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
the “outliers” don’t look more than 10-20% off what they would have looked like 2 years ago. material drop but not yet depression era.
most impressive to me is that these are trading despite the mortgage availability issue.
there is still a ton of negative pressure around that will not abate quickly.
market does seem to be approaching a more balanced relationship between buyer and seller, but these kind of conclusions are conjecture until data can prove it out (3-6 months hence).
it is possible that once jumbos become available again, we will note that a) obama has saved the banks, b) liquidity will return to the brownstone market, c) some people will be happy, d) others pissed off. this is probably a late ’10 event. until then, let the cyber-fights continue.
thanks 11217. those were the better units in the building. interesting. i’m not surprised they sold, but i can’t imagine they got too close to asking. i think they were asking around 800 psf.
Yay–a miss muffett sighting! Why is it that real estate is such a touchy subject?
“does anyone know what happened with 53 Lincoln place, (in park slope) the modern building? did any of the units in there sell?”
Of the 4 units, 2 are currently in contract…3rd Floor and Penthouse..
Remaining units are first and second floor…
Slopefarm – you are probably right on the widget, and it will be driven, in part, by the split of owners versus non-owners on the site. Many non-owners want the prices to fall, either to feel better about not being owners, or to have a better chance of being an owner. Owners, of course, do not like seeing their investment tank. While there are some who take an objective view to the widget, their will always be a bias driven by factors above. I’m guessing this site is 80% non-owner, 20% owner.
Man, I love making up fake stats.
As has been stated many times now (not only by me), “Biggest Sales” are by definition outliers. A very different story is told in the “Open House 6 months later” thread. For every property that sells at a high price (though still lower than peak), there are others that linger, sell for much less, experience ongoing price cuts, etc. This is hardly anecdotal and specious – there are loads of examples covered by this very blog, as well as sales data. I do not consider myself one of the more shrill voices on this site, predicting armegeddon. I have however, staked my bets on continued declines, of a percentage no one can know for sure. There are too many fundamentals that, in my analysis, argue for this to be the case.
I do not take the critiques of me personally since I know real estate can be a touchy subject and my position may ruffle feathers. But I respect other’s opinions. I am simply stating mine publicly, as others do here. And when I don’t comment, I am not in hiding – I actually have a busy job so don’t always have the time to comment much (gotta make them donuts to buy our future house!)
I don’t expect the widget to change. During the boom years, most HOTD threads were full of comments predicting that teh house wouldn’t sell until the price dropped 20, 25, 30% etc. I think there will always be a collective brownstoner comment bias of 10% below market.
does anyone know what happened with 53 Lincoln place, (in park slope) the modern building? did any of the units in there sell?
And I was by no means saying that all 1 bedrooms in the North Slope were 1500, just that you COULD find a few at that price point, where you could not in 2007. You could find absolutely nothing in Park Slope (studio or otherwise) for under 1500 during the peak of the market, I don’t think…
I think the average one bedroom in PS proper (especially North Slope) is probably closer to 2000 a month, but there were a few deals to be had.