Monday, January 31, 2011

Another Serving of Mystery Meat: 154 18th Street

Deep in what some might aspirationally call Park Slope comes another serving of Mystery Meat, 154 18th Street. We do know it's a legal 3-Family. What's it made of? Who knows?

Luckily someone managed to text message a property description from their Blackberry IN ALL CAPS on the listing. One of our favorite features of this property is its "IIMMCREDIBLE RENOVATIONS" (sic).

Maybe the owner saved money on renovations by taking advantage of having European Granite & Marble Corporation next door. Let's be honest, who wouldn't wanna pay $1.029M for a place way off the beaten path, by the highway, on an industrial block, that they can't see the inside of? And only 35' deep to boot?

Oh wait... that sounds awful.

This makes another Mystery Meat candidate, 229 17th Street, on the other side of 4th Avenue look like a deal. The handful of places on the edge of Carroll Gardens like 155 West 9th Street would even be a much better bet.

The only thing that might put a place like this over the top would be a great interior condition, which makes it all the more ironic they're not showing us any of it.

Pro's: struggling to find any... at least it's not a 2-Family?

Con's: off the beaten path, by the highway, over a $1M?!?, no sense of what's going on inside, only 1,716 sqft?!?!?!

Ideally: you check out a few of the places in deep Slope that actually have something to say for themselves.

Friday, January 28, 2011

Small & Pricey 2-Family: 374 Grand Avenue

Corcoran's at it again with pictures (making the most of that wide-angle lense), an address, a lay-out, a little write-up (including rental roll), and an open house this Sunday, January 30th so you can actually SEE the inside (which is a lot more that we can say for some places asking $1.4M+). 374 Grand Avenue is a 17' wide 2-Family on a nice residential block in Clinton Hill. Choice Market, here we come!!

While not quite our style, the interior looks totally renovated and at least stylish:

While the place is small, the set-up is interesting as a 4BR owner's triplex on top (presumably with access to the deck and yard) and the garden rental 1BR fetching $1,400/month. Seems to be making the most of the narrow space, but still too much for too little for this neighborhood in our book. The initial cash out-lay is pretty steep. If we're putting 20% down anyways, we'd rather go for something bigger, or get one of the fixer-upper's in this neighborhood and do the reno ourselves. We coulda swore 54 St. Felix was listed for $1.45M, and would make a WAY better purchase than this.

Pro's: renovated interior, neighborhoody feel, close to Choice, open house so you can go SEE it!

Con's: 20% down, pricey, paying a lot for somebody else's style, 17' wide

Ideally: cooler heads prevail.

Thursday, January 27, 2011

A Walk Down Clinton Ave - Part II: 289 Clinton Avenue

Yesterday we took a look at a huge, gorgeous 6-Family that couldn't even fetch $900K. Today, we take a look at its neighbor. 289 Clinton Avenue is an identical building, but a legal 4-Family. This is a HUGE upgrade for so many reasons. Whoever made the conversion from an 8-Family (according to the old Zillow listing) added lots of value. Presumably the units are all free market, which means way more rental income potential to support a higher loan, and thereby higher purchase price. Also, as a 4-Family, one can still pursue a residential loan or FHA loan, requiring way less than the 30%+ downpayment that commercial loans require.

Oddly, according to StreetEasy, Corcoran listed the property for just one day in the fall of 2009 for $1.375M. According to Zillow, the property was then listed in June 2010 with another broker for just a month at $1.4M. Yet another broker took up the listing in July 2010 for $1.395M and it only hung around until November. By the time we contacted them a few months back, it was already off the market. =( The property history shows a deed transfer to the current owner back in 2007, but it doesn't have a price.

Who knows what the condition inside is like? The listing for $1.375M sure doesn't show us anything. Hmmm... who do we turn to when all other brokers are too lazy to get off the couch and market their properties?? ...I know: Corcoran!!

