Saturday, April 28, 2012

Unicorn Sighting: 372 6th Street

Park Slope unicorn hunters, your $1.5M chariot awaits...

That's right, you and a friend will spend 10 luxurious minutes walking through this 2-Family used as a 1, between 5th & 6th Avenues, amidst a pack of nearly 100 other buyers, browsers, architects, contractors, voyeurs, developers, and tire-kickers jumping at this combination of location and pricepoint alone. 372 6th Street will likely have offers coming in sight-unseen prior to its open house on May 6th. They admit the house "needs updating but has good bones and retains much of its original detail," which translates into a few hundred thousand more in renovation than most buyers aching for $1.5M's in the most prime locations realize they'll have to spend.

Compare to the price action on 352 4th Street to see what the 2-Family fixer-upper market is capable of on these blocks. If 372 6th Street were also in PS 321, it'd be bound to fetch even higher. We're told, "There's also the opportunity to build up to 1,500 additional square feet." Which you'd better sure hope is possible, because at its current 16' x 30' (with a small extension on one floor), the price per square foot might make larger places that are pushing towards $3M blush.

We're given only 1 interior pic, which you know is a bad sign when you're dealing with Corcoran:

For the money you'd have to put into this place to truly pimp it out, only to end up with spaces that never exceed 16' wide, it's no wonder that even narrow finished products like 117 Berkeley Place have bids above asking price.

Pro's: technically this is Park Slope for $1.5M, nice block, lil' backyard, "good bones"

Con's: size, packed open house coming, good luck getting a bid in edgewise

Ideally: some of you might remember when a house like this would be lucky to fetch a million, and my grandma remembered when they raised the subway fare to the exorbitant price of one nickel

No comments:

Post a Comment