Wednesday, May 23, 2012

Next Shoe to Drop?: 1612 10th Avenue

The unicorn hunt for a Park Slope townhouse for $1.5M or less continues, as the post has started trending again to the top of the most popular posts on the blog. And very little product meets the unicorn hunters' needs. Even the New York Times says, "So You're Priced Out. Now What?" - What are ya gonna do about it? Something's gotta give: location, condition, size, or price. Often a few have to give, actually. One reliable solution is often to head a bit further off the beaten path of a neighborhood that's already beloved. 1612 10th Avenue is just off Prospect Park, around the corner from the F train, in totally turnkey condition, and a great alternative to South Slope, Gowanus, and the apartments you'd find in Park Slope proper at these prices. $1.325M is a pretty fabulous price point, actually, to start talking about a 20' x 52' barrel-front brick house that's totally turnkey. 282 11th Street was a similar fixer-upper that's long-gone for $1.4M, but just one subway stop further you can still get more house for less money? In this market? How is this not the next shoe to drop?

You may swoon over the original floors and some of the wood and moldings, but the white & beige kitchens won't match everyone's taste for sure...

The shallow, paved backyard is another drawback, but can be greenified relatively affordably. Besides, with people buying shells for more money than this not far away, how is this not a great value proposition for a handful of discerning buyers?

Pro's: curb appeal, location, great value, nice details, totally turnkey

Con's: not everyone's taste (but at these prices, who's counting?), shallow & paved backyard

Ideally: this is the price where 2 gems are sitting out there waiting to be swooped up. You won't see many more like this...

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