The StreetEasy Monthly Cheat Sheet looks at the New York City for-sale market over the last four weeks, highlighting a combination of market data, StreetEasy user behavior, and topical trends. This is the report for March 2019.
Biggest price cut: On March 21, this 4-bedroom townhouse at 17 Vanderbilt Ave. in Clinton Hill got a 20 percent price cut, amounting to one of the largest discounts of the month. Originally listed for $2.495 million in January, the property sat on the market for two months before the recent price change. The current asking price is $1.995 million.
The new price suggests the sellers are motivated. According to a recent StreetEasy report, Clinton Hill is one of several brownstone Brooklyn neighborhoods where over 35 percent of homes sold above asking price. These neighborhoods are known for their unique housing stock and this Clinton Hill home is no exception. The cute, clapboard facade has clear curb appeal and out back there’s an unusually deep yard.
Most popular: The most popular listing last month was a $1,395,000 5-bedroom townhouse in Carroll Gardens. Offering 2,500 square feet of space, historic charm and zoning for P.S. 58, this fixer-upper caught the attention of many shoppers on StreetEasy. It’s racked up more than 575 saves in four weeks.
While the asking price clearly sets this property apart from other townhouses, keep in mind, 46 percent of homes listed in Carroll Gardens last spring closed above asking price. With so much interest, we wouldn’t be surprised if this townhouse also closed above ask. As of April 2, it’s no longer on the market. Did an eager buyer snap it up? Or are the sellers reassessing their pricing strategy?
Most expensive: The most expensive listing to hit the market in March was a 4-bedroom condo at One57 asking $60 million. The apartment spans the entire 80th floor of One57, offering 6,240 square feet and stunning, wraparound views.
It was originally purchased as a sponsor unit back in 2014 for $52.4 million under a Pasadena-based limited liability corporation. Reports link the LLC to the late Brazilian billionaire Edson de Godoy Bueno. This $8 million appreciation over five years may seem hefty and many luxury apartments in Midtown have sold at a loss. One57 is particularly susceptible to this trend. Ten units bought and sold between 2014 and 2018 sold at a loss in the building.
Least expensive: The least expensive property to come on the market in March was a studio in the Tremont section of the Bronx listed for $60,000. Like many of the most affordable apartments we highlight in the monthly cheat sheet, the unit is income-restricted. The listing description indicates that an individual buyer’s household income must not exceed $87,720 and that all-cash buyers are preferred.
Value of all sales: For March 2019, the total value of all sales listings added up to $41,477,328,004. This marks an increase from February, when the value of all sales totaled $38,413,759,614. Historically, we note increasing value of all sales during the spring shopping season. Seasonal trends coupled with the substantial amount of remaining inventory from 2018 likely accounts for this month’s $3 billion gain.
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