Report: Bidding War in the South Slope
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking: “They had an open house over the weekend and then did a…
There was no sign of a market slowdown in the South Slope this past weekend. A tipster says he took part in a bidding war for wood-frame house at 322 12th Street that wound up going for more than 25 percent over asking:
“They had an open house over the weekend and then did a ‘best and final’ offer session – essentially asking everyone to submit their best bid. The format was such that the bidders had no idea what anyone else had offered. The brokers, Lisa Taylor and Wassim Fakhereddine, naturally all the while whispering in everyone’s ears that were being outbid, never showing any cards, watching as the offers soared. Talk about causing a frenzy. 7 bids submitted in a day, 10 total.”
The 20-by-30-foot two-family wood frame house was asking $959,000 and the winning bid was $1.25 million, according to our correspondent. Questions remain: Did the 100-by-25 lot make the property seem that much more valuable, or did Corcoran’s whisper campaign play a big part in whipping bidders into a frenzy?
12th Street Listing [Corcoran] GMAP
307 and others re: these brokers — AND he kicks his dog. I’m talking abuse, we’ve seen it.
One thing that NY has going for it is the large number of foreign buyers. I live in Cobble Hill where nearly 1/5 of my daughter’s PS29 class is from the UK so I knew Brooklyn was on these buyer’s radar. Still, I assumed this was mostly a Manhattan condo market thing.
So I was shocked when I sold our cobble hill co-op recently. We thought the broker was reaching but we had 3 full-price offers after one open house, 2 of the were all-cash, and all 3 were foreign buyers. When the dollar is this low, our real estate is still pretty attractive to people coming here to work and selling a place in Euros or making their salary in Euros or Pounds.
I’m 12:55 who posted about the other comp. If you want to see it, go to http://www.masseyknakal.com/search/search_frame_top.cfm
select brooklyn, then park slope. It’s in the list and shows as being in contract. Here’s the direct link to the setup (which isn’t marked as being in contact, they disable the link once it is) http://www.masseyknakal.com/buildingphotos/314%2012th.pdf
I love these posters who compare a suburban NJ house with a Park slope townhouse. Sure the NJ house is $700K and the PS House $2.0 mm. What about the fact that the PS townhouse has 1-2 rental units that will generate $30-$60K of income that will service $500K-$1.0 mm of mortgage today. That rental income will double over 10 years and ultimately will sservice the mortgage by themselves leaving the owner with free housing for themselves.
“6+ condos at a 1 Mil plus”
Except NOBODY is paying those kind of prices in that area. None of the condos that are already built are moving in the south slope.
Dude–look at all the amenities you get with the San Francisco apartment!
10:28 – I have family in the Bay Area, and despite your post, prices are definitely cooling there as they are in other markets that were recently as “hot” as NYC – Boston, Miami, etc. New York will not stay immune forever – the economy is too volatile now for it not to have an impact here eventually, and already some houses that are over-reaching (601 President, anyone?) have had to have drastic price cuts, and still aren’t selling.
We bought our apartment years ago from a broker who I swear stoked a bidding war. I can’t complain too much since, like everyone who bought a while ago, the value has gone way up, but I really think to this day we were possibly lied to in order to get us to raise our price. I think buyers can make the mistake of showing their cards and getting too excited, and unscrupulous brokers can take advantage of that. That said, I, like others on this post, think this whole story sounds a bit fishy and fabricated. By the way, I saw the Brooklyn Properties house and it is a total dump – you are paying strictly for the location which granted is a good one, but it’s hard to imagine someone other than a developer taking this on (and how many more new condos can be slapped together?). I really think we are seeing the last gasps of an unsustainable market that will not tank (too little inventory for that) but will definitely cool off.
Prices are just as high in other cities…
San Francisco
WHAT: An alcove studio with one bath in the Beacon, a mixed-use apartment building with 598 units and a Safeway, Starbucks and Borders on the retail level.
HOW MUCH: $499,000
PER SQUARE FOOT: $831
SETTING: Within walking distance of the financial district and a block from AT&T Park, where the San Francisco Giants baseball team plays; near to public transportation.
COMMON SPACES: Tiled floors in the kitchen; carpeting throughout the rest of the space.
PERSONAL SPACES: A bedroom nook off of the main room.
OUTDOOR SPACE: Landscaped grounds and a central dog park.
AMENITIES: A pool, fitness center, business center, media lounge and concierge. Private parking in an underground parking lot is $100 a month.
TAXES AND FEES: $6,000 a year; condominium fee: $560 a month