Tuesday, October 16, 2012

Closings of Note: Value Buys Come with Trade-Off's

Sure, maybe it took a year, but the SRO on a great block in north Park Slope at 135 St. Johns Place closed in August for $1.12M.  We told ya that Park Slope won't be had under $1.5M without some major trade-off's.  This 17' wide house will be a beauty once tenants make other arrangements and you can get a new C of O cookin'.  Sure, it can take 6-8 months, like it did for another SRO neighbor on this block, but that's the same 8 months others wasted watching this market run up on them and all the other product even close to this price range disappear.  Would-be cash buyers who bid more than this for "a gut" at 27 Park Place were in 135 St. Johns Place at the same time last year, and could've had their work permit issued by now.

45 3rd Place gave $2.95M a try in August 2010 before the market rebounded, then again in August 2011.  But by the time it dropped to $2.495M, it was in contract within a month, closing for $2.44M last month.  Only 16' wide, but on a corner lot with lots of yard, a full renovation with central AC, and a roof deck with harbor views... this is simply what it costs to ball in Carroll Gardens, people.  Hop in the two-car garage for quick & easy trips to Fairway, or to the nearby BQE for jaunts outside the city.

Of course if you think you're picking up a baller-brownstone for a millie in Carroll Gardens, think again.  More like vinyl-siding and 80's ceramic tile, but still a value at 20 Dennett Place.  Only 18' x 28' on a lot that's under 50' deep?  Well, it beats some condos still, okay?  Yes, it's just off the Gowanus Canal, but it's also just off Court Street, and in the coveted PS 58.  Asking $1.1M since last year, it dropped gradually to an asking price of $975K by the Spring, and closed last month for $880K.  Cousin John said you literally couldn't give these away in Red Hook (as someone tried to do to him) in the 80's, but you sure can fetch a pretty penny for 'em now!

If you've got a south Slope address and a turnkey renovation, it doesn't matter that you don't have an exterior pic and your renovation is a white box with the occasional stone walls...

Relative no-name brokers "Welcome Home Realty" couldn't get $1.499M for 395 14th Street in 2010 before the rebound, but Brown Harris sure got just $50K under the asking price of $1.875M in less than 6 weeks on the market this Spring.  People expecting more than 17' wide for over $1.8M in South Slope between 7th & 8th Ave's still haven't found a place yet.

If you insist on Park Slope and a low pricepoint, perhaps a tiny 18' x 30' fixer-upper by 4th Avenue for $975K is more your speed.  241 8th Street is listed at 1,400 square feet, wanted you to "bring your Contractor and Architect", and didn't want to even bother showing you the interior in pics.  That didn't stop it from going in contract in under 6 weeks and closing last month just under its asking price of $995K.

Sure, almost $1.9M - and even a price drop to $1.795M - were terrible prices for 449 Bergen Street back in 2009 after the crash, as Brownstoner was apt to point out.  However, when Corcoran brought it back out for $1.695M last year, it became among the next-best buys in north Slope as the market took off, closing for $1.688M this month.  Even at a funky 25' x 35' on a small lot and an odd little block, there was relative value to be had with central AC, a nice sliding glass door to the small backyard, and a balcony on the back above with wood planks.  Over $2,000/month from the rental on this tiny floorplate?  That just goes to show ya how bad people wanna be in that Slope.  Makes 439 Bergen Street down the hill look like a steal.

Speaking of tiny floorplates, you can get your carriage-house on in Boerum Hill at 516 State Street, on a quaint little block and an adorable little space.  Just 20' x 25', listed for $875K, and closed for $885K in August?  That's Brooklyn for ya!

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