Monday, October 4, 2010

Lovely Limestone in Clinton Hill: 64 Lefferts Place

64 Lefferts Place has been around for a while. Originally listed for $1.729M in July 2008 before the crash, it had fallen to $1.495M by the time a Lis Pendens was filed in October 2008. The price has come down to $1.25M by now and we're wondering if we're getting close to the right price. This 3-Family ("used as a two") limestone building has great curb appeal. What pictures we can see show a clean renovation. The back deck looks cute. Although 17' wide, the building is deep enough for a nice floor plate. This price matches the building, but not the location.

Purchasing over here is more of a growth play. We believe the Clinton-Washington C train stop surroundings have potential as people get priced out of Fort Greene. And proximity to Pratt retains value. The Lefferts blocks have their charm, but this stretch of Fulton street starts to get kinda barren. However, there's gotta be a price where this could be the right trade-off for someone.

Pro's: curb appeal, renovation, back deck, growth potential

Con's: off the beaten path, location doesn't offer many amenities, pricing

Ideally: There's a price the seller can still come down to that works for someone who wants this limestone more than the numerous $999K brownstones in the area.

1 comment:

  1. We're told this property is currently "on hold", which is why the listing is no longer up.