Tuesday, December 27, 2011

Carroll Gardens Sale: 15 3rd Street

For all the mediocre listings that want over $2M in BoCoCa and Park Slope, it's nice to see a relatively healthy (even if it feels frothy) sale at $1.75M. 15 3rd Street is a great-looking 3-Family in the heart of Carroll Gardens that listed in September at $1.75M, went into contract in October, and just recorded its closing in November for asking price. Pretty nice, right?

While not as modern as the stylish 536 Court Street that closed over here under $1.7M, 15 3rd Street has some nice, turnkey space whose renovation is more traditional & incorporates some of the original elements. Not to be confused with 19 3rd Street, the similar-looking multi-family two doors down that's been in contract forever. The sales history of these two neighbors is a microcosm of the bullish shift this market took from fall/winter 2010 to spring/summer 2011. 19 3rd Street is like a vestige now from a time when the prices of even the nice properties were dwindling a bit and the 4-Family FHA loan limit was even still in the conversation for these properties. Then, properties sat on the market for months and many rounds of price drops. Nowadays, 15 3rd Street closes within 2 months. The final post-crash flush-out has been seen in the sales (still above $2M, mind you) of places like 122 Carroll Street. Paving the way for a new breed of $2M wanna-be's like 328A Clinton Street.

Pro's: curb appeal, heart of Carroll Gardens, 2 blocks to Carroll Street F/G trains, turnkey space with original details

Con's: didn't last long, things this nice want $2M over here on a regular basis, $1.75M is the new $1.5M (or worse)

Ideally: pick your spots, know what you're paying for, and find the value that works for you. In this market, the gap between $1.75M to $2.75M doesn't even seem as wide as it used to.

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