Friday, August 12, 2011

The Ol' Flip-a-Roo: 64 Greene Avenue

64 Greene Avenue is a self-proclaimed "DUSTY TREASURE IN FORT GREENE" available this weekend only. In a rare move, this property is being offered with no list price and 3 viewings before an offer deadline this Monday. Perhaps they're trying to create a buzz and an impulse buy, or turn attention away from some possible results of serious due diligence. Who knows? Who are we to say?

What we can say is, the location is spectacular, the renovation will be costly, and it just-so-happens the current owners picked this bad-boy up for $995K at the beginning of May. So it looks like a Flip-a-Roo. At that purchase price, it looks like a decent value, but who's going to pay significantly above & beyond this price? Especially with 105 Greene still sitting out on the market for $899K, which we covered long ago. The whole quick deadline thing seems like a huge distraction to us. It just doesn't smell & feel like the kind of move that would come from owners who have real conviction in their product. That's if there's no legitimate reason for the rushed sale. Who knows? But we all know the old saying, "If it walks like a duck and it quacks like a duck, it's probably..."

All that said, the huge extension is a plus and the interior isn't the end of the world:

Pro's: location, size, blank slate

Con's: why the rush?, somebody else already bought it right, not much time to do due diligence, is there any value left?

Ideally: give it a look-see, but make your way over to 105 Greene too

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