Tuesday, March 13, 2012

Interesting Pick-Up in Clinton Hill: 407 Classon Avenue

Right on the Bed-Stuy edge of Clinton Hill, 407 Classon Avenue came out for $470K back in August 2011 and went in contract in a few months. This 20' x 40' semi-attached legal 2-Family just fetched $505K on 2/14/2012. With a listing that lures buyers with, "Just Imagine Yourself Snuggled Up To 3 Roaring Fire Places!!" it seems fitting to close on Valentine's Day.

Going east is where the value is with 15 multi-family properties recorded last week in Crown Heights and Bed-Stuy with sales prices below $750K, including many under $500K. Like most of those, 407 Classon needed lots of updating, but it's interesting to see it go for even a little above asking price.

It won't win any beauty contests, but at least we get a peak inside. $500K still gets you some great shells in certain areas, some way better than this.

Pro's: close to everything that Pratt-ified Clinton Hill has to offer, on the edge of Clinton Hill for Bed-Stuy prices

Con's: needs renovation, not the best block, neighboring exterior isn't in the best shape either

Ideally: there are plenty of buys more attractive than this for those with the pockets for cash purchases and renovations

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