Thursday, August 16, 2012

The BoCoCa Condo Game is No Joke: 85 1st Place

If an entire turn of the century brownstone with original wood details all to yourself for ~$900K in Crown Heights or Bed-Stuy isn't your speed, maybe you'd rather have an unrenovated 1,200 sqft floor-through condo slice of one just 3-4 miles west for the same price.  Back in March, we showed you that a barely-renovated condo in a 20' x 45' brownstone over here gets almost $700K.  And we showed you the next-best buy after that one went.  Now for an even better space at a better price per square foot, you could've slid into 85 1st Place, Parlor Floor, listed a few weeks ago for $899K and in contract now.  Even before the first open house on the weekend, Platinum Members got an early peak at it during a preview that week - call it, "the shirt before the shirt."

What do you think of this pricing?  Another one in this building sold in 2007 for $865K, so this is nothing new.  You get the parlor floor of a 25' wide brownstone that's deep with 13' high ceilings, lots of light, huge windows, an original mantle, great floors & moldings.  Sure, the kitchen & bath haven't been touched in decades, but they left it that way to let the buyer personalize it to their taste.  People buying over here have the funds to pimp their own ride.  This is the kind of pricing (for space that hasn't been 100% renovated) that made us believe 116 1st Place was ready for a quick conversion too.  And there's still a deal on this block for a nice price that's got about a millie in implied upside based on this and other sales.  It's the 35 St. Marks Ave story all over again.

(Agents's adorable doggie not included)

Pro's:  locations, high ceilings, 25' wide, original details, floors & moldings, low maintenance

Con's:  gone already, dated kitchens & baths

Ideally:  what's the next-best condo with original details in this neighborhood?  Or sit on the train a few minutes longer for an entire townhouse at these prices.

1 comment: