Friday, August 31, 2012

Pioneering in Style: 368 Grand Avenue

It seems like just yesterday that people were telling us that Clinton Hill was "pioneering".  Yes, perhaps back in the late 1800's when Charles Pratt was building mansions, it was pioneering of him...

But in the past few years, and especially the past few months, low-ball bidders banished from the tyranny of Park Slope prices have had to find to new brownstone blocks to practice their sub-$1.5M beliefs.  Back in January, a great fixer-upper like 101 Gates Avenue came out on the scene with a list price of $1.499M, and some wanted to play the ol' "30% off ask" game with a Corcoran listing.  But you know how that goes.  We drew Platinum Members a quick "back of the napkin" sketch of recent comps (and their downpayments) to diagram why we thought it would land at least $1.4M...

(Highlighted properties went for above asking price)

Some people hear us, but they just don't listen.  Now in this market, for $1.3M, you can still get in on the same block as a $2.5M+ property like 377 Grand Ave

Cue 368 Grand Avenue...

Now we're talkin'!  Moan about the 14-15' width if you must, but this is a great look at this pricepoint in this neighborhood now.  Sure, some of the renovation is from the 80's (the 1980's this time), and you may get lost in the stylishly-staged pics and be disappointed in person.  But what were you expecting, 110 Gates Avenue?

This room will almost remind you of Jenna Lyons' $4M place.  Besides, who needs a gut-reno when nifty wall-paper is WAY cheaper than actually re-doing the kitchen??

Brace yourself for a few of the details to be less savory than they are stylish, but with a "new boiler and water heaters", perhaps much of the heavy lifting is already done.  If you're looking for what might be even more value in a narrow Clinton Hill home, skip on over to 135 Cambridge Place, like we've been saying for a few months.

Pro's:  curb appeal, great block, great neighb', stylish, some new mechanicals, pricepoint, backyard deck

Con's:  less than 15' wide, a few dated features, may go above ask when compared to a few other sales on this block

Ideally:  an all-around great look on a lot of levels.  Luckily, one mile east and much closer to the train you can still cop this home's historic cousin for almost half the price.

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