Lo and behold, they have a few pictures from an $1,800/month 1BR garden apartment listing back in 2008. Oh man, even when they stand to make only 1/50th as much as the sales listing agent would make, they're still running laps around the competition. Its kinda sad how much more professional you can be with just a little bit of elbow grease. The interior looks totally decent:

Why did they pull this house off the market just a few months ago?? Bring it back!

Pro's: curb appeal, neighborhood, 4-Family status, rental income potential

Con's: off the market, not sure what the rest of the interior is like

Ideally: they bring this thing back. It's gotta be worth at least $1.3M. Especially compared to some of those over-priced listings around the corner on Clermont.

Wednesday, January 26, 2011

A Walk Down Clinton Ave - Part I: 291 Clinton Avenue

291 Clinton Avenue is an interesting historical case. This legal 6-Family came on the scene just over a year ago in December 2009 for $1.3M. Under any normal circumstances, a building this size and this nice could fetch that price easily, even after the crash. But it quickly became clear there were some distressed issues going on, and the agent didn't make any bones about it. The listing openly acknowledges "the rents are extremely low" which is due to rent controlled or rent stabilized tenants that pay way under market. Rent control/stabilization is a great set-up for the tenants, but the diminished rental income potential also suffocates the sale value of the property. At one point we'd heard a deal in the $900K's would do it. And even at that price there were serious limitations. They re-listed in June 2010 for $999K and closed the next month for $800K.

The property history reveals 2 Lis Pendens actions in April 2008 just after a purchase in December 2007 for $700K. A third Lis Pendens shows up later in February 2009.

The interior pictures show some fireplaces and some original detail, and hardwood floors & sunlight by the baywindow on one of the floors:

It looks like the price drop stirred up enough attention to get to a bidder with the right price quickly. Compare this to the action we see in another 6-Family situation like 26 St. James. Compare to small SRO situations around Clinton Hill like 187 St. James Place or 72 Downing Street.

Pro's: curb appeal, size, neighborhood, original details, fireplaces, bay windows, 5 floors, 4,500 sqft

Con's: very low rents & rent controlled tenants, commercial loan needed, "not move in condition", long & expensive conversion needed even w/o tenant issues

Ideally: this is a great pick up in the long-run, but even at this price it will take patience.

Tuesday, January 25, 2011

Open House in Prime Time Carroll Gardens: 297 Court Street

This house is truly on front street. 297 Court Street is on the lovable, busy, bustling Court next to all the neighborhood favorites. Sweet Melissa, Union Market, Ghang Thai, etc. - and that's before you get to Smith Street. Oh, if only it weren't snowing in NYC today! This 4-Family brownstone was first listed for $1.95M in November 2010, and now has reduced to $1.8M. We love this location, the proximity to the trains, the rental income potential over here. Some of the only drawbacks are that Court Street is noisy. Cars and vans and garbage trucks rumble down at all hours. In front of this house in particular there are singing Christmas lights in the winter in front of the pizza place on the corner, and there are coin-operated kiddie rides that sing "Twinkle-Twinkle Little Star" all day:

So there's already a bit of downside not being on the residential blocks of Carroll Gardens for this price. On top of that, we get no pictures of the interior to work with. Who knows if this house that the listing boasts is "being offered for the first time in over forty years" has seen any improvements in 40 years? The C of O looks like a clean 4-Family, which should make getting a residential loan easy. Although, as a possible added bonus, "This location is commercial 'As of Right.'" Indeed there's a janky massage spot right next door. Our only visit there was fairly clean and not of any sordid "Happy Endings" variety.

A bit on the pricey side to us, ultimately. We're not sure if anybody even knows about this semi-undercover listing. Someone will eventually over-pay in this neighborhood, but it appears it's all equity to the owner(s), so making a move at a lower price point might be worth a shot. Since they're starting some open houses, including this Sunday at 1:00pm, maybe they're getting serious about selling.

