Saturday, October 9, 2010

Only the Good Die Young: 691 Sackett Street

You've heard the story a million times. Young talent that falls tragically before its peak. Janis Joplin, Jimi Hendrix, Kurt Cobain, and now... 691 Sackett Street.

Obviously, the analogy is tongue-in-cheek. This property didn't die; it just went to someone else before us. We're told this property was listed for one day before going into contract. When quality property hits this market at the right price, it doesn't last long. Some 2008 left-overs might be apt to learn the lesson: price right or rot.

In a normal universe, with a search engine for all properties, we'd see something like this coming a mile a way and have a chance (although slim) to snag it. A fighting chance. But somehow a huge opportunity can slip through the cracks.

To snag a 20' feet wide red brick building in prime Park Slope just down from all kinds of goodies on 5th Avenue, around the corner from the Union Street stop on the D/N/R trains, with nice original details, a backyard, in need of only moderate renovation for less than a million? Slam dunk.

We think the listing's call for condo conversion is getting a little ahead of ourselves, especially in this market, but this is the kind of owner-occupiable building that savvy property hunters would die for. 2008 left-overs, eat your heart out.

Pro's: speak for themselves

Con's: none worth mentioning

Ideally: Call up the listing agent and tell 'em you're in for $50K more than whoever's in contract.

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