Last Week's Biggest Sales
1. FORT GREENE $2,395,000 49 South Portland Avenue GMAP (left) This house sold quickly, and for more than its asking price: The large 2-family was listed for $2,200,000 in late May, according to StreetEasy. Entered into contract on 6/25/09; closed on 8/21/09; deed recorded on 9/11/09. 2. COBBLE HILL $2,225,000 132 Pacific Street GMAP (right)…
1. FORT GREENE $2,395,000
49 South Portland Avenue GMAP (left)
This house sold quickly, and for more than its asking price: The large 2-family was listed for $2,200,000 in late May, according to StreetEasy. Entered into contract on 6/25/09; closed on 8/21/09; deed recorded on 9/11/09.
2. COBBLE HILL $2,225,000
132 Pacific Street GMAP (right)
This 3,350-sf, 2-family was asking $2.75 million. Entered into contract on 6/12/09; closed on 8/14/09; deed recorded on 9/10/09.
3. BROOKLYN HEIGHTS $2,000,000
9 Pierrepont Street, #2 GMAP
It looks like this sale is probably of the large lower duplex that was a Co-op of the Day a couple of times, most recently this June, when the price had been dropped from $2.95 million (that was in April ’08) to $2,335,000. Closed on 9/8/09; deed recorded on 9/11/09.
4. CARROLL GARDENS $1,750,000
277 President Street, #1B GMAP
This 2,235-sf, 3-bedroom condo was first listed for $2,195,000 last July and was asking $1,849,000 by this March, according to StreetEasy. Entered into contract on 5/12/09; closed on 8/31/09; deed recorded on 9/8/09.
5. CARROLL GARDENS $1,745,500
355 Degraw Street GMAP
This 2-family townhouse was first listed for $1.95 million in March, according to StreetEasy. The price was cut to $1,875,000 in May. The house last sold for $1.36 million in 2004. Entered into contract on 6/19/09; closed on 8/19/09; deed recorded on 9/9/09.
Photos from Property Shark
The Cobble Hill place is very close to LICH. Its very noisy on that block with the ambulance sirens heading to the hospital. Definitely not prime, leafy Cobble Hill.
Anti –
Can’t have a wisdom of crowds style predictor with a one sided boundry. The asking price, in this market, is essentialy that one sided boundry. Even taking the idea that every guess is in good faith for granted, you need to be able to balance those who honestly think the house will sell for $1.5 with those who honestly think it will sell for $2.5. If they are only asking $2.35, the $2.5 guess will never be made and the resulting “prediction” artificially low.
Now if we are in a market where 50% of sales are above ask then fine, we may have something. But it not working now isn’t a matter of sentiment, but reality of the marketplace.
Flat pricing, Pete? I highly doubt that. I could be sold on antidope’s 10-15% (versus my WAG of 20%)on nicer places without compromises, but flat prices from the peak is just silly.
I rent in a condo building from an individual owner, and I know what the owner paid for the place, and I can say there is no way they could get anywhere near what they paid for the place now. They would have to drop the price by 35% or more.
I bought a condo in 2003 and sold it in 2005 for a 60% profit, and have since followed the sales in that building. The asking prices there are now about where they were when I was selling my unit. They certainly went up and down in between.
I am no “half-off”-the-world-is-falling-apart type. But to say prices are flat, even on prime properties, is just plain crazy.
The owner that turned 277 president st and the building next door into condos has made a lot of money. Those units sold for big bucks.
Ditmas–totally agree…Several years will need to go by before that kind of calm will be seen around here.
You may well be right, antidope. But I suspect it will be at least a couple of years before we approach that sort of calm.
DS, you have it half right. However, in non-volatile moments (less emotional times) it will approach the actual selling price.
Led, i don’t necessarily agree with you. if people who are active in the real estate market are not being whacked by psychological overshooting associated with booms and busts, then i see no good reason why the widget couldn’t do a better job.
The widget will not get any smarter because it relies on The Wisdom of the Crowds, an oxymoron of epic proportions.
The widget will not get any smarter because the widget is not properly designed to guess how much a property will sell for. Doesn’t make it a bad thing, it will just never do what some people seem to want it to do.