Recent Sales in Park Slope
PARK SLOPE $585,000 348 12th Street Prewar three-bedroom, 11/2-bath co-op, 1,050 square feet, with windowed eat-in kitchen with new appliances, living room with wood-burning fireplace, washer/dryer, hardwood floors, renovated bath, window A/C, N/E exposures and private roof deck; building is pet-friendly and features storage in basement. Maintenance $686, 60 percent tax-deductible. Asking price $599,000, on…
PARK SLOPE $585,000
348 12th Street
Prewar three-bedroom, 11/2-bath co-op, 1,050 square feet, with windowed eat-in kitchen with new appliances, living room with wood-burning fireplace, washer/dryer, hardwood floors, renovated bath, window A/C, N/E exposures and private roof deck; building is pet-friendly and features storage in basement. Maintenance $686, 60 percent tax-deductible. Asking price $599,000, on market one week. (Broker: Patricia Neinast, the Corcoran Group)
PARK SLOPE $475,000
429 Seventh Avenue
Prewar one-bedroom, 11/2-bath duplex co-op, 700 square feet, with working fireplace, renovated bath, open kitchen, washer/dryer, window A/C, hardwood floors, oversized windows, eastern exposure and fenced garden. Maintenance $585, 50 percent tax-deductible. Asking price $435,000, on market three days. (Broker: Deborah Rieders, the Corcoran Group)
PARK SLOPE $975,000
477 11th Street
1,565-square-foot duplex condo in a prewar building; high ceilings, h/1 floors, fireplace, laundry room, terrace, rear garden; common charges $423; taxes $5,076; listed at $975,000. (Broker: Betancourt & Associates)
Just Sold! [NY Post]
Residential Sales [NY Times]
I don’t know of any sprawling suburbs in the NYC area…Westchester, LI, CT and NJ are already way overcrowded. No room left to sprawl!
The suburbs can sprawl to open up new housing that matches construction costs/land values more closely. Pslope being zoned at R6B has secured a fixed supply. And as things, like Prospect Park, 5th Avenue, and local schools continue to improve the neighborhood becomes more and more desirable. I think it’s the Brooklyn properties out on the fringes that will lose value first, and those developments that are on the drawing board now and maybe not finished for two years that will take the biggest hit. That is if interest rates suddenly rise.
In Suburbia the density of the population is much lower. The city has high population and low housing stock. Hard to push prices down that way.
Note: between $550 and $700 per sq foot, not $1000 plus.
See, if you look at some of the suburban sales, you’re seeing houses sit on the market longer and go for below asking, something that would NEVER have happened months ago. It doesn’t appear that it has hit the city as hard but it will creep in.