Tuesday, August 21, 2012

Closings of Note: Outer Edges Fetching Interior Prices

502 Prospect Avenue was huge 20' x 55' 3-Family on the edge of Windsor Terrace and Park Slope that came out for $1.559M last year.  We were calling it the last Park Slope value of the season.  It somehow got written off while people tried to chase the fixer-uppers basically as close to the park but at double the price per square foot.  It closed this month for $1.475M.

If value/outer Park Slope isn't your speed, maybe you were quick enough to pull the trigger on 532 8th Street.  Core dropped this gorgeous house on ya in May for $2.095M, had a contract in 3 weeks, and closed for $2.325M last month.

269 Sackett Street is another great 4-Family in Cobble Hill that actually had some value with what goes for $2M+ over here.  It listed for $2.175M in the Spring, had a contract in just over a month, and sold for $1.9M.  Compare to the likes of 116 1st Place, 564 Henry Street, and 122 Carroll Street.

187 Sterling Place was another "just across Flatbush from Park Slope" play that listed last spring for $1.799M, dropped to $1.749M by the Fall, had a contract in a few months, and closed last month for $1.61M.  How many people do you think would pounce on this 3-Family for a much higher price if listed today, even at its 16' wide?

If 16' wide in Prospect Heights isn't your speed, maybe a 16' wide 3-Family like 113A 2nd Place in Carroll Gardens might do the trick for ya.  Closed for $1.8M last month.

67 Adelphi Street is a 2-Family on the northern edge of Fort Greene that wanted $750K back in the day, and Brownstoner didn't think that asking price "was low enough".  Just sold for $890K last month.

323 Franklin Avenue is a corner mixed-use spot on the edge of Clinton Hill & Bed-Stuy that gets $900K last month.  So much for some jokers thinking Vanderbilt Avenue mixed-use is worth $850K or less.  You can see more of the uninspiring, generic rentals here.

253 20th Street is a "Park Slope" (read "Greenwood") 4-Family with pretty nice rental income that listed for $1.499M last year and just got $1.25M this month.

103 Vanderbilt Street, also closer to Greenwood Cemetery than Prospect Park, was a 2-Family limestone that listed for $999K and got $980K this month.

818 Prospect Place was a detached brick 4-Family / "rooming house" listed for $599K last year.  It just sold for $630K and is bound to ruin your price per square foot comps when you try to low-ball a Crown Heights beauty this Fall.

1015 St. Johns Place is a funky little 2-Family that listed last year for $775K, got a contract this Spring when things heated up in the area, and closed last month for $715K.

The castle at 1142 Dean Street in Crown Heights closed for $930K.  A jewel and a steal that many missed for all sorts of reasons.

883 Park Place was a Crown Heights stone-exterior multi-family short-sale steal that listed for $400K in the Spring and closed for $385K.  Bound to be a gut, but it's also bound to mess with people's heads for a while too when they're bidding on Corcoran fixer-uppers north of $900K.  Keep in mind, it's an SRO.  And that was enough to deter folks from even Park Slope winners like 135 St. Johns Place.

Speaking of SRO's, 404 Clermont Avenue wanted $1.5M all-cash in Fort Greene since last year.  Many buyers with less than $500K in cash said they'd like the deal at this price (though couldn't actually swing it), and many with the cash to do it said it's only worth $1.25M.  It closed for $1.4M all-cash in June.

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