Friday, August 24, 2012

Crown Heights Value Sells Again: 1054 Dean Street

Just because a nice Brooklyn brownstone doesn't show up on your Streeteasy or your New York Times, doesn't mean it isn't real or that it doesn't exist.  Dozens of real, great listings abound that don't always show up in the typical places.  In fact, some of the best deals are deals in the first place because not everyone's seeing them.  Is 1077 Dean Street with all its original wood details really worth about half as much as 1259 Dean Street?  Of course not.  But we're willing to bet that less than half as many people knew about 1077 as knew about 1259.

Platinum Members were inside this value 3-Family at 1054 Dean Street since this time last year.  The agents even raised the asking price from $750K to $779K when they realized what they had on their hands.  Seasoned buy & hold renovators saw the value in this building around the $700-$750K range.  Many users weren't too impressed with the interior, which was certainly nothing nearly as nice as 1077 Dean.  We preferred the value in 1142 Dean above them all, but who wouldn't want a full 3-Family for a condo price?  Getting good bones around $700K has been the move for a while now in Crown Heights.  Especially just down the hill from the prime commercial corridor of Franklin Avenue that makes even 3-story fixer-uppers get into the $900K's when marketed well.  Even Brownstoner can't deny this neighb' anymore.

In fact, 1054 Dean Street is also a tennis ball's throw away from where Brownstoner's freshly pulled the wraps off the revamped Studebaker sign at 1000 Dean Street for their upcoming workspace project.

So what's the catch?  Well, 1054 Dean wasn't listed well, it didn't show too well, it didn't have many details to gush over, it needed plenty of fixing, and people were just catching up to Bed-Stuy & Crown Heights.  1379 Pacific Street still looks like a better buy, but this location for $750K is a value for sure on Dean Street.  Another big snag about the location, though, is definitely the bus stop in front of the building, à la 678 Dean Street.

Not a total deal-breaker if you put the bedrooms in the back.  This play is another winner in a neighborhood that's making itself known for value.  Platinum Members are snagging the next-best $750K in town as we speak.

Pro's:  value, 203(k) loan candidate all day, good bones around $700K is a no-brainer over here by now

Con's:  not as nice as 1077 Dean, wasn't listed well, no great details, no interior pics, lots of work to be done, gone already

Ideally:  if you missed this one, don't be surprised when the next one wants over $100K more

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