Last Week's Biggest Sales
1. HOMECREST $3,000,000 1771 East 9th Street GMAP (left) This is a 5,138-sf, single-family, according to Property Shark. Entered into contract on 11/2/09; closed on 12/29/09; deed recorded on 1/14/10. 2. BROOKLYN HEIGHTS $2,325,000 169 State Street GMAP (right) When this 3,540-sf two-family was a House of the Day in May, it was listed for…
1. HOMECREST $3,000,000
1771 East 9th Street GMAP (left)
This is a 5,138-sf, single-family, according to Property Shark. Entered into contract on 11/2/09; closed on 12/29/09; deed recorded on 1/14/10.
2. BROOKLYN HEIGHTS $2,325,000
169 State Street GMAP (right)
When this 3,540-sf two-family was a House of the Day in May, it was listed for $2,995,000. Its asking price was reduced to $2,495,000 in September. Entered into contract on 11/1/09; closed on 1/6/10; deed recorded on 1/15/10.
3. BROOKLYN HEIGHTS $2,133,233
360 Furman Street #519 GMAP
This is a 2,295-square-foot, 4-bedroom unit in One Brooklyn Bridge Park, according to StreetEasy. The condo was first listed for $2,725,000 in ’07. Sale included a parking spot. Entered into contract on 10/28/09; closed on 12/29/09; deed recorded on 1/15/10.
4. FORT GREENE $1,900,000
98 South Oxford Street GMAP
This wood-frame was listed for $1,995,000 in September, according to StreetEasy. Entered into contract on 10/28/09; closed on 1/12/10; deed recorded on 1/15/10.
5. COBBLE HILL $1,750,000
29 Tiffany Place, PH4 GMAP
This is a 2,500-sf condo with a private terrace, according to its listing. Its seller purchased it for $1,375,000 in 2005. Entered into contract on 10/29/09; closed on 12/29/09; deed recorded on 1/14/10.
Photos from Property Shark.
That has to be one of the highest prices ever for a Ft Greene wood frame. Anyone who knows the market care to comment? Love the back stair.
i think the tlc comment (from this broker especially) indicates it needs real $$$ to bring it up to snuff. don’t know about the comps but seems likely that at least the top ones would be in move-in shape.
notwithstanding being fsbo last summer, this moved quickly. 10 days has to include the time for the lawyers to exchange the contracts…
i am actually more interested in the pace of sales currently. i dont know all the nabes and pricing but volume and time on the market are important and can be measured more broadly than block-by-block sales prices. i have noticed (anecdotally of course) more volume and less time on the market for prime homes.
this one surprised me bc most of what has been following this pattern have been turnkey.
squaredrive – the verdict won’t be in ’til bottom. Nobody can claim victory yet. Can you please answer the question?
invisible – No, not in that case. But that is unrealistic for your typical spread between comp/ask. I’m making the argument that TYPICAL PEAK ASKS for listings whose activity spanned the top of the market were damn close to peak comps.
Mario M – +20% since ’05 is normal for the brownstone belt. +20% since it’s peak is not. What’s important is how that recent sale price changed from ’07 or ’08. You are right to understand that Brooklyn will crash like Manhattan or likely worse. Overall, I don’t think the two are decoupling from each other. You have to compare strong areas between both boroughs, not weak vs strong (perhaps The Plaza is an outlier of large ask/comp gaps). Holders here from Manhattan try to say they escaped the disnyfication but the same phenomena is happening here as well (Whole Foods, Urban Outfitters, Benetton, etc.). Brooklyn is an extension of Manhattan, not the other way around. With respect to commercialization and RE values, where Manhattan goes…Brooklyn will follow for better or for worse.
***Help Haiti***
Interestingly, if you look at the houses on that block, the asking price here is less than the 2007 transactions (with one outlier priced 500K less than everything else) but more than transactions in 2005 and 2006). Depending where this ends up will be a good idea on the state of the market.
And yes, I don’t think that it’s inconsistent with other sales out there indicating the market is stabilizing at wherever it is now. Just saying that the house has been out there in one form or another, and that the quick sale may be more due to significant groundwork being done for the buyer while the house was not yet “back on the market”.
It was listed as a FSBO owned by broker in the NYT last summer. Not sure for how long.
boerum-
i didnt pick that up anywhere, where do you see that data? at any rate that wouldn’t necessarily be inconsistent with a firming market.
antidope — 282 Park house was on the market last summer for over $2M (not through A&H). The “on-market” data is a little tricky there.
Re: 169 State Street
I agree with Minard who wrote “the sale price seems pretty good given the condition and the fact it abuts the theater.” Clearly it needs a lot of renovation (as Minard mentioned for kitchens, baths) because even the listing decribes it as a “rare opporunity to renovate” in the very first line. That’s broker code for “needs a gut reno.” Can’t fix the location (see the original thread for competing views on how the location affects the value).
If you add in the cost of a mid-range renovation (say $750K – less than $225/sq ft), you get a value that’s about 10-15% below the 2007/early 2008 peak for comparable Brooklyn Heights houses, which is consistent with the sales data on where neighborhood properties bottomed out over the summer.
Speaking of the data for the Heights, there were a bunch of trophy houses in excellent condition where the owners cashed out in 2006/7/8 at the top of the market, whereas most of the houses listed today are the fixer-uppers. If you equalize for that fact, the decline in prices between the bubble’s peak and today has been quite modest. I point this out not to say the worst is over but only to emphasize that it’s still a long way toward “half off” in a place like the Heights with enviable location and very limited inventory.
By the way, the Stribling listing says the last ask was $2.4M, not $2.495. (Not reflected in StreetEasy.)