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.
Dylanfan,
To be fair, I think NYC will probably come out of the housing situation a little later than the rest of the country (because the rest started crashing earlier than we did) but your logic remains that housing prices will not continue falling forever, and it would seem we are at least getting closer to a point in which they start to rise again. Or at least stop falling.
Some people need to keep in mind that on the way down, housing prices usually overshoot on the low side, so there does come a point where it will be possible for them to go back up more than people think they will.
But dylanfan, NYC has been lagging behind national trends, so I don’t think the CS has hit the equilibrium point in NYC yet that would indicate it’s time to buy…
Case-Schiller reported an uptick in prices for April-May, first time in a long time. Isn’t this the metric that BHO said is essential to his decision-making process? Doesn’t that news undermine MM’s argument–especially if it’s a start on the other side of the curve?
Not saying CS has any influence on my decisions to buy or sell property, just reminding those who do hang on to that sort of data to justify (not making) decisions that it’s starting to look like you better get moving (literally).
Yes, but there are the facts of houses selling for 30% below initial ask, comps falling in the last year, houses lingering, etc. As we all know, facts are malleable and bulls will seize upon the less common success stories i.e. WT house, and bears will seize upon the more common market trends to make their case. We can talk til we’re blue in the face, but the market is the market and as an active potential buyer, all I really care about it getting my own house eventually but I am comfortable with where I have laid my poker chips.
Are you Abe Froman, the sausage king of Chicago?
MM,
The difference is that in my comments I might have stated that I thought that 4th Street should sell for 3 million (because it was a delightful house), but my widget guess was what I THOUGHT the property would sell for, which in that case was 2.5 million, if I remember correctly.
My comments are more emotionally based, but my widget predictions are more based in things I know about real estate. There is a difference.
As is stated above, we are now 7 for 7 on the widget being at least 15% lower than the selling prices. There is no denying facts.
Unless you are a brownstoner, of course.
11217, if we are going to revisit what was said about these sales relative to when they were previously listed as HOTD or OHP, let me remind you of your predictions for 586 4th Street (from LWBS last week), which sold for for 2.2 and which you had predicted last summer was “priced to sell” at 3million. We’re certainly all wrong occasionally, and I was with the WT house – someone fell in love with a house that was admittedly in a great location and in perfect shape, fully/nicely renovated etc (albeit not to my personal taste). But, despite exceptions to the rules, there is undeniably a trend in NYC of prices that are falling – in fact last week’s biggest sales showed them falling quite a bit (25-30% within months) and I see no reason to think that trend will reverse in NYC anytime soon. So I remain patient.
Ledbury, but 0 isn’t really the lower limit because no one will guess 0. If ask is $1.5m, there is no reason why most guesses couldn’t cluster in the mid $1.4ms with a few outliers on either side. If the house sold for $1.4m, the widget would have erred on the high side but below ask. No reason that can’t happen. But so far, all the error is on the low side. It fits with my impression, predating the widget, that people tend to talk down the price on this site, for whatever reason. I’m just glad to know that, should I ever need to sell, I need not fear the widget.
I don’t get it? What hardships of becoming an owner are people hoping to avoid?
Posted by: northsloperenter at July 28, 2009 12:48 PM
My guess is it’s the eventuality of rising prices.