Last Week's Biggest Sales
We’re pretty sure this is the first time in the year+ we’ve been doing the biggest sales roundup that any of the properties are below the million mark. 1. CLINTON HILL $1,042,500 42 Downing Street GMAP (left) This 2-family hit the market last September, asking $1,525,000, according to StreetEasy. The price was reduced several times,…
We’re pretty sure this is the first time in the year+ we’ve been doing the biggest sales roundup that any of the properties are below the million mark.
1. CLINTON HILL $1,042,500
42 Downing Street GMAP (left)
This 2-family hit the market last September, asking $1,525,000, according to StreetEasy. The price was reduced several times, and the last ask was $1,225,000. According to its listing, it’s a “handsome four story 18′ brownstone, filled with original detail and character. An opportunity for someone to restore this historic home.” Entered into contract on 2/10/09; closed on 4/22/09; deed recorded on 4/30/09.
2. WINDSOR TERRACE $974,000
35 East 3rd Street GMAP (right)
This 1,456-sf, single-family house hit the market in October, listed at $1,100,000, according to StreetEasy. The price was reduced to $999,000 within a couple weeks. Listing said: “Beautiful 1899 frame house is located on quiet, tree-lined street and ready to move in. This charming 2-story house with finished basement offers easy and comfortable living.” Entered into contract on 1/18/09; closed on 3/19/09; deed recorded on 5/1/09.
3. SHEEPSHEAD BAY $955,000
1230 Avenue V GMAP
This is a 2,400-sf, two-family brick house, according to Property Shark. Entered into contract on 9/16/08; closed on 4/23/09; deed recorded on 4/30/09.
4. SOUTH SLOPE $950,000
270 11th Street GMAP
When this 2,068 -sf, three-family was an Open House Pick last October, it was asking $1,125,000. Entered into contract on 12/22/08; closed on 4/24/09; deed recorded on 4/30/09.
5. BENSONHURST $925,000
1652 80th Street GMAP
A 3,280-sf, four-family, according to Property Shark. Entered into contract on 1/2/09; closed on 3/30/09; deed recorded on 5/1/09.
Photos from Property Shark.
Holding Breath.
Accept highest bid now or accept less later. The mirror to ‘buy now or be priced out later’.
***Bid half off peak comps***
Adam – I’m increasingly seeing examples of, yes, brownstones in prime hoods having to take big price cuts before getting any interest. The pattern, unfortunately for the sellers/brokers, is to try to modest price cut first in hopes that dipping their toes in lower price will do the trick. It does not, and they have to cut again. This is leading to significant cuts that, gradually, are resetting comps. Maybe brownstones on prime blocks will not get slaughtered the way new construction condos will, but to say they will “hold” is just false – there’s already too much evidence to the contrary.
the last vestige of the delusional brooklyn real estate “cheerleader” = adam
“I’m sorry I don’t have all day to look for responses to my comments BHO.”
Ahhh…but somehow you knew I was referring to one of those comments. I believe you.
“Most of the owners that I have dealt with bought these homes to raise families and they are not leaving.”
That’s what you think. Marriage has a 50% success rate. The job market is nationwide.
“A lot have a ton of equity…”
All cash near the peak still gets burned in this once-in-a-lifetime boom/bust.
“…and come from all walks of life. Very few are in finance which surprised me at first. A lot of Media/publishing/arts types.”
All supported by wall street (lower case pun intended) money in this city.
“For the record I don’t own a brownstone and would love an opportunity to buy one if they came down in price.”
Not a matter of if. They’re already down an average of 10% and falling.
“Established neighborhoods will hold.”
…bags.
“many of those houses were investment purchases”
You hot damn right they were. Just to raise family my ass. RE only goes up.
“brace yourself for the 500K brownstone!”
Bam! Too late. They’re already here (Bed Stuy, Bushwick, Crown Heights, etc.).
***Bid half off peak comps***
there should be a lot of houses coming up because
-nyc salaries of brownstoners are down
-many houses depend on a high rent constant stream
-many of those houses were investment purchases and they will be treated as such (fast sell)
brace yourself for the 500K brownstone!
“Established neighborhoods will hold.”
Famous last words…
The What
Someday this war is gonna end…
“And guess what, I’m sinking another $20,000+ this week into the facade of that money pit asset I bought in the ghetto. Money you can only dream of accumulationg as a DP.” ~dibs
We’d expect nothing less from an idiot like you! Pump in more money to an asset thats falling off a cliff. In any case, why aren’t you cheerleading the LWBS anymore? LOL @ the Ghetto Money Manager!!!!!!!!
Jez- I make a snarky comment once in a blue moon and get called out on it. Am I allowed to make any jokes or am I only good for mortgage advice? 🙂 I thought it was a rather funny comment but hey I’m a Louis CK fan.
I’m sorry I don’t have all day to look for responses to my comments BHO.
Back to the topic, I think you are wrong. It’s nothing personal I just don’t think there is a glut of pent up brownstone owners holding out to sell. Most of the owners that I have dealt with bought these homes to raise families and they are not leaving. A lot have a ton of equity and come from all walks of life. Very few are in finance which surprised me at first. A lot of Media/publishing/arts types.
For the record I don’t own a brownstone and would love an opportunity to buy one if they came down in price.
Established neighborhoods will hold.