Monday, March 19, 2012

In Contract in Park Slope's "Up Market": 352 4th Street

When tiny places that need a ton of work for $1.8M are getting swooped up in bidding wars with over 30 appointments in the first weeks of the new year, it was clear to us that there's no time to waste on anything decent in Park Slope. The value for something small and turnkey under $1.5M in South Slope was quickly recognized too. Accordingly, many bidders swooped in on this tiny 2-Family for $1.65M that's not a total gut, 352 4th Street. Tons of people rushed to the open house the first weekend it came out, and even the canceling of some later open houses and taking it off the market while issues with a tenant were resolved couldn't stop this thing from quickly going into contract.

As 17' wide 3-story 2-Family's in PS 321 go, compare this to 411 8th Street, which just sold for $1.61M after going in contract around December. That was a more turnkey-looking single family, south-facing, which listed for $1.895M in May 2011, and only lasted a few months longer after it dropped to $1.795M in September. If you had a time machine, obviously you'd much rather have snatched up the nicer 411 8th Street for the same price that 352 4th Street got. However, there is no such thing as a time machine, and in an "up market" something worse can fetch this same price just 2 months later. Accordingly, another small 2-Family with a modest renovation like 296 8th Street, that came out around the same time as 4th Street, didn't last long either. Compared to another skinny place like 710 President Street going into contract with a list price of $1.75M, we're talking about the hands-down best things under that price in Park Slope in the past few months. And in an up market, you can only expect that sellers will expect more for the next one.

Pro's: one of the best $1.65M's in the area, some original details, not a total gut, great location, curb appeal

Con's: 17' wide, gone already, lots of competition for it, notoriously sketchy listing agents, mild tenant drama, work to be done

Ideally: you can't fight the up market. The latest 3-story fixer-upper wants $1.8M now.

1 comment:

  1. closed for $1.827M in April 2012, recorded last week