Pro's: curb appeal, location, amenities, F/G trains close-by, rental income potential, 4-Family status, commercial option, open house makes viewing easy

Con's: exterior could use some updating, perhaps the interior could too, no pictures, noisy on street, lacks residential feel for that kind of money, 37' deep

Ideally: Check out the open house, take a look-see, explore price flexibility

Monday, January 24, 2011

Deep In the Slope: 229 17th Street

Another case of the mystery meat today! The agent didn't even have the decency to take a picture when he took the listing. Not a picture of the inside, not a picture of the outside. He just snatched the pic off of Property Shark as we often do. (Mind you, we're not getting paid a chunk of the sale price to market these properties the way the listing agents are.) And it's odd to think that this dinky listing could command the same kind of commission that some of the more professionally-done listings in the same price range can. But we like the sight of a tall, 4 story 3-Family brownstone building close to the trains, within striking distance of Prospect Park and the Slope, for under $800K. Originally listed at $845K, now sitting squarely at $799K, we bring you 229 17th Street.

Sure, some might call it Gowanus (as StreetEasy does), some might call it Sunset Park (as the listing does), but we like to think of it as deep in Park Slope. While the building is a healthy 20' wide, it's only 36' deep. Maybe you'd like to think of that as extra space for the yard on the 100' lot?? Who cares if this block is around the corner from the hectic Prospect Expressway overpass and the immediate neighborhood feels more like Bay Ridge than Park Slope. We think there's something worth taking a look at over here. The listing even boasts, "All Offer Will Be Consider, Owner Ready To Negotiate" (sic) - so get to negotiating!

Pro's: price point, four stories, close to trains, within striking distance of a prime neighborhood

Con's: close to the highway, no idea of interior condition, outer edges of a prime neighborhood

Ideally: take a look and start the negotiations!

Sunday, January 23, 2011

Do-Able 2-Family Just Off the Slope: 197 12th Street

It's amazing what a difference an avenue makes. The price action from 7th Avenue in Park Slope on down to 4th Avenue (and sometimes across it) is fascinating to see. We covered many of these listings in South Slope. 197 12th Street might seem like it's got some value to offer when you see a brick 2-Family within striking distance of Park Slope amenities and trains. About $400/sqft within 3 blocks of actual trains? A closer look reveals the listing first came on the scene for $1.15M back in October 2009. After dropping to $999K and re-listing with Century 21 in April 2010, the place took another price cut of $20K in July 2010. Despite hardwood floors, exposed, and new mechanicals... the end result is quite "meh"

At the same price as 258 11th Street, this place makes 258 look like a steal. Compare to the value and interior of 215 Gates.

Pro's: under $1M price-point for Park Slope access, yard, 2BR rental

Con's: technically Gowanus side of 4th Avenue, so-so interior, price ultimately leaves us wanting more

Ideally: with all the appeal of the Slope, there's a price where this is a play. We think that's another 5-10% less.

Friday, January 21, 2011

Quickly Into Contract: 339 15th Street

Listed for $1.4M on 12/11/10, 339 15th Street didn't sit long before going into contract on 1/13/11. This semi-attached 3-Family brick house has that funky bay window action in the front, some nice charm on the outside, and a modern renovation on the inside.

While listed at just under 19', maybe it's the bay windows, but it has a narrow feel to us. While the listing claims there are 2BR rentals on the top two floors, you'd have to get pretty creative to call 6'6" x 10' a bedroom in our book.

To be sure, there are cheaper 3-Family's running around in South Slope. The interior probably gave condo shoppers some friendly comparisons too. At this price, this makes 645 Baltic and 584 10th Street look like great buys!

Pro's: interior renovation, curb appeal, backyard

Con's: pretty deep in the slope, narrow feel, not-quite 2BR rentals

Ideally: we wouldn't pay this much for this little this far, but obviously someone would. A sensible play for somebody, but too rich for our blood. Still we wouldn't be suprised if this fetches asking price or even a little above.

