Tuesday, October 2, 2012

Closings of Note: Don't Look Now...

This time last year you could sneak up on this 4-story 2-Family brownstone in Clinton Hill at 73 St. James Place for what - at the time - seemed like a lofty price.  Little did we (and reader "Park Slop") know, this market was poised to shoot off like a rocket, and you wouldn't even be able to sniff $1.5M in Park Slope anymore.  This house sure was in contract forever, but finally closed last month for $1.54M.

And, as we said 6 months ago, "If you weren't ready for a fixer-upper in Clinton Hill proper on Gates Avenue priced at $1.5M, then you definitely don't want to hear that's what the next fixer-upper across Classon into Bed-Stuy is asking these days."  Which is exactly what happened at 252 Gates Avenue, which closed for $1.45M last month.  If you thought the $1.2M sale on Jefferson Avenue this summer set expectations high in Bed-Stuy, just wait until the neighbors get a load of this one!  Oh, sure, it's pretty gorgeous inside, and the comparisons won't be apples-to-apples.  But the same way you wanna-be buyers drop low-priced comps (that you don't factor in were gut renovations) to justify your low-ball bids, don't be surprised when on the flip-side, sellers do the same thing with lofty asking prices for houses that don't match the comps either.  Don't be sorry, it's human nature.

Oh, our mistake... there IS hope for sub-$1.5M in Park Slope.  It's just not remotely what you wanted.  18.75' x 35' vinyl-siding in South Slope at 295 15th Street closed for $1.4M last month.  Would you rather live here or 252 Gates?

But not to leave you wondering what half-way decent and even nice stuff costs in Park Slope, 338 4th Street was a narrow 16' wide brownstone on 4-stories that listed for $2.25M and got $2.05M last month.  Just like its narrow cousin that sold earlier this summer at 117 Berkeley, you don't have to be 20' wide (or even 17') to fetch over $2M in the Slope.

609 6th Street in Park Slope couldn't get $2.39M in 2006, but it sure could get $2.75M in less than 2 months in this market.  For an 18' x 50' limestone with this much detail right by the park, this is actually a value - gulp! - if you can bear to call it that.  The folks who bought 635 10th Street will ultimately be into it for about the same amount of money as this.

Another ~18'-wide brownstone in Park Slope for over $2M?  Come on down464 9th Street wanted $2.7M since last July 2011, hung in there through multiple listings, and finally caught $2.482M last month.

Brownstoner said it needs work, but that didn't stop 232 Dean Street in Boerum Hill from fetching $2.55M last month.  Don't despair, though.  If you can't swing over $2.5M for a fixer-upper, there's always the lego version...

Listing typos and no interior pics couldn't stop Cocoran on 95 Hancock Street in Bed-Stuy from selling for $1.032M at the end of August.  We told you there's a new batch of pricepoints in Bed-Stuy closing slowly but surely, and that if you're stuck looking at strictly comps, you'll be well behind the curve.  All the more reason why Platinum Members will be happy with 153 Hancock Street.

Speaking of comps... while some think they can turn back time and play woulda/coulda/didn't on comps that are long gone in Clinton Hill, some are actually making moves in today's market.  They hated on the 20' wide 296 Dekalb at $1.79M because it wasn't as nice as the mansion at 287 Dekalb that closed for $1.8M, whose contract price was negotiated many, many months prior   But now a 16'-wide house with Corcoran at 252 Dekalb Avenue sells for $2.05M last month.  Don't like less house for more money?  We told you, "If you miss the best, you're stuck with the rest."

A rare 3-Family winner in Williamsburg at 26 Fillmore Place closes last month for $1.45M.  Yes, it's brick, not vinyl-siding.  Yes, it's a legal 3-Family.  No, it doesn't need a gut renovation.  No, it's not in Bushwick.  So what's the catch?  Don't look now, but it's also only 35' deep on a 60' lot.

Brownstoner said, "If this new listing at 68 Greene Avenue fetches its asking price of $2,550,000, it’ll be one more piece of evidence of an incredibly strong market in Fort Greene and Clinton Hill."  Well, Corcoran fetched their list price of $2.55M last month for 68 Greene Avenue.

Dwindling since 2007, Brownstoner said, "Will somebody please put this listing out of its misery and buy it!"  Someone did just that, closing on this 2-Family fixer-upper at 1418 Pacific Street for $650K.  We've been telling you for months, "good bones in Crown Heights under $700K is a good move."

And finally, somebody with some sense bought this huge 25' x 65' 8-Family at 238 8th Street for a reasonable $1.795M.  Already getting $2,300/month for some railroad 1.5 bedroom rentals?  Yes, please!  That's cap rate gold, Jerry!

No comments:

Post a Comment