Monday, December 3, 2012

Crown Heights Jewel in Contract: 583 Lincoln Place

A killer brick townhouse in Crown Heights that's not on Streeteasy, NYTimes, Zillow, or (until recently) Trulia?  That's right!  The same weekend that the masses were busy bemoaning, fretting, and 2nd-guessing Corcoran's re-listing of 10 St. Charles Place for $999K, Platinum Members got the early lead on this corner gem at 583 Lincoln Place.  Marketing is a powerful thing.

The owner of 10 St. Charles Place wanted some $850K once upon a time, but local brokers couldn't bring it to him.  Corcoran swooped in like Superman and packed an open house this spring with a list price of $920K.  The high bids quickly ran up towards $999K.  Then the accepted offer fell through, as has been known to happen in this industry, and the owner ostensibly wanted the $999K figure again.  Novices thought this was some kind of trickeration.  It wasn't.  It's his house, and he'll ask more if he wants to.... You would too if it happened to you.

Meanwhile, Platinum Members were sizing up a quick flip that wanted almost $1.4M renovated.  However, knowing how these sellers operate, we figured it might make even more sense un-renovated for the buyer to put their own finishing touches on it.  Location-wise, many have finally gotten the notice that it's okay to be around the corner from Franklin Avenue, with amazing train access, housing stock, and an ever-growing commercial corridor of shops and restaurants.  Wanna take a guess at how much the condos that finally broke ground at the corner of Franklin and Eastern Parkway will be asking??

The white exterior on 583 Lincoln Place was cute, but due to come down...

Now they've exposed the brick, demo'd what was a gut anyways, and got it poised for its renovation...

The modest 18' x 42' floorplate is bolstered by a healthy extension and multiple roof decks.  And being situated right on the corner affords windows for days...

The peanut gallery take on this place will easily be, "Hey, someone else just bought it for $405K this July," which reminds us of Chris Rock's take on past partners.  But that's just sour grapes.  This prime location is only getting more prime by the day, so a savvy buyer knows what to do when they see it.

Pro's:  location, corner, curb appeal, great canvas, multiple roof decks with some skyline views, all kinds of windows for unobstructed exposures on 3 sides, options abound

Con's:  in contract already, under the radar, lots of renovation to do, little-to-no yard

Ideally:  a killer corner canvas ready to be optimized

1 comment:

  1. Saw this listing on Trulia - the exterior cleaned up really well. Looks like a fantastic canvas to work with, particularly the windows. Thanks for writing about the history of the place. Very curious to see the final price if the buyer is getting it without any renovation.