Tuesday, January 24, 2012

Different Strokes: 400 Bond Street

Prices are no joke right now in the best parts of Brooklyn!

400 Bond Street, listed for many months at $999K, is now in contract. Call it "Gowanus" if you will. Wonder why it's almost a million dollars for a 15' wide place with rental-looking fixtures, if you'd like. But this is what is happening with prices. Just as sellers moaned on the way down, buyers are now moaning on the way up. And both have to either move with the market, or get mowed over. There's nothing compelling going on over here on 400 Bond Street in our book, but that doesn't mean it won't fetch its price in this seller's market.

There sure is some generic space and tiny bedrooms for this price per squarefoot, but at least you get a roof deck!

For less money, we'd much rather have 931 St. Marks Avenue, that went in contract just over a week ago. But that's just us. Obviously, you've seen the premium people pay for the top areas. Even 210 Hoyt Street starts to look like a bargain across from the projects, compared to 400 Bond.

Bond Street is a condo alternative for someone, but we'd even rather be in this over-priced co-op for less money than a so-so space on the edge of Carroll Gardens. It's definitely a case of "different strokes for different folks." But if you think you're sneaking up on anybody with bargain prices in the best parts of Brooklyn, it's a case of "Whatchu talkin' 'bout, Willis?!?!"

Pro's: techincally - it's all yours, a garage, a little terrace, a little roofdeck, on the edge of a great neighborhood

Con's: on the edge of Gowanus, rental-grade fixtures, no back yard, garage isn't wowing us, wouldn't you rather get a condo?

Ideally: figure out what compromises you're willing to make, because the steals are all gone in this market, and even previously-overpriced is finding its buyer.

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