3/27/09; deed recorded on 4/3/09.
5. FORT GREENE $1,500,000
170 South Oxford Street GMAP
In December, when this 4,000-square-foot brick house was a House of the Day, it was listed for $1,675,000. The asking price for the 6-bedroom, 4-bath single-family was never reduced. Entered into contract on 1/20/09; closed on 3/19/09; deed recorded on 3/31/09.
Miss Muffet,
As I said, 25 foot wide brownstones in Brooklyn Heights will not drop below $2 mil. No school zone to consider, no “# of family/units” to consider. Straight up 25 foot wide (almost every BH 25 wide brownstone is 5 story) Brooklyn Heights brownstones wont drop below $2 mil. Just the way it is.
Cobble Hill? Same deal on a smaller scale. PS 29 school, one of the best. Mostly 25 wide. Mostly 5 story. More 19 wide and some 4 story which is why I said $1 mil as the minimum.
I agree that some neighborhoods will see drops. Some will see massive drops. But some will not. And some will see drops that yo may not consider “massive” but those in the neighborhood do consider “massive”. It’s all relative. If I can get a 25 wide Brooklyn Heights brownstone for $2 mil, I’m all over it. A 10 unit 25 wide BH brownstone for $2 mil? Genius!
Someone with cash may fine a 1 or 2 family 25 wide BH brownstone at $2 mil genius. It’s all relative.
Regardless I put $2 mil for the Brooklyn Heights 25 wide brownstone as the bottom (regardless of C of O).
If real estate unfolds rather slowly, why did it unfold in all over the country so quickly in June 2006? And even in New York, where June 2006 was the peak, according to Case Schiller? And why is it, if real estate unfolds so slowly, that the subprime areas of New York City dropped 40 percent from June of 2006 to December of 2008? And now foreclosures in those areas are trading in the $300,000s? Seems things are moving oh so slowly only where Miss Muffet lives.
You summed up Miss Muffet’s posts perfectly BrooklynGreene. I could not agree more.
Ledbury, I have no particular loyalty to % off. It’s just one of many ways to look at the sale price. Another possibly more interesting way is to ask how many brownstones have ever sold in Prospect Heights for over $2 million — even at the peak. Just anecdotally (I live in the nabe and follow comps closely but not scientifically), I would say only about 3-4. By that metric, $2.2m is pretty impressive.
Miss Muffet,
When E.F. Hutton talks, people listen…”I’ve heard from my sister’s daughter-in-law’s hairstylist’s boyfriend’s mother that the cost of coffee is going to drop $2/tonne on Friday! And she knows people (wink wink).”
Please give it a rest already, it’s almost Passover for goodness sake! Enough with the little negative drip, drip, drips…It’s tiresome, like listening to a faucet dripping.
Look, I was telling my husband we should sell 3 years ago…who wouldn’t? You’re not alone in this, but your picking away is like an obsessive picking at a scab.
Take a breather. Your comments are not a good reflection on you. It almost makes you seem like a “short seller” or whatever they call them…although I guess that’s only in the stock market.
Thank you.
1929, as many are quick to mention, % off ask is a dangerous metric. But if St. Marks is to be a bellweather, I wonder if 12% off is really so bullish. You and others seem to be extolling the virtues of this property which makes me think it is a top 5% property of its type. If a top tier property such as this is still a 12% off ask, then I would think the less desirable housing stock (which is virtually everything) is likely to be more discounted. I’m not sure we can assume consistent pricing strategies so I’m not sure the whole compare works anyway, but if % off ask is the interesting metric to you, that is one way to think about it.
And, I’ve also heard from someone in the trenches that current market for bstones and limetones is even softer than coops/condos…
So Miss Muffett — and any of you — how do you respond to the sale of 132 St Marks Ave? I’m generally very pessimistic about the market but this does seem to indicate that houses in excellent condition can sell at close to the ask.
Real estate unfolds rather slowly. I’ve been saying, yes, for a long time that the market was bound to fall, but it did indeed defy gravity much longer than I expected. That’s no longer the case – Lehman was indeed a watershed. But due to the rather slow movement of real estate, it simply takes time for the comps to re-adjust. Say what you will, but other than Sebb, everyone is an agreement that this is exactly what is happening. We only disagree about degree and exact time frame.