Last Week's Biggest Sales
1.BROOKLYN HEIGHTS $2,900,000 72 Hicks Street GMAP (left) As covered last week, the 25-foot, wood-frame house was first listed for $4,995,000 and was asking $3,750,000 when it was a House of the Day last November. Entered into contract on 3/20/09; closed on 5/14/09; deed recorded on 5/28/09. 2. MIDWOOD $2,085,376 1189 Ocean Parkway, Unit 4B…
1.BROOKLYN HEIGHTS $2,900,000
72 Hicks Street GMAP (left)
As covered last week, the 25-foot, wood-frame house was first listed for $4,995,000 and was asking $3,750,000 when it was a House of the Day last November. Entered into contract on 3/20/09; closed on 5/14/09; deed recorded on 5/28/09.
2. MIDWOOD $2,085,376
1189 Ocean Parkway, Unit 4B GMAP (right)
This is the third big closing in this 13-unit Midwood condo in as many weeks. Size of units unknown, but a fun fact from StreetEasy is that the average sales price in the building is $1,904,000. Entered into contract on 7/26/07; closed on 5/6/09; deed recorded on 5/26/09.
3. FORT GREENE $1,720,000
31 South Oxford Street GMAP
This 3,360-sf, two-family was asking $1,969,000 when it was an Open House Pick last August. Entered into contract on 10/15/08; closed on 5/19/09; deed recorded on 5/28/09.
4. COLUMBIA STREET WATERFRONT DISTRICT $1,295,000
132 Degraw Street GMAP
This 3,300-sf, four-family was asking $1,325,000 when it was on the market last summer. Entered into contract on 10/14/08; closed on 5/19/09; deed recorded on 5/28/09.
5. COLUMBIA STREET WATERFRONT DISTRICT $1,200,000
136 Degraw Street GMAP
Same sellers as for 132 Degraw. The four-family was asking $1,325,000 when it was on the market last summer, according to StreetEasy. Entered into contract on 11/24/08; closed on 4/28/09; deed recorded on 5/28/09.
5. PARK SLOPE $1,200,000
133 Sterling Place, Unit 4F GMAP
A 1,711-sf, 3-bedroom in The Vermeil condo, according to StreetEasy. It was first listed for $1,650,000 in early ’07. Sale included a parking spot. Entered into contract on 4/3/09; closed on 5/18/09; deed recorded on 5/28/09.
1189 Ocean Parkway photo from EveryScape; 72 Hicks photo from Property Shark.
Sorry I missed this thread yesterday. I’ll be very curious to see what impact, if any, the Dow surge has with respect to home prices. We know Case Schiller is delayed 2 months (and doesn’t include many NYC property types). Will we see a bounce or a stabilization in the coming months now that people or feeling a bit more secure if not exactly wealthier?
“If you sell at a loss and buy at a discount, you are trading in the same currency and chances are your discount will exceed your loss.”
Significantly more so if you sell, rent (money “thrown away” here is substantially less than that thrown away on depreciation) and THEN buy. But most people can’t handle the stigma of such a lifestyle “downgrade” in status.
***Bid half off peak comps***
JENNY: Yes, if you own your home outright. If you financed a drop in prices could affect your ability to roll over equity into down payment on the new purchase. Take a 20% drop in prices when you initially put 20% down: you have no more equity. If you don’t have the funds for a second down payment, you can’t buy again.
I can relate to what Mr. Dibs wrote. We wouldn’t be selling at a loss unless the economy collapsed (but no matter what, we’d be probably accept a couple of hundred thousand less than a two years ago; it goes without saying)…I wouldn’t mind a new-fangled condo but don’t know what it would be like to live with neighbors.
I just have to put in my two cents: I don’t think the $1.72 for the house on South Oxford was all that bad. It may not be what it would have fetched a year and a half ago, but it sure is A LOT more than it would have been 15 years ago in real dollars.
Phew! After the new owners do all those little things to make the house “theirs”, it will end up pushing the total price nearer the asking price. And what if they do a big renovation?
I agree with Dibs. If you sell at a loss and buy at a discount, you are trading in the same currency and chances are your discount will exceed your loss.
I would gladly sell my place at a loss if I found something truly spectacular with all the bells and whistles for $1.0-1.2MM.
Petebklyn: That will be very tough to find, as those who bought at the top of the market will be reluctant (or unable) to sell at a loss. Buyers who have owned for a while will not be constrained by the same psychology or financial issues. The best way to approach this is to look at psf selling prices year over year.
Am still waiting/requesting for actual (re)sales of newer condos that orig sold 2006-2007 as proof of decline or extent of decline in market prices.
I know DIB believes townhouses won’t/haven’t gone down as much but that is much harder to analyze.(never know how much renovation took place).
Equity markets, lechacal, which, as you know, is one of the primary factors for people in the market for $1MM + homes.