Saturday, February 26, 2011

Slim 2-Family with Thick Price: 157 Willoughby Avenue

As we've noted, the 2-Family game is all over the map. 157 Willoughby Avenue looks like a pretty house. Corcoran came out with the listing for $1.639M in October 2010. They price dropped in December to $1.595M, then Realty on the Greene relisted it on Valentine's Day for the same price. Can't imagine what that listing contract was like, or what the rationale for leaving Corcoran was. They seem to be getting things done, and the only hold-up on this well-renovated place is price.

Oh, and it's only 15' wide. Oh, and it's a 2-Family. But you already knew that. Look inside:

Nothing to hide here. And there are lots of original details, exposed brick, good utilization of the space with the interior staircases and layout. Although, maybe not as top-notch as one might expect for this price-point. We like the rental getting $1,800/month. Looks like the last mortgage on this place was for $1.5M just before the crash. So you can see why the owner is clinging to that number. At $1.3M or so, we'd say jump in.

There's an open house tomorrow from 1-3pm. Go take a look.

Pro's: 50' deep, great renovation, lodged right between Fort Greene and Clinton Hill, back yard & deck, separate entrances for both units

Con's: a bit of a hike to the train, around the corner from some major housing projects, 15' wide

Ideally: if this could get even close to $1.6M, then recent picks 285 Park Place could have too and 407 Sterling would have been gone already.

1 comment:

  1. re-listed much worse than before: