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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.


What's Your Take? Leave a Comment

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  1. “This conversation is asinine.”

    Not when you get 100+ comments. It’s quite real and on the minds of sellers and would-be holders.

    ***Bid half off peak comps***

  2. “what are rents going to be at after the purchase price falls 50% FROM HERE”

    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.

    ***Bid half off peak comps***

  3. BHO…Sam Zell is not starting to buy in the NYC market again if he thinks rents are going to continue to fall in any dramatic fashion.

    I think he has a better handle on this than you do.

  4. “as the rent falls so does the 10x purchase price”

    Ding ding ding! People who have debated with me over the months/years know that I’ve always said rents would fall and that is exactly what they’re DOING (as in still falling). Think about it – this was the biggest boom in history. Why didn’t we have 15x to 20x before? Tighter credit and higher rates (returning soon). So both the ratio and falling rents (because of unemployment) are driving down prices.

    ***Bid half off peak comps***

  5. $400k down and yes, I’ll get it all back…probably in about a year from now.

    If I had to sell it now it’d go easily for over $700k. I’d lose about $200k after putting more money into it after I bought it.

    If someone can’t afford that then maybe buying is not for them, at least not in NYC. But people have lost far more in FL, CA & NV.

    BHO always sounds like no one is ever going to make money in real estate again. Only the risk takers will.

    Sam Zell, arguably the smartest RE investor in America (he sold ALL of his commercial properties at the top) just this week announced the purchase of 3 Manhattan apartment buildings (1,000 units) into his company EQR.

    He’s betting the NYC market has bottomed in rents!!!!! I’d rather have my money with Sam than with BHO. I bought EQR yesterday.

    Why are all the homebuilder stocks up so much today????

    TOL +6%
    BZH +11%
    DHI +11%

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