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.
And I mean “cost of real estate aside, Manhattan is still a lot more desirable to most people”
My reaction to the Richard Meier OPP sale is: really?? I mean really really??? More than $4 million for a condo on the wrong side of GAP (meaning you have to play frogger to get to the Park)? Very close to the park and great subway access, but someone was really willing to spend a million dollars MORE than what it takes to buy a move-in ready prime park block limestone in North Slope? I have been willing to suspend disbelief for other closings that went into contract well before the meltdown, but this just defies logic. For this kind of price I think the buyer could have bought a similar place in a very desirable Manhattan location for about the same price or maybe less. And let’s face it people – we all love Brooklyn and all, but no matter how much we cheerlead for our borough, cost of real estate Manhattan is still a lot more desirable to most people.
That’s 4.4 million dollars. For a place that went into contract last month, when prices were already dropping hard in Manhattan and it was becoming clear that some of the best new condo developments in prime Manhattan were under significant price pressure.
So again: really? I mean really really??
Maybe this would make sense to me if I actually looked at one of the units. But unless one obtains instant…um…gratification from walking into one of these apartments, I just don’t get it. Then again I don’t have $4.5 million.
Sam… you buy a $800k house for $2.5mm — the seller keeps $200k above cost ($1mm) as the fee and the other $1.5 million goes somewhere else.
http://money.howstuffworks.com/money-laundering.htm
11217 – fine, the widget isn’t an exact science but my point is that this is a reflection of a group estimate – if you read comments on 13th st house, many are saying it should sell for under 1 mil precisely due to all the work required. If you don’t like the widget – use another metric, or point to almost any news source. They all indicate the same thing (as you yourself concede): continuing price declines.
I am NOT comparing this to Lincoln (again, you are putting words in my mouth). Also, a smaller decline in price (and now, I am talking about Lincoln) at first is consistent with my predictions that declines will increase over time, as cash dries up. So while this house sold for 10% below ask, others will start to sell for a bigger % under ask (and/or suffer cuts in ask first). Let’s talk next spring and see where things are at. In the meantime, please refrain from putting words in my mouth.
MM….
I really wouldn’t put too much stock in the brownstoner reader widget….someone has voted 1.39 million for today’s HOTD listed at 995K.
Please don’t start using the widget as a basis for factual information until we actually see some sales that line up with the guesstimates.
As for the comparison to the South Slope house, it sounds like most people are saying it needs massive amounts of work, in which case comparing it to the Lincoln Place house sounds a little far fetched.
You were correct. The house sold for a tad under asking price. Not 30, 40 or 50% though.
10%.
HAHA lechacal!
tyburg, explain how buying a house can launder money?
If the money is already laundered why overpay on a house?
enlighten me.
Hey, all I can say is that my comment on the original HOD thread was pretty spot on.
I get the “premium” for being in the neighborhood with the synagogue…. but $3.5 million sounds more like money laundering than paying a premium.
That is a $1 million house (to be generous)… the other $2.5 million is not a premium to be close to the awesome schul, no way. That is 2.5 million freshly laundered dollars.
You can’t convince me otherwise. (OK, maybe you could, but I doubt it.)