Monday, July 2, 2012

"Price Drop" Sold in Cobble Hill: 319 Degraw Street

Like all of the coveted neighborhoods in Brooklyn these days, Cobble Hill ain't coming cheap.  319 Degraw Street came out a year ago with Brown Harris Stevens and wanted over $3M.  We thought $3.2M was certainly too steep for this narrow 3-Family used as a 1 or 2.  It found a new broker and a new price towards the end of 2011, but $2.6M was still too steep for Platinum Members for just a 16' wide house with an adjacent lot the agent insisted could be sold for some $800K all by itself.  That felt like the "Do as I say, not as I do" we saw on Prospect Place a few months ago.  Selling the lot at $800K supposedly would value the house itself around $1.8M, which is a stretch, but not impossible in this market:

We'd want something more special for $1.8M, but it is what it is.  Who can hate on the backyard deck with the old-school wine press?

The property managed to sell for $2.4M in May, and it will be interesting to see what happens. It's a quirky problem to have.  The adjacent lot could be the most expensive parking space ever.  The owner could sell it or develop it themselves into a separate house.   It could become the garage of an extension ya build to expand the existing 16' wide house onto the full 33' length of the lot.  Any number of possibilities, depending on their goals and their budget, and we're curious to see what happens.

Pro's:  turnkey house now with parking, versatile 33' wide lot, 6,000 sqft buildable

Con's:  existing house is small, but expanding it takes deep pockets

Ideally:  with the right budget, a 33' wide house is the pimpest use of space available over here.

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