Last Week's Biggest Sales
1. FORT GREENE $2,395,000 49 South Portland Avenue GMAP (left) This house sold quickly, and for more than its asking price: The large 2-family was listed for $2,200,000 in late May, according to StreetEasy. Entered into contract on 6/25/09; closed on 8/21/09; deed recorded on 9/11/09. 2. COBBLE HILL $2,225,000 132 Pacific Street GMAP (right)…
1. FORT GREENE $2,395,000
49 South Portland Avenue GMAP (left)
This house sold quickly, and for more than its asking price: The large 2-family was listed for $2,200,000 in late May, according to StreetEasy. Entered into contract on 6/25/09; closed on 8/21/09; deed recorded on 9/11/09.
2. COBBLE HILL $2,225,000
132 Pacific Street GMAP (right)
This 3,350-sf, 2-family was asking $2.75 million. Entered into contract on 6/12/09; closed on 8/14/09; deed recorded on 9/10/09.
3. BROOKLYN HEIGHTS $2,000,000
9 Pierrepont Street, #2 GMAP
It looks like this sale is probably of the large lower duplex that was a Co-op of the Day a couple of times, most recently this June, when the price had been dropped from $2.95 million (that was in April ’08) to $2,335,000. Closed on 9/8/09; deed recorded on 9/11/09.
4. CARROLL GARDENS $1,750,000
277 President Street, #1B GMAP
This 2,235-sf, 3-bedroom condo was first listed for $2,195,000 last July and was asking $1,849,000 by this March, according to StreetEasy. Entered into contract on 5/12/09; closed on 8/31/09; deed recorded on 9/8/09.
5. CARROLL GARDENS $1,745,500
355 Degraw Street GMAP
This 2-family townhouse was first listed for $1.95 million in March, according to StreetEasy. The price was cut to $1,875,000 in May. The house last sold for $1.36 million in 2004. Entered into contract on 6/19/09; closed on 8/19/09; deed recorded on 9/9/09.
Photos from Property Shark
I didn’t take you for a spitter, Snark.
L-
all you are saying is the range of available bidding should be wider. and it started wider, but was reduced bc of non-serious bidding over the ask. slopefarm has the math right.
finally, i was one of the first to doubt the accuracy of the widget. my thesis was basically described by that laughable snark: wisdom of the crowds. there was no lament ever that it wasn’t doing what it should be doing. who would ever think that? hello Brickoven. anyone home?
disagree about Pacific St. sale ..that is definitely a leafy prime quier block. And why would ambulance go down that street when ends at Henry?—not at e.r. room entrance.
Not that LICH e.r. is so popular anyway.
I still think cheap price because parlor used as bedroom floor and noname realtor.
Brokedeveloper: I said perhaps people would have trouble getting their orig price but fact is that since they are not willing to sell at lower price means no deal.
Please supply the resales that show the drop in price at these bldg….I have asked many times but nobody has shown me the sales yet.
All the widget does is spit back what is put into it.
GIGO.
Anti – The ask matters becuase once you hit the ask, you are generally done. So if a house is asking $2.5 and three people think the house will sell for $2.4, $2.3, and $2.2, they will guess $2.4, $2.3, and $2.2. If three other people think the house will sell for $2.6, $2.7, and $2.8, they will all guess $2.5 because they know that aren’t a lot of bidding wars nowadays. Now instead of a $2.5 million result (which is the actual average of sentiment) your widget returns $2.4.
As for the otehr direction in the bubble, I agree that might be the case. Which is just more evidence that the widget doesn’t do what you are suggesting it should.
Ledbury,
I still think your logic is flawed. If no one thinks that anything will go above ask, then the asking price is acting as a correct, and not distorting, barrier. The skew comes from an excess of lowball guesses, not a dearth of high guesses. Even before the widget, and even in the bubble,you could always count on a bunch of folks to complain that the asking price was too high. Often, they turned out to be wrong, pre and post Lehman. The widget reflects a real bias, not a design flaw.
DS-
I don’t disagree, but I stand by my description. Comatose and calm are not mutually exclusive. What you will note is the absence of panic selling even in the Apr – May HOTD data. Equal numbers pulled as sold. Equity is providing the cushion that is supporting the market. Without that, surely there would be a lot more pressured sales than we are seeing. If you believe more bad news to come then the market price can fall precipitously from here, no doubt. I don’t believe that scenario is likely anymore, but I grant that it looked more likely/possible in March/April.
> i think we are now effectively in a calm market
Calm? It’s practically comatose.
– http://nymag.com/realestate/realestatecolumn/58963/
“One excellent indicator of a neighborhood’s situation in the near future is how many closings are taking place there, because it measures both activity and ease of sale. And according to data compiled by the team at StreetEasy.com, between April and June the number of closings dipped 77.9 percent in Tribeca, compared with the same period last year. Three other well-established neighborhoods were also high up in the pack: 52.7 percent in the West Village, 44 percent in Carnegie Hill, and 50.8 percent on the Upper West Side.”
L-
I follow your logic, but disagree. I am NOT saying the widget WILL accurately reflect price but that in calmer times it will more closely track.
Also, who cares what the ask is? why does that matter? your argument would only make sense if the bounds placed on the range of any given property were not wide enough to capture the “actual” sales price. That is not the case now.
It works both ways. In a bubble (ie, if this widget existed 2-4 years ago, the widget would have reflected the wide-eyed optismism often lamented by the bigger bears here and over-priced by comparable levels.
W-
we’ll see about calm, but i think we are now effectively in a calm market — negative sentiment will abate, but healthy skepticism will remain — and i expect it to stay here for a while. unless another economic shoe drops. Derivatives, anyone…