Thursday, January 20, 2011

We Still Like Prospect Heights: 371 Park Place

371 Park Place is in one our favorite little nooks of Prospect Heights just off Grand Army Plaza. We still like Prospect Heights as a great alternative to Park Slope. These blocks have some stately-looking houses. This one's got that off-white stone facade with some great wood floors & wood detail on the interior:

How 'bout that fireplace and woody bay window?

The house was purchased in 2005 for $1.1M and could still be a great buy for someone today at the right price. But we also think $1.673M is a little steep. Compare it to 407 Sterling Place around the corner which is the same price and probably more bang for the buck. Or compare it to its neighbor across the street, 368 Park Place, which recently closed for $1.32M on 1/13/11.

Pro's: curb appeal, great block, lots of nice detail on the interior, legal 4-Family status

Con's: only 17' wide, not the best way to spend essentially $1.7M

Ideally: This is a solid buy to us even around $1.4M, so someone will probably pay a premium above that.

Thursday, January 13, 2011

We're Going on Vacation...

We'll be out until Thursday, January 20th. Until then...

Wednesday, January 12, 2011

Another Great Reno Under a Million: 137 St. James Place

Back in Clinton Hill, on a choice block, we have a great renovation play under $1M. 137 St. James Place listed for $899K on 12/7/10, after a short one-day stint at $1.2M in July of 2010. We were shocked to see a 20' wide brick 4-Family in Clinton Hill at this price. Especially once you see the interior pics:

You're racing to the phone lines to call this agent, right? But not so fast! This is the only renovated floor, the renovations needed have been estimated around $350K, and there were supposedly boiler problems that held-up access to the place a few weeks back. Now, we're told, there are offers in already above asking price. And we're not surprised. This place compares favorable to almost every renovation in the neighborhood, such as 26 St. James, 238 Lafayette, and 187 St. James.

Pro's: curb appeal, no SRO drama, delivered vacant, under $1M, REALLY exceptional-looking results can be seen on the one renovated floor, backyard

Con's: 1BR rentals, needs $350K in work, not a lot of clarity from the agent on the situation or scheduling, so good that someone's bound to overpay for it

Ideally: we could've gotten to this place in time to lock it in contract before it popped up on the ballers' radar.

Tuesday, January 11, 2011

Real Recognize Real: 645 Baltic Street

645 Baltic Street is a 4-Family in Park Slope, just down from 5th Avenue where Gorilla Coffee is. It's not on the cutest block ever with some neo-grimey row houses across the street, but definitely well-situated in that opening edge of Park Slope. Close to the stadium, but not right next to it. From the Google Streetview it actually looks like deep adjacent back yards leave lots of space behind those back bedroom windows, with a view of the picturesque Williamsburg Savings Bank tower at Hanson Place:

(Click image to enlarge)

As always, Corocoran hits ya with a decent write-up, a layout, lots of quality pictures - running laps around the competition. The interior looks fantastic with nice floors, original mantles, exposed brick, lots of natural light. There are legit 2BR rentals on the top two floors and large 1BR's on the bottom two floors:

Even with the limitations of the 32' deep floorplate, they made use of space to maximize the quality rental potential in this neighborhood. While you won't be able to finance all the way up to the 4-Family FHA loan limit of $1.4M, certainly $1.2M or more is do-able. Although, at this asking price, in this neighborhood, that probably won't even come up. This property was listing in November 2010 and is now in contract (before we even got a chance to take a look at it). We knew it looked good... =( Real recognize real.

Compare this place to another 4-Family that was a great buy a few blocks away, 590 Pacific Street. Compared to 137 Adelphi, this place should go for way above asking price!

Pro's: neighborhood, great interior, maximized lay-out, totally turn-key, rental income potential

Con's: not the quaintest block, only 32' deep, so nice that somebody's bound to pay too much for it before we get a chance

Ideally: we woulda loved to get it for $1.35M!

