Wednesday, February 29, 2012

Bed-Stuy Flip In Contract: 53 Decatur Street

You've seen us tracking the $700K 2BR condo game in some of the most sought-after areas of Brooklyn, and there are a handful of nice ones still left. But it's also nice to see where that much money can get you a renovated 2-Family townhouse with original details. 53 Decatur Street near the C train in Bed-Stuy came on the market for $749K about 2 months ago, and is sitting in contract now.

As Brownstoner's "House of the Day" they debated the granite counters. A matter of personal taste in our book, when you can get killa-dilla counters of any variety for $2,000 - $10,000, the bigger story is the house itself:

Picked up in an estate sale July 2011 for $430K, a savvy developer or investor probably dusted this place off, made some updates, and kept what was worth keeping, lobbing up a successful flip to a market that's appreciative of even Home Depot-style brownstones in Bed-Stuy that beat prices on condos in other areas. Listed as a 3-Family, but C of O is for a 2-Family. But it's well within the FHA loan limits either way.

Pro's: turnkey, original details, owner's duplex + yard, close to the train, curb appeal

Con's: gotta go east for this, it's still tough to find a true 3-Family over here done up like this, gone already

Ideally: hopefully, there's plenty more where this came from. This was a well-executed example of what can be done in this area and some others.

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