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.
Well, clearly we don’t all agree on the direction of the market. Nothing to get very excited about. It looks like I may sign another 12 month lease, which will take me out of the market until at least next year. I am comfortable doing so because I am pretty confident that prices are going to continue to go down in the markets that are relevant to me. These sales don’t change my mind for the reasons I articulated above. I have considered the risks and am happy to take the risk that prices go up rather than down. Bottom line: I am actually making a decision. And frankly, unless you actually find yourself needing to make a buy or sell decision, you’re basically just playing with yourself. Not that there’s anything wrong with that, of course, but I think we can distinguish those who have to put their money where their mouths are from those who are here for more recreational purposes.
11217 – thanks for the data, what was the source? I’ve been following specific properties and seeing many of them linger. But I’ll be sure to check out your source.
That said, hard data has been reported by plenty of reputable news sources, which point to growing price declines.
Iz Iz Iz, I am saying when you buy something on Margin like a house you had better make sure you are not overpaying and if you are using outliers as a baseline you are going to be a schlub borrowing money from youre parents youre whole life. Iz do you know what an outlier is?
So we have two prime homes selling like it was 2006.
These data points are irrelevant?
Wonder if they would still be “irrelevant” if the prices were down 40% off of 2006.
“but there seems to be growing inventory”
Seems is not factual. Here is the inventory data which IS decreasing. Miss Muffet loves to trumpet what seems, but some of us still prefer the hard data.
1 day 7 day 30 day
New Listings 59 377 1,592
Price Cuts 20 173 515
Contracts Signed 40 222 981
Total Inventory 10,567 10,584 10,860
a million and a half bottles of malt liquor, oh my
*rob*
Iz if you think Fort Greene is anything like SOHO all i have to say is BWAHAHAHHAHAH. anyway markets have hit there highs for the year and the state of California is about to go BK. But dont worry I am sure that all those models in Soho will start hitting the bars in Fort Greene to watch the gand wars
So brickoven, you’re saying don’t go by what’s actually selling? go by what isn’t selling or might be selling or could have sold? I mean, you can’t do “average sales” because you don’t have any leveling criteria — average sales of 3,500 sq ft brownstones in the brownstone brooklyn area? maybe? I don’t know it seems like calling the biggest sales “exceptions” is naive. It might not be sign of a trend but it’s not irrelevant either.
On a related note, what’s up with that house on Washington Park (right on FT GREENE PARK)that’s been for sale for like years now and they keep cutting the price and nobody wants to buy it? It must be a wreck I guess. Wonder what it’ll take to catch a buyer.
http://www.brooklynproperties.com/house175.htm