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.
458 9th street is presumably directly across the street and is of similar size (ie in the 3ks). It sold in 2007 for about $631 a foot compared to this sale at $527 or so.
Now, the condition of the houses may be way different. And square footage listings are always a bit dicey. But it is, at least on its face, a 16% drop in the exact same location. It certainly doesn’t prove a drop, but it does at least give evidence that someone could take this sale as a positive move for cheaper prices than in the past.
11217 – I think this house would have gone for a chunk over 2mil at peak – it’s a pretty big house. As denton points out, 9th Street is not exactly undesirable to many people. But really I was
i think it says more about general liquidity than actual clearing prices.
but it’s undeniable that the five biggest sales of a similar week were significantly higher. about what we’d expect actually, especially adjusting for liquidity and frothiness and all that.
don’t know why it gets everyone’s knickers in a twist.
And if they are not comps then whether they traded at 10% or 65% is meaningless.
You’re citing examples without any regard to whether they are comparable.
Who’s the ass here????
Honestly, and you know I’ve had my beef with Muffie in the past but today takes the cake with her take on 9th street
2 million for a South Slope house on 9th is a good deal, in her book. I would LOVE to know what she thinks this house would have gotten during “peak.”
Antidope, to make your comparison more fruitful, you’d really need to have a better line up of similar neighborhoods. Brownstone brooklyn neighborhoods vary so greatly on price so unless they were more similar, I’m not sure what it says.
the 10th st house was a real loser with a pitiful renovation. the fact it sold is an indication of the lack of inventory and/or someone just couldn’t tell how bad he work was.
dont be an ass dave. i didnt ever say they were comps.
i owuld hope you can admit that re comp data is limited. ergo, people look at things a lot of different ways. nothing is definitive except the comps. and even comps are subject to the loose cannon / idiot theory of the bears.
it’s probably not worth the paper it’s (not even) written on, however, what it does say is simple: two year ago at what may have been the peak, 5 biggest sales traded 25-33% above five biggest sales in comparable week of the year.
Antidope;
I’m not sure what point I’m supposed to get with your link.
My point regarding Muffie is that most folks are simply tired of hearing her drone on with the same spiel day after day, regardless of what data is presented.
If the data shows strong sales, she clutches onto the fact that an asking price was cut. As you know, buyers can ask whatever they damn please, and delusional buyers can ask delusional prices. When tracking trends in markets, one must compare the actual sales data, as is done above with the J-condo. She knows this, but just ignores this data.
Comps have to be comps, antidope. You can’t pull out any old numbers and compare them as actually being comparable.