Sunday, September 23, 2012

No Love in the Heart of the City: 660 St. Marks Avenue

On Platinum Member radar a few weeks before it came out, 660 St. Marks Avenue is a property not to be slept on.  Sure, hop in the time machine with us and spend the same kind of money 2 years ago on a fixer-upper in prime time Prospect Heights at 96 St. Marks Avenue.  But if you're not pushing the De Lorean...

... then Prospect Heights properties want 30% more these days.  Since you can't get sub-$1M love in the heart of the city anymore, why not sit on the subway a few stops longer and get the same historical housing stock at the relative deep discount of $899K?  The yellow paint and red awning that graced this home have come off nicely to expose the sturdy limestone underneath...

Inside, you'll find a healthy dose of original floors, moldings, high ceilings, and interior staircase on a healthy 18' x 50' floorplate.

The interior condition, layout, and even the extension in the back are all reminiscent of 676 Eastern Parkway.

For under a million, you get all this on an extra-deep lot that's 128' deep, affording lots of yard and lots of FAR.

Corcoran agent Caterina Peters has simply done it again in Crown Heights.  But don't let her sweet demeanor fool ya'.  She's not working for you; she's working for her sellers.  And she's doing a heck of a good job at it too!  Those who thought her listing at 10 St. Charles Place was overpriced at $920K must've really done a double-take when it came back out for $999K shortly after.  Low-ball offers on her listing at 355 Eastern Parkway were in the rear view mirror to cash & large down payment offers well above asking price.  Like Jay-Z says, "I'm not lookin' at you dudes; I'm lookin' past you."  Even if this house isn't available anymore, don't despair.  There's one on this same street for the same price that a fraction of the same folks bidding these up know about.  Isn't market inefficiency great?

Pro's:  curb appeal, size, deep lot, original details, relative pricepoint

Con's:  no secret, needs work, double-check that SRO status that simply says "YES" on the DOB website, may be gone already

Ideally:  Corcoran pricing & marketing is a seller's dream, and a low-baller's nightmare