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.
Damn, I’m in everybody’s head today. Go ‘head, get the last word.
***Bid half off peak comps***
“then prices should bottom at 75% off peak comps”
BHO – 2/2/10
I think you are wrong but if you are correct then I suggest you stop planning on the right time to buy a brownstone and instead plan your bomb shelter – cause if generalized housing prices fall to 75% off peak – you are looking at a financial Armageddon
BHO — You assume everyone bought at peak and needs to sell shortly. For someone like wasder, or DIBS, or even me, we enjoy our houses tremendously. I am simply not aware of comparable rental properties, and if they existed would not be at comparable carrying costs. Do you really have any claim to be able to forecast where wasder’s equity will stand when his kids are in college? Put another way, how do you compute the “likely net loss” in your point 3 with no sell date?
I’m happy for miss muffet because she enjoys her rental. I just think it is screwy to analyze this as if it were the same as buying stock. Not even she does that, and I sense that, bear though she is, she is not predicting the total gloom and doom that you do.
“After today, we can all (basically) agree that the standard is 10 times for investment and 15 times for individual homes”
Where’s the local back up (links, articles, etc.) for individual homes? I gave you commercial. I’ll believe a historic norm of 15x when I see it.
***Bid half off peak comps***
if 10x is the prediction for steady state and if if we can agree that markets overshoot the tops/bottoms of cycles, then if if if if the market peaked at 20x, then if if if if if the overshoot hits 5x, then then then then then prices should bottom at 75% off peak comps.
you can print that in the tribune.
***Bid three quarters off peak comps***
“Yes, I’m happy in my rental and could stay that way for a long time. I love Brooklyn but I hate these out-of-whack home prices and I refuse to particpate until prices are sustainable”
Well given that you use a bogus metric for determining home values, you will be enjoying your rental for decades to come.
And there’s NOTHING wrong with that. Think you just need to ask your landlord to install the wheelchair lift now.
prices for ppties for the regular joes – bias is it’ll drop until market SHOWS us via closed sales that prices are moving UP. No one is running around saying prices look cheap vs income – ie one would be a fool not to buy now. Prices now are NOT cheap. It’s cheapER vs. peak but that doesnt mean it’s cheap.
Was it really luck when a billionaire who’s made his fortune in real estate gets it right again and again???
undoubtedly – a significant portion of it – yes -> you simply cannot be that successful in a market driven business like RE without a fair bit of luck – and my guess is that if you asked Ol Sam he’d be the first to agree.
slopefarm,
1. Once in a lifetime boom/bust in real terms after inflation. Doesn’t matter WHEN you sell from the peak if you don’t get out now. Nominal only feels good.
2. Miss Muffet is doing quite well.
3. Divide likely net loss (after DP and expenses and resale) by hypothetical months of ownership, add it to the monthly nut, and compare to a nearby rental. From the peak, you lost.
Yes, I’m happy in my rental and could stay that way for a long time. I love Brooklyn but I hate these out-of-whack home prices and I refuse to particpate until prices are sustainable (NY Case-Shiller YOY approaches zero).
***Bid half off peak comps***