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.
Re: 11217 at June 2, 2009 11:42 AM
The northeast is a big ole blanket. How much of that “pent up demand” can be attributed to Brooklyn? How much have prices fallen in this region outside NYC?
***Bid half off peak comps***
bkhab, you misinterpretted my post. I was saying I’ll go in when I think the bottom is here or just passed. fact I’m still circling around in the sky, I don’t believe the bottom is here yet. I have no idea what level the bottom will be or when it’ll be reached. I’m simply waiting for prices to go up – I’ll use that as an indication that the bottom might have just passed.
Not trying to start a bear vs bull discussion here (in fact, I will be kicking myself if the result is 50 posts of back and forth – the bottom is here… no, its not here, we still have forever to fall).
If the housing starts are up, it is likely a combination of two things – the low interest rates this spring and the fact that prices have come down somewhat.
So, what happens when the government prints all this money, puts it in circulation and we get inflation but also higher interest rates. The inflation presumably should help home prices, but higher interest rates hurt home prices.
Anyone remember the environment in the 1970s and early 80s? Which won out – inflation or high interest rates?
As someone on the sidelines today, my gut tells me to take advantage of low interest rates and the specter of inflation today, but if the result will be 10-20% interest rates in five years, that jump in rates could wipe out any equity built up as people will have to discount high borrowing costs.
Any thoughts?
Go Columbia and Midwood! Something special about Columbia? Is it that cobblestone Soho-ish block around the corner and Alma? Oh, the Manhattan skyline view (most high end Brooklyn buyers gotta be looking in that direction lately)?
Midwood looks synogogy, probably with buyers trapped into the pre-construction-hell-no-you-can’t-have-your-deposit-back scenario (2007? Are you serious?). Or not.
Heights, Slope and Fort sellers blinked. For the usual hoods that aint Syrian or don’t have front-row FiDi views, asking prices are now begging prices. ‘Oh please oh please oh please – just gimme just one more mil’.
***Bid half off peak comps***
ledbury I missed that one — I went on vacation and then I had to [gasp] work all day for a while. interesting…gotta love the blogs.
Joe –
Don’t know if you saw it, but a week or two after the Meier discussion there were sales in a condo conversion which one of the buyers had been blogging about. The “contract” dates came across as ’09 despite the clear blogging evidence that the deal was struck long ago.
Obviously this doesn’t say anything about the Meier building specifically, just that the practice that was suspected does seem to go on.
M4L- ok please fly on by then!
ha
anyway – healthy prices for these properties indeed. Wonder what team Bear will say?
I agree, Joe…I think this sounds like a fair price. 1700 sf is huge, and with the parking spot, doesn’t sound bad at all.
11217 — yeah that’s what I meant. there were 3 or 4 sales (new contracts) in feb/march in the meier building. I was questioning their legitimacy just because 1100/foot seemed so out of line. The best explanation I could come up with was that the developer gave up a few dollars after a long closing period, and then changed the reported contract date to reflect the “new contract”. In my mind this would be unethical, but I have no evidence that it actually happened. The vermeil seems like a decent comp, aside from the differences you mention. I think this sale (700/ft) sounds just about right for the market. and then when you throw in the free parking spot, what’s that worth, 80K or so? Nice job buyer…