Last Week's Biggest Sales
1. PROSPECT HEIGHTS $4,378,475 On Prospect Park, Unit 8A GMAP (left) A 3,258-square-foot, 4-bedroom unit in the Richard Meier-designed condo, according to StreetEasy. Entered into contract on 3/7/09; closed on 3/26/09; deed recorded on 4/8/09. 2. MIDWOOD $3,475,000 944 East 8th Street GMAP (right) 2,300-sf, single-family house, according to Property Shark. Transaction was an estate…
1. PROSPECT HEIGHTS $4,378,475
On Prospect Park, Unit 8A GMAP (left)
A 3,258-square-foot, 4-bedroom unit in the Richard Meier-designed condo, according to StreetEasy. Entered into contract on 3/7/09; closed on 3/26/09; deed recorded on 4/8/09.
2. MIDWOOD $3,475,000
944 East 8th Street GMAP (right)
2,300-sf, single-family house, according to Property Shark. Transaction was an estate sale. Entered into contract on 6/19/08; closed on 2/19/09; deed recorded on 4/6/09.
3. DUMBO $2,475,000
One Main Street, Unit 10D GMAP
This 2,477-sf, 2-bedroom condo was listed for $2.6 million in late October, according to StreetEasy. Entered into contract on 1/6/09; closed on 3/12/09; deed recorded on 4/6/09.
4. PARK SLOPE $2,325,000
141 Lincoln Place GMAP
When this 3,516-sf, 2-family was a House of the Day in November, it was asking $2,595,000. The house last sold for $1.35 million in mid-2004, according to Property Shark. Entered into contract on 2/4/09; closed on 3/31/09; deed recorded on 4/10/09.
5. WILLIAMSBURG $1,683,000
502 Lorimer Street GMAP
This 3,840-sf two-family has a commercial unit on the ground floor, according to Property Shark. Entered into contract on 11/10/08; closed on 3/25/09; deed recorded on 4/7/09.
944 East 8th Street photo from Property Shark.
miss muffett: in the original HOTD thread you compared lincoln to two other homes that had been “slashed” more than 10%, and said this house was less prime than those. clearly implying that you expected a bigger price cut on this place. 11217 makes a fair point.
it’s also relatively recently that you’ve started to revise your predictions from “immediate, devastating price drops” to “small, successive declines cumulating in big drops by spring 2010” in order to claim that the market is “consistent” with those predictions. don’t get me wrong, i think small successive declines is undoubtedly where we’ve been and will continue to go. my point is just that people probably wouldn’t be so tempted to put words in your mouth if you weren’t constantly revising the history of what you said.
Umm… Sam… the Nantucket example, yeah, that’s for people trying to avoid fees and save money and hide cash. Money laundering is not *hiding* cash, it’s the exact opposite.
Money Laundering is a way to get cash, gobs and gobs of it, into “legitimate” revenue streams. After the sale, the seller has $2.5 million of legitimate money produced from the sale of the property. He can now do whatever he wants with it and not be associated with the original activity that produced the money in the first place.
Or, do you not think that these radically insulated communities are immune from organized crime? Drugs, diamonds, etc.
By the way, don’t get me started on taxes… a house in Park Slope that sold for $400k five years ago and then sells for $1.5 million today will see almost NO tax increase. They will still pay some absurdly low rate while all new construction and “conversions” are raped. The schools, roads and police are supported on the backs of the middle class. The rich, single-family home owners pay nothing compared to the “value” of their homes.
Long story short, I still don’t buy that anyone is paying a $2.5 million “premium” to live next to the synagogue. 30% premium, sure. Not 300%.
Sebb, as usual your thought process is incomplete and confused. How does Madonna’s purchase equate to renters being “beat?” Connect the dots for us (and for yourself). I could buy an apartment today for probably about $200k to $300k less than what I would have spent if I had bought in September 2007 (when I sold and decided to start renting). Now Madonna just bought a $40 million property. How exactly does that affect my bottom line?
Yes, but as I mentioned in the open thread, it is walking distance to Madonna’s shul.
my post got cut off/posted prematurely: so anyway, if I were Beyonce the message would be something like this:
“The economy is in the shitter and new condo developments are suffering all over the city. You are trying to unload a bunch of incredibly expensive apartments way out in Brooklyn somewhere. We both know that if I move in your building will have instant star power and you will make a lot more money on the remaining units and they will sell a lot faster. I’ll be generous and agree to pay you 25% of your asking price on your best unit. You will never again have an offer that will make you this much money this fast just for taking a couple million hit on a single unit. You have 90 seconds to think about it before I walk out the door.”
Madonna buys $40 million townhouse
I guess homes due have value. You renters are beat.
Madonna buys a $40 million townhouse on East 81st StreetMadonna has purchased a $40 million townhouse on 81st Street on the Upper East Side. The four-story townhouse has 12,000 square feet of living space and a 3,000-square-foot garden. The home has 13 bedrooms, 14 baths, nine fireplaces, an elevator, wine cellar and a parking garage. Sotheby’s International Realty’s Louise Beit had the listing.
tyburg, that makes no sense.
the more you pay for a house, in terms of your recorded deed, the more you have to pay in taxes and the higher your assessed valuation for tax purposes. Sometimes, close-knit communities will do the opposite, they will “sell” million dollar houses to each other and record the sale as say, $250,000 -the rest of the money changes hands under the table. I first saw that being done in Nantucket by the locals. It was an insider thing, outsiders could not touch it.
But paying more for a house….even if the money does not really change hands, I don’t see the upside, just more taxes and fees.
Well, way to negotiate, Beyonce. Maybe this is why so many celebs can’t manage to hold on to their money (eg Mike Tyson spends a lot of time broke). Madonna just dropped $40 million on a UES rowhouse (though she seems to keep her money pretty well). I guess Sting bought one of the prime units in 15 CPW, and he’s done pretty well for himself… I just figure if I were Beyonce (or her agent) my conversation with the developer would go something like this:
Lechacal,
I have to assume that this unit (or one of the other astronomically priced ones) are the 2 units bought by Beyonce Knowles.
Would *maybe* make a little more sense.
I don’t think it’s a rumor anymore, since I’ve now heard it from a number of different sources…including someone who works intimately with this particular project.