Monday, January 10, 2011

What a Killer SRO Can Fetch: 52 South Oxford Street

52 South Oxford is one huge place with lots of potential. Especially with all the over-priced SRO's running around out there, and over-priced fixer-uppers like 137 Adelphi. Although it sold for $1.34M in November of 2009, we had to take a look at this exemplar SRO.

On a quaint, tree-lined block in prime residential Fort Greene, this house has plenty of justifiably $2M+ neighbors. 43 South Oxford, for example, closed in July 2010 for $2.54M. It looks like 52 South Oxford was bursting with original details throughout the 6,000 sqft. The interior photos indicate a complete gut renovation may not have been needed, although with that much square footage it's bound to be expensive:

While it is an SRO, the listing claimed it would be delivered vacant and that the "Property has obtained a permanent exemption regarding the Certificate of Non-Harassment". Potential buyers would certainly have wanted to clarify how that's supposed to work. However, given the huge size and potentially-simpler SRO status, this may still compare favorably to 138 Prospect.

A Lis Pendens in '08 was followed by a listing for sale at $1.895M in April of 2009, before dropping to $1.5M in August of 2009 and closing in November.

Pro's: size, great neighborhood-y block, lots of original details, roof deck possibilities, many neighbors are way pricier

Con's: SRO status needed resolution, looks like an apartment building to some - rather than a home, hefty renovation budget needed

Ideally: this is a good archetype to follow for those distressed, pricey places out there.

Sunday, January 9, 2011

Show Me the Money: 287 Dekalb Avenue

Celebrating our 100th post!

A rare departure for us today. Usually we don't cover anything above $2M, and prefer to keep it below $1.5M. And we almost never cover single-family homes. But we were so appalled by the audacious listing price of 137 Adelphi, and even yesterday's quaint 596 Carroll Street glossed over the $1M downpayment that would be needed for it to be cash-flow neutral. Those were two houses listed above $1.9M that had some serious shortcomings for their lofty list prices. Today we have to give credit where credit's due. 287 DeKalb Avenue is one huge, stately townhouse - total luxury - listed for $2.25M.

Don't get me wrong, this property is in another galaxy from what we usually cover. Most of the properties we feature can be acquired near asking price with a $50K downpayment. This property would take at least $450K down. So we're out of our element for sure. We don't know the single-family market that well, or this price range. But if you even had a 2nd thought about 137 Adelphi or 596 Carroll for $1.9M, feast your eyes on this:

Ok, maybe a little too much with the woodwork. Unless you're about to cue the harpsichord. Oh wait...

There is a harpsichord!! You can't make this stuff up. Bach himself would be proud.

When it comes to pricing, so many houses that we see have some explaining to do. This place cleans up nice. It's already got its act together. It's yelling at you to "Show me the money!"

Pro's: curb appeal, huge, super fancy interior, there's only so many of these

Con's: price is steep even if it's legit, gawdy wood interior might not be your taste, neighborhood might be edgier than folks at these price points are accustomed to

Ideally: if you can even seriously consider this place, you're already doing alright for yourself. Compare it to condos at these prices and maybe it's worth $1.9 to ya. Maybe this will help the faux-$1.9M's of the world to check themselves a bit.

Saturday, January 8, 2011

Now That's More Like It: 596 Carroll Street

After yesterday's sorry excuse for a $1.9M+ listing comes 596 Carroll Street, just listed yesterday for $1.986M. Ordinarily, we don't focus on listings this pricey, but we had to show how dime-a-dozen a clean place is for the $1.9M's. This is more a referendum on 137 Adelphi than it is praise for 596 Carroll.

