What the Heck Is Going On in Carroll Gardens?
This is getting weird. Despite a softening market all around, there’s been a rash of new listings in Carroll Gardens that have defied all logic and precedent. Starting with 44 1st Place (which in retrospect is probably the best deal of the lot) for $3,842,500, they’ve just kept coming: A 3,100-square-foot house at 78 3rd…
This is getting weird. Despite a softening market all around, there’s been a rash of new listings in Carroll Gardens that have defied all logic and precedent. Starting with 44 1st Place (which in retrospect is probably the best deal of the lot) for $3,842,500, they’ve just kept coming: A 3,100-square-foot house at 78 3rd Place for $3,495,000? A 16-foot-wide one at 40 2nd Place for $2,800,000? And now a three-story house at 329 President Street for a $3,600,000? What is going on here? One common denominator: Corcoran is the listing agent on all these places except for 1st Place. Coincidence or conspiracy?
329 President Street [Corcoran] GMAP
HOTD: 40 2nd Place [Brownstoner]
HOTD: 78 3rd Place [Brownstoner]
HOTD: 44 1st Place [Brownstoner]
For comparisons on the lower end in Carroll Gardens, albeit not on the Place blocks, here’s recent data from trulia:
277 PRESIDENT ST 2,992 sf $2,050,000 on 2008-02-07 = $685 sf
136 SUMMIT ST 3,200 sf $2,094,000 sold 2008-01-17 = $654 sf
Actually 10:40… even if that is the current world,
Those “comps” certainly aren’t comparable by price per sq. ft. with the exception of 1 in each list. These prices average 50% higher!
The sales you provided averaged $800/sq.ft.:
230 Degraw 3000 sq ft = $1.1k/sq. ft.
380 Degraw 3600 sq ft = $0.8k/sq. ft.
86A 3rd Place 2400 sq. ft = $0.75k/sq. ft.
241 Sackett 2968 sq ft = $0.65k/sq. ft.
By comparison these prices average $1.2k/sq ft.
44 1st Place 3600 sq. ft = $1.05k/sq. ft.
78 3rd Place 3100 sq. ft = $1.13k/sq. ft.
40 2nd Place 2300 sq. ft = $1.22k/sq. ft.
329 President +/-2675 St = $1.35k/sq. ft.
*I ignored the condos and duplexes as they do not relate.
Okay, so if they are overpriced, they will not sell. We’ll let the market decide. All this talk about price fixing and conspiracy is getting a little silly. It sounds to me like it is a few people trying to cash in.
those were all in the OLD market, 10:40.
it’s a whole new world now.
ever read a newspaper, buddy?
Here are some comps from around the neighborhood
230 Degraw Street sold for $3.4 million in Aug. 2007
380 Degraw St. $2.88 million 4 story 3600 sq ft. 8/2007
241 Sackett sold for $2m and that was 13.5′ wide. This is a street that the bus is on! Aug. 2007
In April 2007, someone paid $2,010,000 for the 4th and 5th floor duplex at 100 2nd place, no elevator.
378 Clinton Street, also sold the 4th and 5th floor duplex for $2.1 million
86A 3rd place sold for $1.8. It is 13×40 and makes 40 2nd place feels like a mansion in comparison.
249 Degraw Street, 2700 sq ft condo. $2.45 million
Conspiracy? – If you would check a bit further you would see that Elliman has 2 listings also on 1st Place quite similar in price.
The reno on 329 President is hideous. It is cheap and tacky. I cannot believe the broker had the balls to write that description for the listing. This is perfect proof that brokers think people are idiots.
Sure! They’ll get “close to asking” in their dreams… these listings are a PR stunt, nothing more.
I think the prices are high but they will get close to there asking if not no problem turn them to condos. One way or the other the owners win. It seems Mr brownstoner has a problem with CG