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.
DIBS, are you referring to the equity markets (where I agree we have seen a bottom) or the Brooklyn housing market (where I would not agree with such a statement)?
The Vermeil closing doesn’t surprise me and I think supports what I have been saying all along. The right price will sell. The Vermeil had stupidly high asking prices for a long time and the units haven’t moved because of that. Maybe they are finally seeing what kind of per square foot price will get deals done in that building.
I would also note that the price is not really all that far from the market high. What is that, maybe 2005 pricing? It really doesn’t take a huge adjustment to get a deal done. Sellers are slowly adjusting their expectations.
Asking top of the market prices isn’t a real strategy right now. In a falling market, always, always price your property at tomorrow’s price, not today’s. Otherwise you will just chase the market down like they have done at the Vermeil.
Not to say this buyer will be able to resell for that price in the next few years. Prices are still falling. But this is still a willing buyer and a willing seller and a real transaction, and thus evidence of where the market is right now.
Multiple residences here, BHO, a concept you couldn’t begin to fathom.
I agree that the Meier is high at 1100/sft for some units (maybe not some of the penthouse ones though. But comparing apples to oranges with Vermeil which is not even a doorman/gym/highrise type building… Plus, there was a post a few weeks back about price cuts on Meier. If I were in the market and got a Meier for $750/sqft (I think one was priced like that), I’d buy it… if I could. But I really like that building.
That means we’re not talking about you, DIBS. Stop posing.
***Bid half off peak comps***
Yes, they have taken a big hit but there’s a lot more money in the system and stock prices are up 25-45% off of the bottom and that’s making a lot of people more comfortable.
Secondly, we’re not talking about the average person if we’re looking at $1MM + homes in Brooklyn.
DIBS, don’t be a dick. You really think the average person has come out ahead overall because of a rally in the last few months? Most people’s investments have still taken a big hit.
Smudge, don’t be an idiot. The market bottomed in March and is up strong. If you’re not on board making money then too bad. There’s been a lot of money made off the bottom.
If you were to tell someone 10-15 years ago that 1.2 million for a 3 bedroom in Park Slope was considered team bear, I think they’d piss themselves.
“Massive chop in Brooklyn Heights.
Big cut at the Vermeil in Park Slope.
Point, Team Bear.”
All true, and looking like reality for a while to come.