Tuesday, September 20, 2011

Clinton Hill Shine: 59 Cambridge Place

Corcoran has a handful of listings fresh out the past few weeks in the areas we cover, and we'll get to them in due time, but we try to also bring you things that are a tad harder to find, especially in this Wild West that is Brooklyn real estate.

And now that Corcoran let this is one go, we didn't want to let it slip through the cracks. Corcoran had listed 59 Cambridge Place in May for $1.775M. Per their usual playbook, they quickly dropped price to $1.695M. In exchange for fancy pictures, solid marketing, and actually servicing their listings professionally, they always give the heavy hitters first dibs on over-paying for a place. This immaculately renovated legal 3-Family then went over to Century 21 for $1.598M. It's still hard to pinpoint this price, but if 116 Willoughby just got $1.585M, we've gotta figure 59 Cambridge is in range.

Even at 17' wide, we might ordinarily go with something like 59 Cambridge Place over the 14' wide 1-Family 14 St. James because of the 3-Family status. Getting a decked-out owner's duplex and having two rentals on top is one of the best value propositions in our book. These plays often come down to what kind of renovation the buyer wants to pay for. So it's nice to see when the listing focuses on some of those unique details the place has to offer. This fireplace is particularly neat-o:

But if it's not quite your taste, it might not make sense to pay up for someone else's renovation. If you want to pay for your own renovation, just down the street, 107 Cambridge Place is a much cheaper canvass to work with --> for $400K less. It sure seems like this $1.5-$1.75M range is getting tested by more & more properties, it will be interesting to see which ones pan out...

Pro's: curb appeal, location, totally turnkey, owner's duplex with backyard

Con's: pricing's tough, 17' wide, the renovation may not be everyone's taste

Ideally: there's lots of options out there in this price range, so anyone with the funds to swing a play like this should be very selective

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