Friday, February 1, 2013

Closings of Note: New Year's Babies Keep Coming

Real estate closings don't happen overnight.  Besides the time it takes for appraisal and commitment from a lender on financed deals, even cash deals can take as long as a year for all kinds of reasons.  People tend to forget that a price closed today isn't the measure of a property that was available yesterday, and therefore not a true measure of where the market's at in this moment.  Accordingly, we told you about the mad rush to close deals before 2013, and many of the closings are still rolling in over a month later.  We tracked 292 1st Street for ya not once, but twice.  In the spring of 2011, there was still room in Park Slope to get cute with your bids, and this listing flailed with Century 21.  By the time Corcoran got their hands on it for $1.6M last year, beggers couldn't be choosers anymore at these pricepoints in Park Slope, the place barely lasted a month, and it goes above asking price for $1.68M just before Christmas.

Also in Park Slope, 379 6th Street had unicorn potential written all over it with a snazzy list price of $1.495M.  At 3 stories and less than 17' wide, it lasted less than a month on the market and closed above asking price at $1.82M just before Christmas.

It took forever to close, but 1612 8th Avenue, a listing from what seems like yester-year in South Slope (2011) closed just before Christmas at $1.375M, a drop from $1.695M.

361 Bergen Street was a nifty little Park Slope gem we were all over as a FSBO.  Then Halstead wasted no time at all getting them their $1.8M cash just before Christmas.

When a fixer-upper in Park Slope by 4th Avenue is $1.8M cash in a flash, why are we still shocked to see a finished product go above asking price - but still under $2M - a few blocks away in Prospect Heights?  214A St. Marks Avenue is only 3 stories and less than 17' wide, but they cruised to $1.925M.  While some are still sleeping on Prospect Heights, we can't wait to see how nice they make 120 Brooklyn Ave in Crown Heights.

With the same rent roll as a 4-Family in Bed-Stuy currently asking $800K, 196 Sackett Street in Carroll Gardens was a 22' x 50' 7-Family begging to be repositioned with a list price of $1.4M.  We touted it to some amateurs and bearish buyers, but pro's with skills took it down for $1.2M, closing just before Christmas.  Less than $300/sqft in Carroll Gardens?  Yes, please!

147 Vanderbilt Avenue asked, "All cash offers please, property requires a full renovation."  On the northern edge of Clinton Hill with a huge floorplate, they listed for $1.3M and closed for $999K earlier this month.  AKA, the same price they listed at in 2009, people!

We were fans of 332 Macdonough Street both times around.  Many hemmed & hawed and sweat the details, while a $1.3M listing across the street at 333 Macdonough Street was clearly soaring above asking price and breaking Bed-Stuy records.  332 Macdonough closed for $999K before Christmas.

333 Macdonough's $1.34M record-breaking price for Bed-Stuy didn't last long, because 254 Gates Avenue sold for $2.2M.  Just to give you a sense of how fast the market moves before the comps can even keep up, both Curbed and Brownstoner erroneously attributed the previous record-holder in Bed-Stuy to 53 Monroe Street.  We already told you, "There goes the neighborhood" when Minsky brought $1.5M across Classon at the next-door 252 Gates Avenue, which not only sold for $1.45M, but is getting a ton of work done as we speak.  And now a finished beauty goes above $2M and above asking price.  Many are quick and apt to point out that calling this Bed-Stuy is a bit of a misnomer, because it's as Clinton Hill as Bed-Stuy gets.  So calling this Bed-Stuy's biggest sale is almost like saying "Mike Piazza's the greatest hitting catcher of all-time", because he was more of an A- hitter who happened to play catcher.

Fresh off an estate sale for $610K just before Christmas, 618 Lafayette Avenue's already up for rent with a 1BR asking $1,799/month.  Salivate over this pricepoint, but estate sales are hard to find and even trickier to navigate even once you have found them.  Oh yeah, and you're probably still not ready Bed-Stuy.  And you're probably not feeling the 18' x 36' floorplate.

Speaking of Bed-Stuy in the $600K's, 564 Hancock Street finally closed for $660K just before Christmas.

What's someone from Carroll Gardens doing in Bed-Stuy?  Buying a townhome!   383 Macon Street listed for $799K back in 2010, and sold for $740K before Christmas.

And in Brooklyn Heights, even a huge haircut is still a lofty price for mere mortals.  113 Willow Street listed for $4.5M, dropped to $3.9M, and closed for $2.9M on Christmas Eve.  Before you belly-ache about how that's well over $900/sqft, try seeing what that price gets you one stop across the river in Manhattan.

52 2nd Place in Carroll Gardens was a decked-out 16' wide home on an 80' lot asking $2.795M.  Nothing was stopping it from a contract in 3 weeks and closing before Christmas above asking price for $3.045M.

For more big-ticket townhomes, Carroll Gardens don't play...

377 Union Street got its asking price of $2.995M before New Year's.

356 Sackett Street got over $4M.

Park Slope cruises into the high $3M's...

307 Garfield Place listed for $3.85M and closed for $3.615M.

848 Carroll Street listed for $3.575M and got it, closing on New Year's Eve.

Even "a Farmhouse in Park Slope" at 303 13th Street got over $2M, along with 63 7th Avenue, 486 1st Street, and barely 374 Douglass.

Fort Greene is no slump either with $2M's and up...

51 South Oxford listed for $2.395M, had a contract in a month, and closed for $2.63M just before New Year's.

And there's plenty more to cover tomorrow...

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