Friday, November 18, 2011

Open House Sunday: 341 12th Street

Many readers write us lamenting the woes of the sub-$1.5M multi-family housing market in the best neighborhoods in Brooklyn, and it's true. Everything decent, anywhere decent, "wants to be" at least $1.5M these days. Heck, in BoCoCa they want to be $1.75M or $2M! And in some of the best neighborhoods, like Park Slope, even shells command $1.5M or more. We say, "If ya can't beat 'em, join 'em... or don't." But you can't fight where the market's at. If prices are high, any owner looking to sell ostensibly wants to get in on the action. (Just look at 35 St. Marks.)

341 12th Street is a 3-Family that just hit the market at $1.595M with an open house this Sunday 1pm - 3pm. This time last year, we would've been able to show you a handful of bargains at this price or below in South Slope. Nowadays, the Park Slope premium is alive & well, and this is probably close to what 17' x 45' anywhere near Park Slope in turnkey condition can command.

Ghost dog not included...

Sure, while the kitchens are dated, and the deck is (nice, but) nothing special, and the floor thru rentals on a 17'-wider are going to be 1BR's... that's how it's going down in the Slope these days. Keep in mind, if your heart doesn't go pitter-patter for Park Slope, you're much better off in other neighborhoods, where this kind of money gets you something that really sparkles. We actually think south Slope is kind of over-rated, as these things go, but that's often a matter of taste. With so-so places wanting big ticket prices, you can see why things like 112 St. James don't even last 2 weeks on the market, and why even the 14' wide 267 St. James probably won't last long either.

Slope lovers, don't despair! Just sit back and size up what you're really paying for. Do you wanna drop that Park Slope premium for the name alone? Or are there other neighborhoods that offer the same amenities that you can get more value in? Or can you pick up a Slope property that needs a little cosmetic work for a steeper discount? We say, "Yes." Your heart will go on...

Pro's: 3-Family, rental income potential, backyard, deck, great floors, totally-turnkey

Con's: dated kitchens, 17' wide, 1BR rentals, pricey

Ideally: we'd go much bigger somewhere else for this price, or a little fixer in the Slope comes to mind for less...

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