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.
Perhaps that combined with government incentives, a fear of inflation and the fact that Brownstone Brooklyn is about 100 times more desirable (in terms of real estate) and Brooklyn becoming a brand than it was in 1987.
Who knows if it’s done dropping, but I think most folks on here would admit that they would have thought that things were going to get a lot worse around here than they have so far. True?
And yes, I realize you can substitute the word “worse” for “better” if you are currently shopping for a home. 😉
> Most every other time before this one mortgage rates were a lot higher
Yes, that’s a fact. Will that be enough to prop up prices in the face of all the other economic pressures? I wonder.
I’ve also been correct about the upweard move in the stock market so that makes me a richer ass-man. 🙂
i have to say back in march i thought you were delusional about brownstone prices…
now i think you’re more likely to be correct than the bears and it’s the bears that are sounding more and more delusional.
that said, i stand by my comment: i think it’s well documented that you’re the ass-man around here 😉
Most every other time before this one mortgage rates were a lot higher, a lot. From Oct 1987 through all of 1988, the 30 year rate never once went below 10%. It remained significantly above where rates are now for more than just a few years.
Fact.
Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet? Are we there yet?
Chill out, folks. Real estate is a slow moving market. Why would anybody think the drop is over yet?
Don’t you think this will take a couple more years to bottom out?
You know, like every other time before this one?
I agree…16%, while a drop is really not a lot given that we don’t know the condition of the inside.
Certainly isn’t the 40% and 50% drops some like BHO and Muffet were predicting, that’s for darn sure.
I don’t think anyone on this blog thought prices would not drop AT ALL in Brownstone Brooklyn, but 16% is really barely even worth arguing over.
Even if we still have farther to go, it’s not going to come anywhere near the predictions of the bears.
And in any normal market, things usually go for 10% or slightly more off of asking prices anyway.
Ledbury makes a more credible argument.
That said, 16% ain’t really much of a move. Those expecting 40-50& of of peak comps got A LONG WAY before they will see that.
Which, of course, they won’t.