Friday, June 3, 2011

2-Family Comparisons: 396 Douglass Street

After our last two picks were 1 & 2-Family places in the $1.2M-$1.3M range in Boerum Hill, comes a tiny 2-Family in the north end of Park Slope for $1.25M. 396 Douglass Street is a 16' wide brick building that sits between 4th and 5th Avenues. Ironically, we've already said more about it than the 20 word listing itself does. As we've noted before, Fillmore listings often leave something to be desired. There are also no interior pictures, but the listing is brand new, so we'll give them a chance to remedy that. What we are told is that it's "fully renovated" and there are 2BR's on each floor. Reading between the lines a bit on the "can be delivered vacant" claim, we're assuming there are tenants now and that they are month-to-month. There's no layout provided, but we're assuming there's a duplex involved with the garden level floor.

All things being equal, who wouldn't just go with 82 Douglass Street instead? At least there, you know what you're getting, and the area (or at least that section of it) is more desirable than down the hill in Park Slope. Again, this is why it pays to do "apples to apples" comparisons.

(Besides making you a killing in the real estate market, Apples to Apples is also a hilarious game to play with your friends.)

Also compare to the gut reno listed just up the hill on the same street for $1.3M that didn't last long at all. With the last sale of 396 Douglass coming in 2004 for $350K, some renovation and a modest refinance, there should be plenty of equity in place for a slightly more palatable number. If there's something worth paying up for here, Fillmore ought to show us.

Pro's: "can be delivered vacant", "full renovated", location, potential value, rental income potential

Con's: 16' wide, 1,624 sqft, no interior pictures, better value on the same block in a better patch of neighborhood

Ideally: worth a look, but our spider senses tell us it's simply mis-priced and that 82 Douglass still stacks up way better.

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