Tuesday, August 7, 2012

Closings of Note: Below Asking Price??

586 11th Street was a great 3-Family brownstone by the park in south Slope that came out for $2.2M in the Spring, had a contract in 2 months, and closed for $1.8M.  Below asking price in Park Slope for a not-janky property?  When's the last time you heard that?

299 Smith Street was a mixed-use property in Carroll Gardens with a bootleg listing for $1.6M.  It just sold for $1.3M.

603 Vanderbilt Avenue was a prime corner in Prospect Heights that listed for $2.5M, then $2.4M, then sold for $2.2M last month.  Better than a 6.8% cap rate even before these towers show up around the corner?  Yes, please!

In the meantime, guess who wants $2.4M now?

250 Dekalb Avenue is another great corner mixed-use piece in Fort Greene.  They wanted $2.9M, and then $2.3M, and fell all the way to $1.475M!  This was a bootleg, undercover listing that made it to the NYTimes for a week or two, but probably fell off most people's radar after that.  And it looks like a really attractive price for the buyer might've been the only bid left standing.  That's the funny thing about estate sales, just like 299 Smith Street, they've gotta sell.  No Goldilocks owners playing games with your emotions, fishing for impossible prices, and wasting everyone's time.  A handful of below-ask great buys in this insane up market might be a bit of encouragement for some.  Keep in mind, as always, these are still watermarks from the past.

And this week we see that 338 Clinton Avenue, which just sold for $1.95M last month with Massey Knakal, hits your mainstream market with interior photos and a floorplan (is that too much to ask?) with the "Minsk Man" for $2.6M.  It's not like we didn't try to tolja' in December that this place was nice on the inside, even if the brokers were content to snatch a commission without even bothering to show ya.  The new list price is at 377 Grand Avenue levels for something Massey describes as a "gut-rehab"?  A finished product like 110 Gates Avenue had to fall to $1.85M from $2.495M to get a contract with Corcoran!  What do we think happens here on Clinton Ave?  As we told one broker this week, "You can't out-flip a flipper."  Yet, as we told another broker, "You'd be surprised what shiny pics and an NYTimes listing will get ya."

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