Sunday, December 26, 2010

Short Sale Time: 290 Greene Avenue

As these Brooklyn properties go, we've been up & down Greene Avenue in Fort Greene & Clinton Hill. 175 Greene Avenue sits in our hall of fame. We covered 103 and 105 Greene earlier this week, 347 Greene last week. 147 Greene had the fire damage. Our buddy in Yeasayer even chimed in for 232 Greene. An agent wouldn't even show us 312 Greene last year without the understanding that it would be "not a penny under $1.5M" - closed this summer for $1.275M. Our offer of $800K in April on 298 Greene was scoffed at, then it turned around and closed months later for $825K on 9/9/2010.

Today we take a look at 290 Greene, which we stumbled on in an interesting Trulia talk thread about how there's no real multiple listing service for brownstone Brooklyn - the pet peeve that spawned this blog. 290 Greene is a 4-Family building on the corner of Classon and Greene, heading towards Bed-Stuy from Clinton Hill. The building's only attached on one side and has a bus stop right in front of it (can you say, BEEP BEEP BEEP 24/7 as the bus toots and the airbrakes huff & puff over that little 2 inch accomodation the bus makes when it stops?). The building was purchased in May 2007 for $850K. We're not sure of the condition inside then or now, but it sounds like it could've been a reasonable buy, even if it happened during the boom. But a Lis Pendens was filed 12/31/09. Shortly afterwards, this listing appeared for $475K. How could this building not go for that price, almost regardless of condition? We're not sure if this listing is still active, even. But we couldn't imagine much has changed, since the owner's still in the same position on this property. See the inside, make a play!

Pro's: 23' wide, 4-Family status, price!, outer Clinton Hill for deep Bed-Stuy prices

Con's: off the beaten path, curb appeal, condition inside unknown, bus stop in front

Ideally: this place needs less than $200K in work and is a nice pick up for somebody with the time and cash for a renovation.

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