Wednesday, February 22, 2012

Amateur Hour in Fort Greene: 267 Cumberland Street

Prices are through the roof everywhere and inventory is low, especially in a tiny neighborhood like Fort Greene - but we'd like to think that $2M+ still gets you something. 267 Cumberland Street re-listed today for $2.1M and we're not buyin' it. Sure, the market's heated up since the fall, but if you didn't want this thing for $1.6M in September with even more pictures, what's justifying the half-million dollar price bump now?

To their credit, they're giving us the dimensions of the building, the taxes, an open house, and a rough rent roll. "All apartments have good rental history with average of 1800.00 per month for each apt." We should certainly hope so! Even rent stabilized units just down Cumberland Street in Atlantic Commons get $2,200/month, and for half the sales price! They also were kind enough to take some off-center Blackberry pics of the top unit, in a meager attempt at collecting their six-figure commission. Most of the pics from the $1.6M listing they didn't even bother to include in the $2.1M listing. And, as we often see, even the $1,500 rental listing has more pics than the $2.1M sales listing:

But this is just about the sorriest attempt at fetching ~$2M in Fort Greene since 137 Adelphi. All that said, this somehow will maneuver as much as $1.8M eventually, but the broker should have to kick in half his commission (and a personal apology) - 'cause he didn't do jack.

Pro's: location, curb appeal, 4-Family status, rental income potential, open house

Con's: price, dinky listing, you don't jack up the price $500K and give us less pictures

Ideally: there are 10-15 properties we'd recommend over this one to Platinum Members with the funds to pull this off

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