Note: This update went out to our exclusive clients the week of February 11th. If you would like to be put on our exclusive distribution list, please send me an email:email@example.com
473 Sackett Street is in contract after only 25 days on the market. Seems like only yesterday I was tweeting about my visit during the broker preview on 1/25. Property showed very well â ie no clutter, well lit naturally and artificially and was decorated tastefully. The asking price is $1,695,000, or $807 per sq ft for this 3 story 2,100 sq ft 2-family (20â x 35â x 3 floors). The comment I made on Browstoner the following day, 1/25, sums up my view on price â âasking is a slight premium over 452 Sackett on a per sq ft basis, which sold last year. I would say this property is in better condition than 452(I’ve looked at both properties). The gross asking price on this is in the same ballpark as 70 2nd Street, on market this time last year – had multiple offers and traded above ask. In case anyone forgot.â The takeaway: Limited supply still supporting appropriately priced properties. Tweet from the broker preview â âJust walked through 473 Sackett Street. Tastefully decorated and thoughtfully rehabilitated. 2bd duplex over 1bd garden rental.â
Posted in My 2 Cents Also tagged Brennan Realty Services, Brooklyn, brooklyn heights, brooklyn real estate, brownstone Brooklyn, brownstoner, carroll gardens, clinton hill, cobble hill, donald brennan, let's talk real estate, my 2 cents, sackett street, townhouse
Note: This update went out to our exclusive clients the week of February 6th. If you would like to be put on our exclusive distribution list, please send me an email:firstname.lastname@example.org.
This townhouse + vacant adjacent lot combo was brought to market in July of 2011. The then listing broker priced it at $3.2M, or $1,070 per sq ft, if applying solely the house square footage of 3,000 sq ft to the asking price. If you back out approx $600,000 ($175 per buildable square foot (price of land in that neighborhood) x 3,400 sq ft (allowable building square footage on vacant lot) you are left with $2.6M, or $866 per sq ft. The average comparable home price for closed deals in that location is approx $700 per sq ft (as of late fall 2011). So the original listing price overshot the market by about 20%. That makes it easy to understand why it lingered when other properties were in contract within a matter of days of being listed. So after a broker switch in November 2011 the property (house + lot) is now listed at $2.6M, or $866 per sq ft. And if you reduce $2.6M by the same $600,000 used above to approximate the value of the vacant lot you have an asking price of $2M, or $670 per sq ft, which is 5% below the average comparable. The property has been on the market a total of 218 days from its original listing date and 85 days since its last price adjustment. Average days on the market for the comparable set is 57.
What gives? The property was obviously not priced appropriately from the start. In this day and age of greater transparency, properties that are priced inappropriately have the potential to be deemed undesirable by the entire buyer pool if interest is not immediate for reasons other than price. More days on the market have always resulted in discounts to the original asking price but now the âundesirableâ stigma may be putting more downward pressure on the perceived discount.
Posted in My 2 Cents Also tagged Brennan Realty Services, Brooklyn, Brownstone, brownstoner, carroll gardens, clinton hill, cobble hill, donald brennan, let's talk real estate, my 2 cents, townhouse
Note: This update went out to our exclusive clients the week of March 4th. If you would like to be put on our exclusive distribution list, please send me an email:email@example.com
While the market is very warm to almost hot for townhomes located in the more desirable brownstone neighborhoods delivering unfinished vanilla boxes is something I havenât seen since the heady Manhattan warehouse conversion days of the late â80âs. Now comes this – listed just 20 days ago 14 College Place had a price increase of 20% on March 3rd from its original asking price of $5,125,000 (or $1,350 per sq ft). Currently. 14 College Place and 12 College Place (a rebuilt commercial building adjacent to a line of charming carriage houses) are currently being marketed for $5,950,000 (or $1,565 per sq ft) and $5,125,000 (or $1,348 per sq ft), respectively. While I am bullish on Brooklyn real estate as much as the next guy, and of course wish the developer and listing agents for these properties all the best, these prices certainly seem aggressive. Especially when considering that at least another $50 per sq ft will need to go into these buildings in order to finish the kitchens and baths (at the buyerâs expense). I guess weâll just have to wait and see!
Here’s a link to my latest post on Carroll Gardens Patch, in which Â I examine the sales of four Clinton Street brownstones and what they say about the market.
First quarter market reports show that one-three family homes in Brooklyn are selling at a brisk pace, supporting our own observations last month.
The number of sales, at 984, is up over 37% from last quarter and almost 12% from 1st Q 2010. More significantly, homes took a lot less time to sellâjust 57 days, compared to last quarterâs 119 days and 1st Q Â 2010âs 106 days. Â In the Northwest submarket, which covers brownstone Brooklyn, sales were also up by 53.4% vs. last quarter and 42.4% vs. last yearâs 1st Q.
What does this mean to the home seller? If youâve been waiting on the sidelines for an improved market, your wait may be over. And while more supply may be added to the market over the coming months, it likely wonât be enough to affect the brisk pace of sales.Â We think the supply of 1-3 family houses will remain constrained, so youâll continue to have the opportunity to sell at a good price. Thatâs assuming your property is positioned and presented the right way.
What does this mean to the home buyer? You might soon have more homes to choose fromâbut less time to make your decision. So, as always, do your homework, get informed, and make sure you can act with confidence.
Please contact me if youâd like to discuss market conditions in more detail and how they might impact your real estate plans. JustÂ email me orÂ give me a call at 917-568-6525.