It looks like the owners picked it up in 2003 for $663K, took plenty of equity out, completed a full renovation, and have a pricey flip on their hands. But at least they have a listing with pictures, details, and a nice property to offer. The creamy white/yellow exterior is unique. Some shots of the inside are super sleek while others are a little more generic:

It almost reminds us of 472 Carlton in some pictures. The listing boasts 3BR rentals on the floors above the owner's duplex, which we're having a hard time imagining on a ~840 sqft floorplate, but that's another aggressive play if they've reworked the layout in a way that actually pulls it off. Even those narrow children's bedrooms will rent for over $800/BR over here, securing $2,400/month+ per floor. We like that the listing even took the time to specify, "Yearly income approximately $62,000 will payoff a mortgage loan amount of approximately $900K." For those of you keeping score at home, that means a downpayment above $1M. Keep in mind, for that kind of money you could put 50% down on $1M shell, and do $500K in renovations yourself.

If you've got this kind of money, there are lots of options at your disposal. As pricey as this one is, it certainly wouldn't be the worst way to spend that amount.

Pro's: curb appeal, neighborhood, proximity to trains, nice renovation, new mechanicals

Con's: pricing, small-ish floorplate, huge downpayment needed

Ideally: we're not mad at these owners at all. Aggressively high price, but for a place that cleans up nice. Someone looking for a turnkey place that sparkles, in a Park Slope location, is going to pay a premium for this one.

Friday, January 7, 2011

Not Even Close: 137 Adelphi Street

We can all dream a dream, can't we? When you're a little kid, you wanna grow up to be a fireman or an astronaut...

Well, 137 Adelphi Street has dreams of growing up and selling for almost $2M dollars. Okay, $1.995M to be exact. We're shocked and appalled. $2M gets you a fine piece of property in a good location, up and down the great neighborhoods of Brooklyn that we cover. But who's going to pay that for a 17' wide 3-Family on the north side of Myrtle that needs extensive updating and TLC?? Have they not learned the lessons of a property just around the corner 204 Clermont? (which, a reader pointed out incidentally, is finally in contract after over 2 years?) Who wasn't buying 204 Clermont for $1.54M for months & months and is now suddenly going to decide to spend $455K more on a worse property that's further from trains and amenities? We're down-right appalled. Not sure if this agent took the listing just for the heck of it, or what. But we don't see this thing going anywhere without a $600K+ haircut.

There's lots of love needed inside. Here's the best-looking picture available:

And here's what most of them look like:

The same money (or less) would be much better spent on: 82 Dean Street, 82 Butler Street, 54 St. Felix, 407 Sterling Place...

It's almost an insult to these fine properties (which, mind you, haven't been able to sell for months) that someone would list 137 Adelphi at this price, in this condition, just a few weeks ago. Feel free to e-mail us for a list of at least 10 other places that are way better than this one and probably way cheaper!

Pro's: at least it isn't a full $2M!?!

Con's: price, off the beaten path, not even a cute block, narrow needs lots of updating

Ideally: in the year 2012, the owner might get lucky when someone puts a $1.2M offer in.

Thursday, January 6, 2011

More Value in Deep Clinton Hill: 380 Greene Avenue

Today we're back in deep Clinton Hill - some might say it's more or less Bed-Stuy - with a nice 3-Family brownstone. This house has a true home feel on a tree-lined block full of brownstones. We like to see 3-Family places with 2BR rentals, nice curb appeal, and a touched-up exterior for $1.25M:

However, 380 Greene Avenue might be priced like it's 5-8 blocks further west than it really is. We've mentioned the debacle we had on 298 Greene, which was a renovation that closed 15% below asking price. We expect to see a similar price cut here to make it happen. More attractive than some properties to its west, and pricier than many properties to its east, something will have to give. Looks like the owner has plenty of equity, so just under $1.1M should be a happy medium.

The interior speaks for itself:

The 2nd bedroom upstairs is too narrow to really call it a bedroom, but high ceilings and two wood burning fireplaces help the cause.

Pro's: turn-key, curb appeal, brownstone block, nice interior, wood floors, wood burning fireplaces

Con's: off the beaten path, close to the G train?!, maybe not be the best buy east of Classon, 1.5BR rentals

Ideally: this fine property takes a little haircut for a discerning buyer.

