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Another Graham Condo unit on market and possible comparable for the Washington

The Graham Condos is always a great comparable for the surrounding Fort Greene and Clinton Hill area. In 2004, I believe a unit closed at $780K, which by my unofficial estimates, was a high-water mark for this building.

As recently as April 2005, one unit was on sale for $730K and in June 2005, another unit was asking $749K. Fast forward one year later and there's a new 1163 square foot unit on the market for $749K.

This one doesn't have a deeded parking spot, but it does come with 200 square feet of private terrace.

At this price, it is asking a healthy $644 psf. Can the market handle this?


At May 08, 2006 7:26 PM, Anonymous Anonymous said...

it's hard to compare. i'm in contract at the washington but I would much rather live in the graham condo for location. there's a lot to be said for a beautiful old brick building with lots of grace. the washington doesn't have that at all (though still nice in its own way.)

At May 08, 2006 8:11 PM, Blogger ltjbukem said...

point taken. some things that the washington has going for it: most of the units there are larger than the graham units. if you're a fan of the bklyn museum, library, GAP, prospect park, you're that much closer. and if you work in tribeca and chelsea, the C is 1.5 blocks away.

at the graham, you're a block from the G train, but a longer 3 block walk to the C. you're closer to restaurant row on dekalb and ft greene park. i like the circular driveway also.

the washington is in a much more commercial area w/ many autobody shops. the graham is on a very nice tree-lined block, across the street from some very stately brownstones. the washington? great views of autobody shops, empty lots and churches.

At May 09, 2006 2:18 PM, Anonymous ItsAWrap said...

The internet is scary thing. Here's what i came up with from ACRIS. Graham Condos is Block # 1931 and Lot #'s ranging from 1000-1037.

Property known as Block: 1931 Lot: 1031.(4d) Has a recorded deed of $760K on 6/20/05.

4d seems identical to 3d in sq footage and would make for the most reasonable comp. I suspect 4d was the April unit which looks like it sold for 30K over ask.

The big question is, does 3d hope/expect to get 30K over ask like 4d. Or, was 4d's orginal asking price of $730k a more reasonable price?

FYI,Page 30 of the declaration, shows the sq footage and percentage of common interest for each unit.

At May 09, 2006 2:31 PM, Blogger ltjbukem said...

itsawrap, not sure what you're asking. this unit is asking 749, and i think they'd be plenty happy getting that price. 779 would be phenomenal for them and all other comps in the building.

the funny thing is that some ppl over at kent condos consider this building a comparable for their units. there's a unit on a/h for $515k that's been up there for a few weeks already. that would be in the $500s psf.

At May 09, 2006 9:28 PM, Anonymous Amy said...

Hi there, I'm the seller of the condo being discussed (along with my husband). I love this site and am flattered that our home is being mentioned.

I won't try to convince anyone about our condo; I think our Corcoran agent did a great job of listing the highlights. I will, however, put in a plug for this area of Clinton Hill. Even though we are only moving about five blocks away, we are very sad to leave this particular block. It's been a fantastic place to live for the past few years.

I also wanted to point out that we are indeed selling our parking space (it's mentioned in the last line of the listing). We didn't include it in the price of the condo because we are not requiring the buyer of the condo to also buy the parking spot. With twelve parking spots and 25 units, we won't have any trouble selling it within our building, so the choice is up to whoever ends up buying the condo.

Thanks again for the mention.

At May 09, 2006 9:31 PM, Blogger ltjbukem said...

best of luck to you and your sale. i hope everything works out. i love luigi's pizza on dekalb, btw. another good thing about this immediate area.


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