The StreetEasy fourth-quarter report was just released—with it comes some signs that the economy is settling down. New development sale prices dropped 10 percent since last year, resetting at less bubble-like prices. Buying is picking up again as new homeowners are coaxed out of hiding by Obama’s tax credit—the number of closings this quarter are 17.6 percent and 28.6 percent higher than last quarter and the same quarter last year, respectively.
Due to the overstock of inventory, listings spent longer on the market. This quarter, condo resales stayed on the market for an average of 139 days, while co-op resales were on the market for an average of 118 days, 8.8 percent longer than last quarter and 21.5 percent longer than last year.
Sales
Three condos at 150 Myrtle Ave. in Downtown Brooklyn joined the listings on StreetEasy. A two-bedroom, two-bathroom unit here is $835,000. The building is Gold LEED certified and near the DeKalb Avenue subway station on the M, R, B, and Q lines.
Next in line is 245 W. 107th St., a co-op in Manhattan Valley. The unit has two bedrooms and one and a half baths. An apartment in the 1929 pre-war building runs at $870,000.
Co-ops appear to be quite popular in recorded sales this week. With the exception of five, all 19 of the residential sales made were co-ops in areas such as the Lower East Side, Upper West Side, Jamaica, and Midwood.
Rentals
In the realm of rentals, a couple of buildings listed multiple units on Wednesday. Downtown Brooklyn’s 277 Gold St., where a two-bedroom, two-bathroom unit goes for $2,325, has 35 active listings. The sales office is offering various one-month-free deals, depending on the size of apartment and lease time.
Up in Inwood, 624 W. 207th St. just rolled out four apartments. A two-bedroom,one-bathroom unit is $1,399 at this co-op in the northernmost tip of Manhattan.
Five listings came out of 68-61 Yellowstone Blvd. in Forest Hills. Here, a two-bedroom, one-bathroom co-op is $2,100, no fee.
New Developments
Among price movers this week is 219 Saint John’s Pl. in Park Slope. This 6,500 square foot building used to consist of eight apartments, but was converted into three condos. Add a rooftop deck, and voila. The marble townhouse is a stone’s throw from Prospect Park. All three units are down a few notches. The mid-priced condo (three bedrooms, 1,412 square feet) is now $1,325,000. All three units are available for viewing at the open house on Sunday, Jan. 10 (2:00 p.m. to 4:00 p.m.).
Both active sales listings at 643 E. 11th St. in East Village lowered prices—a 744 square foot studio is now $675,000.
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