Friday, March 23, 2012

A 3-Family for $1.5M, Anyone?: 167 Wyckoff Street

A turnkey 3-Family in Boerum Hill for $1.5M? What's the catch?? Oh, that's right... it's directly across the street from the housing projects that the NYTimes says doesn't deter real estate values in the area. And, to their point, it's already in contract. 167 Wyckoff Street came out right after New Year's and lasted just over a month on the market before it went in contract. And the value here is clear. One floor of a townhouse over here doesn't last long for $700K, so don't sleep on anything decent with 3,000+ sqft for $1.5M.

The interior condition won't wow you, but it's no shell by any means:

It's refreshing to see something relatively affordable, in move-in condition, in a stretch west of the stadium where 4-story shells so rough that Corcoran won't even show pictures can easily fetch more than this $1.5M. Compare 167 Wyckoff Street & its price point to some of the plays in Park Slope and in South Slope that came out around the same time and are both in contract now as well. In this market, when you're looking in the best areas below $1.75M, you've gotta compromise a bit on someting - be it price, location, condition, or size. We wouldn't mind paying $500K less in a $2M neighborhood just because of the housing projects. And that's exactly what someone got a chance to do here on Wyckoff. Proximity to the projects didn't stop 291 Hoyt Street, which sold in a flash after listing with a similar discount. If that's not a dealbreaker for you, this is the hands-down best buy in this hood so far this year, besides that condo at 89 Dean. This reinforces why the better-situated 124 Wyckoff Street was the top buy in the area late last year after its price drop to $1.199M.

Pro's: price point, great neighborhood, close to the F train & everything everyone loves about Smith Street, move-in condition, great rental income potential

Con's: across the street from housing projects, interior is nothing special

Ideally: there's a few other places around here getting the same discount that are worth a look

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