Friday, February 10, 2012

In Contract in Carroll Gardens: 564 Henry Street

When you're dropping over $2M on a 4-story brownstone, you want more than a fixer-upper, right? Well, not anymore. At least not in the best neighborhoods. Just ask the folks at 220 Garfield Place. Today we take a look at a 4-Family "currently being used as a 3 family" that some were waiting to come down in price, and we figured never would. 564 Henry Street came out exactly 2 years ago at $2.3M with Prudential and dropped to $1.99M by the October 2010. But it wasn't until Corcoran got their hands on it and listed it for $2.15M that it went into contract.

This isn't the first time we've seen a price come up on a place that can't sell. And it's not the first time we've seen a price coming down that's finally met a buyer as the market comes up in this area. You didn't need to read the tea leaves to know 564 Henry Street wouldn't last forever. Even 6 months ago gut renovations were already going for above asking price over here. The listing tells us that "for over 35 years the same family has truly maintained this home," and the interior over here at 564 Henry Street has an estate feel at first glance:

Not too shabby, but sub-par photography for Corcoran standards & definitely not the best look inside a place for $2.1M, especially compared to the job Brown Harris Stevens did on Warren Street. Luckily, BK to the Fullest "Platinum Members" are headed to another 3,200 sqft 4-Family around the corner for much less money.

Pro's: location, curb appeal, some nice elements

Con's: going to need updating, price is steep for a dated place

Ideally: stunning finished products for just a tad more than this abound. But don't expect the dated places to stop going for these prices at this rate either.

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