Friday, May 18, 2012

Value Sells Again: 579 Bergen Street

We told you that value doesn't last in Prospect Heights when a nifty little barrel-front brownstone on Carlton went in contract as soon as the agent did something about it. Now comes a less awe-inspiring 3-Family at 579 Bergen Street. This house didn't knock anyone's socks off when it came out in the winter for $1.195M, but the value was there. It went into contract quickly, recently sold, and we're curious to see the number.

At a healthy 18.5' x 50', even $438/sqft ain't too shabby an acquisition price anymore in places as prime as Prospect Heights. There are no interior pics, and it wasn't much to see. While some prefer to chase the tiny 2-Family fixer-uppers left in South Slope around this price, a 3-Family situated this nicely between Vanderbilt & Carlton is pretty clutch.

Don't let the white exterior fool ya, a tacky pink facade didn't stop 233 Garfield Place, and they've been spraying blasting another building up the block on Bergen Street. This particular block isn't the best, per se, but being so close to the 2/3 & B/Q trains, lodged between Bergen Bagel & the hanger steak at The Vanderbilt, across the way from North Slope, and in a better school district? What this wide block with a bus route and some industrial usage on it lacks in quaint, residential feel, it makes up for with the bike lane and a super centralized location. With supply low and demand high, it was a wrap pretty quickly. Don't expect to see another 96 St. Marks anytime soon...

Pro's: 3-Family, as cheap a pricepoint as you'll find in Prospect Heights now, delivered vacant, great location overall, near great trains, bike lane out your front door

Con's: not the most residential-feeling block, interior won't wow you, will need a hefty budget for updating the house

Ideally: with the next-best fixer-uppers in Prospect Heights pushing $2M, this looks like a great buy

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