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.
Sam Zell also bought the Chicago Tribune…..
Posted by: fsrg at February 2, 2010 3:40 PM
Not sure what you’re trying to say. Unless you’re going to spell out the details of the media business, the real estate portion and the Cubs then any conclusion drawn from your statement is ridiculous. The separation of the Cubs from the rest was in incredibly interesting structure, financially speaking.
No, fsrq, my prediction stands at half off the whole factor. You cherrypicked that 25% further decline in rentals. No way I’m I expecting that (not that it’s not impossible). Rentals weren’t subjected to easy credit so they won’t fall as much.
We’re double-dipping, 11217. The recent plateau is/was the opportunity for sellers to get out. Most everyone thought RE wouldn’t drop. Most everyone thought we weren’t in recession 2007/08. Most everyone thought the DOW wouldn’t crash through 8,000. Sense aint common.
***Bid half off peak comps***
Dave and FSRG,
Come on you guys. As a What protege (or possibly the same person) you know that BHO doesn’t answer questions.
He just makes sh&t up and hopes people believe him. Only person he’s swayed so far, from what I can tell is Stevieb, a homeless person.
BHO is the Sarah Palin of real estate. Say the same lie over and over again in the hope that people start to believe it.
Too bad he doesn’t realize that his audience is a *little* more sophisticated than Sarah’s.
“I don’t know and I don’t care – It’s all about the ratio. And it’s [fall 30% FROM HERE] if -30% is where we’re at. I always maintained half off from peak.”
Well at 505 off peak, your [unrealistic and totally made-up] ratio wouldnt hold unless rents stay almost where they are now which goes against your 3:29PM post – so which is it????
m4l…my initial purchase was at $320 psf. I put another $30+ into it…$350 psf. Can’t get much better than that with all new electric, plumbing, modern forced air heat and a roof, deck, and most importantly, the ever-sought-after ensuite master bath in white marble.
BHO, I see you’re not addressing my comparison between you and Sam Zell.
Sam Zell also bought the Chicago Tribune…..
DIBS, on psf basis, we have same exact carrying cost
I’m pretty sure we (Brownstone Brooklyn) aren’t at 30% off.
I just threw that out there as an overestimate.
I think it’s probably more like 20% and pretty much every economist says another 5-10% further if we have a double dip. Most everyone says the worst is behind on the drop, even if we do fall a little more.
So where do you get your 50%?
Ok BHO so if rents fall [ using my example of a newish 900 sq ft 2br condo – about as generic as they come] from 2700-3400 by lets say 25% to 2025-2550 then if YOUR 10X metric holds the purchase price on the condo would be 245K-310k [no I didnt make the mistake again]….which would be around $300sq ft purchase price in park slope area – is that what you are predicting???????