Thursday, June 2, 2011

Microscopic Single Family: 293 Pacific Street

We never cover single-family homes, but we couldn't help but notice that this teenie-weenie house in prime time Boerum Hill finally went into contract. Especially after seeing how it stacks up to our last pick in Boerum Hill. Would you rather have a small, turnkey 2-Family for $1.3M? Or an EXTRA tiny Single Family shell that needs a complete renovation for $1.2M? 293 Pacific Street is a 14' wide residence that reminds us of our old Micro Machines toys.

Unfortunately it looks like the owner bought in February 2008 for $1.2M, tragically just before the crash that fall. It was originally listed in February 2010 for $1.299M with Prudential, then de-listed a few months later, then re-listed. Finally, it's been re-re-listed with another broker this year. Great neighborhood, but such a small space AND it needs extensive work? Not gonna happen. We'd be shocked to see this close at it's latest asking price of $1.2M. Granted, it is deep, but 14' is super narrow. And this AIN'T Manhattan. Check out the inside:

You're running for your checkbook, right? Whoever would even consider this would be much better off around the corner at 82 Dean Street. Or if you're not married to this neighborhood, there's a handful of better, similar deals in Clinton Hill and Fort Greene. Contact us for more info...

Pro's: location, deep, personalize-able, rental income potential

Con's: price, curb appeal, needs everything, narrow, noisy schoolyard right across the street, no real backyard, nearly impossible to finance

Ideally: wouldn't even do this at $800K, and totally useless for our purposes anyways at all-cash status. Still a curious case, awaiting the closing price.

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