Last Week's Biggest Sales
1. BOERUM HILL $2,800,000 28 Butler Street GMAP (left) According to StreetEasy, by the time this 3,000-sf, 2-family townhouse was listed in June—for $3.2 million—it was already in contract. It was last purchased for $950,000 in 2007. (Presumably the sellers renovated.) Entered into contract on 6/2/09; closed on 9/3/09; deed recorded on 9/17/09. 2. PARK…
1. BOERUM HILL $2,800,000
28 Butler Street GMAP (left)
According to StreetEasy, by the time this 3,000-sf, 2-family townhouse was listed in June—for $3.2 million—it was already in contract. It was last purchased for $950,000 in 2007. (Presumably the sellers renovated.) Entered into contract on 6/2/09; closed on 9/3/09; deed recorded on 9/17/09.
2. PARK SLOPE $2,200,000
213 Berkeley Place GMAP (right)
When this four-story brownstone was a House of the Day in April, it was listed for $2.475 million. The reader widget guessed it would ultimately sell for $1,984,668. Entered into contract on 7/23/09; closed on 8/28/09; deed recorded on 9/15/09.
3. PARK SLOPE $1,300,000
90 8th Avenue, #6B GMAP
This 1,860-sf, 3-bedroom co-op was listed for $1,395,000 in June, according to StreetEasy. Closed on 8/25/09; deed recorded on 9/14/09.
4. MILL BASIN $1,275,000
130 Whitman Drive GMAP
This is a 3,220-sf single-family, according to Property Shark. Entered into contract on 9/10/09; closed on 9/10/09; deed recorded on 9/16/09.
5. PARK SLOPE $1,250,500
133 Sterling Place, #4G GMAP
This 3-bedroom unit in the Vermeil condo was originally listed for $1.99 million in early 2007, according to StreetEasy. Entered into contract on 6/25/09; closed on 9/4/09; deed recorded on 9/14/09.
Photos from Property Shark
i’m sorry i missed raphael1 through 8.
if you posted this two months ago, you would’ve been accosted.
spot on.
there is a correlation between TH and Condos, though weaker than most might guess. Right now the price gap is increasing for lots of reasons discussed in these threads.
of course there are houses like 8th st that are mispriced but that happens in all markets. beware the ask.
as pbk correctly notes, to have an informed discussion one must look at the data from resales of comparable properties. Everything here in the stoner world is speculation since every house is different (really, it’s true!) and there are very few TH that sold at peak and have already re-sold. pbk is also focused on condos where there is a much higher liklihood that we will start to see more useful data points. but it is not as tightly correlated as many think. supply issues, carry costs, developer issues make them seem riskier in a tougher market so their prices tumble more. when world improves the gap will shrink.
Well said, raphael9
“Why is it that real estate is such a touchy subject?”
Anything that costs a great deal of money and has a bedroom is bound to be touchy 😉
MM has good points on this though, relating to the size of the investment, all the things a house represents…
Personally I am of the opinion that those who are waiting for the market to fall a great deal from here AND who expect to have the guts and agility to buy IF and WHEN that were to happen are bound to be surprised. As are those who expect a full recovery any time soon.
I am going to wager that rates on 30 year fixed loans have not seen their low, and that they will stay sticky on the low side for longer than people expect. That and the fact that many potential sellers either have been flushed out or will simply sit it out rather than sell below their uniquely personal view of what their house is worth. Prices can come “down” just by virtue of going nowhere for a good while, but the raw numbers stick in everyone’s minds.
There is no sense debating whether there is a true recovery in prices until such a time as rates AND prices go up together.
As for someone who is waiting for the perfect moment to game the bottom, one has to consider one’s time, one’s ability to get financing at any given time, the cost of financing, the availability of an actual house that suits one……
Pete…I think they are two separate & distinct markets. Most condo owners don’t want a brownstone & vice versa. The brownstone market IS much smaller and that has been my basis all along for saying that prices will hold up much better than condos.
I think new condo developments carry additional baggage as well and should be avoided. The unscertainty as to the developer and quality of construction in most of them is a huge risk. Older, well established ones do not have those sort of problems.
In my opinion the easiest way to see price changes are with resales in newish condos. THere we have recent comps and little chance of improvements/renovations when in resales of townhouses or older coops.
I said earlier today that I saw a resale at 675 Sackett (I think right address) that certainly indicated down price % there. Would be glad to hear about other addresses also, because stats thrown out in media certainly do indicate lower prices. Yet, most addresses I have seen with these resale I have seen little movement.
Not disagreeing or being disagreable, MM…I’m just one of those analyst types that like to pour over real data.
It is much too difficult with the townhouse market.
So you don’t think 1.8 million for a townhouse on 8th Street is a good price?
I sure do.
Especially when we see that the market price (these days) for a North Slope (named street) home is 2.2 million.
2.4 million was an ABSURD asking price for that house. You don’t seem to understand the difference between asking and sales price.
So if they had been asking 3.4 million would you be carrying on about a 1.6 million dollar price chop signaling the end of the world as we know it…? Do you see how silly basing all your evidence on ASKING prices is yet?
11217 – re: 462 8th Street (actually 462A) see the brownstoner entry:
http://bstoner.wpengine.com/brownstoner/archives/2009/07/last_weeks_bigg_71.php
As we all know (you especially), Streeteasy is often incorrect.
Rehiring has started on Wall St and now GM. An “outlier” in Brooklyn would be $5MM +++
These are the places being bought by those that bklynplebe refers to as “fools” in the HOTD.