Wednesday, March 2, 2011

The Price Is Wrong: 367 Degraw Street

Where's Bob Barker when you need him?

Because pets are running around neither spayed nor neutered, and people are throwing the craziest prices on everything. If the closest bid without going over wins, we're bidding $1. Now we can't blame ya, if you're sitting on 100% equity and any agent is willing to take the listing, and crazier things have happened, it's worth a shot to list your property for too much and hope you hit the lotto.

367 Degraw Street is a 3-Family brick building just off of Smith Street in BoCoCa recently listed for $1.85M. While many things in this neighborhood have gone for this kind of price, they usually have more to offer. The dark interior pictures of this building don't entice us to drop the $400K in downpayment and closing costs it would take at this price.

You may recall a close neighbor 476 Degraw that went into contract pretty quickly with great photos of a shiny new renovation. It's hard for us to see someone paying this much more for so much less. There are way better ways to dedicate this dough, but if you like this, you might even like the embarrassingly mis-priced 137 Adelphi Street.

Pro's: location, backyard, rental income potential

Con's: mispriced, meager interior, layout looks pretty bootleg

Ideally: Drive out to Long Island and tell this agent what's really going on in Brooklyn, then you might be able to snag this at a reasonable price.

1 comment:

  1. This closed for a surprisingly-high $1.65M on 7/18/2011: