Friday, September 3, 2010

Too Good to be True, IS: 358 Carlton Avenue

Imagine our surprise when we saw a handsome brick, presumably 3-Family building on one of the cutest blocks in Fort Greene, close to all amenities, the park, and the C-train, listed for less than a million! Too good to be true? Well, it is. The listing for 358 Carlton Avenue touts 3 meters (hence our assumption of a 3-Family status), 8 bedrooms (just the way we like 'em), and 4 full bathrooms. On paper, even with extensive TLC needs, this place has no business listing for less than $1.3M.

Hmmm, that's funny, because word on the street is it's actually an estate sale and the listing appears to be intentionally low-ball to create buzz (and bids) and that the first round of bidding was already up to $1.3M. We even hear that the "impossibly good looking" (as one ready deemed him) Vinny Chase was there at one of the showings.

E's been doing his homework, we presume. One of our favorite details is the listing's call to arms that "TODAY IS THE DAY TO MAKE A CHANGE." As if we were twiddling our thumbs in our $989K building in Brownsville without realizing we should be in the heart of Fort Greene for the same price. Still, the "Man in the Mirror" reference isn't lost on us.

Status-wise, also note that Property Shark has this as a "Two family Converted (From One Family)".

Pro's: curb appeal, location, 8 bedrooms, 4 bathrooms, width, price!

Con's: estate sales are messy, lengthy, and the price will escalate, C-of-O might be an issue

Ideally: You get a look-see, suss-out the C-of-O issues, put in a reasonable bid, and cross your fingers. With comparable properties in this area fetching upwards of $1.5M, there's room to bid yet. Someone will probably over-pay for this. But they'll also be happy. A well-documented effect in economics known as "the winner's curse".