Saturday, May 19, 2012

Broker Swap: 159 Underhill Avenue

There's not a lot of product in Prospect Heights, so even a double-duplex with an okay renovation from about 10 years ago in a great location can command a price that seemed super lofty not that long ago. 159 Underhill Avenue came out with Corcoran, and just jumped ship for Halstead today. The price of $1.79M feels high for sure, but quintessential Prospect Heights is going to command a premium. 416 Park Place went in contract quickly with a similar price per sqft. And for a block so close to the park, 159 Underhill is still a bargain compared to Park Slope.

If you could get in the time machine, 132 Underhill Ave is really the best buy on this block in a long time. It was a head-to-toe renovation that started at $1.8M in 2008 after the crash, but quickly came down to $1.6M. We offered them $1.4M (because it's all the bank would lend us), and they rejected it. We told them we had the $1.4M if they needed it. Came back in the spring, and they'd sold it for less than $1.2M in 2009. To borrow a phrase from one reader, #brokerfail. The next year, 407 Sterling had a hard time finding this pricepoint too.

But the market is completely different now. 407 Sterling and 132 Underhill could easily fetch their price today. And since this price makes sense for a handful of buyers on 159 Underhill, we're a little curious to know why Corcoran couldn't get it.

Pro's: turnkey, easy to personalize, prime Prospect Heights, value compared to Park Slope, small backyard

Con's: a little narrower than 20' wide, the interior won't wow you, no pics of the upper duplex, why the broker swap?

Ideally: even though the price feels steep, it's hard to say it's not worth $1.75M if ya can't name a better $1.75M

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