Monday, February 20, 2012

In Contract in Clinton Hill: 101 Gates Avenue

This 4-story 2-Family in Clinton Hill wasted no time going into contract with a list price of $1.5M. Out for barely a month, it was no surprise (given the $1.5M market in Park Slope) that 101 Gates Avenue wouldn't last. Especially with the last 20' fixer-upper in Clinton Hill only lasting 2 weeks on the market and selling for above asking price all cash. And even the vinyl-siding on the unattached side adjacent to Muhammad's Tire Mecca right on busy Atlantic Avenue on this 21' wide fixer-upper couldn't stop it from going for all cash.

When you get high ceilings, original details, an owner's triplex & rental unit, a block away from the C train in a building Cousin John says would take only a couple hundred thousand to pimp your ride, there's no time to waste. We told Platinum Members it would go for $1.4M within the month, and we nailed it again. Corcoran even kinda mailed in the photos this time, but they really didn't even need to do more:

With fixer-upper's going for $2M+ in Carroll Gardens and in Park Slope, there's a new pay-to-play price in the next-best neighborhoods too. If you think you're pioneering in Clinton Hill, you simply haven't been paying attention.

Pro's: 20' wide, location, original details, live-able now & fix up as you go

Con's: shallow paved yard, could use some updating, "$1.5M is the new $1.1M" is not what buyers wanna hear

Ideally: just another sign of the times. The next one probably fetches even more.

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