Monday, March 28, 2011

It's Raining 2-Family's: 354 5th Street

The spring buying season is here and 2-Family buildings are hitting the market fast & furious - with easy to schedule open houses to boot! It's a shame that so many of these new places are only 16' wide and over-priced, but are both of those things out of our hands?

345 5th Street enjoys a supreme location in central Park Slope, just off of 5th Avenue and close to the trains. While a 2-Family at $1.575M is clearly over-priced for modest buyers like us, this market is more about baller buyers paying a Park Slope premium for things like school district.

The interior offers some nice wood floors and original mantles, with some generic finishes in the bathroom and kitchen:

If you know your target market, why not shoot for them? Corcoran would stage this place and give it a way better shot at fetching the pretty penny they're asking for this high above $1.3M. If you're not gonna catch the baller's eyes with some fancy-pants interior, we'd just as soon walk a few blocks deeper and catch a way better bargain like 279 13th Street for $1.1-ish. This makes 645 Baltic look like a complete steal at $1.499M.

Pro's: prime Park Slope, off 5th Avenue, nice floors & details, could be essentially a nice shell for a way more baller client than us

Con's: pricey, 16' wide, we can get bigger or more stylish for the same price

Ideally: If you're paying this price, maybe you'd expect to see a little more. If you're not married to this location, you don't have to pay this price.

1 comment:

  1. Price drop to $1.499M. Open house on Sunday, 10/9/11 from 2:30pm to 4:00pm