Friday, March 2, 2012

Open House in Crown Heights: 1139 Dean Street

After posting 53 Decatur Street earlier this week, it quickly became one of the most highly-read posts this week. We're not even sure why, but we do know that there's an appetite for even these Home Depot type quality of renovations and buyers waiting to snatch them up. Cue 1139 Dean Street. Pictures were just posted for this new listing in Crown Heights. A 2-Family for $1.149M on the edge of a nicer neighborhood sounds about right to us. Granted, there are 3 other properties for sale on this block for less, some of them bigger and nicer. But compared to what this gets you in South Slope, we see this being worth a look for some.

Another dusted-off flip, they picked this bad-boy up in September 2011 for $225K and with another $300K+ in mortgage (presumably for construction loan) did the flip-a-roo. They've got an open house on Sunday for you to go check it out. They sprayed the red paint off to the expose the brownstone. We would've mopped the dust off the floors before taking the $1M+ listing pictures, but that's just us:

They threw the sky-light in there, which is a nice touch that isn't expensive at all (especially when you're already re-doing the roof):

But we do appreciate the simple renovation, people can elaborate as needed. The 60' yard is a nice touch for sure too. And we always love the realtors doing their job like telling us important info on rentals such as, "The upper duplex has three real bedrooms and 1.5 baths which will easily bring in $3800/month." This may ultimately be a little more than the market's quite ready to bear east of Bedford, but it stacks up nicely to the tiny fixer-uppers you see in South Slope and Windsor Terrace going for more than this. And with jokers like 463 St. Johns Place just relisting for $1.3M, you can see what pricing is really about over here.

Pro's: totally turnkey, exposed brick is okay, new renovation, price point

Con's: renovation is generic to most, walking across Atlantic Ave for the train, more places to see on this block, are you ready to be this far east?

Ideally: this gets very interesting anywhere below $1M, which should still be a nice profit for the developer.