Friday, December 23, 2011

Nothing Special: 122 Gates Avenue

If the interior of this 2-Family brick building in Clinton Hill doesn't wow you for $1.425M, maybe how fast it sold will. 122 Gates Avenue spent barely 2 months on the market starting in September before going into contract. We got a shot of the back yard, and two different angles on a decent kitchen:

This 122 Gates listing is reminiscent of 419 Sterling Place a month earlier, but Gates wanted more money in a less ideal location. Nothing's wrong with Clinton Hill - it's great. And $1.425M isn't the MOST expensive or anything. But the combination leaves us saying, "Meh." No wonder 112 St. James Place didn't last 2 weeks. It makes us wonder how far off 187 Gates Avenue could be at $1.1M.

Pro's: nice kitchen, original mantles, owner's triplex, pretty good rental income, seems turnkey

Con's: we'd love to see a little more of the house, is this all that ~$1.5M range gets us in Clinton Hill these days?

Ideally: this makes some of the listings under $1.75M in the Slope look like steals

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