Tuesday, June 5, 2012

Above-Ask in Crown Heights: 653 St. Johns Place

It's not what the low-ballers want to hear, but it's what's happening.  A 3-story barrel-front single-family in Crown Heights with janky pictures and nothing super-appealing to speak of fetches above its asking price.  653 St. Johns Place has been asking $765K for only a few months, and closed for $800K last month.  It's a narrow-but-deep 16' x 55' house on an extra-deep 152' lot.  With some original stuff, some updates, and a rental unit that's getting over $1,000/month - people probably thought it was time to low-ball this listing.  Nothing doing.  Could it have been the off-center pictures of the interior that sent the sales price $35K over ask?

If you're not impressed, you're not the only one.  Heck, we thought the price on 10 St. Charles Place (around the corner) was a touch high until we saw this.  Granted, as "Crown Heights" goes, this location is about as clutch as you can ask for.  Around the corner from the Franklin 2/3/4/5 trains, and the best stretches of Franklin Ave - the neighborhood's most mature & rapidly-improving commercial blocks - this is hardly the Crown Heights most people had in mind even a few years ago.  In fact, if you go back to 1943, this profile of Park Slope had that neighborhood ending at Franklin Ave (and the majority of people paying $30-49 in rent).  Now that's really a frame-shift by modern standards!

There's still a 3-Family brownstone down the hill for this price that has more value, but if you can swing a single-family for $765K, what's another $7,000 down and $165/month to get it at $800K?  Still beats a condo most every day of the week.

Pro's:  as good a location as Crown Heights gets, single-family easily used as a 2, extra deep lot, plenty of FAR, turnkey

Con's:  narrow, mediocre renovations, janky interior pics, went for above ask

Ideally:  as they say, "price is truth"


  1. Jonah - where can I get a print of that NYC Market Analysis? Really want to frame it! Erin

  2. I think it's high rez on their website. Print it out large at the copy store?