Wednesday, June 6, 2012

Flip-a-Roo Accepts Offer in a Week: 1332 Bergen Street

Picked up for $330K just 2 months ago, 1332 Bergen Street listed a week and a half ago for $629K and had an accepted offer in a week, no longer showing.  For a 30' x 35' building with a funky extension, unique exterior & layout, on a 40' x 120' lot (with a ton of FAR) - this thing is going to be a neat project for someone.  That is, after you repair the roof, change the 2 old boilers, get a C of O, and remedy the pervasive mold & water damage.  All in a day's work for Crown Heights fixer-uppers.  Even after essentially doubling their money on a 90-day flip, this home still sits at a price that would make some tiny condos blush.  That's how much room to reposition there is left in the neighborhoods not everyone is hip to yet.

The size & look of the semi-attached "One Family Victorian" brick building is unique for sure.  On the facade, the asymmetrical rhythm of the windows and quirky front porch could really go either way.  The extra-deep lot is a plus.  Whether you can, would, or should take advantage of the remaining buildable square footage is another consideration.  There's already a rear extension that's serviceable, but could be upgraded.  The interior photos capture the blend of original, mock original, and dated updates inside...

This photo shows one of the water-damaged ceilings from the roof in disrepair:

This isn't your typical row house, but if you're going single-family anyways, you might as well go all-out.  Rock a decent renovation budget into this, do something interesting to the attic, landscape the backyard... any number of possibilities.  We can see a family really growing into these large spaces and backyard.  This might be a good buy in DC, let alone Brooklyn.

Pro's:  width, original details, versatile & spacious

Con's:  needs lots of work, deep in Crown Heights to some, gone already

Ideally:  anything under $700K with decent bones and original details in Crown Heights is starting to sound like a go

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