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.
Lechacal, vermeil has those huge family size units. are those easy 3-4 unit conversions big family size units?
m4l – I think I threw Vermeil out there as an example of something that would be very ambitious (if it is possible at all, which I have absolutely no idea). As I said I would stick to a nice n’ easy 3 or 4 unit condo conversion.
Lechacal, go do your thing at the vermeil. get the developer to accept 500 sq ft
or sebb for that matter? I think my comments on 11th Street back in October made Sebb blow steam out of his ears (or the blog-post equivalent). I don’t like to gloat, but as a patient buyer-in-waiting, it is gratifying to see the pudding starting to provide some real proof of the growing declines.
wheres the resident “Ghetto Money Manager”?
Gemini: As support for my views I would turn to a recent post by benson:
“I’ve seen a number of folks pull there units off the market, rather than accept a lower price. With the lower inventory, the prices have held up so far. To my great surprise, folks have been able to pull back inventory even in the face of the tough economy. For instance, my downstairs neighbor was laid off, and put his unit up. I thought he was ripe for lowering his price. He eventually found another job, which pays less. They are thinking of downsizing, and so still have their unit on the market. The pressure is off them, however, to sell asap.”
Certainly there are sellers who have to sell and are selling now, but I do think there is a sizeable (and growing) number of properties where the owner plans to sell but is not listing (yet) because of a hope that current market conditions are temporary – the “shadow inventory” if you will. Many or most of these properties will eventually be listed. Some will simply not list at all for whatever reason.
To back lechacal up further: a broker we’ve been working with basically predicted the same thing – that inventory will start to rise dramatically (in the slope no less) at the end of this year. I found it interesting he would admit this but I suppose in this market, he wants to establish credibility with us (we are attractive buyers since we already sold), so we are more likely to buy from him. He has certainly earned points in our book by his honest assessment of the situation.
Lech – You have a point about the spring selling season and inventory. It’s LOW! and agreed if someone gives you a pretty decent offer to accept that offer and move on. I also agree the market will go down a bit more as well – how much and for how long – that I have no clue about.
– The thing I disagree with you about is this onslaught of great beauties coming on the market in Sept/Oct you speak of. Sellers who have to sell are selling now.
I think you have to give some credit to many sellers that we actually know what’s happening in the market day to day and I think if you have to sell – you are out now selling and not sitting in your parlour sipping tea saying “darling, the market will get better this fall and that’s when we can list our 3 story shanty for 1.5mil”
I happen to know buyers on 11th Street who paid a lot for house that was same size/similar condition though I hate to give away too many specifics on this blog since I’m sensitive to privacy – rather, I would advise people interested in comps to hunt around the publicly available sources (i.e. Property Shark) and you will find examples of what I’m talking about. As for the condition of this 11th Street house, I saw it and it was actually in decent shape. Our main objection was that, in the backyard, you could see the rather ugly back of the neighbor’s house, but as others pointed out to me on original HOTD thread, that’s something that can happen on any block. And houses on the opposite side of 11st Street have to face that ugly project-looking building. Some people are bothered by such things more than others, but my point is that these types of neighorhood issues affect many houses on that block, and yet there were homes that sold for far more at peak. And lechacal, as usual, is absolutely correct about the inventory issues. Sellers holding out for better days will have to wait a very long time and those who don’t have that luxury will regret not ripping the band-aid much sooner.