Thursday, September 30, 2010

Small & Do-able in Carroll Gardens: 473 Union Street

$895K sounds like a very do-able number for a brick 2-Family in Carroll Gardens. Especially after seeing this would-be McMansion today in South Florida that sold for $825K in 2007, now listed for $252K:

A case can be made for 473 Union Street. Even though it's only 16' wide and 34' deep. Even though the layout looks like a floor-through 1BR on top and a 1 or 2BR duplex on the bottom. There's nothing special about it, but the condition is clean, presentable, rentable space. Snatch that little green astro-turf off the back deck over the yard, and you're in business.

The real play here is you get into Carroll Gardens, by just hopping over a few doors past Hoyt. Sure, you're down the hill and towards Gowanus, and it loses most of the neighborhoody feel, but a quick walk the F train and all the Court & Smith Street amenities. We love the wine bar right there on the corner too.

We like the brick exterior, for what it's worth, too. Wondering why the agent didn't put up a nice exterior shot on the listing - nothing to hide there either! Nice play here as a condo alternative with a yard & with a little rental income to boot.

Pro's: location, potential value, just off the beaten path of a great neighborhood

Con's: size, not much rental potential, starts to lose the Carroll Gardens feel on this block,

Ideally: We've seen bigger, but we've also seen worse fetch more. Compare to 354 Degraw, which closed in April for its $925K asking price. $895K sounds steep over here, but if condos that have high maintenance can fetch $500-$600/sqft, why can't this place?


  1. Price dropped another $40K on 11/12/10: