Friday, March 18, 2011

NOW We're Talking: 154 Underhill Avenue

Back from a quick Caribbean hiatus, we finally have a listing you can sink your teeth into almost sight-unseen. 154 Underhill Avenue is a 4-Family limestone that sits right by Grand Army Plaza, right by Prospect Park, in stately Prospect Heights. Sure, it's only 3 stories and it's in "estate condition", but it's not everyday you see a 20' wide 4-Family in this area for under a million.

The owners are sitting on lots of equity, but unless this needs a complete gut renovation (which we can't imagine), this is a great buy. With lots of activity going on, bananas-ridiculous prices are back. And things that have no business being within a quarter million of what they're listed for are popping up left & right. It may create an over-priced climate that forces some buyers to overpay just because they know somebody else will if they don't - and there's a finite number of these places - which is what makes a legitimately-priced listing like this an extra special breath of fresh air.

Pro's: neighborhood, price, 4-Family status, curb appeal

Con's: 3 stories, probably needs updating, no interior pics, odd showing hours (which actually works in savvy buyers' favor)

Ideally: get in there and get this thing! It will not last.