Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $3,895,000 80 State Street GMAP (left) This 4,550-sf, 2-family was first listed for $4,950,000 in late 2008, according to StreetEasy, and the price was cut a number of times until it was asking $3,895,000 last September. Ad said: “Rare opportunity to own a 25-foot-wide Gothic Revival 1850’s Brooklyn Heights townhouse with original…
1. BROOKLYN HEIGHTS $3,895,000
80 State Street GMAP (left)
This 4,550-sf, 2-family was first listed for $4,950,000 in late 2008, according to StreetEasy, and the price was cut a number of times until it was asking $3,895,000 last September. Ad said: “Rare opportunity to own a 25-foot-wide Gothic Revival 1850’s Brooklyn Heights townhouse with original details intact. Grand double parlor with exquisite moldings and original pocket doors, three wood-burning fireplaces, and rooms flooded with superb Southern-facing light…” Its seller bought it for $3,300,000 in 2005. Entered into contract on 10/1/09; closed on 1/5/10; deed recorded on 1/27/10.
2. COBBLE HILL $3,200,000
243 Kane Street GMAP (right)
As covered last week, this renovated townhouse was originally asking $2,950,000 in ’07, but the price was raised to $4,075,000 in mid-’08. As it lingered on the market, the price was reduced several times until it was last asking $3,500,000 as of mid-’09. Its seller bought it for $1,802,000 in 2007. Entered into contract on 1/15/10; closed on 1/15/10; deed recorded on 1/28/10.
3. BROOKLYN HEIGHTS $2,995,000
20 Grace Court Alley GMAP
As previously noted this 2,550-square-foot brick house was originally asking $3,300,000 and the widget appraisal came in at $2,766,135. Its sellers bought it for $2,675,000 in ’05. Entered into contract on 11/17/09; closed on 1/15/10; deed recorded on 1/28/10.
4. PARK SLOPE $2,125,000
524 2nd Street GMAP
When this 2-family was a House of the Day in October, it was listed for $2,375,000. The reader widget guess on it was $1,952,045. Entered into contract on 11/5/09; closed on 1/11/10; deed recorded on 1/26/10.
5. FORT GREENE $1,870,000
119 Fort Greene Place GMAP
When this brownstone was a House of the Day in November, it was listed for $1,995,000. The reader widget appraisal clocked in at $1,615,042. Entered into contract on 11/25/09; closed on 1/7/10; deed recorded on 1/27/10.
Photos from PropShark.
11217, forget rule of thumb’s and generalizations.. Here’s something a bit more relevant to the NYC market when it comes to Gross Rent Multipliers.
http://realestatevaluation.wordpress.com/2009/09/03/a-little-bit-of-history-gross-rent-multipliers-in-new-york-city-over-time/
http://www.masseyknakal.com/chairman/633778896004636250.pdf
lol it just occured to me that im not even a hundredaire
*rob*
oh yes i forgot. these days millionaires are just common folk. yep, i see them in the bodega ALL the time
*rob*
rob, being a millionaire ain’t what it used to be, with inflation and all…
11217 is right on. right now, decent priced ppties are selling and selling fairly fast.
sellers are much more confident than in q3 09 – ie my low-ball bids are getting super prompt “get the F outta here” responses now
“BHO–the 10x annual rent roll thing–is that NYC specific or is that the national norm?”
It’s not wasder. He consistently rolls this number out, even though it’s not true. Neither in NYC or in the U.S.
Here are numerous examples of the PROPER figure:
*”The average ratio for 1987-2007 has been about 15″
*”Using a rule of thumb that truly affordable homes cost no more than 15 times their annual market rent”
*”Since the mid-1970s, the accepted nationwide ratio stood at sale prices of 15 times a property’s annual rent. In an indication of just how out of whack the boom market distorted this norm, the national ratio of median annual rents to median home prices soared above 25 to 1 in 2007, according to an October report from the Center for Economic and Policy Research and the National Low Income Housing Coalition.”
*http://www.cnbc.com/id/25625777
Antidope — that stinks about losing all the data. but as you say, it’s probably for the best.
Read the urbandigs article, BHO.
Those are hard facts in there. You know…the things you love to deny.
Some tidbits:
“In the last week alone, my new backend systems see about 222 new contracts signed telling us that the market continues to move along”
“ather, we can’t deny the progressive improvement in bids over the past 11 months and the fact that desirable properties that are priced right are moving in today’s market!”
“I now have pending sales at the 4,416 units level which means when Q1 2010’s report is released in early April you will see a whopping surge when compared to Q1 2009’s level!”
im going to be honest.. i dont understand the appeal of living in these kinds of neighborhoods if people have that much money to pay these prices. it borders on absurd.
and YES i love brooklyn, but brooklyn is supposedly to be slightly ghetto and cheap, not a place for millionaires from around the country to flock to. barf
*rob*