Tuesday, May 31, 2011

Tiny & Turnkey in the Heart of Boerum Hill: 82 Douglass Street

In beautiful, still ever-growing Boerum Hill comes another quaint little 2-Family right around $1.3M. 82 Douglass Street is just off of Smith Street and is around the corner from the F train. The location is unquestionable, the size gives us pause. 16' x 34' is skinny AND shallow, weighing it at 1,632 sqft on Property Shark. That said, it does manage to have the ideal layout for the 2-Family of an owner's duplex with a rental on top. And rents over here are bananas. So are condo prices. Wouldn't be the craziest way to drop $1.3M that we've EVER seen, but $750+/sqft ain't pretty. Although, even with a full renovation already done, the owner's sitting on all equity so a little price flexibility would be understandable. And Brown Harris Stevens is pretty legit in our book.

Thus the price isn't all-out wrong like 367 Degraw. Compare to something like 291 Hoyt, which didn't last too long with Corcoran and we're unsure whether it sold (hasn't showed up yet) or was simply de-listed. Still a better buy than something like 33 Cambridge because of its superior location and tenancy situation.

Pro's: location, curb appeal, layout, garden, turn key, rental income potential

Con's: skinny, shallow, pricey, someone is bound to overpay and outbid and reasonable bid

Ideally: we'd love to steal it at $1.1M, but still, somehow worth $260K down in somebody's book

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