Last Week's Biggest Sales
1. CARROLL GARDENS $1,858,306 277 President Street, Unit 2 GMAP (left) This 1,911-sf, 2-bedroom in a conversion was listed for $1,825,000 a year ago, according to StreetEasy. Entered into contract on 8/1/08; closed on 7/9/09; deed recorded on 7/20/09. 2. BOROUGH PARK $1,800,000 1818 51st Street GMAP (right) This is a 4,265-sf unit in a…
1. CARROLL GARDENS $1,858,306
277 President Street, Unit 2 GMAP (left)
This 1,911-sf, 2-bedroom in a conversion was listed for $1,825,000 a year ago, according to StreetEasy. Entered into contract on 8/1/08; closed on 7/9/09; deed recorded on 7/20/09.
2. BOROUGH PARK $1,800,000
1818 51st Street GMAP (right)
This is a 4,265-sf unit in a small condo, according to Property Shark. Entered into contract on 5/27/09; closed on 7/8/09; deed recorded on 7/21/09.
3. WINDSOR TERRACE $1,500,000
489 16th Street GMAP
When this was a House of the Day in April, it was asking $1,595,000. The sellers purchased it for $925,000 in 2005 and renovated. Entered into contract on 5/1/09; closed on 7/7/09; deed recorded on 7/20/09.
3. BOROUGH PARK $1,500,000
1448 56th Street GMAP
A 7,424-sf, three-family, according to Property Shark. Entered into contract on 5/14/09; closed on 7/8/09; deed recorded on 7/21/09.
5. VICTORIAN FLATBUSH $1,150,000
1816 Glenwood Road GMAP
This Fiske Terrace abode was a House of the Day in May, when it was listed for $1,300,000. The widget appraisal determined by readers was $1,017,552. Entered into contract on 6/2/09; closed on 7/9/09; deed recorded on 7/22/09.
5. COBBLE HILL $1,150,000
401 Hicks Street, Unit B-6H GMAP
Weird that this sale took so long to be recorded in public records: It’s a unit in the converted church called the Arches. Size unknown. Entered into contract on 3/6/08; closed on 5/8/08; deed recorded on 7/22/09.
Pics from Property Shark.
“Miss Muffett, when and if you find your dream house in your dream school district at your dream price, whatever will you post about dozens of times a day?”
The inevitability of the market taking off like a rocket once again, so she can sell at peak, rent for a while (she’ll be posting about catastrophes then) and at the lowest point point possible buy a bigger “modest” house in an even better location–and then she’ll post endlessly just to remind us she did so.
“You know why people get bent out of shape dealing with MM? Despite the well crafted illusion of level-headedness, she sneaks in comments like, “too many sellers are too stubborn†to justify why her bold (and wildly inaccurate, usually) predictions of current prices will nonetheless be correct in the future.”
Watch: What she encloses in parentheses generally is particularly self-serving and….to the moon, Alice! if you get my drift….
“Where’s BHO amid all of this???”
Up here where there’s oxygen, DIBS. Can you hear me? I can hear you but I can’t understand you. Sounds all bubbly and shit. I had NEMO translate.
***Bid half off peak comps***
You know why people get bent out of shape dealing with MM? Despite the well crafted illusion of level-headedness, she sneaks in comments like, “too many sellers are too stubborn†to justify why her bold (and wildly inaccurate, usually) predictions of current prices will nonetheless be correct in the future.
In other words, “I want my house and I want it on my terms!â€
As has been written many times, RE behaves differently from stocks and bonds. Did anyone notice what happened to Brooklyn housing prices after the Nasdaq collapse from 5000 (03/2002) to 1100 (10/2002)? I would have been the first to tell you it was just a matter of time until RE took its hit. RE behaves differently.
The market here is clearly off 10-20% peak prices, but there is no certainty that it’s going to sink further, go sideways or rebound.
Personally, since the herd is now declaring The End, it’s probably time to bet against it.
You slipped on the banana peel with that comment MM. Just be patient and let the market come to you. No need to badmouth everybody else for not selling at your price.
Thanks CGfan! And 11217, I agree that *now* it looks like calling a market downturn pre-crash was like calling the pope Catholic (ah, hindsight), but it really was not like that 1-2 years ago. The scorn heaped upon those who dared to say such a thing was pretty vociferous! And I guess there is still scorn for those who predict continuing declines.
Miss Muffett, I never understand why people get so angry at you about waiting out the market. I happen to agree with your judgement, and if I were in your shoes I would definitely not buy unless I found the ideal home at a reasonable price (not necessarily the bottom, but not inflated either). But even if both of us are wrong, there’s certainly nothing wrong with voicing your opinion on the state of the market. I think you have very little to lose by waiting. Contrary to what posters believe, I bet you find a great home in the next year or two.
Yes, Case Shiller index is starting to slow. Declines are slowing. NYT article today, don’t know why Brownstoner didn’t link it.
http://www.nytimes.com/2009/07/29/business/economy/29housing.html?hp
But even this article says don’t expect to see a rise in price until at least late 2010. It also says things could get better and then we could plunge into another recession.
“I’ve been saying for a long time – since before the Sept crash – that the NYC market had to go down”
Did you also say that the Pope is Catholic?
Wise one we’ve got here on our hands…
😉
In regards to the market not falling as much as expected because sellers are too stubborn….
That could reflect the fact that while prices rose dramatically in this area we still did not see a huge rash of people buying homes they had absolutely no chance of affording, no huge communities going up on the outskirts of the outskirts, etc. Perhaps these “stubborn” sellers don’t need to sell as badly as a person who is about to be foreclosed on in AZ, FL, or SoCal.
The logic there is backed up by the fact that foreclosure rates in NYC have been much lower than the rest of the country and lower still in “prime areas”.
Also, no one here (or probably anywhere) can know the true value of a house unless they are the one to purchase it (or at least make an offer). There is somewhat of a market value but these are not uniform goods and there is a specific value to each person. Unless you have comps of similar units in co-ops or condos it is very hard to determine an exact value. Perhaps this is why most people think appraisals are total BS.
Miss Muffett, when and if you find your dream house in your dream school district at your dream price, whatever will you post about dozens of times a day?