Tuesday, April 26, 2011

South Slope Flip-a-roo?: 490a 7th Avenue

490a 7th Avenue is a 3-Family deep in South Slope, towards Windsor Terrace. One goes out here for proximity to the park, the trains, and prime Park Slope, but at South Slope prices. This listing with Century 21 (the people who brought you the 96 St. Marks debacle) has a list price of $1.195M. Anybody interested at this price would have like it much better at Prudential's list price of $899K that lasted only a few days on the market. Not sure if someone was able to buy it in that time and is now trying to flip it.

This stretch of 7th Avenue starts to get more residential than the north end, but it still makes for hectic surroundings to have a house. The bus stop a few doors down on the corner doesn't help matters. The interior has that 70's Ladies' Man feel not seen since the likes of 238 Lafayette and neighbors like 313 12th Street also in South Slope. The house obviously will need plenty of updating to maximize its potential:

If you look at the layout, the 6' wide "Bedrooms" in either corner don't really count, and you end up with a windowless interior living room. That should be re-worked, probably into a master 1BR with a more open layout. We're not in any hurry to drop ~$1.2M for something that needs this much work in south Slope. There are a handful of houses with more promise for the same money on these same blocks if you're married to the Slope, and even better opportunities in Clinton Hill.

Pro's: a true 3-Family, location has lots to offer, delivered vacant, backyard

Con's: noisy avenue to be on, layout, needs updating, 1BR rentals, are we buying a flip here?

Ideally: we're hard-pressed to drop even a million over here with what else is out there.

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