another Bklyn 2-bed for $475k

that is not clinton hill, it's bed-stuy.

Agreed, liulide. Not even on the border of Clinton Hill (Classon Ave). It's on the corner of Bedford Ave.

Still, this example notwithstanding, there are a few examples of 2 BRs hitting the $475K mark (even lower on a couple) in prime-ish Brooklyn areas. None of them are probably 'true' 2 BRs by most people's standards, but GG wasn't arguing that perfect apartments in great areas are asking $475K, but that 'fring-ey' places were.

I think that's true, and will only get more true. That's what takes a market down.

Here's one example:
www.streeteasy.com/nyc/sale/394091-condo-630-union-street-park-slope-brooklyn

Here's another:
www.streeteasy.com/nyc/sale/392891-coop-carroll-gardens-brooklyn

Buyers are getting selective enough that only the most bulletproof places are going to be able to get near their peak prices. Just anecdotally, it feels like there are a LOT of Park Slope 2 BRs falling under $600K. Many of them are pretty nice places and, even for that, won't get full-ask when they sell.

I've been seeing more and more 2-bedrooms in prime areas of Brooklyn falling into the low-$600k range, some lower.

It'll be interesting to see what this closes for. I doubt it will be for ask, but I'm frequently wrong.
http://www.streeteasy.com/nyc/sale/405166-coop-483-14th-street-park-slope-brooklyn
In any event, it closed for $650k on 05/06/2008, so the owners are already taking a loss.

wow- jkb not that familiar with brooklyn and don't know how many flights up for the one in carrol gardens but looks like a great apartment and a good price!

ah my apologies....I was afraid maybe it verged on Bed-Stuy. Sorry. So Classon is the boundary line, I guess.

Anyway, these were some interesting examples that got posted. thanks.

Nice place, evnyc. It'll be interesting to see where it closes. If you're tracking it, pls let us know!

Will do, JKB! It's on my watch list.

don't call these 2 bedrooms. the second bedrooms are either less that 100 sq ft or don't have a closet. those are the typical requirements for a bedroom.

in a so so location in Clinton Hill, you would expect much more for your $ than that.

The Union St. apt is a 5 flight walk up... a deal breaker for me and any other sane person with children who make up the bulk of 2br buyers.

The boundary between Bed Sty and Clinton Hill is Franklin Ave..... brokers keep trying to push it over one block at a time to justify their pricing.

Actually, AB, if you do the math on the second bedrooms they are over 100 sf with the exception of the CG walk-up, where the 2nd bedroom is 84 sf.

I'm curious about your statement, though, do you have any source for minimum bedroom size, AB? The one I linked to doesn't have a closet in the floorplan, but a closet is easy to put up. It has a window, which to my knowledge is the only definition of "bedroom." Hence you can't call those weird windowless rooms in many condo conversions 2-bedrooms; they are studios or one-brs with "home occupancy" spaces. I'd take any of these small two-bedrooms over a "home occupancy" space any day.

That should have read, "is the only LEGAL definition." Sorry. Wine. It's Saturday.

the 100 sq ft, window and closet was told to me by an appraiser when he came in to appraise my previous apartment. i converted a dining room into a bedroom and it was just over 100 sq ft. i added a closet and that was what allowed him to appraise it as a 2 br rather than 1.

Hm. That doesn't sound like a legal opinion per se, but in any event, by those criteria these are legit 2-bedrooms with the exception of the walkup.

In my opinion, converting a dining room in no case ever makes a 1-bedroom apartment into a 2-bedroom apartment. It is simply a 1-bedroom apartment with the dining area lopped off. I find those listings thoroughly off-putting.

There're many definitions of what makes a room or a bedroom. E.g., HUD has one, various NYS and NYC agencies have others, and so on. Closet and window seem to be the market criteria. Somewhere I read that if the smaller dimension is less than 8', it can be called a bedroom only if there're two or more other bedrooms. That disqualifies many maid's rooms.

Like I said when I linked them, the listings I posted above wouldn't satisfy many people's requirements of a
2 BR. Still, that's what they're being listed as.

Regardless, the Carroll Garden place is now in contract:

www.streeteasy.com/nyc/sale/392891-coop-carroll-gardens-brooklyn

Last ask was $100K and about 18% less than its original ask. Will be another interesting (sorta) comp when it closes.

Very true, JKB. Glad to see that cute CG place is in contract. It seems like a fair price, given current market. I'd bet that it closes for near current ask.

