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.
You didn’t say murder, BHO. You said crime.
Nice try though.
You are coming across as desperate now.
“those valuations were not as ridiculously overvalued as stocks were in the dot-com bubble”
ROTFLMMFAO! Yeah, they were. Compared to past RE bubble pops, it was quite ridiculous. Illegal aliens and homeless people “qualifying” for mortgages. No, DIBS, brownstone prices have not bottomed. You will see in the coming months/year and I will remind you every chance I get.
“what will happen to re prices when the winds shift and numbers start actually improving?”
We’ll see a square root written backwards, ‘dope. When looking back, you’ll be declining that lazy boy and looking up (2010 dollars). GD was one item of many. Yes, historic patterns repeat but this boom/bust is unprecedented in modern history. People stopped worrying about the GD because Washington and the FED are doing their jobs – manipulating popular opinion (no bubble, no contagion, no recession, and now, no depression). In 1930, what percentage of the population saw the GD coming? You got me on gold, though. It’ll rally again but deflation will destroy it eventually.
11217,
1. “But when it comes to crime, East New York continues to be a world apart from the borough and the rest of the city:
Murders rose, logging a 41% increase last year to 24 – up from 17 in 2008.” – Daily News today
2. “With certain properties producing incomes far below their potential, some buyers have been willing to pay as much as 12 or 14 times the current rent roll in Manhattan. That is not the norm, however. The more typical range in recent sales in Manhattan is 9 to 12 times the annual rent, brokers and investors say.” – NY Times RE 2003, in a much more normal market before prices got skewed way upwards by Ponzi credit towards 2007 (nevermind the dwarfed bubble of the late 80’s)
This is the truth whether I say it or not. I’m just a messenger.
***Bid half off peak comps***
MM, specifically why now does “The risk still remains very much on the downside?”
Does the fact that the economy has strengthened at all play into your analysis?
2 million dollars for a house on the most heavily traveled street in Park Slope with the subway running under your house is encouraging to you, MM?
You really will say anything to prove your point, won’t you?
I find these sales (which are after all the “biggest”) encouraging. I saw the 10th St house and it was very nice, and the 9th street house at the time was considered well priced by some bulls on this list. DIBS, you are right that prices are not going up anytime soon, but I disagree that we have bottomed. The risk still remains very much on the downside, that is, that prices have further to go downwards. How much is hard to say.
Just going to touch on a few of your glaring errors:
1. “*Crime spiking in ENY (first fired, last hired)”
“Crime in general in East New York in 2009 was the lowest in modern history,” said NYPD spokesperson Paul Browne, noting that Operation Impact – which sends rookie cops into high-crime neighborhoods – is continuing this year….Overall crime in the precinct went down 6.4% last year”
2. *Historic NYC price fundamentals (10x rent, 3x income)
“The average ratio for 1987-2007 has been about 15 meaning that home prices were 15 times the annual rent that could be earned from the homes. During the real estate bubble 2005 – 2007, the price-to-rent ratio increased to more than 20 times in some areas.”
You are like Sarah Palin. You think if you say things enough times, it becomes the truth.
each of these five sales occurred despite:
-each of your *facts*
-all of your examples
what will happen to re prices when the winds shift and numbers start actually improving?
is the reference to the GD all you’ve got in your repertoire? are we always copying historic patterns? did the march up the bubble correlate do some other historic period, inclusive of what now look like temporary corrections along the way?
not really, right, which is why the great depression analogy is overplayed here. no one is arguing it’s impossible, but most folks have stopped worrying about this by now.
i hope you enjoy sleeping on soft piles of bullion.
And yet brownstones are selling at comps from 2005-2008.
The problem with the dot-com example is that although many brownstones were selling for $1,000 psf or more, those valuations were not as ridiculously overvalued as stocks were in the dot-com bubble. No where near as overvalued. I suspect i paid the highest price psf in bed Stuy and that was $320 for a COMPLETELY renovated place.
Brownstone prices have bottomed. No, they may nt rise for a while but they have bottomed.
Haven’t you read the definition of ‘lag’, 11217?
FACTS
*Real unemployment 17%
*Thirty years of skyrocketing national debt now turning corner
*Historic NYC price fundamentals (10x rent, 3x income)
*Unprecedented but unsustainable government price-fixing (fragile FHA, etc.)
*Bear market double digit P/E ratios (look out below!)
*Banks sitting on foreclosures
*Banks hiding losses
EXAMPLES
*Forte kaput
*Oro kaputing
*Boylemore Greene on suicide watch
*Foreclosures now spreading to prime
*NYS all but IOUing
*Tenants not paying rent (see forum)
*Crime spiking in ENY (first fired, last hired)
SPECIFICS
*NY Case-Shiller down -20% on way to -50%
*NY Case-Shiller relevant on the way up, relevant on the way down
I see a good number here and there but it doesn’t mean shit in the grand scheme of things (unless you want to go out on a limb and POSSIBLY flip). Like high-flying dot com stocks after the first phase of the tech wreck. Like the first year after the crash of ’29 (market bounced and then plummeted throughout the 30’s). Like stocks today.
***Bid half off peak comps***