Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $5,000,000 118 Willow Street GMAP (left) When this 7,200-sf, 2-family brownstone was a House of the Day for the first time, in January ’08, it was listed for $8,000,000. The price was cut a few times and it was asking $6.8 mil when it was an Open House Pick last November. The…
1. BROOKLYN HEIGHTS $5,000,000
118 Willow Street GMAP (left)
When this 7,200-sf, 2-family brownstone was a House of the Day for the first time, in January ’08, it was listed for $8,000,000. The price was cut a few times and it was asking $6.8 mil when it was an Open House Pick last November. The last price cut brought it down to $5.95 mil in January. Entered into contract on 6/15/09; closed on 8/4/09; deed recorded on 8/13/09.
2. FORT GREENE $2,700,000
53 South Elliott Place GMAP (right)
This 3,600-square-foot one-family was a House of the Day a couple of times, most recently last December, when it was listed for $3,495,000. Entered into contract on 2/9/09; closed on 7/29/09; deed recorded on 8/13/09.
3. PARK SLOPE $1,870,000
106 Park Place GMAP
This 16.67-foot-wide house was a House of the Day and Open House Pick a couple times, most recently in March ’08, when it was asking $2,495,000. The sellers bought it for $1,300,000 in 2006. Entered into contract on 5/1/09; closed on 6/30/09; deed recorded on 8/12/09.
4. South Slope $1,700,000
248 10th Street GMAP
This is a 2,400-square-foot, 2-fam, according to Property Shark. Entered into contract on 5/26/09; closed on 7/28/09; deed recorded on 8/14/09.
5. CLINTON HILL $1,600,000
125 Willoughby Avenue GMAP
When this 2-family was a House of the Day last June, it was listed for $2,100,000. By the time it was an Open House Pick last October, it was asking $1,795,000. The sellers bought it for $1,400,000 in 2005. Entered into contract on 1/7/09; closed on 3/3/09; deed recorded on 8/14/09.
Pics from Property Shark.
1842, I wondered the exact same thing. Clearly, that tactic works on some people (like MoneyForNothing).
I wonder if some sellers are listing places at prices well beyond what they would have asked in the peak of the boom in order to make it appear they are cutting prices and buyers are getting a deal when they inevitably bring the price down. Some of the asks were ludicrous and out of whack even for the peak years, but the sale prices are still peak boom prices…
These are strong prices (guess it stands to reason if they are last week’s biggest sales), but nonetheless, they are impressive to me, especially considering what these places last sold for during the “boom” years.
MFN, You don’t “rep” anyone but yourself. I’m mostly bearish on the market myself. But if you think asking prices (as opposed to comps) are the metric that counts, then you’re even dumber than you are douchey.
were those the same analysts we last heard pushing all assets in the relentless boom? you only believe them now because they reinforce your opinion.
furthermore, you will always stand ready to buy when you can get “15-20% below current levels” because you will never pay the market price. but that’s just my opinion. you don’t strike me as serious.
“It’s quite obvious he/she does not read the posts.”
11217: Yes, let me amend my post by stating the obvious: the 25% would be the $625K off the 2.5 Million asking price from March 2008. I guess you didn’t read that in the post? You’re concerned about what profit the sellers made? What relevence does that have?
Kris: I’ll be sure not to read your posts, nothing of value there. But yes, I do, and believe I’ve a rep for cogent, albeit bearish, POV on the marco market environment for Brooklyn RE. You know, stuff that goes beyond gushing over finishes or trying to play junior real estate appraiser. God forgive me for saying this in 2009, but you know, “keepin’ it real.”
Antidope: well, 2nd part of your handle certainly says it all. I got Money for Nothing…meaning, lots of money, lots of desier to purchase a brownstone, and nothing of value out there.
Don’t need free, just ain’t gonna overpay. Guess you haven’t read my posts. Hardly in the BHO/ROTW camp, but I guess you need to lump every bear into one camp because it supports whatever position in this environment you need to defend. Problem is, the numbers don;t lie, and right now, bein’ a bear is tres chic!!
See, most macro economic analysis indicates we’re a good 20-25% from a bottom in NY for prime RE. So, Dope, once I do find “Something for Money,” and that something would be a 2 family prime slope home abt 15-20% below current levels, I’ll invite you over for drinks.
I’ll even spring for top shelf. With all the scratch I’ve saved being a sideliner instead of listening to Team Bullsh*t, I should be able to cover coctails for you and about several thousand of your closest friends.
This is the part where I drop the mike on the stage and walk off with my hands raised above my head.
It’s quite obvious he/she does not read the posts.
Kris- MFN’s handle says it all. s/he/it wants a home for half the price the market will pay, ie free. biggest bear on the board not named BHO/ROTW/etcetera.
MoneyForNothing, I am guessing you just post without reading anyone else’s comments. Am I right?