Friday, July 6, 2012

Bed-Stuy Waits for No Man: 581 Greene Avenue

If you want a fixer-upper townhouse under $999K, you can forget about Park Slope.  You can forget about Prospect Heights or Clinton Hill for that matter, too.  Luckily, Crown Heights and Bed-Stuy await with blocks of great housing stock with original details inside, but they're not waiting for you either.  You've gotta get out there and do something about it.  Many moaned about the location of 581 Greene Avenue, but that didn't stop 50 other people from going after it.  Listed for $749K barely a month ago, this 4 story 3-Family brownstone "dripping with original detail and charm" is in contract already.  20' x 42' on a 100' lot across from a park?  50 Brooklyn buyers can't be wrong:

If the parquet floors don't get ya, the molding will.  Is the kitchen dated?  You bet it is!

Many buyers actually prefer dated fixer-uppers over turnkey, generic renovations that strip these homes of their period details.  With the money you save going multi-family over condo, you can put some sparkling-new Ikea kitchens (or better) in here, no problem.  Live in an owner's duplex with a yard and get a minimum of $1,400/month from each of your two rentals?  Where do we sign up?

You don't have to go to Manhattan to see the condo/co-op vs. townhouse disparity.  If a huge 3,600 sqft house for under $250/sqft in Bed-Stuy isn't your speed, there are still 2BR co-ops much pricier than this with $1,400/month maintenance charges selling just over 2 miles west of Bed-Stuy in more downtown Brooklyn.  And if you somehow still barely know what Bed-Stuy is, don't worry.  It wasn't long ago that people didn't even know what the internet was.
Pro's:  size, original details, pricepoint, across from a park, real backyard, owner's duplex with 2 rentals

Con's:  gone already, not quite train-friendly, Bed-Stuy's no secret anymore, has work to be done

Ideally:  there are plenty more opportunities on these blocks, so make sure you're getting the best of breed

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