Wednesday, February 23, 2011

The Other Side of Myrtle Again: 86 Clinton Avenue

86 Clinton Avenue is a HUGE 4-Family brownstone just listed in the same area as yesterday's pick. $1.759M is the kind of price we might find in Carroll Gardens or Park Slope for a 4-Family. Two of our favorites, 82 Butler and 645 Baltic Street both went into contract quickly for LESS than this 4-Family on Clinton Avenue. Both of those buildings were closer to the train and in better neighborhoods with better rents.

So where is this price coming from?

Well, a closer look reveals the owner took out a mortgage of $645K upon purchase in 2004, and then pulled a ton of equity out with a $980K mortage in 2005. Then a Lis Pendens was filed on 6/9/2009 to foreclose on the house for that $980K. A few years later, here we are with a listing with nothing but a Property Shark pic of the exterior and a whopping price.

Now the listing assures us more photos and a layout are coming soon, and Prudential usually does a good job with these. But still! Something amazing has to be going on with the interior to command this price. Otherwise, take this same money and spend it in a much better area, like on 297 Court Street.

Pro's: 20' x 65', curb appeal, 4-Family, owner's duplex

Con's: price, far from the train, rental values are top notch over here

Ideally: Let's see the inside, but so far your money's better spent somewhere else. That said, we'd love to pick this up, but $1.3M-$1.4M sounds more like it

1 comment:

  1. Price dropped to $1.595M: