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.

1 comment: