Last Week's Biggest Sales: Bay Ridge on Top
1. BAY RIDGE $1,900,000 8025 Harbor View Terrace GMAP (left) In its listing, this 3,274-sf one-family house was described as being in “the Beverly Hills of Bay Ridge.” It was asking $2.3 million. Entered into contract on 6/28/09; closed on 9/18/09; deed recorded on 9/28/09. 2. BAY RIDGE $1,570,000 7801 Narrows Avenue GMAP (right) This…
1. BAY RIDGE $1,900,000
8025 Harbor View Terrace GMAP (left)
In its listing, this 3,274-sf one-family house was described as being in “the Beverly Hills of Bay Ridge.” It was asking $2.3 million. Entered into contract on 6/28/09; closed on 9/18/09; deed recorded on 9/28/09.
2. BAY RIDGE $1,570,000
7801 Narrows Avenue GMAP (right)
This house sold under foreclosure pressure, according to Property Shark. Two foreclosure auctions on the 3,074-sf, single-family house were scheduled this year. Entered into contract on 7/6/09; closed on 9/16/09; deed recorded on 9/30/09.
3. BAY RIDGE $1,300,000
120 85th Street GMAP
This 3,190-sf house was listed for $1.49 million. Entered into contract on 9/18/09; closed on 9/18/09; deed recorded on 10/2/09.
4. PROSPECT HEIGHTS $1,300,000
50 Plaza Street East, Unit 11 GMAP
Size of this unit, which is in one of Prospect Heights’ most prestigious co-ops, is unknown. Property Shark says the unit last sold for $960,000 in 2004. Closed on 9/3/09; deed recorded on 9/29/09.
5. PARK SLOPE $1,265,000
133 Sterling Place #5A GMAP
If StreetEasy’s info on this unit is accurate, it commanded far less than what the sponsor was fishing for: The 1,758-sf condo in the Vermeil was originally listed for $2,300,000 in January ’07 and last asking $2,100,000. Sale included a parking spot. Entered into contract on 3/20/09; closed on 6/4/09; deed recorded on 9/28/09.
Photos from Property Shark.
btw, that rant does not make me bullish just not bearish. let’s take a look again in 6 months.
i. start with, the conviction of the masses make me doubt the masses.
ii. every negative has a counter argument; most important is the current difficulty in attaining financing; banks now appear to be surviving and i believe it is a matter of time until jumbos re-open (and i see no rising i rate environment over the period required for banks to recapitalize).
iii. we went over the biggest cliff i’ve seen in many many yrs of market watching. yet re prices appear to be plateauing.
iv. why o why a plateau? is the same as why such low volume? i think there is a huge almost immeasurable amount of equity in ny real estate built on the back of 60 years of post ww2 economic growth. only the very margin is feeling the need to sell, everyone else is de-listing and waiting, enjoying bkln/ny.
v. finally i think arguments that prices have to revert to a certain year are absolute nonsense.
vi. just like when it looked like there was no way to lose in RE (see 2006, with hoi polloi flipping condos) it can reverse. we could be on opposite side of the coin.
vii. finally finally i do believe in nyc and nyc is different than anywhere else in the us and that has changed for the better in the last 20 years.
viii. finally finally finally i believe in the power of stupid buyers.
not sure that’ll convince anyone, but there you have 30 minutes of my barstool conversation.
antidope what’s your reasoning for being bullish? always interested in good args….
i think we’ll agree to disagree on the state of the market. i do agree volume is very thin. and that that’s important.
fyi, my 25-50 was a guess at full price (not monthly maint) of a spot wo making any calcs. 25K-50K that is. I would strongly urge anyone considering buying a parking spot to do the math jtb outlined based on actual cost to park minus all costs associated w ownership. i have seen $100/mo “maintenance” on spaces. doing the math is not pretty then.
antidope, the 5-10K was crude but not arbitrary. I used the same perpetual cashflow model (C/r) with your 25-50/month maintenance suggestion.
crap. my long (lost) argument said that low volume indicates lack of a clearing price, and since we know the direction of prices already, it’s clearly the sellers that need to capitulate. buying now is funding losses for sellers, and yes, foolish.
only the marginal buyer matters, not the average one, and there’s a big difference. The parking spots are a clear example, and a great illustration. If 25 had sold and not 5, we could have confidence in the price. There is no 6th buyer at the price of 120K. How far back is #6’s price? who knows? they have to sell it to find out. The inventory matters, the timing matters, the rental price matters, and probably a lot of other things matter that can’t be known, but what’s clear is that the price for spot #6 is lower than the price for spot #5.
so…the smaller the sample, the weaker the connection to the real price for the rest of the inventory. Look at the flood of volume in California. Now that’s a bottom. When you see volumes go way up here, then it’s a bottom, and no sooner. and I’m not talking about “higher than second quarter of 08” as the RE industry is proudly reporting. I mean above normal for the last decade.
Some food for thought. The “Elan” next to McDonald’s on 1st St. and 4th Avenue, per ACRIS, just had it’s second recorded sale. Apt. 5C which is 3 B.R. went for about $555/S.F. A bank in Smithtown L.I. has done the financing here and for apt. 5B. All other occupied units appear to be rentals since they have no recent recorded sales. I see this building from my residence on 2nd St. so am wondering how most folks could possibly purchase given the fact that most lenders need a 50% threshold of sales to qualify. There is a $14 million construction loan outstanding so it appears that lender doesn’t yet want this loser in its portfolio to manage and sell. If a real fire sale happens I might jump in. Sad state of affairs on 4th Ave. with construction activity at the new building at Carroll St. now shut down for months as well.
brownstoner you have F’d me for the last time, letting me post on yesterday’s login and then F-ing me over with “submission error” when I write the longest one of the day. F this.
Apt 5A at Vermeil was last asking $1.5m but included a spectacular rooftop terrace that was bigger than the apt itself…
i wouldn’t buy as an investment unless i got 50% off peak price/rent ratio. that i will agree with bho.
single family’s and seasoned coops / condos are subject to compression, but i don’t think i’d wait for that kind of discount (mostly i think we’re not going to see it). no rush but i think within 6 months i’d be comfortable that the economy / ny is on firm enuf ground to buy.