Monday, November 15, 2010

Won't You Be My Neighbor? - Part 1: 157 9th Street

After yesterday's post on this tiny stretch of West 9th Street in Carroll Gardens, we notice a closing on the same block a few doors down. We thought, won't you be my neighbor?

This listing had been around a while. We actually take credit for sending it over to after our disappointment and inception over here over 204 Clermont. Comments on Brownstoner quickly bashed poor 157 9th Street for its noisy BQE & traffic-ridden location. Some comments proposed prices in the $800K's. As often is the case, the final sales price ended up nestled between their Reader's Appraisal and the latest list price. According to Zillow, this 3-Family property originally listed for $1.55M in July 2009, fell to $1.4M in a month, $1.25M in another 4 months, was most recently seen for $1.1M, and closed on 10/4/10 for $970K. This sounds very in line with the price action seen down the street. At some point these have to become attractive on a purely cash-flow basis. But that BQE sure is a doozy.

Pro's: affordable price, decently renovated, rental income potential, technically "Carroll Gardens"

Con's: BQE and traffic presence, lack of neighborhood feel, hike to train, the very edge of the neighborhood

Ideally: this encourages a few more well-priced sales

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