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
Well, 11217, time will tell. Stimulus funds and low interest rates are factoring in the current mix and won’t forever. Plus, New York in the Bloomberg report is state-wide, whereas NYC has its own specifics (i.e. much bigger bubble). OK, now I *really* have to get back to work…
‘Well, 462 8th Street was in Park Slope and that had a 600K price chop, so that’s a comp too.”
I do not see a 600K price chop, and the listing went to contract after just 3 months on the market.
462 8th Street
03/10/2009
Listed in StreetEasy by Corcoran at $2,396,000.
04/03/2009
Price decreased by 6% to $2,250,000.
04/29/2009
Price decreased by 9% to $2,050,000.
06/18/2009
Listing entered contract.
07/13/2009
Listing is no longer available.
Actually, MM, not everyone is in agreement about that:
BLOOMBERG NEWS
Home Prices Rise 0.3% in Sign of Halting Rebound
Five out of nine U.S. regions had price increases July from June, led by a 1.6 percent gain in the area that includes California, the FHFA said. New York, New Jersey and Pennsylvania had the second-largest advance with a 1 percent increase.
Well, 462 8th Street was in Park Slope and that had a 600K price chop, so that’s a comp too. Again, there are many ways to view the current data but I think most if not all are in agreement about ongoing downward pressure.
seems obvious that the widget would be wrong on the stuff that is selling no?
Agree, Pete. I never understood calling these biggest sales “outliers” as Muffy does relentlessly because brownstones, by their very nature and scarcity are outliers.
These are properties we’ve discussed here either as HOTD or in general terms (The Vermeil) etc. That doesn’t make them “outliers,” it makes them properties sold in expensive areas.
In any case, if properties are selling for these prices after the fallout from the past year, I think it’s pretty safe to say that a crash in the Brownstone Brooklyn market simply never materialized despite what Muffy and BHO wished would happen.
And if you look through Streeteasy, these may be the “biggest sales” but there are many properties which sold just under these prices, and there are a huge batch of properties (mostly apartments) which sell in these neighborhoods for 800K – 1.2 million (and of course under that amount)…
Huge prices no matter how you slice it.
biggest sales are sales in priciest neighborhoods and in that sense outlier (not indicative of mean or average Brooklyn price). But does not mean they are outliers for the neighborhoods they are in. And they are real comps for future sales. Whether the biggest sales are up down or sidewides in price per sq ft for those blocks is important also when compared with other time periods.
It is not like there are 6 townhouse sales per week in Cobble/Carroll/Boerum. There are not even 6 sales per month. But if there is one, almost guaranteed it will make biggest sale list.
Wasder – I think it’s touchy for lots of reasons including:
– Real estate is often about buying a home, and the concept of “home” connotes tons of emotional stuff: what kind of environment you live with every day, where you spend time with love ones, what kind of community you have around you, notions of identity, etc.
– Real estate is often the largest financial decision people make so it hugely impacts their other life choices. Housing costs often translate into income pressure which in turn translates to time you have to spend working, and in some cases, even the kind of work you do (i.e. do I keep working at this higher-paid job to pay my mortgage or do I pursue my true love which is less money and thus means I have to live in a smaller place, less desired neighborhood, etc.)
– Real estate in NYC is especially fraught, given its: a) expense; b) class implications; c) access to good schools/public transportation, etc.
I could go on, but lunch hour is over – gotta get back to work!
The Butler St renovation would suit me just fine and I don’t think the proximity to the projects is a huge deal, but the middle school directly opposite certainly would be a dealbreaker for me. Since it went into contract over the summer my guess is the buyer didn’t get to see the horror of that place in action…