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.
It’s not a statistical anomaly, it’s just relevant for a narrow class of similarly situated properties. If you are trying to sell new condos on 4th Avenue, you shouldn’t be out buying champagne because of this news.
Posted by: lechacal at June 16, 2009 3:23 PM
YES…that’s exactly the point I’ve been trying to make all along. The brownstone market will continue to behave differently from the condo market. They are not fungible. The majority of homeowners, especially in NYC, do not want the responsibilities of a townhouise, they want the convenience of a condo. And, there are far, far more condos on the market at any given point in time than townhouses, especially in the $2mm-4MM price range.
Lechacal, I’ll definitely agree with you on that one. It would be like saying Michael Phelp’s pot smoking is effecting adversely the World Cup.
Iz – re: whitman houses
wow – how exactly are they getting away with that? there is public housing all over nyc in areas that are now “desireable” emptying out one could set a dangerous precedent.
iz….my favorite is the one on vanderbuilt, yellow, with the widow’s walk, Can’t emember the original owner’s name by which the house is referred
You are all getting way to twisted up in this “outlier” thing. The point is, at least for the 3rd Street place, that the transaction is pretty relevant for top-end houses on park blocks in Park Slope, but much less relevant for a lot of other real estate if you are trying to look for comps. It’s not a statistical anomaly, it’s just relevant for a narrow class of similarly situated properties. If you are trying to sell new condos on 4th Avenue, you shouldn’t be out buying champagne because of this news.
Noki, I think it’ll take a good mil to bring it back, unless you’re an architect or contractor by profession, then you can probably creatively do it in half that, over a long period of time.
DIBS, buy it and live in the attic or something for a year, take it slowly. Man I LOVE that house. ANd it’s a stone’s throw from my fave house in the neighborhood, that little federal one with the porch that’s “behind” olea on Adelphi. I’ve stood in front of that little piece of heaven like a stalker at least 100 times already.
Oh wow. Seriously Iz, that is really one of those romantic old beauties with nearly perfect dimensions. And the front porch is to die for. This would take a buyer with some serious ovum (or balls) though. Think they can get a million for it? I cannot fathom what needs to go into restoring it in terms of cost and time.
hey brickoven….they may be outliers when trying to figure mean or average price of a house in brooklyn….but not so if trying to find trends as at least one is one of these us a recent resale.
And not outlier when trying to see how good at appraising Brownstone readers are.
I am looking for examples of resales where closing price is lower than last couple of years.
For example – there is a condo in bldg next to me where asking price is 925k….which is only 25k higher than closed for in 2006. I would then expect final sale to be lower than 2006 (but yet to happen-but when it does I may have one ).