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.
A lively and amusing discussion today without too many curse words from certain quarters I’m happy to say.
Hi Noki! Iz and Lecachal were amusing.
I have to say, I was a little stunned (though not surprised, mostly just sad) to see Woody and Dan’s house is finally on the market. I never really expressed my condolences and feel guilty. Anyway, I wonder what is going on.
And, of course, how could I not mention Minnie’s old house on Cumberland. Her brother bought and renovated it many years ago. He passed away and she continued to live on the ground floor for many years. The backyard had a wonderful grape over a big pergola…the kids who then bought and now just sold the house did a mod, not to my taste, yard redo.
I don’t know if Minnie has Internet access but I’m sure if she finds out the asking price and now the sale price she’ll promptly fall off her chair, although she wouldn’t have very far to go. She’s real salt of the earth. I wonder how she is doing.
I noticed the house had sold when I saw a wicker chair and table with artist’s paintbrushes in a can or something like that in the front parlor floor windows. It was immediately clear someone new is living there…a real change from the mod renovator kids.
benson – There are no recent sales data. As you have pointed out, sellers are not selling because they are not happy with the prices the market will pay. It’s impossible to point to sales data when there are no transactions because of a valuation gap. If what you are proposing is that a seller in the market today could get over a million dollars for one of those units I would just respond that I find that unlikely and leave it at that.
Dirty Hipster, I dont know the details so I won’t say anything until I do some research. Gossip is bad, especially where the roof over people’s heads is concerned.
I can assume though that there are laws by which inhabitants of public housing must abide; laws that, if not enforced, become forgotten and ignored; and laws which can suddenly become very useful tools by which to evict or “relocate” residents.
Anyway, public housing itself is problematic. There must be a way for longterm residents to be able to secure ownership of their housing at some point. The only way that communities get strong is if people feel rooted, not at the whim of some money-run gov’t.
I’ve mentioned this data before, but I guess I’ll have to put it up again. I suggest that all take a look at the SALES record for the City View Gardens condominium at 4th Ave and 2nd/3rd Street. For Property Shark, the address is 306 2nd Street, even though it is actually a 5 building complex that straddles both 2nd and 3rd Street. If you do so, you will find the following SALES data:
-2004/2005 initial closing prices from Sponsor for 3 BR simplexes: in the neighborhood of $650K.
-sale of 3BR simplex in the fall of 2007: $1.05M
-sale of 3BR simplex in the wineter of 2009: $1.03M
-asking price for 3BR currently shown on BHS website: $1.05M
I’ll ask folks again: please point to your SALES data that shows that condo prices on 4th Ave are cratering.
Dave it is too funny that you mentioned SRS. I have been killing it on that dog. Ultrashares are all great shorts but I think the fun is done with that for now. Most of SRS is not res. RE though it is commercial. If I could short Brooklyn real estate I would short Clinton Hill and Fort Greene.
m4l, “two elderly sisters” reminds me of the movie “Whatever Happened To Baby Jane.” Do you know it??
http://www.youtube.com/watch?v=7YeDBtOun-E
DIBS, that yellow house is hte Skillman house. owned by 2 elderly sisters albeit I haven’t seen them in a while. They probably hate the FLEA
brickoven, you can buy puts on real estate. You can also short stocks and buy short ETFs.
However, you would have LOST money. SRS, the 200% leveraged short real estate ETF is DOWN 60% year to date.
Pete Real estate is a big tanker and it takes a while to turn. My estimates are that from 2005 on is froth. I have already sold my place and will rent for the time being. If I could buy puts on the building next to you I would. I think the best way to value places now is based on rental income and we are very far from where there is true econimic value in owning a place in Brooklyn. I would guess 35 percent down from here is where stuff makes sense again but that is not factoring in deflation