Last Week's Biggest Sales
1. PARK SLOPE $3,150,000 615 Third Street GMAP (left) When this 4,552-square-foot brick and limestone two-family was a House of the Day in February, it was asking $3.8 million; the price was cut to $3.4 mil the next month. The house, which was built by an architect for himself in 1899, last sold for $2,850,000…
1. PARK SLOPE $3,150,000
615 Third Street GMAP (left)
When this 4,552-square-foot brick and limestone two-family was a House of the Day in February, it was asking $3.8 million; the price was cut to $3.4 mil the next month. The house, which was built by an architect for himself in 1899, last sold for $2,850,000 in mid-2006. Entered into contract on 4/21/09; closed on 5/28/09; deed recorded on 6/10/09.
2. FORT GREENE $2,250,000
316 Cumberland Street GMAP (right)
House o’ the Day writeup on this in April, when it was listed for $2,295,000, went as follows: “316 Cumberland Street has a huge parlor floor to die for, with intricate plaster ceilings and an extension that houses the modern kitchen. The house has also been upgraded recently with all new systems and windows as well. It’s being used as a one-family but the ground-floor can easily be converted to a rentable apartment. All this sounds great but it will be interesting to see if it can pull off a price that’s similar to some of the nicer homes currently on the market in Park Slope.” Question answered. Entered into contract on 5/7/09; closed on 6/1/09; deed recorded on 6/12/09.
3. GRAVESEND $1,890,500
1927 East 1st Street GMAP
This is a 1,440-sf, two-family house, according to Property Shark. Entered into contract on 5/19/09; closed on 6/1/09; deed recorded on 6/10/09.
4. BAY RIDGE $1,300,000
135 86th Street GMAP
A 4,923-sf, three-family, according to PropShark. Entered into contract on 3/10/09; closed on 6/4/09; deed recorded on 6/10/09.
5. MIDWOOD $1,200,000
462 East 27th Street GMAP
A 2,385-square-foot, two-family house, says Property Shark. Entered into contract on 4/24/09; closed on 5/27/09; deed recorded on 6/10/09.
Photos from Property Shark.
I wonder why that people who was involved with the “biggest sales” don’t post on Brownstoner. I think the new owners would like to tell us about their experience.
Funny the the same collection of Jagoff’s jerking themselves off! Reminding each other their is a new sucker in the gene pool…
The What (Fall is coming…)
Someday this war is gonna end…
Here again we have the same debate. These are prime houses, in beautiful condition, and they fetched good prices, even in this market. I remain skeptical of what MM and other think will happen in 6 months. I own two high-end properties in LA. Their value was way down 6 months ago, and has now recovered significantly. I just received a strong offer for one, although it is still 10% off what it would have been at the height of the market.( But, it is 10% more than it would have been at the bottom.) Things may be settling. Less desirable properties in less desirable neighborhoods always fall more and take longer to recover. The essentials of living in Park Slope or Brooklyn Heights have not changed. Yes houses were overpriced. This has been corrected, in some cases substantially. The biggest sales are not a statistic sampling, but they often set a tone that is compelling to both buyers and sellers.
But Benson, many of the OH 6 months later show reduced SALES prices, right? Is that not market data?
MM, we all understand the 3rd Street house is ONE sale – but it is a SALE – Benson is correct – ask has no meaning – what is entirely relevant is the comp vs 2006 – this is right in your wheelhouse and we have, clearly, a high end buyer, buying…I realize you are bid below, but, clearly, you will not be living on a park block in Park Slope. I don’t care what you say, a cash sale like this has to make you nervous…this is not 50% off the highs…
Muffie;
If you want to base a discussion on statistics, as you state above, then I would ask you to refrain from citing cuts in ASKING price in future discussions. The asking price is NOT the market. Cite some statistics from market data.
Also, if you want statistics, then please do not cite anecdotes that a “broker” or “friend” provided.
Fair is fair,right?
😉
I’m not brushing this off – sure I was wrong in this case. But these are the BIGGEST sales, not a statistical sampling. If open house picks 6 months later start showing data that support prices remaining high (which they do not), then I will be wrong in my overall predictions. But I think Biggest sales are inherently prone to being exceptions to the rule. Also, I certainly do NOT think we’re at 2004 prices now, which is why I’m waiting – we are slowly sliding down (as the OH 6 months later threads show) but no way near a bottom.
I find it amusing that the same folks who trumpet every cut in asking price (which is not tied to the market pricing) brush off ACTUAL market data.
Inconvenient data?
Some things you can buy for the price of the 3rd Street house:
– Around 1,000 first class round trip tickets to Paris; enough to live in the first class cabin of an Air France jet, getting served hand and foot, for almost two years straight).
– Enough gasoline to drive around the world over 1,000 times.
– Over $150,000 in interest, every year for the rest of your life, if invested at 5%.
– College tuition for 30 underprivileged kids.
– Around 10 brand new Rolls Royces.
– A really nice car, a nice sailboat, a nice house on the ocean AND arond $75,000 a year in interest payments for the rest of your life — if you live in Maine.
You get the point.
agreed that the biggest sales are not a good indicator of general market trends. also, unusually strong (or weak) prices for individual properties illustrate the particular difficulty of price/sqft comparisons, or price/bdr comparisons. even within a given subsection of a single neighborhood, even when only considering renovated (or unrenovated) properties, there remain hard to quantify qualities that strongly affect the price of individual homes.
whether it’s ‘open house picks 6 months later’ or ‘last week’s biggest sales’, extrapolation to larger market trends is really speculative. you only start to get somewhere when you look at large aggregates of properties. but, of course, then you cannot account for the individual home that will sell for higher or lower than expected based on unique qualities.
as tempting as it is to take these posts as signs of some trend, you almost might as well be reading goat’s intestines.