Tuesday, December 4, 2012

Closings of Note: Pick Your Poison

As we always tell would-be buyers, you've gotta compromise on some combination of price, size, condition, and location.  Nice house in a nice neighborhood is expensive.  Case in point, 170 Washington Park joins the fawncy 4-Family comps in Fort Greene after listing for $2.495M and closing for $2.275M.  Don't be surprised to see a healthy renovation coming soon either.

For a fawncy 2-Family in Boerum Hill, don't be surprised to see 441 Pacific Street get a contract in under 4 weeks on the market and close for its asking price of $2.4M the very next month.

Also in Boerum Hill, don't be surprised to see a fawncy 2-Family at 179 Bergen Street get ITS asking price in less than a month too.  What was that price again?  Oh yeah, $2.95M.

Maybe you're more of a Park Slope type when you're spending $2M+.  Well, step into 505 4th Street, that we're told "is a home for a family that requires more than the readily available 'so-so.' This is that special 'just-so.' "  But it took $2.55M to do it.

Just under 17' wide in Prospect Heights, this sleek reno at 297 Prospect Place that Brownstoner called "thoroughly modern" got its asking price of $1.8M.

"Meh" in a nice neighborhood goes cheaper, but not without encumbrances.  An SRO between Nevins and 3rd Avenue?  272 Dean Street closed for $1.25M last month.

We called the 3-story 303 Vanderbilt Avenue in Clinton Hill a winner at its asking price of $1.6M.  Even its sales price of $1.71M last month is a modest premium on top of that.  An extra $110K financed at prevailing rates fixed for 30 years is less than $500/month.  We're pretty confident that buyers at these price points can handle that, so can we please stop the Chicken Little routines about a price swing around $100K?

Nice in a "meh" neighborhood has its own discount too.  And even "meh" in a "meh" neighborhood isn't a steal in this market.  If you wanna get in South Slope around a million, it's a vinyl siding fixer-upper like 360 14th Street for $1.05M.

We called value on the mystery meat listing for 249 Hoyt Street, which even with a dinky listing around the corner from the projects couldn't stop this little thing from getting $1.15M on its $1.3M ask price.

Even a barely-marketed 2-Family fixer-upper in Crown Heights like 567 St. Marks Avenue commands $850K.  Perhaps another little reality check for the "I want a turnkey townhouse for $700K and I won't go past Bedford" crowd?  And that's BEFORE you factor in the fact that Corcoran could've gotten another $100-$200K for this bad-boy if they'd gotten their hands on it.

If you don't wanna spend over $700K and you don't wanna go past Bedford, then you don't wanna see that the dinky new construction at 1941 Pacific Street just got $698K.

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