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.
The Garden Place duplex sold for a little over $1100/sq feet. A somewhat smaller floor-thru sold across the street a year ago for about the same on a square-foot basis. (There aren’t very many co-op comps on this block.) That doesn’t sound very “weak” to me. The only thing that was down was the sale price from the ask. Smart seller to list high.
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. Condos & coops will take a while longer.
Some people are missing an opportunity with rates so low.
I see prices stabilizing in the good locations but still dropping rather sharply in the mediocre and sketchy locations.
Muffie;
Aw knock it off, will ya?!?!?!!? You and BHO are unbelievable. You believe what you want to believe, regardless of the data at hand.
i don’t think the market direction is down at all. the market is off peak prices, but i’d say it’s doubtful that prices have fallen in last six months.
stevie, have you ever been to an open house???
MM,
In addition to Baltic street, doesn’t Jay Street selling for 200K more than in 2007 also go against your point?
Yes, we all know market direction is down, I simply don’t think it’s down as much as you think or want it to be down. That is really the only source of our disagreements.
11217, you know very well I admit when I’m wrong. But these sales still overall prove the overall market direction, still down. Baltic Street is exception but I saw that house it was really nice, in great location, etc (I was very tempted by it, actually). The Baltic broker had a very smart strategy of pricing on the lower side to create more interest…
blog tourette’s! LOL! bingo!