Last Week's Biggest Sales
1. CARROLL GARDENS $2,100,000 235 President Street GMAP (left) This 4-family brownstone was listed for $1,995,000 in October and sold very quickly, according to StreetEasy. Entered into contract on 10/30/09; closed on 12/17/09; deed recorded on 12/24/09. 2. BROOKLYN HEIGHTS $1,650,000 75 Livingston Street, #11D GMAP (right) Appears that the listing trail/stats on this co-op…
1. CARROLL GARDENS $2,100,000
235 President Street GMAP (left)
This 4-family brownstone was listed for $1,995,000 in October and sold very quickly, according to StreetEasy. Entered into contract on 10/30/09; closed on 12/17/09; deed recorded on 12/24/09.
2. BROOKLYN HEIGHTS $1,650,000
75 Livingston Street, #11D GMAP (right)
Appears that the listing trail/stats on this co-op are MIA. (If anyone can find ’em, please let us know in the comments.) The history of the building was recently the subject of a Streetscapes column. Closed on 12/15/09; deed recorded on 12/23/09.
3. DUMBO $1,525,000
100 Jay Street #28H GMAP
Second big sale in as many weeks in the J Condo. This 1,592-sf, 2-bedroom was listed for what it sold for in October, per StreetEasy. Its seller purchased the unit for $1,370,000 in ’07. Entered into contract on 11/12/09; closed on 12/7/09; deed recorded on 12/23/09.
4. PARK SLOPE $1,522,283
392 3rd Street #1 GMAP
This is the Slope building where a fire broke out a couple weeks ago, leaving two people injured. It was recently converted from a rental into a condo, and this 2,700-sf duplex was initially listed for $1,695,000 in March. Entered into contract on 7/1/09; closed on 10/30/09; deed recorded on 12/23/09.
5. BOERUM HILL $1,100,000
33 St. Marks Place GMAP
This is a 3,600-sf, 3-family, according to Property Shark. Entered into contract on 9/29/09; closed on 12/1/09; deed recorded on 12/22/09.
Photos from Property Shark.
“BHO, your case is never strengthened by the lengthy cut-and-pasting.”
Never weakened either, DIBS. It’s for convenience when responding so late to so many call-outs. If I just carry on with commentary, you’d drive yourself crazy trying to keep up. I’m not an instant brownmessenger like you. I gotta alternate this thing with work. To each his own with respect to style.
But I’ve just realized something – you’re implying that I have a case at all. Which begs the question – which hypothetical economic forces do YOU see ahead that would cause the peak to fall in half? A little Devil’s advocate please.
***Bid half off peak comps***
that is cheap …could be structural issues and heirs just wanted to get money in hand. New owner has bldg permit listing $400k as costs of renovation.
Lossforwords,
Well-put.
Dave, do you really think that BHO’s case is never strengthened by his cut-and-pasting?
Do you prefer his blank rants?
31 Joralemon sold for 1.075???
Damn that is cheap!
It needed a gut reno, and you can hear the BQE loud and clear but, other that the BQE the location is super.
The asking price, BTW, was 1.5M.
BHO, your case is never strengthened by the lengthy cut-and-pasting.
“Sorry BHO, Miss Muffet…I’m not seeing the crash you guys were hoping for in Brooklyn.”
Put on your binoculars, 11217. Dark clouds ahead (summer 2010 and beyond) The crash is a process, not an event.
“WAIT…what? Prices in NY were UP 2%? But that’s impossible!!! BHO told me they were down!!”
They WERE down Aug/Sep. Now they’re flat Sep/Oct (see standardandpoors.com), not “UP 2%” (your own source even says “up LESS than 2%”). Yes, I was wrong about an immediate monthly trend downwards. The long term (like the whole of 2010) remains to be seen but an uptick is fundamentally challenged and close to impossible as lending is deteriorating. Gov support is set to expire by summer.
“See how those other cities which crashed before NYC are up a ton?”
Don’t be an idiot, 11217. That 25% San Fran rate is annualized (i.e. spun). You’re running with it as if prices are actually up 25% from their cycle lows!
“NYC also especially has to take those Case Shiller numbers with a grain of salt, because they do not include condos or co-ops.
If you include those, the numbers would most likely be even rosier.”
Again and again. Index up +200% from 90’s, condos/coops/multifam brownstones ALSO up +200% from 90’s. Relevant on the way up, relevant on the way down. How would they have been rosier when they mathced the index to a tee during the run-up?
“before the expansion of credit, many of these places were selling for less than half of what they go for now”
Posted by: joeingowanus at December 29, 2009 1:35 PM
Did you read that Team Bull? Credit is now contracting. Half off!
***Bid half off peak comps***
Looks like a bunch of smoke and mirrors to me. On one hand you have positive confidence numbers (and I use “positive” very loosely as it is still lower than the peak of 111 in 7/2007), case shiller index indicating a hiccup of positivity on housing prices and the DJIA is up over 10k. On the other hand, you have the unemployment rate still over 10% (NYC is 6.8% albeit down from 7.3% in Oct. ’09), corporate defaults have spiked to the highest it has ever been and SBA lending is still in flux for small business owners (the local coffee store can’t run its business if it can maintain its source of capital). And although there have been positive signs of liquidity coming back to the markets (yes, TARP has helped), banks are still failing, and if not, being very prudent on who they lend to. If the market bounces back as fast as team bull indicates, I question the sustainability of it. In 2007/2008 it was “back to the basics” for a majority of lenders and without proper regulations in place protecting both lenders and borrowers it will end up being back to the housing crisis circa 2007 except this time it will be worse. I certainly hope I’m wrong on this one. Hopefully the people buying these properties are cash rich, willing to put their skin in the game and have good credit.
Merry Christmas Team Bull. I see Santa was good to you.
One house that just missed the list was 31 Joralemon in Brooklyn Heights. $1.075M for a townhouse. It was a quickie estate sale, the listing suggested it needs a gut renovation (seconded by a brownstoner user a couple of months ago), 1/2 block from the BQE overpass and relatively small (20×30 over 4 floors + garden/parlor extension for 2700sf total), but nevertheless the price is pretty interesting – back to 2003/4 pricing for this type of condition. A shell (literally) on Willow Place around the corner sold for more just a few months ago.
So while I’m still a believer that “prime” areas haven’t experienced much in price declines since the highs reached 1-2 years ago, it seems (as it has for a while) that there’s a widening price disparity in prime areas between top-condition homes and their more-challenged neighbors.