Sunday, July 24, 2011

4-Family in the Slope: 268 9th Street

We continue to be astonished at the fractured, bootleg state of Brooklyn real estate. An article featured in the New York Times real estate section 2 weeks ago chronicles the shift many brokerage firms are making towards sharing their listings. Is this honestly a novel approach to anyone? In the Information Age, we search & compare prices for everything from pizzas to airlines tickets to iPods, but nobody can be bothered to supply their clients with $1,000,000+ to spend that same luxury to find their house? Is it really because they simply don't want to co-broke? What good is an exclusive listing if it's underground and nobody can see it, so it never sells?

50% of something is something. Last time we checked, 100% of $0 is zero.

Prudential doesn't appear to be on board with showing other brokers' listings yet, but at least they get the word out pretty well about their own listings. They caught our attention with this totally turnkey 4-Family in Park Slope. 268 9th Street is an 18' x 35' brick townhouse right next to all the trains on 4th Avenue and 9th Street. The inside looks great and the price just came down from $1.676M to $1.598M:

The house is on a pretty busy block with 2-way traffic, very close to 4th Avenue, and the funeral home directly across the street. Nice homes, however, trade at a high premium over here, so the price isn't that far off. Buyers in this price range, though, are usually looking for more than just a 1BR for themselves, and usually lean towards 2-Family properties with the double duplex set-up. On the other hand, 1BR's do get lots of rent over here - and in this market nothing would surprise us.

Pro's: turnkey, good rental income, backyard space, close to lots of trains, close to 5th Avenue amenities, rental income potential is high

Con's: small, just 1BR for the owners unless you combine or convert, not the most residential-feeling block

Ideally: worth a look-see for people in this price range who want turnkey in the Slope

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