Friday, September 2, 2011

On the Edge of Carroll Gardens: 117 Nelson Street

Carroll Gardens, and the entire BoCoCa quadrant for that matter, continues to suprise us with how breath-takingly bougie it's gotten and somehow continues to get. Once upon a time we called it "hipster grad school" in comparison to Williamsburg being "hipster middle school", but the neighborhood has long outgrown even that sort of nomenclature. Now it's undergoing a legitimate spillover from Brooklyn Heights in the north, which has propelled Cobble Hill atop the borough in average sales price, forcing value-hunters & those who find edgier authenticity in warehouses to flee towards Red Hook, "Columbia Street Waterfront District", and Gowanus. Some folks will never go that far out of BoCoCa proper, which will thrust values within up even more. However there's still relative deals to be made and we're astonished at some of the apples-to-apples comparisons out there within the neighborhood.

117 Nelson Street rests in that little pocket we've covered before at the very edge of Carroll Gardens, where Hamilton Avenue & the BQE overpass serves as a pretty effective cut-off. Around here, there are deals to be made, not unlike South Slope, yet for places that are even more in striking distance of prime Carroll Gardens than the outer rings of the Slope are to Park Slope proper. However, is $1.495M the price for a turnkey-but-dated 3-Family on the edge?

At least we have a decent listing on our hands here with a bunch of pictures and a layout of the interior. Yet with only 1BR rentals, a vinyl-siding building attached, and a view of the BQE out your front window, what's the value proposition here again? Why wouldn't you just buy 552 Clinton Street for much less money? Or, if you have this kind of money, for just a tad more you could get something immaculately nice like 536 Court Street.

Pro's: technically Carroll Gardens, turnkey, 3-Family

Con's: 1BR rentals, dated interior, very quirky block with BQE overpass and no residential feel, priced like it's nicer

Ideally: get a better value for less, or a better place for the same price or a touch higher

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