Wednesday, January 5, 2011

Fully Renovated 2-Family Deep in Clinton Hill: 215 Gates

Here's a totally renovated and updated 2-Family browstone just east of Classon on Gates for $799K. 215 Gates Avenue has four stories and is set up as a double duplex with 4BR's each. While none of these bedrooms is larger than 9' X 10', having 8 legitimate bedrooms in a well-renovated space usually doesn't come this cheap. Perhaps you could get creative with which space on which floor to use as a master bedroom, or open up the smaller bedrooms into something larger:

Looks like they're getting the most out of the 800 sqft floorplate. We like the shiny, compact kitchen:

The look it has is almost like the poor man's 476 DeGraw. The sales history on this property is very tangled and hard to make sense of. Looks like it's a development company who's got it now. It may, however, be ready for its rightful owner. The location is definitely the reason you're seeing so much value. But we're really starting to warm up to the idea of this edge of Clinton Hill. Our only concern is, we don't know Bed-Stuy well enough to know if the same money could get you something better just a few blocks deeper. Definitely compare to 468 Carlton and 936 Pacific if this price & value appeal to you and you don't mind going a little off the beaten path.

Pro's: price, value, renovated, new mechanicals, maximiz-ed/able layout

Con's: seriously small BR's, off the beaten path, perhaps not the best the property the same money could get you in Bed-Stuy

Ideally: there's certainly something worth checking out here. They should have an open house. Considering what some condos cost, this could be a nice play.

Monday, January 3, 2011

Is You Is? Or Is You Ain't?: 298 DeKalb Avenue

We jumped at this 3-Family brownstone in Historic Clinton Hill, on an avenue that leads straight to Fort Greene Park and many of the great restaurants in Fort Greene. We're not sure the status of this listing, though. According to Zillow, 298 DeKalb Avenue was listed for $1.395M in June 2009, then removed in March 2010 and quickly bumped up to $1.399M. We see this a lot more often than you might expect. Not sure what the rationale is when something's not selling at one price for almost a year, then you bump it up $40K. This listing was circulating around too, but it's not to be found on Fillmore's website anymore. And we've heard it might be rented and off the market. But since there's no one, unified place reppin' all the listings, maybe Zillow simple doesn't know it's off the market yet, and the agent hasn't taken the time to make the update. Is that too much to ask?

The only pictures available now that we can find are on Zillow, and are too grainy to post here. But they do show some nice exposed brick, sunny BR's with high ceilings & excellent wood floors, as well as some great original wood work in the common area. But we gotta ask, is you is, or is you ain't an active listing??

Pro's: curb appeal, great location for lovers of Fort Greene and Clinton Hill, doesn't look like any extensive renovation is needed

Con's: potentially noisy avenue, 1BR rentals, no clarity on status of listing, a couple of dated features on the interior

Ideally: this is still available and there's room to knock it outta the park around the 3-Family loan limit.

Sunday, January 2, 2011

Open House Today: 936 Pacific Street

Today's pick is 936 Pacific Street, which just so happens to have an open house from 12-3pm this afternoon. This 3-Family is priced very reasonably, but also sits on a pretty desolate block, so deep and off the beaten path in Prospect Heights that the closest train is actually across bustling Atlantic Avenue in Clinton Hill. With 2BR rentals on the top two floors, exposed brick & fireplace, a nice-looking interior (from what pics we do get) and mention of lots of renovations, there's definitely something here worth looking at if the hike to the train and amenities isn't a deal-breaker.

We even think the gnarly yard is workable:

All in all, a legit listing for a legit place it looks like they legit want to sell. Compare to 468 Carlton, on the other side of Atlantic.

Pro's: price, interior condition, backyard, 2BR rentals on 2/3 floors

Con's: way off the beaten path, not the prettiest or most lively block, curb appeal is a toss-up

Ideally: stroll by today or perhaps next week if there's another open house. If you haven't found a deal-breaker yet, it's probably worth a look inside.