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.
How about a weekly listing of the properties longest on the market – check out streeteasy – it offers that as an option. Some very nice brownstones are not selling. Or, how about a listing of properties taken off of the market because they couldn’t sell? I think the open house picks 6 months later are at least a somewhat random sample and offer much less support for team bull.
Even that weekly listing offers more attractive properties but week after week, the properties north of a million aren’t selling. There are well-known finance hurdles right now. No way team bull advances without that working itself out first. Maybe it will, I have little to base my opinion on, but it seems to me mortgages rates are heaing north and there is little reason to think banks are going to open up the spigots again. Until then, team bear will ignore “last week’s biggest” sales as an unrepresentative samplee.
Also, I agree that, now that we have some properties selling that have been “appraised” on here we should use those in the wrap up posts like these. Good or bad, it would be interesting to see whether prevailing opinion here mirrors sales.
Feeling good about my own prediction on the original thread:
“great house, great location. if any house of recent vintage on here deserves to sell for 2 million its this one.”
Special houses in great locations still sell. The bubble bursting has taken the wind out of much of the market but certain houses are nice enough to overcome those forces.
Just to stir things up seems a great reward in itself.
“There are people out there with money who want “very nice” and at a price point of $2MM – $3MM, another hundred thousand or two hundred thousand makes no difference if you really like”
I think this is dead on (and I don’t often find myself agreeing with DIBS’s market view.) But I would have thought that this is exactly why reading anything into the general market from this feature is a bad idea. On the margins price becomes less of an issue. As an anology, just because a few people still drop 400k on a Ferrari doesn’t mean that 80k BMws won’t need a price adjustment. Much less the 25k Mazda’s. Doesn’t mean they will, just that one thing really doesn’t tell you much about the other.
but, but, but ….. I keep telling people that real estate prices are only going down?
I guess my $1 million doesn’t go as far as I think it should.
Brooklynnative, your point is well taken. BUT, how many brownstones/limestones sold last week in “Brownstone” Brooklyn??
More specifiaclly, to my point, how large is the inventory for quality properties like this?? I bet its somewhere between 20 – 50. That’s pretty small given the population size here.
I like this one from Sam:
“The big question: is Cumberland Street a two million dollar street? At that price, it’s all about prestige and showing-off. Is this likely to be perceived as a prestige address? I really don’t know. Will mums and pops in Tuxedo Park be impressed? Will the best friends in Napa Valley be impressed? Or will they say: 2.3 miilion to live where??
It’s all about ego at this price point you know.”
The answer I guess was yes for these buyers. Either that, or they don’t have as large an ego as Sam thinks all buyers of 2 million dollar homes must have.
Fort Greene, 2.25MM. If you have that kind of money, I just don’t get why you’d spend it there. I lived there for three years. Two friends mugged, cops shot, etc. The massive housing projects around there are never going anywhere. Ever. Good luck with the “marauding teens” (in this morning’s news links).
Park Slope, I kind of get it. But not fort greene.