Tuesday, July 20, 2010

Don't Believe the Hype: 79 Lafayette

If you're like me, you'd love a renovated 4-family property with great rents in the heart of Fort Greene right next to the train for a cool $1M, right? Throw 3.5% down FHA-style and call it a day, right? So, imagine my surprise when I found 79 Lafayette. Only, there's a few problems:

- this isn't the building's exterior, it's the building next door

- this isn't the listing agent, it's actually Marcus & Millichap, who are highly professional & responsive, but manage without marketing their listings publicly online or elsewhere, except for signage on the property

- not only is this not the listing agent, these Rapid Realty agents don't know much about the building, don't have actual access to it, AND don't relay offers to the sellers. In which case, why they troll the listing as theirs is beyond me. (My best guess would be for bait & switch to their own listings, but they didn't even have the correct info on those they switched me to.)

- the property taxes are some $22K anyways

- and the kicker: this listing is in contract already

So, this is another odd case that could only happen in the fractured, disjointed world of Brooklyn real estate. Until there's a legitimate place with all the listings in one, we'll keep scrounging the 7 Seas for what's out there.

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