Wednesday, August 31, 2011

Tiny SRO/2-Family: 20 St. Felix Street

You've seen us cover St. Felix Street before. Just recently we caught a listing around the corner on Ashland trying to fetch more than its superior neighbor. Now we were surprised to see the pricing on 20 St. Felix Street, this self-proclaimed "Mother/Daughter" 2-Family that's actually an SRO. $949K sounds like a decent price for a small, turnkey 2-Family like this in such a centralized-but-quirky location. We've covered some of the drawbacks of these streets before. But, as often happens, the SRO status is a total deal breaker here.

Compare to another trapped SRO like 268 Dean Street, which still hasn't moved a muscle, in an area where free market housing often goes for much more than we'd expect.

For that much money you might as well buy a huge shell and make a nice home out of it. Even once you remedy the SRO issue on 20 St. Felix, what you end up with is nothing special. Especially with the remedy pretty far down the road as the listing reports, "'Certificate of No Harassment' Letter Request in Progress..." We've seen how that's affected values, such as on 187 St. James Place.

The inside looks turnkey, but nothing special:

The only upside we can see is that it's an estate sale and there's got to be tons of equity to work with.

Pro's: technically a low price point for the area, technically Fort Greene

Con's: quirky block, SRO status, no C of NH in place yet, less than 2,000 sqft, almost impossible to finance

Ideally: there's WAY more value on, say, 72 Downing Street

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