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.
Biggest sales by definition reflect the last frontiers to fall. A severely flawed indicator. Bring on the smallest sales head-to-head with this feature and it’d be a lot more telling.
***Bid half off peak comps***
“Biggest sales will become a lot more telling come when they reflect properties in contract winter 09-10.”
That’s wahat everyone was saying once we got to “pre-Lehman” I guess not!!!!!
I love how you continually push the dates back when things will finally come down to your acceptable home price levels every few months or so MM. It’s never that perhaps you are looking in areas that are too expensive for you, but always that you will try to talk down the market in the area you want, even though most data would prove you otherwise.
First it was fall 2008, then winter 2009, then spring 2009, now it’s winter 09/10? Maybe you’ll finally see that perfect townhouse you want for 500K in 2037? 😉
Keep taking that advice from the brokers though. They do know all.
You know I’m only joking with you…but really?!
Also, I’ve been hearing from *brokers*, yes brokers, that inventory will go up, a lot, soon and prices will go down a lot more. Biggest sales will become a lot more telling come when they reflect properties in contract winter 09-10.
“And that whole ‘half off’ thing just ain’t happenin.”
Nice snap shot. The collapse is a slow death, like cancer. It is, however, happening right outside your door (today’s thread). Although half off would’nt quite lead to a $0.8M BH brownstone.
***Bid half off peak comps***
I think these general predictions about brownstones staying in the $2mil range are silly. What kind of brownstone? Totally renoed? 20, 18 or 17 feet wide? 3 story or 4? Which school? 1 or 2 family? There is so much variability, and already there are many going for less than 2 mil, even in prime areas. A 3 story 18×45 home, for example, is a typical size, and I don’t see that going for $2mil in prime area – too small. There are some on market that aren’t selling well under $2 mil. I think the more modest brownstones could easily start to sell closer to the $1mil mark, or at best bet 1-1.5. But again, really depends on specific property
132 St Marks Ave looks like an important bellwether. It had a very high end renovation just a couple of years back and is in incredible condition throughout (I’ve been inside). Reconfigured floor plan with great flow, amazing original details on the parlor floor, built-ins everywhere, huge L-shaped backyard (1.5 times the size of the normally big Prospect Heights’ lots), venetian plaster walls, etc etc. There are rarely more than a handful of brownstones on the market that reach true shelter magazine levels. This is one of them. And it sold at only 12% off the ask. There’s a moral there.
One BBP seems to be doing better. Many multi-million dollar units every week. Obviously they can’t all be Elizabeth Stribling’s units. Someone (with a lot of money) must be buying. I was impressed with what I saw there when I visited the sales office. I’m glad it is not tanking.
christopher — ok, or at least they think it’s worth within 10% of the price, if that’s what their deposit was.
I rode by there on my bike sunday — that park will be amazing if they get around to building it. I could see living there. it is kind of dark and forbidding, though, back behind the highway, and the balconies on the north side are in a sort of cut-out section that won’t get any light.
I also biked up to williamsburg and hung out in the new park by the water. Wow, what an amazing change. I used to live there in 2000 when that was literally a junk yard. I think the Edge will be a pretty cool place to live, and there will be plenty of bargains when ~2000 new units are spewed onto the market. The only thing is that I wonder what kind of wrath the hipsters have waiting for you if you buy a condo on their turf. anyone know? what’s the HIX* reading on that?
(*hate index)