Sheepshead’s Bedroom Community at Chateau Prices


by on Sep 11th, 2008


(Photo by Ray Johnson with special thanks to David Smith)

Okay, friends. It’s official. We’re living in the shadow of something amazing. It seems that a single-family property in Manhattan Beach has sold for $3,050,000.00. This normally might not garner our attention, except that in this market where home prices are dropping and, supposedly, no one is buying, this particular property has increased in value in astronomical fashion.

Information from Brownstoner.com, a website that seems to truly know “Brooklyn inside and out”, compared this to other home sales in Brooklyn. The Brownstoners say that the 150 Hastings Street property last sold in 2005 for $800,000. This is where my mind blanks out.

So, to help me out, a link is provided to another website, Property Shark, where I was able to log on and see the details regarding the property. This site is very informative, providing links to the NYPD statistics, amongst other useful data. But, one of the things the site failed to tell me was who bought the property, how they were able to offer so much, and why! It sounds like we need the Real Estalker to help us figure out if we have a real celebrity living amongst us.

What did the property look like in 2005 and is there where Lam Sai-Wing’s gold and diamond-encrusted bathroom fixtures went when they were auctioned off this past July? Well, that’s the only thing that could justify the huge difference in selling cost from then to now.

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  • local broker

    when it sold for 800k the guy built a brand new house and sold it as that this house was not here 3 years ago on property shark it shows who bought it you just need to have an account to see the names and it also shows that there were building permits issued in 2006 to build this house
    and as far as the market goes this part of the world is not effected by whats going on there are still people buying 30-40-50 million dollar condos in the city why not buy a 3 mil home in man beach unique buyers for unique product

  • Anonymous

    Still, it’s kind of odd that a house would jump more than 3x it’s price in 3 years, no? Definitely seems a little fishy. Think you could provide any additional info on why something like that would happen so quickly, localbroker?

  • Anonymous

    I always felt that our area is worth more than that congested Manhattan isle. So, finally, others will see my point. Well, I’m pretty sure this house doesn’t have a view of the water and not even a pool, so maybe when the owner bought it in 2005, he dug a secret underground tunnel to Fort Knox.

  • local broker

    the house that was bought in 05 was old it was gut renovated inside out its basically a brand new house so do the numbers its brand new its over 3,000/sf at 3 mil its under $1,000/sf not that bad if you want to live here its about the location russians want to be in the area this is not out of control whats crazy is the syrian jews that pay 5 mil for a lot or old house tear it down and build for another 3-5 mil in gravesend why location if they didnt want to be here or there take your 5 mil buy a sick house in jersey or long island 10,000/sf on a few acres and drive an 1-2 hours each way to the city and what about the brownstones and townhouses in park slope 3-5 mil for a 20-25 footer attached thats the great thing about real estate no matter what anybody thinks its only worth what someone is willing to pay
    im going to sleep

  • Anonymous

    So, it was a gut reno and not a complete demo? Yes, I completely understand the value-added thing. Believe me, that’s why I love the Bay. Just willl be impossible for people like me to afford living here if things keep going the way they do.

  • http://www.mybrooklyn.com bakishamil

    local broker is 100% right….i live in manhattan beach. In fact like local broker said that house was not there 3 years ago…some old and little run down house was there……

  • Anonymous

    I completely understand why the old adage “location, location, location” applies here and glad that values are appreciating, just a little concerned about the growing disparities and getting less for the money.

  • local broker

    when it sold for 800k the guy built a brand new house and sold it as that this house was not here 3 years ago on property shark it shows who bought it you just need to have an account to see the names and it also shows that there were building permits issued in 2006 to build this house
    and as far as the market goes this part of the world is not effected by whats going on there are still people buying 30-40-50 million dollar condos in the city why not buy a 3 mil home in man beach unique buyers for unique product

  • Anonymous

    Still, it’s kind of odd that a house would jump more than 3x it’s price in 3 years, no? Definitely seems a little fishy. Think you could provide any additional info on why something like that would happen so quickly, localbroker?

  • Anonymous

    I always felt that our area is worth more than that congested Manhattan isle. So, finally, others will see my point. Well, I’m pretty sure this house doesn’t have a view of the water and not even a pool, so maybe when the owner bought it in 2005, he dug a secret underground tunnel to Fort Knox.

  • local broker

    the house that was bought in 05 was old it was gut renovated inside out its basically a brand new house so do the numbers its brand new its over 3,000/sf at 3 mil its under $1,000/sf not that bad if you want to live here its about the location russians want to be in the area this is not out of control whats crazy is the syrian jews that pay 5 mil for a lot or old house tear it down and build for another 3-5 mil in gravesend why location if they didnt want to be here or there take your 5 mil buy a sick house in jersey or long island 10,000/sf on a few acres and drive an 1-2 hours each way to the city and what about the brownstones and townhouses in park slope 3-5 mil for a 20-25 footer attached thats the great thing about real estate no matter what anybody thinks its only worth what someone is willing to pay
    im going to sleep

  • Anonymous

    So, it was a gut reno and not a complete demo? Yes, I completely understand the value-added thing. Believe me, that’s why I love the Bay. Just willl be impossible for people like me to afford living here if things keep going the way they do.

  • http://www.mybrooklyn.com/ bakishamil

    local broker is 100% right….i live in manhattan beach. In fact like local broker said that house was not there 3 years ago…some old and little run down house was there……

  • Anonymous

    I completely understand why the old adage “location, location, location” applies here and glad that values are appreciating, just a little concerned about the growing disparities and getting less for the money.