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.
I’m with Lechacal. Only diff is I’m going to low-ball sellers now if I see something of interest. This mkt is going down, down, down,…. I expect to get smacked around when I try to sell my current place
Adam, those are all your words, not mine. Focus on what I am actually saying. I am pretty confident that inventory is going to increase meaningfully this year and that many people who are holding out for the market to improve will have missed the most important selling season for family-sized properties by the time they list. Are you going to come out and say you think this is wrong or are you going to try to put some rather melodramatic words in my mouth and hope they stick?
And a note to brokers, as a follow-up to my 12:58 post: If you have not had a very frank conversation with your seller clients about the importance of capturing this spring’s selling season while inventory is still low – even if that means just biting the bullet and accepting the current best offer – then in my humble opinion you are doing your clients a great disservice.
miss muffett: really? curious to know which houses you’re talking about. because we bought a slightly larger place in a similar condition and comparable neighborhood pretty close to the top of the market. we looked at similar places in the south slope at the time, and found the pricing to be basically comparable. and we paid far less than $1.35. more than $950K, but in the range of 5-10% more. of course, you could still be right about where we’re headed, blah blah blah.
“Shadow Inventory” The league of shadows is holding back all the 500k brownstones in Park Slope to release all at once and damn Gotham to hell!!!!
Just a tad wishfull?
> “I think my track record is pretty damn good.”
Not to mention your track suit.
tybur6: these things don’t happen overnight. For many reasons they happen very slowly. Prices are falling and will continue to do so for some time. Just because there is a sale at some kind of discount to peak doesn’t mean we can all say “ah ha, that’s where the market was headed! Back about your business!” Let it keep developing. Pull up an armchair and be patient.
Something I am noticing: inventory remains low, as we have discussed at length. I think there is a lot of shadow inventory waiting for things to pick up before going on the market. As I have said many times I think these sellers will kick themselves for not just ripping off the band-aid and selling at whatever price they can get now. The crucial spring selling season will be over very soon, and in my view the low inventory has helped keep somewhat of a bottom on prices during that time (some people are just going to buy for whatever reason, and this season their options have been limited). Meanwhile, all of the people who have been holding out for a better market before selling are missing the spring selling season, and I think many of them are going to end up listing later this year. The result? As predicted, those who are biting the bullet and selling now are capturing some vestiges of the bubble pricing, while those who are waiting for things to get better will end up listing as a wave of inventory hits the market – and all of this is going to happen after the spring selling season when buyers for family-sized properties who can time their moves are in the market. Inventory is going up, and buyers are going to get more scarce.
Sellers, you can either keep ignoring me or start listening to me. I think my track record is pretty damn good.
FatLenny… I’m suggesting that perhaps the *buyer* half of the equation (or past buyers, current owners) should stop validating these absurd prices.
WT prices seem to be holding their own which is interesting Everytime one of us comments on a high price for a WT house someone always retorts with proof of a recent sale into the million and over mark..
sorry but that 11th street house is lucky they got that much -it neeeds so much work!