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.
That figure was based on common recommendations for sellers to price 10% above comp (during the run-up) or 10% below comp (today during the freefall). —-uh, somehow I think that statement is pure nonsense. Nobody besides you thinks we are in ‘freefall’ and I would bet real $$ that no realtor is suggesting that anyone list at 10% last sale.
10% above yes, because most buyers will insist it is bad market and want to negotiate.
In hot market some realtor were suggesting pricing below comp to start bidding war.
ALso – I keep asking for resale examples in relative new condo buildings for change in sale prices….and really haven’t gotten any ….Want to offer a few examples up?
Ones I have posted have been relatively steady..few % points above or below.
precisely BHO! you’re learning. so let’s see. if we take your spread (still just a guess, btw) of up to 25%, then on any given piece of sales data we have to provide for some serious sloppage in the data. 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 is this a useful base from which to discuss where prices are vis-a-vis ask?
i don’t think there are many brokers who wouldn’t take that $2 mio listing by the way. they make their fee on the actual sales price, but so what? no one’s tracking who sells the most properties at the greatest percentage of original ask. though they/we should. that would be useful data in determining who/whether to use a broker.
“there is no correlation between ask and comp on any given property in nyc”
Pure garbage. There’s definitely a correlation. But you might be right about my number, 10%. That figure was based on common recommendations for sellers to price 10% above comp (during the run-up) or 10% below comp (today during the freefall). But I checked the widgets in a few HOTD’s and COTD’s and found a spread up to 25%. The widget is a fair representation of what people would sign contracts for. Even brownstoner himself will comment on whether a price is reasonable or not and he often does within 10 to 20% (again, maybe my number is just off). So maybe my number should be adjusted to 15 to 20% between comps and asks. But there is a correlation. If you insist on listing too far outside that correlation (i.e. $2M for an average 4-fam in Bed Stuy), brokers wouldn’t take your listing. Comps are better but asks are not completely irrelevant as many exaggerate.
Does everyone else disagree with me?
***Bid half off peak comps***
Carroll Gardens has remained pretty strong, compared to most other neighborhoods, it seems. It’s starting to come down now, but is still pretty high (incl. rents) and has a long way to go before it’s reasonably priced imho. My guess is that many people are moving to CG for the schools and the vibe. It seems a lot busier this year during the day than last year. Could also be because people lost their jobs or spend their vacation in the city to save money…
look there are very few commentators who think the market is strong these days. the point is that there are a lot of anecdotal data points that look, on the face, relatively strong. of course, there must be a lot of property that isn’t moving…
as to my theory of your garbage…my view is that there is no correlation between ask and comp on any given property in nyc. brokers will suggest to owners a price, but in the end the broker will initiate a sales process at whatever price the owner requests. or lose the listing. and owners are all over the map. this was true during the boom decade and it is true today.
since that’s the way of the market and i am quite certain the other posters with experience will confirm, then i would put the burden back on you. you make the claim that asks are somehow related to comps +/- 10%, but i challenge you to show us how you get there. do you have any data or is it your gut? not to devalue anyone’s gut, but they’re not exactly valuable as everyone seems to have one.
tobikun, how long have you been looking for a place? given what you say about the quality of president street, $1.65mm ask sounds like kind of a joke. when we were looking, at the “top of the market” as they say, places in the condition you describe generally were selling for around $1.4 – $1.5 – on the lower end for the narrower places and the closer to the BQE or the projects. this really doesn’t seem like that much of a drop from those comps to me – $50k? $100k? – but i haven’t looked that closely at the comps in this neighborhood so could be wrong.
dope – Sellers typically price 10% off comps (above during boom and below during bust). If I’m wrong, what would you say the figure is? How far off do sellers USUALLY price their properties (serious – I want your input)? I don’t put garbage in. So so I don’t get garbage out.
Since Case-Shiller is down -20%, that’s what I assume until confirmed. Yeah, a sale during THIS stage of the cycle is not strong if idiots are not had.
So so what?
***Bid half off peak comps***
Petebklyn, it was listed with Vita Realty for $1.65M. Not sure if it ever showed up on a website. Lower duplex had kitchen and living room on the garden floor, which was another minus. I don’t remember more details or the exact condition of the kitchens or baths (was 4 months ago when we saw it). They were all alright, but certainly not the latest and greatest.
The price for Woodhull alarmed me, guess we know why.