Wednesday, December 26, 2012

Closings of Note: Naughty or Nice

Whether you've been naughty or nice this year, there's a limit to what Santa can do.  The BK to the Fullest inbox stays full with wish lists that even the North Pole can't grant.  We get "Dear Santa"-type letters all the time asking for, say, a mixed-use building on the prime stretch of Smith or Court Street in BoCoCa for $1.1M.  Even during the lull of "the greatest financial crisis in our lifetimes" those badboys sold for over $1.4M cash.  So if you'd like one for that price now, it's gotta be the halal chicken spot across the street from the projects:

Which still can't seem to give itself away, even at a 7.5% cap rate, as far as we can tell.  But it is adorable to see people just waking up to Boerum Hill, Carroll Gardens, and Cobble Hill now, and thinking they can slide into its prime commercial corridor in this market for 20% less than financial crisis prices.  Wishful thinking aside, let's see whose Christmas wishes actually came true this week...

Speaking of $1.4M in Boerum Hill across the street from those same projects, it's 200 Wyckoff Street.  What many would consider a shell - and barely 16' x 38' at that - listed for $1.6M and closed for $1.4M cash two weeks ago.  Still beats any condo over here, but get ready to pour a healthy renovation budget into this place to get it where most want it to be.

Also for $1.4M, a reader searching since last year picked up 123 Cambridge Place in Clinton Hill.  Only 35' deep as well, and not as coveted a location as Boerum Hill, at least you get move-in condition even if "the exterior needs work".  It's nice to be able to move in, even if the DOB's already shot down the first planned attempt at the exterior work.

If you wanted turnkey for under $1.5M in BoCoCa, ya still gotta compromise.  12 Dennett Place has an exterior that's easy to hate on and is only 28' deep.  It's also further down on the southern edge of Carroll Gardens than many think they'd like to go.  It listed in the spring for $1.625M, had a contract the very next month, and closed last month for $1.58M.  A great renovation inside, this still beats any condo in our book.

If you want turnkey, and a nice size, AND a prime location in Carroll Gardens, it's gonna cost ya.  310 Union Street listed in the spring for $3.125M, had a contract the next month, and closed last month for $3.195M.  22' x 50' on 4-stories with a killer renovation ain't coming cheap, people.  We told you that folks are fleeing their midtown condos for more space at what is still a fraction of what this would cost in, say, the West Village.

Just like last week, as for many weeks now, Crown Heights offers the best buys of all.  433 Prospect Place listed for $950K in the summer, didn't last long, and got $1.025M earlier this month.  Just 17' wide with a paved backyard, on an extra-deep lot, and in need of plenty of work for most people's taste - can you name a better $1M townhouse in Brooklyn?

Why can't you get a prime mixed-use property in Boerum Hill for $1.1M again?  Oh yeah, because in this market these two in Bed-Stuy at 684 Myrtle Avenue and 684B Myrtle command over $1.3M each.  And 3BR rentals over here now command $2,000 or more.

But we're saving one of our favorite signs of the times for tomorrow...

No comments:

Post a Comment