Closings of Note: Results Tell the Story

It was barely a year ago that developers picked up this squat little 2-Family just off Vanderbilt in Prospect Heights and tried to flip it unrenovated.  678 Dean Street was a canvas asking $999K, then $899K, but couldn't get it...

Once they scrubbed the paint off the brick exterior, revived the interior, and maxed out the garden space, by this spring they wanted $1.575M.  And guess what?  They got that price 2 months ago.  Despite drawbacks in size, residential feel of the block, the bus stop out front, and the quality of renovation, we told ya $1.5M is the pay-to-play price for almost anything in Prospect Heights now.  Sometimes when a flipper can't get their price for the canvas, they take matters into their own hands and renovate for that end-user upside.  We didn't think this was the price for this play, but it's the market that decides.  And this is another telling indicator of where that market's at.

460 Classon Avenue was a nice, narrow, turnkey 2-Family where Clinton Hill meets Bed-Stuy.  Corcoran came out with it for $975K the same time that they dropped 10 St. Charles Place up the hill in Crown Heights on ya for $920K.  Just 15' wide, 460 Classon sold for $1.05M last month.

Speaking of 15' wide 2-Family's, 135 Cambridge Place - in more prime Clinton Hill - listed for $1.2M and we called it a relative value.  It closed for $890K last month.  Compare to the more updated 368 Grand Avenue that listed around the corner for $1.3M and may go higher.

Not to be outdone, the renovated 371 Carlton Avenue in Fort Greene lasted just 2 months on the market after they dropped their asking price to $2.2M and closed for $2.275M last month.


Or were you still thinking Fort Greene, but more in the sub-$1M category?  Well, that's called a "vacant lot" in this market.  Besides closing for its asking price of $750K last month, 67 Greene Avenue will require plenty more funds to build this...

On top of this...

Speaking of vacant lots, (and at the price points people would like to buy actual houses for in the area) this 25' x 131' lot in Prospect Heights (on the Crown Heights end of it too) sells for $1.2M last month at 375 Prospect Place...

Over in "deep" Bed-Stuy, 918A Lafayette Avenue is a renovated 4-Family that flips around this year from $485K to $699K last month.  Unless you're willing to go this far into Bed-Stuy, don't expect to find too much else around these prices in the prime stretches anymore if this is the market.