Deep in South Slope, towards Windsor Terrace, there's certainly value to be had. We're not sure 138 16th Street is it, though. While we jumped at the price tag of $999,750 momentarily, just a closer glance reveals a 16' wide 3-Family that's only 1,796 sqft (the listing says 2,170 sqft, by the way, which must be the extension). While this is roughly $550/sqft and might compete with some condos, we think anyone with this kind of downpayment ready to go might just be better off with a condo (dare we say it?) or better yet a $999K play with more value to it. After all, we've seen more impressive turnkey things for this price:
It's hard to see what the trade-off in the buyer's favor is out here. The owners look to be sitting on lots of equity and relatively small mortgage from 2002 that was $350K. We don't want to sound like a broken record, but dropping $999K all the way out here on something so small is hard to do just on principal, after the closing of 96 St. Marks for a million. It also confuses us why another small condo alternative 279 13 Street isn't in contract yet with all the interest it sparked.
Pro's: close to the train, within striking distance of Park Slope proper, under $1M, 3-Family status, original details, backyard
Con's: narrow, not much value, pretty far out there, close to the highway, not the best fixtures inside for the price
Ideally: unless there's a price cut, we can't see it. Better value still in so many other places.
Now at:
ReplyDeletehttp://www.brownstonelistings.com/index.cfm?page=details&id=3991