Saturday, February 4, 2012

Price Drop & Open House in North Slope: 34 St. Marks Avenue

34 St. Marks Avenue is a 17' wide 2-Family "finishing the last stages of a complete renovation" that we find clean & generic. You could really take advantage of this location with the right renovation, but this waxy, rental-looking finish on the floors always breaks our heart. Especially when it was asking well over $2M in August 2011 as a half-finished renovation. Take a look across the street to see how to really sell a nice renovated place. 34 St. Marks is more like a better-located 572 Pacific Street, with a renovation that's not as nice. Pacific Street also just dropped its price. 34 St. Marks wanted $2.2M, then $2M, now $1.8M. What do we think is a fair price?

This is what $2M+ interiors actually look like on this street. But 34 St. Marks was a $1.5M+ foreclosure that was picked up just over $850K at auction in March. Just a few months later, the flip was in. We don't know that they'll see the ROI they were expecting on the renovation. Almost like 16 Hunts Lane, they probably would've been better off just leaving it alone. Buyers in these areas expect better and/or have the money to do it their way. They are bound to heavily improve on (or rip out) these renovations that even modest Bed-Stuy flips might look down on. Didn't your grandma ever tell you? "If you don't have something nice to renovate, don't renovate at all!"

At least the price is coming down, there are pics, a layout, and an open house tomorrow from 2pm - 3pm.

Pro's: location, fresh & clean, price coming down

Con's: narrow, dinky renovation, shiny floors like 643 Degraw

Ideally: these owners bought so right, there's room to profit and sell at a fair price, even with the renovation misfire.

1 comment: