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.
BHO–the 10x annual rent roll thing–is that NYC specific or is that the national norm?
Sorry Antidope, I don’t have that data. Perhaps you are right. Just saying, looking at the big picture I don’t see anything particularly encouraging about these sales. I don’t see anything particularly negative about them either. I dont understand why the bulls are doing a victory dance today.
Interesting yahoo techticker article, 11217:
House Price Recovery Just A Head Fake, Says Alpert, Especially In New York
http://tinyurl.com/y8k6msc
***Bid half off peak comps***
11217 – I dont disagree that no one “knows” – I still think the PS house is/was overpriced and the person who bought it over paid IMHO – either way, long-term the market has to somewhat mimic economic reality (especially without a financing glut to mask reality) – and while I believe real growth will occur again (this is the USA for god sake), but the past economic upheaval were too great and the after effects like public debt and reluctant lending (combined with other intractable issues – like higher taxes to deal with entitlements and the ageing of the population) leads me to be able to confidently predict that over housing in general will not appreciate beyond general inflation (if that) for a very long while.
How much correlation is there between selling prices of homes for the super-rich and selling prices of homes for the rest of us?
Thwackamole1:
I get that they probably broke even and didn’t make too much/if any money, but don’t you think they did fairly well given that their “flip” was done during the largest crash in the housing market in decades? I mean, they aren’t coming away with 30% less, or even 20%. Worst case, they broke even.
Anyone interested should read this:
http://www.urbandigs.com/2010/02/manhattan_markets_things_keep.html
He does a great job of providing a factual, unbiased view on the market as it stands now.
oh man, buzzkill just entered the building…
g10, no. picky wife said those 2 locations not nice enough for her taste (yeah, she’s stuck up on that stuff). think that one profiled on this blog is not in contract.
dcb- do you have any evidence that most things sold over ask during boom? my feeling is that that is not true. what i experienced was that ever more aggressive asks more than kept up with rising comps.