Saturday, May 12, 2012

Park Slope 2-Fam' Pushing $3M: 833 President Street

833 President Street is a flagship 2-Family on a flagship block between 7th & 8th Avenues in Park Slope. It came out in February for $3.45M and was in contract in just over a month. At a healthy 21' wide with a deep floorplate, central A/C, radiant floor heating, working fireplaces, killer triplex, renovated or tastefully restored everything... this was a gem!

833 President Street closed last month for $3.41M. Now before you get on your Chicken Little "the sky is falling" routine over this & other high prices in Park Slope, remember that this is actually value to many buyers.

One of the brokers with a co-exclusive on this stunning townhouse would also gladly sell you a 1,500 sqft Tribeca condo for the same price. Would you rather have a backyard by the park in Park Slope, or $1,680/month in condo fees in Tribeca? Also compare to a large 7-Family on the same block at 864 President Street that can't quite seem to fetch $2.7M. The pricepoint on 833 President might make your jaw drop at first, but even $800/sqft for this size & quality isn't shocking us. Nothing's shocked us in Park Slope for a while. Good thing some houses cheaper than this around here could easily be made this nice, and that houses this nice in other neighborhoods still sell for a fraction of this.

Pro's: location, curb appeal, nice marriage between restoration & renovation, actually has value for some

Con's: pricey, didn't last a month, lots of other opportunities in this price range or less

Ideally: you can still afford to be really picky in this price range, and there are few places still under the radar with even more value than this.

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