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.
antidope — take off 5-10K from the break-even, then. m4l sorry about the pants
thanks idisagree. I don’t mean to say that people are pricing in 5K a month to cross school zones — clearly they’re not. That would account for an extra million dollars in price. I’m just saying that the 4th ave gap ought to be smaller for 3BRs than for smaller apartments.
J bummer, your math just re-ignited my regret not buying cobble hill condo where wife (then g’friend) over-ruled me in buying it and the 2 parking spots (ie it was 16-20k each). why did I give up wearing the pants so early – ie wasn’t even engaged yet?? Arhhhhh!!!!!!!
JTB- don’t forget to subtract the monthly maintenance you still have to pay on your “owned” spot. also, 450 is top dollar. i’d say 25-50 depending on maintenance.
here are two crude ways to value a parking spot, starting with the 450/month price at union street (incl tax):
A. how much more house do you get for $450 addional mortgage payment: you get about 80K assuming 5.5% 30yr fixed
B. what is the value of a 450/month perpetual cash flow stream. the formula for a perpetuity is (pmt/ir). You get about 97K, assuming the same 5.5% interest rate.
Anyone paying over 100K living in the north slope should have rented a spot.
joe: i think you’re right that ps 321 certainly can grab a premium, but i think a lot of buyers (or, at least, buyers who opt out of the 321 zone) don’t really translate it into monthly dollars quite like that. people, even those who buy apartments for $1.3 million, have widely variant approaches to schooling, particularly in the early years, so they may not demand as much of a discount as you seem to be implying.
B’developer, we were hearing earlier 120k for the ones @ one brooklyn. 75k for a parking spot? is that the going rate for covered parking in the slopes now?
50% off peak ask. means nada. thanks for pre-empting the idiot brigade, 11217.
what does $700/sq ft mean? let me paraphrase, ‘toopid buyers.
really, it’s just a matter of waiting til these condos go for $300/sqft, right?
So I think when you compare those two locations, you need to make an adjustment if it’s a 3+ BR, since the buyers are more likely to be families. That berkely carroll tuition is a 5000/month nut for two kids, you know.