Monday, April 11, 2011

Park Slope Premium: 290 8th Street

We'd love to see more 3 and 4-Family homes hitting the market, but we're dedicated to covering what's out there, and the onslaught of 2-Family's continues. One of the latest additions to the club is 290 8th Street. This 19' wide 2-Family brick home is smack-dab in the center of Park Slope around the corner from the trains, the library, the Chipshop (fried Mars bar anyone?), the farmer's market, and all the other things people get weak in the knees for Park Slope about. The layout is a typical owner's duplex on the bottom and floor-through rental on top. All the pictures show a clean, white interior with well-maintained (or restored) original details. While Corcoran likes to use the wide-angle lense and capture the entire room in the shot, this broker was content to just take pictures of a wall or the corner of a counter:

19' wide isn't thin or anything, and it's certainly an upgrade from 14'-17' wide. However, no picture shows a room with a large feel to it, even though the layout doesn't look chopped-up at all.

Though our absolute favorite is, "This house also boasts a gorgeous South facing garden with an atrium, a true gardener's delight!"

So what are we really paying for here? Is it the location, the condition, the atrium? Besides its stellar centralized location, the pricing here is stuck in no man's land. With so many far-superior renovated places in the $1.6-$1.7M range, and a handful of places just a few blocks deeper into Park Slope in the $1.1-$1.4M range, it's tough to say what makes this a compelling buy besides location. Know that you're paying the Park Slope premium when you're bidding over here. The owner looks to be sitting on tons of equity, so there's a healthy price cut in this place's future if a premium buyer doesn't step up in the first round. If you're not married to Park Slope, something like 441 Waverly offers a much better value.

Pro's: location, curb appeal, garden & atrium, totally turnkey

Con's: kinda bland interior, not the best photos, feels small, priced for Park Slope premium

Ideally: know what you're paying for and only pay up for what you really want.