Sunday, May 1, 2011

Contract Signed: 33 Cambridge Place

A Halstead listing with no photos? A renovated 2-Family in Clinton Hill for $1.3M?
"The Triplex is currently occupied by a tenant whose lease expires on August 31, 2012"? We first mentioned 33 Cambridge Place about a month ago in comparison to the adorable 441 Waverly.

We love a deck, a backyard, and woodburning fireplaces.... but you couldn't even take a pic with your blackberry? Ordinarily, we're against that, but in this case it'd be better than nothing. Everyone we've talked to loved the inside, and got their FHA-ready offer of $1.1M quickly denied. Somebody fell in love with this place and said, "I'll gladly drop over a quarter-million dollars to live in the garden rental of my own house."

If you ask us, who wants to buy a whole house, only to have the option to live in 1/4th of it, and for about $200K more than we'd wanna pay? But that just shows you the temperature of this market.

Pro's: curb appeal, renovated, good rental income, great price per square foot

Con's: no pictures, somebody's got the triplex for the next 16 months, not a great 2-Family price

Ideally: if this moved this fast, 441 Waverly shouldn't last long

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