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.
11217 – I don’t have time to do a tit for tat comparison of price guesses and those you have incorrectly guessed, and that is besides the point. I’ve been saying for a long time – since before the Sept crash – that the NYC market had to go down. Pre-Sept, I (and others like me who could see the emperor had no clothes, and prices were unsustainable) were reviled, called bitter renters, etc. (even though I was an owner when I first started predicting the imminent downturn). I have never claimed to speak the gospel and this is not about my ego but rather market fundamentals which point to continuing weakness in the NYC RE market.
Yes, 11217, the certainty of MM’s viewpoint is really quite ridiculous.
Does anybody think this widget is predictive of anything?
I’d have greater confidence in a pigeon pecking out winning lottery numbers.
NY is not yet at its bottom, as too many sellers are too stubborn. Most predictions are that the market downturn in NYC will last at least another year if not longer. Will they eventually go back up? Probably, but it seems highly unlikely that they will rise at the same level they did 1998-2008 which was really unprecedented (and part of a broader phenomenon or irrational exuberance which we all saw almost destroyed our economy).
And to be honest, MM….you’ve been quite wrong on so many prices of homes lately…I’m not exactly sure how you can speak with such authority.
You’ve been 200K, 300K and MORE off on your guestimation of prices religiously and still you think you speak the gospel.
I don’t get it. I could be just as correct as you think you are.
I never said anything about shooting anywhere.
But they very well may rise instead of stay stagnant, as some like you seem to be predicting.
TD–that is funny.
Dylanfan et al–CS numbers show room for cautious optimism that the worst is over but I certainly am not going to call a bottom based on a few months of data that are simply not as disastrous as the month before. Looks promising though and I will keep it to that.
11217 – are you saying you think prices could suddenly start shooting up again? If so, I would love to hear your rationale (or that of any bulls for that matter). Among the bulls, thus far, the most optimistic scenario I’ve heard is stabilization and stagnation at best for the next year or so, but continuing declines seem very likely.
By reducing the maximum widget vote from 40% over ask to 20% over ask, it would appear that the widget has actually become less accurate. The opportunity for the unrealistically high votes to balance out all those unrealistically low votes has been eliminated. How ironic.