Monday, May 21, 2012

Vacant Single Family in Boerum Hill: 200 Wyckoff Street

If you could step into the hot tub time machine in Boerum Hill, 2010 was a great year to pick up a small, finished 2-Family before prices took off. 476 Degraw listed for $1.595M in late 2010, and closed a modest $30K above asking price at $1.625M. Then we were surprised to see a fixer-upper on a nicer block get $1.65M in early 2011. Fast forward to 2012, and another small, finished 2-Family over here lists for $1.695M and gets $130K above asking price last month. Ostensibly, even the fixer-uppers want more now. 200 Wyckoff Street just came out for $1.6M. A narrow single family delivered vacant with a south-facing garden, some mantles, floors, and exposed brick & beams to geek out on?

If you're only 38' deep on a 100' lot, we'd love a picture of the backyard, but they're bound to get enough attention on this place as-is...

You can't ignore the projects that the NY Times says doesn't hold back pricing over here. As "off the beaten path" plays in this neighborhood go, 200 Wyckoff Street is better than having to worry about an SRO with no interior photos that's supposedly "delivered vacant with certificate of non-harassment" for $1.5M on Dean Street. This makes even the price on 108 Bergen Street seem modest.

Pro's: delivered vacant, tucked away in a great neighborhood, customizable with a few orignals, south-facing backyard

Con's: 16' wide, won't be cheap, work to be done, people will fret about the proximity to the projects

Ideally: not sure if this is the price, but with shells going for all kinds of prices, something like this has value anywhere around $1.5M.

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