Thursday, September 8, 2011

Re-listed in Fort Greene: 13 St. Felix Street

13 St. Felix Street is a 16' wide brownstone near the park in Fort Greene. For the current list price of $1.29M, you'd think maybe there'd be something to see. However, the listing agents couldn't be bothered to put up any pictures of the interior and have provided only the Property Shark photo. We'll have to pass by and see if the exterior's been fixed up.

Our last pick was a 2-Family on the same street, closer to more trains, with pictures, for $1.075M. The case for 13 St. Felix isn't compelling yet.

While the property is a legal 4-Family on the Certificate of Occupancy, there's been an illegal conversion to a 6 family. The listing points out, "The four story brownstone consists of 2 floor through apartments and 4 studios."

13 St. Felix Street sold for $1.15M in 2005, listed for $1.6M for a year after the crash in 2008, re-listed for $900K for 4 months last year, now re-listed again last week for $1.299M. We know the market's turned since last year, but we'd like to see a little more evidence of the "tremendous investment and owner-user potential" for the $400K price boost. There's not much to choose from in Fort Greene in the affordable range, so we wouldn't be surprised to see some one pay up for less than ideal properties, but is this the place or the price to do that? Pricing feels steep and unjustified.

Pro's: would-be 4-Family, not much product in Fort Greene, close to the park

Con's: 16' wide, price increase, "illegal conversion", cost to renovate, need to see something to justify price jump

Ideally: if you can handle $1.3M for a project, 135 St. Johns Place is a WAY better play

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