Open House Picks
Park Slope 366 6th Avenue Brown Harris Stevens Sunday 12-2 $1,895,000 GMAP P*Shark Carroll Gardens 291 Hoyt Street Halstead Sunday 12-2 $1,600,000 GMAP P*Shark Prospect Lefferts Gardens 209 Maple Street Pesach Volkov Sunday 2-5 $975,000 GMAP P*Shark Sunset Park 538 58th Street Corcoran Sunday 2-5 $959,000 GMAP P*Shark
Park Slope
366 6th Avenue
Brown Harris Stevens
Sunday 12-2
$1,895,000
GMAP P*Shark
Carroll Gardens
291 Hoyt Street
Halstead
Sunday 12-2
$1,600,000
GMAP P*Shark
Prospect Lefferts Gardens
209 Maple Street
Pesach Volkov
Sunday 2-5
$975,000
GMAP P*Shark
Sunset Park
538 58th Street
Corcoran
Sunday 2-5
$959,000
GMAP P*Shark
A reduction in asking prices does not equal a reduction in sales prices. Just because something went from $1.4 to $1.2 doesn’t mean prices are dropping. If it sells for $1.1 the buyer will think they got a deal but it means nothing if the last similar property sold for $1.0.
If you’re going to talk about prices going up or down you must look at sales prices, not asking prices.
Dear Anonymous at May 27, 2006 08:10 PM
PS 185 I hear is good but that lasts till grade 5 correct, are the options good after that, I hear not…..And what did you pay i your willing to share??
You might be able to find two houses that have not sold in PLG, but overall prices are still rising in brownstone Brooklyn. People have been telling me for years that a downturn was just around the corner. Now they are saying the downturn is happening, and I am just not buying it. How can it be a downturn if prices are still rising? This downturn is SO much weaker than anyone expected. Someone would have to be bold indeed to put off purchasing a home in hopes that prices will fall.
11:08–I’m not familiar with the other markets you mention, but the fact that the Maple street limestone sat on the market at 975K and then sold for under asking and that the other Maple street house sold at asking of 950K shows definite weakness in the lower PLG market. Those were prime, nicely renovated houses on the primest block of Lefferts Manor. They were above the 900K mark you mention, but just watch and see what happens with this new listing at 209 Maple. I”ll bet you it goes for no more than 900K. Sure, realtors and owners are trying push prices up, but the market will no longer support that and those listings won’t sell at those prices. Just be patient.
It’s hard to think people choose PS over UWS without significant price deference. Keep checking almost stabilized UWS 2BR price and still rising center PS’s. They getting close now. Interesting to see what will happen over next 12 month.
When you talk about prices coming down, you must be talking about those in a certain range, $1.2 million and above. Prices are not dropping in the under-$900K range, they are increasing in the past few months, in PLG, WT, Ditmas Park. I know, ‘cos I’m trying to buy. Prices are also increasing in SP — $850K for nice limestones were pretty common, now they start at $899K and into the $900’s.
The same is true for 3 BR coops in PS — ones listed in the low $800’s are being bid up very quickly to the high $800’s and above. (Although it’s hard to compare prices of coops, since the monthly maintenance costs vary so much. It’s not unusual to see monthly cc’s of coops in PS being 1K a month and even more).
So it is my experience as a buyer that it is still a seller’s market in this price range, with properties going quickly and with bidding wars.
For us, Bay Ridge won over SP. Because I wanted give us, especially my kid, better environment. Park, school, neighbor etc. I understand that many people care about the number of subway stops and yes, Bay Ridge is far from Manhattan. But whenever we went to see houses, we tried to communicate to people on the same blocks. We’ve found people in Bay Ridge are very nice. Although, we liked a community in Lefferts Manor, we were not ready to send my kid to a private school… We are moving in a nicely preserved limestone within PS 185 zone. Looking forward to restoring it.
“Look at PLG: when 38 Rutland was listed at 1.4M the price was high but not out of the question. Same for the 3 story limestone on Midwood at 1.3M. Now Rutland has been reduced to 1.25M and Midwood street to 1.175M, and still neither has sold.” I’ve seen the 1.175 Midwood, but not the other Midwood priced at 1.25, I think. Both are 3 story limestones with English basements, both need some work. Has anyone seen these 2 houses and what are your thoughts? I would be surprised if either of these houses sell for anything below $1.1 million, altho who knows? Some of you seem to think this lowering of prices in PLS is a sign of further decline.
Crown Heights prices are going up, not down. That’s what I’ve been hearing.