Monday, January 21, 2013

Topics: A Look Back on the Year in Unicorns

Has it really been a year since we told you that $1.5M townhouses are hard to come by in Park Slope, and that $200K-$300K downpayment is almost never enough to compete in that area?  No one would take our word for it, so we let the numbers speak for themselves.  A year ago to the day, we tracked for you what the hunt for this elusive unicorn had been like over the previous 6 months.  So it seems like a good time to take inventory of what the unicorn hunt has been like over the past 12 months prior to today, as the sun sets on this rare breed of property.

Setting south Slope aside again, there were 71 properties sold & recorded in Park Slope proper in the 1-4 Family category in the past 12 months.  The median sales price was $2.145M and the median price per square foot was $697.  In fact, more properties sold for $2.5M or higher in Park Slope than sold for $1.5M or less.  Hmmm, wonder if that has anything to do with why homes across the street in Prospect Heights can fetch over $2.5M now, or why Crown Heights & Bed-Stuy have pushed above $1M at times.

Of those 71 properties sold in Park Slope, only 19 sold for $1.5M or less.  24 properties sold for $2.5M or more.

Of the 19 that did sell for less than $1.5M, they fall into a few categories.  Many of them are small, 3 stories or less, need lots of work, don't have great curb appeal, weren't marketed well, down the hill towards 4th Avenue, and had their sales prices negotiated prior to contract - which is often months before the closing.  Those are all factors important to keep in mind when trying to compare prices apples to apples.  Many of the properties are estate sales that never truly came to market.  Some are SRO's.  Let's take a look at them all...

The 3-story, 18' x 30', 1,400 sqft home at 241 8th Street between 4th & 5th Ave's had a contract in 6 weeks, wanted you to "bring your Contractor and Architect", and didn't want to even bother showing you any interior in pics.  Listed for $995K, closed for $975K.

725 President Street was 12.5' wide, 4 stories, nothing special inside, asking $1.75M, and sold for $1.45M.

319 7th Street was a 3 story, 17.5' wide fixer-upper estate sale between 4th & 5th Ave's that sold for $955K cash to an investor.

603 President Street was 15' wide, 3 stories, between 4th & 5th Ave's, and sold for $1.2M to neighbors up the street.

720 Sackett Street was barely 16' wide, barely 3 stories, pretty "meh" interior for most people's tastes, between 4th & 5th Avenues, listed for $1.175M, had a contract in a month, and sold for $1.259M with just over $300K down.  This is the lowest downpayment possible that you're going to find for a townhouse in Park Slope.

359 7th Street was a 3 story, vinyl-siding house in "estate condition" expecting a complete overhaul to potentially "start anew and build a 4,100 square foot new townhouse".  No interior pics were even worthwhile.  Listed for $1.25M and got it from an investor.

707 Union Street was 12.5' wide, between 4th & 5th Ave's, and with a nice renovation.  It listed for $1.425M and sold for $1.456M.

356 2nd Street was 3 stories, in need of work, between 4th & 5th Ave's, was on our radar, but fell off almost everyone else's, and was picked up for $1.3M.

643 DeGraw Street was a 3 story tiny condo alternative near 4th Avenue at only 1,600 sqft.  A quick & dirty development that it took even Corcoran months to move at its list price of $999K.  Sold for $884K.

439 Bergen Street was another little 3-story hidden estate sale that we were all over from the jump.  It listed for $995K.  Like almost all of these estate sales, it doesn't matter if someone wants it for $1.25M financed when $1.2M cash gets it done.

470 6th Street was another estate sale not marketed extremely well.  They listed for $1.699M and got $1.4M with just over $400K downpayment.  Another one of the best looks in the neighborhood, especially compared to what's being purchased in cash.

Another estate sale with vinyl siding that's between 4th & 5th Avenues?  Noticing a pattern here?  392 Dean Street sold for $922K to an investor.

675 Degraw Street, also between 4th & 5th Avenues, closed for $1.2M.

382A 6th Avenue was 16' wide, barely any backyard, but a 3-Family & a 6-cap!  Sold for $1.2M.

598 Carroll Street was barely marketed by a local broker, which is why it didn't go for way more.  Little yard, in need of work, between 4th & 5th Ave's, it closed for $1.3M.

41 Garfield Place is 2 stories, by 4th Avenue, listed with Corcoran for $1.3M, had a contract in under a month, and closed for $1.4M.

395 8th Street was an estate sale picked up for $1.5M with an incredible $300K downpayment.  Hands down one of the best buys in the Slope in terms of cash outlay on the acquisition.  Plenty of renovation to be done now, though, but we imagine the buyers are very pleased.

695 President Street was another estate sale with plenty of work to be done.  We're sure the architect team that bought it is up for the task.  This 17.5' wide 3 story brownstone sold for $1.32M.

Even Corcoran took over a year to move an SRO with tenants, even on one of the best blocks in all of north Slope.  135 St. Johns Place listed for $1.3M in 2011 and closed for $1.12M cash last year.

Is this why over 300 people wait in line in the cold for a 20' wide, 4 story fixer-upper under $1.5M in Clinton Hill now?

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