Tuesday, December 6, 2011

Larger Than Life: 572 Pacific Street

The Park Slope premium is officially larger than life. You didn't hear it here first, but you've definitely heard it here many times. 250 Garfield Place went in contract before we could even cover it. And, to hear Brownstoner tell it, Anne Hathaway even looked at the place. One reader sent us that Brownstoner link, while yet another tells us of the documentary "My Brooklyn" showing next week in Tribeca. A film that "documents how an obsession with upscale environments driven by the Wall Street bubble is threatening the very economic, racial and ethnic diversity and neighborhood character that have historically drawn many generations to Brooklyn" sounds poignant at times like these. Despite the macro-economics of the country, FHA loan limits coming down, European debt crises rattling all sorts of markets, the tip-top Brooklyn housing market is as hot as ever. Be appalled, if you will, but we can't really be surprised. People aren't spending that kind of money in these neighborhoods for the chance to see Anne Hathaway walking around in her yoga gear. These neighborhoods are becoming West Village and Upper West Side alternatives. Have you tried pricing townhouses in one of THOSE neighborhoods recently?

572 Pacific Street will wow you... with its high price, bare floor plan, and expansive view of the Modell's parking lot across the street:

And don't let the respirator mask during the demolition on the Google Streetview fool ya:

They did a full renovation with central air & heat, all new fixtures & finishes. When you go after a 4-Family in Park Slope for $2.295M, however, you might think you'd get more than for your money. This dry renovation may - frighteningly - just be where prices are these days. We can't say it's worth this much, but we honestly can't blame them for trying either. For sure, the renovation is thorough and added all kinds of features. You'll never have a problem renting out these fancy 2BR units. But is this the location where someone ultimately wants to land, just to get these top-notch features? 572 Pacific sits kind of in between what 33 St. Marks did and what 35 St. Marks would like to do. It's not for us, but we can't wait to see what this frothy market does with it.

Pro's: spanking new renovation, close to transit, sliced into a 4-Family rental income machine, 2BR rentals

Con's: not residential-feeling block, across the street from Modell's parking lot, too close to the stadium?, pricing, over-renovated?

Ideally: contact us for the 3-5 places we'd buy all day before this one.