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.
Slopefarm – to put it another way, if there ia house that the bullest of the bulls think is worth $2 million and the bearest of the bears think is worth $1 million, the real average of the their guesses is $1.5. Once we say the ask is $1.75, then the widget will report $1.375. When the house then sells for $1.5, the crowd will look like it undervalued, but what really happened is that structure of the game prevented accurate measuring of peoples sentiments.
“nowadays it seems most want to buy without having to endure the hardships of becoming an owner.”
I don’t get it? What hardships of becoming an owner are people hoping to avoid?
Slopefarm, I don’t think I agree with your point. Lets say a house has an ask of $1.5 million. People guessing how much it is going to go for are basically bounded by $1.5 million on the upside (not a lot of bidding wars today.) So every guess is going to fall somewhere between $0 and $1.5. If a house is going to sell for ask or 5% or even 10% off ask, there really isn’t any room to balance out the 20% off guesses. And as you say, we are now 7 for 7 showing that it is nearly impossible for the widget to produce an accurate guess.
To folk with little to no means/interest in buying it will always be absurd.
Especially when nowadays it seems most want to buy without having to endure the hardships of becoming an owner.
Forgo the “absurdity” in lifestyle, save, and in a few years you can comfortably scout the field.
just saying.
“But we are now 7 for 7 on examples, and the widget seems to be consistently 15% or more below sale price.”
The places that will ultimately sell for significantly below their original asking prices are still on the market because the owners are still holding out for a better deal.
Some of them will get that better deal and be glad they waited. Some of them won’t.
> I didn’t mean to single you out Snark…
Sorry, maybe I’m being cranky today. I’ll admit I am surprised at the price on the WT sale. Nice pad, but dang…
Ledbury, I don’t think your logic is correct. Asks can be too high or too low. Widget guesses can be too high or too low, as well, and can be over or under the ask. If most sales are for below ask, there is plenty of room to guess below ask but at or above the ultimate sale price. But we are now 7 for 7 on examples, and the widget seems to be consistently 15% or more below sale price.
“Then why do you bother, 11217?”
Because I take tidbits I read from this blog, research them and learn about them on my own.
I certainly don’t take the comments as if they are the gospel as some here seem to.
I didn’t mean to single you out Snark…MOST of the comments on nearly every HOTD are about how the price is absurd (and we are now slowing finding out that they weren’t nearly as absurd as some would have us believe).
I can’t wait to hear what Muffet has to say about these.
Apparently the exclusivity of BP costs an arm and a leg.