Wednesday, June 20, 2012

Above Ask in Clinton Hill: 377 Grand Avenue

We've been telling you all this month how above-ask pricing is sweeping its way through Crown Heights.  And we told you months ago that $2M+ isn't just for Park Slope anymore - it's also in Clinton Hill.  Well today's pick is both $2M+ and above ask.  If you wanna get in on the same block as Brownstoner, you'd better be ballin' outta control like Brownstoner.

377 Grand Avenue, on a truly grand block in Clinton Hill, listed for $2.4M in April, was in contract in under two weeks, and just closed last month for $2.545M.  For all of you keeping score at home, and you low-ballers who think 30% off asking price is a bidding strategy, keep in mind this house was purchased in October 2009 for $1.149M (above its asking of $1.1M).  The owner pulled out another few hundred thousand in additional mortgage, presumably to finance the renovation, and voil√†...

This healthy 21' x 48' 2-Family brownstone features the usual suspects like parquet floors, wood burning fireplaces, original marble mantles, and restored moldings.  Throw in modern appliances & central A/C and you get the best of both worlds that everyone is looking for.  All ya need now is a little style, a little character, some staging, a Corcoran listing, and it's a wrap!

This makes 101 Gates look like a great buy at $1.43M.  Some people (inexplicably) still look down on Clinton Hill, and this sale will confuse them.  However, this is a gorgeous block and quality of house that you'd have to pay another $500K or more for in Park Slope.  It's simple trickle-down economics:  Brooklyn Heights is the new Upper East Side.  Which means Cobble Hill is the new Brooklyn Heights.  Which means Park Slope is the new Cobble Hill.  Which means Prospect Heights and Clinton Hill are the new Park Slope.  You figure out the rest...

Pro's:  let us count the ways

Con's:  ain't going cheap

Ideally:  Brooklyn isn't "over", people!  You just have to step your game up and know where to look

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