Last Week's Biggest Sales
1.BROOKLYN HEIGHTS $2,701,000 161 Hicks Street GMAP (left) This 2,816-sf, 2-family was first listed for $3,500,000 last September, according to StreetEasy. By the time it was an Open House Pick in March, it was asking $2,950,000. The house last sold for $2,125,000 in 2003, according to Property Shark. Entered into contract on 5/1/09; closed on…
1.BROOKLYN HEIGHTS $2,701,000
161 Hicks Street GMAP (left)
This 2,816-sf, 2-family was first listed for $3,500,000 last September, according to StreetEasy. By the time it was an Open House Pick in March, it was asking $2,950,000. The house last sold for $2,125,000 in 2003, according to Property Shark. Entered into contract on 5/1/09; closed on 6/4/09; deed recorded on 6/17/09.
2. BROOKLYN HEIGHTS $1,425,000
62 Joralemon Street, Unit 3 GMAP (right)
This 3-bed, 2-bath co-op was first listed for $1,995,000 last July, says StreetEasy. The price was reduced a couple of times, until it was asking $1,600,000 in November. The maintenance is $1,624. Entered into contract on 3/17/09; closed on 6/11/09; deed recorded on 6/16/09.
3. DUMBO $1,282,200
31 Washington Street, Unit 14 GMAP
Listing history/size of unit unkown. Average sale price in the condo is $1,531,000, according to StreetEasy. Entered into contract on 7/1/08; closed on 7/17/08; deed recorded on 6/18/09.
4. BAY RIDGE $1,110,000
637 Ovington Avenue GMAP
This 2-family brick house was listed for $1,250,000. Entered into contract on 3/26/09; closed on 5/15/09; deed recorded on 6/15/09.
5. PARK SLOPE $1,100,000
350 2nd Street, Unit 6F GMAP
A 1,700-sf, 3-bedroom, duplex condo, according to its listing. Entered into contract on 3/24/09; closed on 6/12/09; deed recorded on 6/18/09.
Photos from Property Shark.
I looked at the 2nd street place (I have looked at a lot of places on that block in that development). I think it was asking pretty close to $1.5 million. Maybe $1.45. It’s a really nice place if you are ok with the location. The roof deck is great, the building is actually pretty nice. I actually think this is the right price for this unit. I don’t think the buyers overpaid.
Benson – I know we have discussed pricing in this development a couple of times. I think this represents a current mark for psf pricing. Bear in mind the added value from the roof deck, which is not present in the simplex 3-bed apartments with the mini balconies on each end.
Thanks NorthHeights. I was looking around 2006, so the numbers seem close to what I was guessing.
DIBS, my data is far from scientific; merely based on my ever-fading memory. Ok, so I went on to Trulia and here is their data for the area.
From March to May 2009, average price per square foot was $994. Three months prior was $909.
http://tinyurl.com/l6e4qj
Avergage selling PSF prices for 1, 2, 3 family houses in Brooklyn Heights:
2003 $579
2004 $695
2005 $822
2006 $895
2007 $922
2008 $1000
Source: NYC DOF rolling sales updates
The trophy houses were selling from 33%-50% above the average in the boom years (2003-7), but the top sales in 2008 were only about 15% above the average.
How could a house in Bay Ridge be on this list? It makes the Brooklyn Heights house seem like a bargain.
Concerning the property on the right… Is the pokey uppy bit part of one of the units? Like a little cabana for a roof deck.
Sorry, last thing is that my estimates apply only to Brooklyn Heights. While I also was house hunting in Cobble Hill and Park Slope, the majority of places I saw were in Brooklyn Heights.
Thanks. I would have thought that the psf prices were higher at the peak.
This is why I think the Adelphi St place is a bargain. Assuming you buy it for $750,000, that’s $250 psf and after you put another $500,000 into it it’s still only up to $416 psf. I bought my Bed Stuy place for $320 psf.
My numbers above look contradictory, but what I meant to say was most places I followed seemed to sell for around $750 to $800 per square foot. The $875 per square foot in my last paragraph is the asking price.