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 – I dont mind that he views houses as investments or that he doesnt love Brooklyn – I just mind when he says shit that has no basis in reality – like for example says that fair value for residential and investment properties are determined by the same historical metric and/or then cites a study by a COMMERCIAL broker as evidence for residential price correlations – it is just stupid and obstinate for no reason (unless he is a savant or retarded or something) – you know what ‘The What’ was a great analogy.
Point is – Zell was blessed with a fair amount of luck in the sale of EOP and I wouldnt use him as some soothsayer about RE
Posted by: fsrg at February 2, 2010 3:59 PM
Was it really luck when a billionaire who’s made his fortune in real estate gets it right again and again???
DIBS – I don’t give a rats gluteous maximus what Sam Zell buys. It’s about fundamentals.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 2, 2010 3:59 PM
Yes, and of course you have a better grasp on the fundamentals that he does.
Well, you’ve sure got a grasp on something but I think you’re just jerking yourself around here.
DIBS – yes and likely to be ruled a sale by the IRS and therefore suibject to tons of taxes and thereby doing nothing to save Zells horribly timed investment in the now bankrupt Tribune.
Point is – Zell was blessed with a fair amount of luck in the sale of EOP and I wouldnt use him as some soothsayer about RE
“your [unrealistic and totally made-up] ratio”
See my linked article above in earlier commments. And see graph in Knakal’s report – draw line through median and you get 10. This number’s not covered in my shit.
Okay, let’s say rents bottomed. Get back to the ratio.
DIBS – I don’t give a rats gluteous maximus what Sam Zell buys. It’s about fundamentals.
***Bid half off peak comps***
FSRG:
I agree with the fact that housing was (maybe still is slight) overpriced too. But BHO consistently spouts these same things even when they are disproven.
After today, we can all (basically) agree that the standard is 10 times for investment and 15 times for individual homes with the understanding that these are not such clear cut figures and have room for variances.
But you know what…he’ll be right back here tomorrow ranting about the 10 times figure again…even if it’s not an investment property.
He may have some good points, but he NEVER supports it with data, NEVER responds to questions, NEVER listens to others.
He treats houses like investments. In his language, and in the totally delusional way he presents his ideas. Nothing about this person says to me…I love Brooklyn..I want to buy a home here. I hear a lot of bitterness and delusion though.
“No money down? If so, you’re guaranteed to get it back?”
Your question needs a time frame, BHO, and a comparative. Even if looking at this purely in investment terms, you need to:
1. Know wasder’s or DIBS’s time frame for selling. I imagine wasder, with the little wasders, is in for the long haul and isn’t selling any time soon.
2. Compare wasder’s or DIBS’ DP with what that money would have done in the same time frame, with the sell dates unknown at this time. No one is guaranteed a return on any investment in stocks, bonds, RE, etc.
3. You would have to factor in the the monthly cost of renting comparable housing. What would renting a 1600 sq. ft. multi-level brownstone apartment with garden set you back in Clinton Hill these days? Or Stuy Heights, for that matter? Subtract the difference between that and wasder of DIBS’s monthly nut from the amount invested in lieu of a DP each month, over what, 10-20 years?
Finally, I don’t know where you live or in what kind of digs, but are you as happy living in your residence as these two seem to be with theirs?
11217 – you know I never knew BHO to be that way…but maybe I was influenced by the fact that I agree/agreed with him that RE was way over priced and headed for a big fall – and I still think it is too high – but maybe your right – I mean his metric has zero evidence now or historically and he is predicting the same thing now (post a big crash) as he was before the crash – 50% off – which makes no sense; So maybe I should head your warning and stop trying to engage him…
And the Tribune sale is now bogged down in a lot of litigation.