Last Week's Biggest Sales
1. PARK SLOPE $2,385,000 505 1st Street GMAP (left) This 4-story, 2-family brownstone was listed for $3,250,000 last December when it was a House of the Day. The price was cut several times until it was asking $2,450,000 before it went into contract, according to StreetEasy. Entered into contract on 8/5/09; closed on 11/16/09; deed…
1. PARK SLOPE $2,385,000
505 1st Street GMAP (left)
This 4-story, 2-family brownstone was listed for $3,250,000 last December when it was a House of the Day. The price was cut several times until it was asking $2,450,000 before it went into contract, according to StreetEasy. Entered into contract on 8/5/09; closed on 11/16/09; deed recorded on 12/17/09.
2. BROOKLYN HEIGHTS $1,825,000
11 Garden Place, #1 GMAP (right)
When this lower level townhouse duplex was a Co-op of the Day in May, it was listed for $2,250,000, and the widget guess on it was $1,658,066. The price was decreased to $1,995,000 in July. Closed on 12/1/09; deed recorded on 12/14/09.
3. DUMBO $1,610,000
100 Jay Street #24A GMAP
This 1,711-sf, 3-bedroom in the J Condo was first listed for $1,850,000 in March and its price was reduced to $1,749,000 in April, per StreetEasy. Its seller purchased the unit for $1,435,000 in ’07. Entered into contract on 9/9/09; closed on 12/3/09; deed recorded on 12/16/09.
4. COBBLE HILL $1,600,000
277 Baltic Street GMAP
This townhouse went for more than it was asking, according to StreetEasy, which says it was listed for $1,495,000 in September. Entered into contract on 10/22/09; closed on 12/4/09; deed recorded on 12/16/09.
5. BATH BEACH $1,500,000
242 Bay 10th Street GMAP
This 4,000-sf house was listed for $1,790,000 in June. Entered into contract on 8/24/09; closed on 11/20/09; deed recorded on 12/18/09.
Photos from Property Shark.
And yet none of your predictions are coming true, BHO.
Benson – the data at hand (by and large) says “timmmmmmmmberrrrrr!”.
“I have predicted for quite a while now that prices of brownstones would bottom around year end. I think this is what is generally happening.”
Hmmm. Not exactly a kung foo grip, DIBS.
“Some people are missing an opportunity with rates so low.”
Yeah, sellers should get out now. Prices are falling faster than rates are rising due to credit contraction, unemployment and falling 10 x annual rent. When rates rise, falling affordability will complement the already downward price pressure. Buyers can wait, save and put more money down (dollars and/or gold) on a cheaper house.
***Bid half off peak comps***
“the inevitable erosion of the dollar”
Someone hasn’t been looking at their Euro or Yen charts lately.
You are missing another incredible trade if you don’t already own YCS and EUO.
question,
Does all this speculation have meaning in the face of a national debt of 13 trillion, expansion of the nanny state with this ridiculous healthcare bill and increasing tax burden being placed on working New Yorkers?
In other words, could property values remain at such high levels with the inevitable erosion of the dollar as we remain on this course?
about dumbo.
higher floors get a premium. 25a sold for 300k more than 24a out of the gate. maybe it also had an extra room or balcony. i’d say dumbo condos (w good views) are off 10% from peak sometime in ’08 before september. it is not down 10% since may.
how much improvement would/could one invest in the j? change the floors? it’s not like someone likely updated the kitchen/baths. there have been other sales in the j that corroborate the pricing.
Ledbury;
Antidope and I have had the same conversation about condos in our area (PS). Prices are down from their 2008 peak, but still ahead of 2005-2006 levels.
Muffie;
Ah, you drive me nut sometimes, but it’s hard not to like you, nonetheless 😉
At 1:48 I meant “[far below] what bulls estimated”…
Interesting on the DUMBO place. While the price is a raise over the 2007 intial sell from the developer. that same A line had a couple of sales in the intervening years. It looks like 30A went for $1,865,000 in 2008 and 29A went for $1,815,000 in May. So while it is probably stronger than many would have predicted, spinning it as an “everything is the same as always” sale would seem a bit aggressive as well. It is down more than 10% since May.
Benson – how is the 1st street house not “data at hand” or countless other properties that have sold recently for far below peak, or what bulls estimated? I will grant you that some properties do better than others in this market, but I don’t see how my views are “unbelievable”. (Oh, and who knows if the Jay St condo had any improvements after its 07 sale…) OK, back to work…