Friday, October 7, 2011

Wouldn't Be the Worst: 27 Park Place

27 Park Place wouldn't be the worst thing you could get in Park Slope for $1.399M. As we saw on 238 Bergen Street, $1.6M is the new $1.2M (or even $1.75M) in the nicer parts of town - and sometimes even in no man's land. 27 Park Place is on a nice block, only 16' wide, only a 2-Family, but we have to agree with the listing that it "is priced to sell." If you have money for more, you should get more, but this is about the best value you're going to see in the Slope for this price. Especially with things like Fred Flintstone's place quickly going into contract for $1.3M.

You're not going to see 3,000+ sqft of better-than-salvageable, unencumbered, nice brick in this nice of a location that often for this price. You may or may not like how they opened up the floor plan pretty severe, and we mean they took out the floor...

Collect your below-market $1,775/month from the garden apartment and put a little TLC into the owner's triplex, and you'll really have yourself something. Lots of listings with deceptively-low price points in Park Slope require some serious reading between the lines to know what you're getting and why, like 135 St. Johns Place. However, you've got a pretty straightforward play here on Park Place that we don't imagine lasting long.

Pro's: curb appeal, location, price, great floors, 3 working wood burning fireplaces

Con's: 16' wide, 2-Family needs TLC, might need reconfiguring to maximize its potential

Ideally: this is a great value and worth a look