Thursday, December 13, 2012

Closings of Note: Pent-Up Activity

Some called it "a gem", others called it "lipstick on a pig".  No matter what you call it, 213 Prospect Place withstood a barrage of cash offers with its $2.15M listing price and closed last week for $2.365M cash.  Welcome to Prospect Heights, people, where this sort of pricing for 4 fixable stories and an extra-deep yard is still a steal compared to Park Slope, BoCoCa, or a crumby condo anywhere in Manhattan.

Speaking of Prospect Heights, when we heard this prime mixed-use property at 607A Vanderbilt Avenue dropped from its asking price of $1.25M to entertaining numbers well below $1M, we put the bat signal out for Platinum Members.  While some were fretting, others were cashing in.  The building sold for $850K in October.  One of the best values on this entire stretch since the post-crash rebound.

They said it wouldn't last, and it didn't.  Hurricane Sandy couldn't even stop the Park Slope spot at 14 Prospect Place from listing for $2.5M with Corcoran and closing for $2.9M cash in a flash.

Only 13' wide on a side street by the projects in Boerum Hill with almost no yard??  How about a contract in less than 1 month and full asking price of $1.595M for 161 Hoyt Street.  Makes a nearby wounded listing look like a steal.  Were you expecting a house in Boerum Hill for less?  Well, then try the small vacant lot at 85 Wyckoff Street that just sold for $1.3M.

With all that neighboring activity, it's no wonder the broker/owner of the Boerum Hill 4-story at 94 Bergen Street held out for their price for so long.  They eventually fetched just over $1.8M last month.

Unicorn Hunters rejoice at the sight of sub-$1.5M in Park Slope.  Then you tell 'em it's actually in south Gowanus, only 36' deep, & nothing special on the inside - and they're a tad less excited.  But those are the breaks.  The 3-Family at 173 12th Street closed for $1.42M last month.

Or perhaps you'd prefer a 16' x 30' vinyl-siding on 17th Street in what they liberally still like to call "Park Slope" whenever they can.  410 17th Street sold for over $1.4M last month.

Why's it hard to find something for $1.5M in Park Slope again?  Oh yeah, because big prime pieces like this 880 Carroll Street just sold for $3.4M last month.  Makes this nearby house look like a steal.

Over on 8th Avenue, this other Park Slope beauty listed for $2.8M after the crash and fetched $2.4M in a wounded market.  So it's no surprise to see 178 8th Avenue get $3M last month in this market.

Same goes for yet another Park Slope beauty at 92 Garfield Place, listing for $2.65M and getting full ask right away.

And why are townhouses so expensive in Brooklyn Heights, you ask?  Wonder why multi-millionaires are picking up places for $5M and putting another $1M into them on a regular basis?  Well, when a condo there like 54 Hicks Street sells for $3.4M last month, maybe you get a sense of the market you're dealing with.

We've been beating people over the head about this prime, historic Crown Heights block for over a year, but some people just don't listen.  "Haters wanna hate, lovers wanna love..."  Then a savvy local broker got himself a great place 1174 Dean Street for $1.133M last month.  They'll look back on this block 2-3 years from now and wonder why anyone ever let it get undervalued.

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