Friday, July 22, 2011

Quickly In Contract: 238 Bergen Street

We go on vacation for 3 weeks, and it only takes this place 3 weeks to go into contract. 238 Bergen Street is a healthy 20' x 50' 2-Family brick building "in the Greek Revival style" that went in a flash. We're kind of surprised since - while Bergen is a great street - being between Nevins and 3rd Avenue is kind of "no man's land". We saw this with the SRO 268 Dean Street. However, this 2-Family on Bergen is no SRO, delivered vacant, and only in need of modest updating. That said, we know this market's turned - but Jeez!! 238 Bergen isn't anything special on the inside either. Looks like laminate flooring, so-so finishes, and just a lot of white paint:

And if you're paying for just nice big bones, wouldn't you want a better location? For the same money we would much rather have gone with 491 4th Street or even 432 Clinton Street. This BoCoCa area sure commands some top dollar, somtimes even if it's only shell. At this rate, you'd think 82 Dean would have sold by now. Nobody brings 'em out like Corcoran, though.

Pro's: curb appeal, huge, original details, yard (even though it's paved), entry into overall high-end market, buildable FAR

Con's: in need of modest renovation, ain't cheap, far from the train & amenities, went really quickly

Ideally: is $1.6M is the new $1.2M?

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