Thursday, February 3, 2011

Open House in C-Gardens: 70 2nd Street

A brand new listing, 70 2nd Street is a tiny, well-renovated 2-Family in Carroll Gardens. We like to think of it basically as the cousin of 476 Degraw, which wasn't out there long before going into contract. The same thing might happen here. Someone might do what someone did there, over-pay for renovation & location. The owner here bought in 2006 for $1.288M and we wouldn't pay more than that today for something this size almost regardless of condition. But the market for these is more similar to the single-family market and $1.645M doesn't sound out of this world to us anymore, although we'd much rather spend that same money on something like 82 Butler or 54 St. Felix (even with its odd price increase).

We always like to see nice, sleek, modern renovations (even if some of the details aren't quite our style):

These rooms say "2008". But the rest of the molding & color scheme says "1988", which might hold this place back. At these prices, as modifiable as these details are, we imagine buyers are looking for a more cohesive style throughout the house.

We can't help but think, "No Corcoran stager would ever let them put that living room together like that." And they especially wouldn't put it as their headline picture of the place. This listing agent should show an exterior photo on the listing too. 70 2nd Street is gorgeous from the outside, but you might never know it. We do give them credit for providing a lay-out, a well-written description, and having an open house this Sunday from 2:30pm-4:30pm.

Pro's: curb appeal, renovation, 2BR rental with lots of income potential, pro listing

Con's: pricey, tiny, mismatched styles on the interior, better ways to spend the same money

Ideally: we're curious to see what happens, but this isn't for us.

1 comment:

  1. Wow, "Contract Signed"! That didn't take long.