Last Week's Biggest Sales
1. CARROLL GARDENS $1,345,000 215 President Street GMAP (left) This is a 3,320-sf, 3-family, according to Property Shark. Listing trail MIA. Entered into contract on 6/17/09; closed on 8/14/09; deed recorded on 8/25/09. 2. COBBLE HILL $1,300,000 314 Clinton Street, Unit D GMAP (right) This is probably the same unit featured as a Co-op of…
1. CARROLL GARDENS $1,345,000
215 President Street GMAP (left)
This is a 3,320-sf, 3-family, according to Property Shark. Listing trail MIA. Entered into contract on 6/17/09; closed on 8/14/09; deed recorded on 8/25/09.
2. COBBLE HILL $1,300,000
314 Clinton Street, Unit D GMAP (right)
This is probably the same unit featured as a Co-op of the Day in April, a 1,712-sf floor-through asking $1.35 million. (Only confusion is the apartment number on that listing was 3, not D.) Assuming it is indeed the same unit, the reader appraisal widget came in at $1,042,993. Closed on 8/12/09; deed recorded on 8/24/09.
3. CARROLL GARDENS $1,200,000
82 Woodhull Street GMAP
This is a 3,600-sf, 4-family, according to Property Shark, which says it was asking $1,599,000. Entered into contract on 8/18/09; closed on 8/20/09; deed recorded on 8/27/09.
4. BOERUM HILL $1,130,000
223 Wyckoff Street GMAP
This townhouse was listed for $1,295,000 in February, according to StreetEasy. Entered into contract on 5/18/09; closed on 7/20/09; deed recorded on 8/28/09.
5. PROSPECT HEIGHTS $1,003,500
On Prospect Park, Unit 6L GMAP
This 2-bedroom unit in the Meier-designed condo was listed for $1.6 million, according to StreetEasy. Entered into contract on 7/9/09; closed on 8/14/09; deed recorded on 8/27/09.
Pics from Property Shark.
I know that President Street block. What a rude million dollar awaking living across the street from #198 is going to be.
Did the broker mention you get your very own junkie occasionally sleeping on the stoop for that price?
A million bucks for a two bedroom apartment in the Meier building sounds somewhat reasonable, but I still wouldn’t be surprised if this time next year similar apartments are being sold for 30% less. Seriously, in lots of cities, $700,000 can buy a duplex penthouse. People who are still flush with cash these days aren’t foolish enough to part with it so stupidly.
The party’s over. Time to sober up, folks.
show me the comps.
do not show me the asks.
In freefall failure?
Climbing stairs/Descending stairs
Brooklyn beats best bets
Okay, Pete. Freefall is my opinion (come on, I’m not alone – MoneyForNothing, No Recovery For You, ROTW, Miss Muffet, cornerbodega, etc, the list grows daily.). But when I say pricing, I’m talking price history. The cascade of asks if you will. They follow the market DOWN, not up. And no, it wasn’t commonplace to price below comp to incite bidding war. Asks mostly went up, not down, during the run-up. I remember. I was shopping. Regarding resales in new buildings – the data is out there. Remind me, I’ll try to scrape something together. Don’t really follow condos anymore.
***Bid half off peak comps***
We just bought our house in Fort Greene for $100,000 but it needs some renovation.
Oops! Sorry, time warp, that was a (relatively) long time ago.
Okay, so I tried a little humor at the end of a long day.
***Some day this tagline is going to end…***
Yet another Meier unit that makes this list. I’m still confused, as so many on this board have insisted that this building is a failure…
“precisely BHO! you’re learning.”
No, dope. I meant your statment that there is no such correlation was pure garbage. There is a correlation – we just haven’t pinned down the exact number (I only stand corrected about that).
“a $2 mio ask might have comped at an actual 25% off, or $1.5 mio. and if it sells for $1.35 mio, then the sales price is actually off peak comps by 10%.”
How you figure? That $2 mil might be based on peak comps or something not too far below. If something sells for 1.35 mil post-Lehman then you can be rest assured that peak comps (established pre-Lehman) were higher in the overwhelming majority of cases.
“how is this a useful base from which to discuss where prices are vis-a-vis ask?”
It’s not. It’s garbage from you. Are you blurrying the discussion with the confusion of peak comps vs present day comps?
“i don’t think there are many brokers who wouldn’t take that $2 mio listing by the way”
True. I can say they won’t dedicate much time to it though because it’d be a certain stalemate. That’s the point I was trying to make. Most asks are in some kind of ballpark with comps. Few are way over the top. I’m writing from the point of view of Team Reasonable. You know my take on asks (see tagline).
This discussion is motivating me to keep score of the ask/comp spread. I talking recent closed sales around the time of ask. I want to get to the bottom of this. I know there’s a correlation because I can feel it. I just don’t know the number.
***Bid half off peak comps***
even resale data can be subject to improvements, but it is the best hope…
a few weeks ago, i posted about a strong resale in bloody wburg waterfront and the darksiders blew it off as either a) subsequently improved and/or b) a special building.