Wednesday, January 9, 2013

Closings of Note: Year End Push

We take a week off and a bunch of noteworthy sales are already pouring in.  So much to catch up on.  The NY Times wasn't kidding when they reported last month that there was "a mad dash to avoid a bigger tax bite" that motivated sellers to get deals done before the new year.  It was refreshing to see the feet-dragging that makes real estate closings take months suddenly get a jolt to the system.  Some brokers told us they thought the rush was silly because they didn't think taxes would actually go up, but perception is reality if it's motivating people.  Even if the motivation is based on just an expectation, not a sure thing.

102 Pierrepont Street is one of the best looks in Brooklyn Heights in a while.  5 turnkey stories in a location this prime at a way-reasonable price per square foot.  They listed for $3.8M, dropped to $3.5M, and sold for $3M cash.  A great move on a townhouse in a neighborhood where a converted cathedral apartment just down the street in Cobble Hill also just sold for almost $2M.  58 Strong Place, #1A listed for $1.995M and closed for $1.85M:

That's right, $2M for a Cobble Hill condo and $3M for a Brooklyn Heights townhouse.  They're not apples to apples, but it's a little perspective on relative pricepoints.  Although, for an even better buy on the same street, you've gotta dig even deeper...


56 Pierrepont Street, a huge 25' x 66' multi-family piece that's over 8,000 sqft, sold off-market for $3.17M last month.

And let's remember that people are buying townhomes in Brooklyn Heights for $5M+ and putting a ton more money into them.  Not to be outdone, the single-family home at 16 Garden Place also just sold for $5.7M.  And it's not the first house in this price range by a long shot.  Take 281 Henry Street, for instance.  It just shows, if you've got the funds, don't be too shy about that $2M-$3M fixer-upper in Brooklyn Heights.  Even the 50' x 100' vacant parking lot at 295 Hicks Street just sold for $4.325M, an absurd price per buildable square foot by all accounts.  Still, don't think this is peak.  As long as you're still hard-pressed to find shells for these prices in the West Village or the Upper West Side, Brooklyn Heights is still (gulp!) a relative bargain.

After hearing the pricepoints in Brooklyn Heights, perhaps a narrow 3-story renovated brick home in south Slope - less than 3 miles away - doesn't sound too pricey anymore.  275 13th Street listed for $1.68M and closed for $1.6M last month.

But you know we think the best deals of all are in Crown Heights!  The huge 4-Family at 489 Park Place breezed to its asking price of $1.3M.  They could condo convert it as-is tomorrow for at least $450K/floor, but we're sure they're more content to do some stylish upgrades and bring in as much as $3,000/month per apartment or more.  Crown Heights continues to have some of the best buys in the past few weeks.  We'll take a look at plenty more closings tomorrow...

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