Thursday, December 1, 2011

Price Drop in Contract: 122 Carroll Street

In Carroll Gardens - and BoCoCa in general - things you might think are expensive actually move pretty quickly. 364 Union Street didn't last long at $2.5M before it was in contract with multiple back-up offers. 116 1st Place, listed at $1.9M, has a contract out with a back-up offer already. This place on Warren Street didn't last long at $2.1M. Today we look at 122 Carroll Street, which came out at $2.699M on 10/6/11. After a big price drop 3 weeks later, down to $2.35M, this 4-Family used as a 1-Family quickly went into contract. While there are no pics of the interior anywhere on this latest listing, you can get a peak inside back when it was listed for $3.5M, and it fetching even $2M seemed absurd this time last year to the Brownstoner editor. What a difference a year makes!

At this level of decadence, we'd be a little surprised to see the building retained as a 4-Family, though using it as 1-Family seems a little over the top too. But those are decisions we leave to others. Popping a huge skylight in there was a nice touch:

All & all, not a suprising turn of events for something so shiny in such a coveted area. Being around the corner from Lucali's doesn't hurt matters. This is the kind of sub-$2.5M quality that should make the over-priced, horribly photographed 486 Warren Street a little ashamed of itself.

Pro's: great renovation with all kinds of original and modern features, hefty price capitulation, 4-Family status leaves options, neighborhood,

Con's: curb appeal, lots out there for this price, renovation may not be your taste, used as a 1-Family

Ideally: as prices rise, the previously over-priced suddenly becomes the best of breed, especially if its price is coming down.

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