Last Week's Biggest Sales
1. DUMBO $2,000,000 100 Jay Street #30A GMAP (left) This 1,711-sf, 2-bedroom in the J Condo was first listed for $2,290,000 a year ago, according to StreetEasy. Its seller purchased the unit for $1,899,000. Entered into contract on 11/17/09; closed on 12/21/09; deed recorded on 1/8/10. 2. PARK SLOPE $1,950,000 457 9th Street GMAP (right)…
1. DUMBO $2,000,000
100 Jay Street #30A GMAP (left)
This 1,711-sf, 2-bedroom in the J Condo was first listed for $2,290,000 a year ago, according to StreetEasy. Its seller purchased the unit for $1,899,000. Entered into contract on 11/17/09; closed on 12/21/09; deed recorded on 1/8/10.
2. PARK SLOPE $1,950,000
457 9th Street GMAP (right)
When this 3,700-sf townhouse was an Open House Pick in May, it was listed for $2,145,000. Entered into contract on 12/17/09; closed on 12/17/09; deed recorded on 1/6/10.
3. MANHATTAN BEACH $1,645,000
175 Exeter Street GMAP
This is a 2,122-square-foot house, per Property Shark. Entered into contract on 10/12/09; closed on 11/24/09; deed recorded on 1/7/10.
4. PARK SLOPE $1,570,000
570 10th Street GMAP
This 3-family townhouse was first listed for $1,875,000 a year ago, according to StreetEasy. The price was cut several times until it was finally asking $1,640,000. Entered into contract on 11/18/09; closed on 12/23/09; deed recorded on 1/7/10.
5. COBBLE HILL $1,550,000
60 Wyckoff Street GMAP
This 3-family was listed for $1,950,000 in May, according to StreetEasy. Entered into contract on 10/20/09; closed on 12/23/09; deed recorded on 1/8/10.
457 9th St. photo from Property Shark.
Even I don’t believe that it has no effect. but I think the attractiveness of brownstones vs. condos are miles apart and the economics give brownstones a huge advantage.
I don’t suppose I need to haul out my time tested rant about how many condo owners there are in Manhattan who STILL have huge gains and how few of them it would take to become interested in brooklyn and come in and sop up the entire inventory, do I?
Brownstones and condos are truly apples & oranges.
But I’m a good witch, DIBS.
If the condo market still has a ways to go, do you think this has NO effect on Brownstone prices? Are they really that divorced from each other?
Snark, i actually have a real crystal ball here on my desk.
I bought it when i was living in hong Kong.
Whenever i use it I am somehow reminded of you as the the wicked witch of the west using hers to see Dorothy’s mother. 🙂
Snark…I bought a property in Chicago in 1985 for $75,000 and sold it in 1987 for $175,000…that’s a pretty swift runup in 2 years and can hold its own against the more recent runup.
apples & oranges but a good old fashioned real estate runup nonetheless. Most 1997-2008 prices in Manhattan were up around 200-400%, which is higher.
Also, there was not the big building boom in the late 80s specifically because of higher interest rates.
this is why I think the condo market still has a ways to go.
Overall in NYC crime is down, murder is down, doesn’t matter if ENY is an anomaly….unless, was Miss Muffet considering East New York if she can’t find anything in Park Slope?
> Is it different this time? OF COURSE IT IS.
Indeed. We had a bigger run up in prices than ever before, yes?
Therefore, the final reckoning could be much worse than before.
Or not. My crystal ball is still in the shop.
Yes, 11217, your point about brooklyn being far more desireable than back in 1987-1990 is a good one.
Which begs the question..Is it different this time? OF COURSE IT IS.
Snark, you may be right or wrong, but it would sure be nice if these arguments revolved around actual comps. Not sure parsing the ENY crime stats is tells us much about the market for S. Slope brownstones near the park. BHO, him(?) of the eponymous claim about peak comps, never puts a comp in his analysis or even an impressionistic claim (e.g. “I seem to recall that a few south slope brownstones went for $2.3m in 2006” or something to that effect, not that my example is true). Pointless to get sidetracked with these pseudodebates. Let’s see it, a peak comp for the 10th Street house.
It is harder for people to qualify for mortgages now. But I really wonder how much harder than if we were comparing it to back then and people had to qualify for a mortgage at a 10% + rate. Back then, there were standards and rules of thumb in place to keep people from getting overextended. In 2005-2008, there were not but we have reverted to more normalcy.
That said, except for FHA, the pendulum may have swung too far and, additionally, we seem to have a more messy appraisal system, or lack therof. I don’t think the market is frozen, far from it.