It's a cute apt., but it's so close to the BQE that I'm sure you can hear (and smell) the highway traffic.

Such a place is not for me. I have asthma, I don't want to be breathing in the car pollutants all the time. I wouldn't buy it at any price.

Yeah, GG, I'm sure there are others who would agree with you. Still, I saw this place, and it's nice. Noise from the BQE wasn't really a problem, but pollutants are, undoubtedly. Real drawback for us was convenience and size. It was too small and too far from anything but the F train.

But I'd say this apartment is a model in how to get a deal done on the seller's side right now. They didn't mess around -- when offers weren't forthcoming, they cut their price swiftly and significantly, and now they're in contract. I imagine they won't get their ideal price, but who knows? At least they're cashing out.

One other thing occurred to me here, too. I wonder if the fact that it's a four-unit, self-managed co-op will have any effect on financing. It's not the most stable ownership situation, and I wonder if banks won't be pretty tough on mortgage terms (more than 20% down, etc.).

951 President Street #4R
Listed for $499k, closed for $440k on 5/27. 13% off ask, and not really what I would consider a 2-bedroom, but good location and listed as such.

I was tracking this, too, evnyc. The $499K last-list price was a reduction from its initial ask of $550,000 when it first listed in October 2008. So ... overall price cut was 20% off-ask. I agree the place was small, but it looked pretty nice and is very well located.

I think the $550K ask was probably high, but the $440K selling price -- given all factors -- might make a few current or soon-to-be sellers a little queasy. This place would have been a deal at $500K a year ago.

JKB, totally agree. I am really hoping the trend continues for eight months or a year. Then I pounce!

I'd buy one of those floorthru's at 90 1st place for $500k tomorrow LOL...

junkman, are you stalking 90 1st Place?

LOL - That building is one of my "prime brooklyn" price barometers.

I keep paying attention to it since the pricing makes so little sense to me. Just like that sale at 492 Henry St.....

I was also watching 951 president...wow! Thanks for posting it, evnyc.

There was another <500K 2BR at http://www.streeteasy.com/nyc/sale/348497-coop-161-president-street-carroll-gardens-brooklyn , although that was quite a while ago now(Dec. 08). That one did need serious work, and I believe an architect ended up buying it. Still, ~$200K less than a unit one floor up was asking for in Feb. '07(can't tell if it sold), and that one was on the opposite, 'L', side of the building. The 'L' side does NOT have windows on the long side of the apartment like the 'R' units do, given the building's proximity to the corner. That is a huge deal in those long, narrow apartments.

It is also one block over(between Henry/Hicks) from the Carroll St. unit now in contract...

WTF? Half my comment disappeared...sorry everyone!

I was rambling on about http://www.streeteasy.com/nyc/sale/348497-coop-161-president-street-carroll-gardens-brooklyn

That one sold for $475K in Dec. 08

Now I feel like an idiot, so i'll leave it at that.

Ah, Junkman, if you're in the market for a CG condo, wait no more! The Satori just cut (chipped at?) prices again!

streeteasy.com/nyc/sale/398950-condo-carroll-gardens-brooklyn?email=true

Ok, it's at Bond, but it's close to the soon-to-be-renamed Caroll Gardens East canal and it has RAISED SINKS! Run. Do not walk.

I heard they are giving a free haz-mat suit with every purchase as well...

I have talked about this one before, but 2br on Lafayette and Carlton in Ft Greene asking 465k
http://www.streeteasy.com/nyc/sale/378811-coop-fort-greene-brooklyn

5th floor walkup and ugly kitchen, but the location is just about as good as it gets in Ft Greene. Maybe GG will be posting 'another Bklyn 2-bed for $3xx' when this one finally sells.

Okay, can someone with superior research skills help me out with this one?
http://www.streeteasy.com/nyc/sale/359864-coop-brooklyn-heights-brooklyn

I saved this before Corcoran instituted their policy of removing numbers from listing, so I know the address is 173 Hicks, apartment number 6D. Somehow this has magically made the apartment's listing history disappear, and I can't find any evidence that the apartment sold (according to streeteasy).
http://www.streeteasy.com/nyc/sale/350327-coop-173-hicks-street-brooklyn-heights-brooklyn

Corcoran site claims it is sold, presumably for less than its last list price of $599,000:
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1305452

What do you think? Streeteasy blooper, or did this place not sell after all? Reported Unavailable, nothing more.